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BUSINESS ROUNDUP: NNPC announces N1.29tn revenue shortfall; Zimbabwe eyes cryptocurrency as Bitcoin nears $66,975. Others inside…



Private sector got over N46trn in loans from banks in 9 months –NBS

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:

• CBN announces plan to drop interest on loans for manufacturers below 9%

• Zimbabwe eyes cryptocurrency as Bitcoin nears all-time high of $66,975

• NNPC announces N1.29tn revenue shortfall in nine months

• Over 30 million Nigerians don’t pay tax ― Akabueze


The Central Bank of Nigeria (CBN) has launched a strategy to revive the country’s struggling industrial sector by providing “single-digit loan facilities.”

It also said with private refineries coming on stream soon, the pump prices of Premium Motor Spirit (Petrol) would become competitive and affordable.

The CBN Governor, Godwin Emefiele, stated this at the Nigeria International Partnership Forum in Paris, France, on Thursday.

The Director-General of Budget Office, Ben Akabueze, said on Friday over 30 million Nigerians, generating taxable incomes, do not pay tax.

Akabueze, who stated this during an interactive forum with the media and civil society organizations in Abuja, lamented that the non-payment of tax stalled the Federal Government’s effort at enlarging its revenue base.

He noted that many Nigerians who are not on the tax pool are making money in the economy without paying any taxes.

Revenues earned by the Nigerian National Petroleum Corporation (NNPC) Limited fell N1.29 trillion short of expectations in the first nine months of 2021.

Read also: BUSINESS ROUNDUP: Nigerian govt to borrow N250bn for road projects; Banks discover N122.8m fake notes in 2 years; Other stories

The Federation Account and Allocation Committee (FAAC) disclosed this in a report published on the NNPC website.

According to the report, only N2.44 trillion was actualised during the period instead of N3.734 trillion projected by the Corporation based on a monthly expected income of N414 billion and a projected gross annual revenue of N4.979 trillion.

Bitcoin on Monday surged closer to its all-time high of $66,975 achieved in October. This came just as a report emerged that the Zimbabwean government is looking into cryptocurrency.

Bitcoin, which is the most capitalised cryptocurrency at $1.25 trillion, appreciated by 6.46 percent in the last 24 hours and rallied to $66,530.58.

The decentralised digital currency retracted by 0.5 percent during work hours to settle at $66,196.40, dropping $334.18 before the close of business in Nigerian time.

On NSE ROUNDUP: Nigerian investors lose N82.5bn as banks top active trades

The bearish trading in the Nigerian capital market persisted on Thursday as investment takeout depleted the bourse by 0.3 percent at the close of the day’s business.

Consequently, shareholders lost N82.46 billion at the close of trading with the market capitalisation shrinking to N22.72 trillion from N22.80 trillion recorded the previous day.

The All-Share Index was down by 158.02 percent to close at 43,707.30 compared to 43,549.28 posted 24 hours earlier.

Meanwhile, on the tech space, Errand360, CcHub, Flutterwave, Coinference 2021, and Wicrypt were some of the names that made the headlines this week.

The bicycle community delivery platform, Errand360, raised an undisclosed amount of pre-seed funding to expand across Africa.

Also, Africa’s largest innovation hub, Co-creation Hub, has partnered with Ojoma Ochai to launch a new Creative Economy Practice, an African-focused innovation enabler.

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