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BUSINESS ROUNDUP: Nigeria’s viable States, World Bank’s country ranking; see other stories that made the pick



Nigeria retains position, scores lower in global competitiveness index

Hello, it’s Sunday again. And, Business Wrap is upon us. Remember this serving is a featured post highlighting some of the major events that unfolded during the week.


  • Lagos, Rivers, two others are the only viable states in Nigeria —Report
  • Nigeria loses $15bn yearly to tax evasion —Fowler
  • World Bank’s Doing Business 2020 has ranked Nigeria 131 in overall ease of doing business
  • Communications minister ends proposed USSD charges on bank transactions by telcos


A report released on Wednesday, by the budget-tracking organisation, BudgIT, has revealed Lagos, Rivers, Akwa Ibom and Kano as the only economically viable states in Nigeria.

In the report titled: “State of States”BudgIT stated that the 32 other states depend on federal allocations to survive. Click link to find out more about BudgIT’s findings.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Tunde Fowler, on Wednesday disclosed that Nigeria was losing about $15bn (about N5.37tn) to tax evasion annually.

He made this comment during a seminar by the West Africa Tax Administration Forum (WATAF) on “Exchange of Information’’ as a tool to combat offshore tax evasion, especially in the ECOWAS sub-region. Read report here.

The World Bank report, which compared business regulation in 190 countries across the world, ranked Nigeria 131 in overall ease of doing business. The report shows that Nigeria implemented business reforms that affected 6 indicators measured by the Doing Business report. Follow link here.

Minister for Communications and Digital Economy, Isa Pantami has suspended the planned implementation of USSD charges on bank transactions by Mobile Network Operators (MNO) after consultation.

The minister, on Thursday, said on the official Twitter handle of the ministry (@FMoCDE) that he realised that there is no justification for the new tariff and consequently directed its suspension. Here is where to read the full report.

On NSE ROUNDUP: Nigerian bourse ended week bearish as market cap dropped N74.9bn

The Nigerian Stock Exchange (NSE) ended the week’s trading with market capitalisation shedding N74.9 billion. The bourse All Share Index decreased by 0.38% on a week to date basis to close at 26,348.73 basis points. We reported that a total of 2 billion shares worth N16.1 billion exchanged hands in 13,508 deals during trading sessions on the floor of the NSE.

Read more about the 18 equities that appreciated in value and the 33 equities that depreciated.

Meanwhile, on our editorial Business Review segment;

On Tuesday, we focused attention on the financial inclusion drive as observed in recent developments from commercial banks. Reviewing the notable emergence of remote bank agents in the nooks and crannies of major cities and local communities, we mentioned how commercial banks are inching everyday closer to prospective customers. Find out in whose interest is this development.

On Friday, we delved into why various proposed taxes might lead to observable ‘shrinkflation’ come 2020. We explained that shrinkflation is when products reduce in size while maintaining its price. We equally noted that it is a special form of inflation. There is fear that recent economic policies might lead some profit-focused companies to “shrinkflate” their products in order to beat production cost. Read full review here and see why biscuit companies are famous for this.

That would be all for now. Thank you for joining us for the last Business Wrap in October. Until next month when another edition of Business Wrap shall come your way again; do catch up with latest events by regularly checking our website. Bye for now.



By Ridwan Adelaja…

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