Business
BUSINESS ROUNDUP: Nigerian govt to end fuel subsidy by June; Naira gains N1, exchanges at N485/$1; Other stories
Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.
Here are the Headlines:
- Naira gains N1, exchanges at N485/$1
- Senate approves N1.68tr revenue target for Customs in 2021
- Nigeria business environment over-regulated – NESG
- Nigerian govt to end fuel subsidy by June
Summary:
Nigeria’s naira gained against the U.S. dollar at the unofficial market on Thursday.
The data posted by Abokifx showed that the naira closed at N485.00 at the black market, this represents a N1 appreciation from N486, the rate it exchanged on Wednesday. Read more
The Senate on Wednesday approved the sum of N257.18 billion as the Nigerian Customs Service budget for 2021.
The upper legislative chamber also approved the N1.678 trillion revenue target for the service this year. Read more
Chairman of the Nigerian Economic Summit Group (NESG), Asue Ighodalo, said on Tuesday the Nigerian business environment is over-regulated by the Federal Government.
Ighodalo, who disclosed this at a forum in Abuja, said the tight regulation is affecting the Nigerian market and preventing foreign investors from coming to the country. Read more
In a bid to get the World Bank approval for the $3.4 billion loan request, the Federal Government has declared its intention to end payment of fuel and electricity subsidies by the middle of this year.
The Nigerian National Resources Charter (NNRC) disclosed this on its Twitter handle on Sunday. Read more
On NSE ROUNDUP: Nigeria’s stock market Investors gain N90bn.
Investors in Nigeria’s stock market gained over N90 billion as the bourse maintained its bullish run on Friday.
The equity capitalisation also increased from N20.47 trillion recorded on Thursday to N20.56 trillion at the close of trading today. The All-Share Index (ASI) also increased by 0.43 percent to settle at 39,301.82 on Friday.
The ASI at the close of business on Thursday was 39,131.80. Investors traded in 287.03 million shares worth N3.03 billion in 3,578 deals during Friday’s activities. Read more
On the tech scene, this week, we saw new developments building up from the past, with Amazon’s decision to build its office in South Africa leading the pack.
Since the Central Bank of Nigeria (CBN) issued the policy banning cryptocurrencies in Nigeria, most international tech companies have been exercising caution in dealing with Nigeria as its economic policies threaten their various business models.
Barely two weeks after the Twitter development where its announced intent to build its African headquarters in Ghana, American tech giant Amazon has, this week, toed the line, choosing to build its office in South Africa, instead of Nigeria. Read full review
Remarks
Thanks for joining the roundup this week. See you next week for another serving. Don’t forget, for the latest news and updates from around the globe, keep reading Ripples Nigeria.
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