MARKET

Nigeria Banks’ Distress Borrowing From CBN Hits N12trn In 8 Months

Nigeria Banks’ Distress Borrowing From CBN Hits N12trn In 8 Months

BUSINESS, MARKET
Nigerian banks’ borrowing from the Central Bank of Nigeria rose to N12 trillion in eight months, an indication that most of the banks are in distress situation and living on the goodwill of the apex bank. The spate of intense borrowing by merchant and commercial banks from the Central Bank of Nigeria (CBN) has indicated an increasing reliance on the apex bank for liquidity. According to data from the CBN commercial and merchant banks borrowed a total of N12.46 trillion from the apex bank between January and August this year. The amount indicates a Year-on-Year increase of 79 percent when compared with the N6.96 trillion recorded in the first eight months of 2022. This increased borrowing appetite which dominated the first months of the year was traced to the CBN’s new Naira note p...
Fresh Inflation Fears As Top Firms Lose N656 bn To Forex Market Woes

Fresh Inflation Fears As Top Firms Lose N656 bn To Forex Market Woes

BUSINESS, MARKET
Many of Nigeria’s big companies across various sectors of the economy may be gasping for breath following the sustained scarcity of foreign exchange (forex) resources. This also comes against the backdrop of a sharp rise in the exchange rate in the latter part of the second quarter of 2023, Q2’23. The companies had taken forex loans for imported raw materials and other operational inputs earlier before the recent forex depreciation. Consequently, the companies are now recording massive losses arising from the revaluation of their forex-related operations. Financial findings from the recent reports filed by some quoted companies in the Nigerian Exchange Limited, NGX, indicated that about 20 of them recorded an all-time high of N656.1 billion forex losses in the first half of 202...
FCT, 26  States Currently Facing Food Insecurity In Nigeria – Report

FCT, 26 States Currently Facing Food Insecurity In Nigeria – Report

BUSINESS, MARKET
Despite the increasing number of child malnutrition in Nigeria, report has shown that food insecurity is now widespread nationwide with Lagos, Borno, Katsina, Kaduna, Jigawa, and Kano states having the highest number of people experiencing food and nutrition insecurity in the country. According to the Cadre Harmonisé report, 26 States and the Federal Capital Territory, FCT, a total of 17.6 million Nigerians were currently facing food insecurity due to the emergency situation of food and nutrition insecurity. Speaking in Port Harcourt, Rivers state during a Two Day Media Dialogue on Child Malnutrition, with a Focus on Nutrition Financing, the United Nations Children’s Fund, Nutrition Officer, Nkeiru Enwelum, noted that the report showed that between March to May this year, the top fiv...
Dangote, MTN, Airtel, And Globacom Among The Top Performers

Dangote, MTN, Airtel, And Globacom Among The Top Performers

BUSINESS, MARKET
Dangote Group emerged as Nigeria's most valuable brand for a sixth consecutive time. Access Bank, Zenith Bank, Coca-Cola, GTCO, First Bank, and BUA Group rounded up the top 10. The recently released 2023 brand perception assessment conducted by Top 50 Brands Nigeria has unveiled the most valuable brands in Nigeria. According to the report, Dangote Group, MTN, Airtel, and Globacom were among the top performers, cementing their influence and market presence in Nigeria's corporate landscape. Dangote Group emerged as Nigeria's Most Valuable Brand for a sixth consecutive time by securing an impressive aggregate score of 86.2 percent on the brand strength measurement index (BSM). MTN secured the second-place position with an 85 BSM index score. Further insights from the report ...
Dangote Beats MTN, Globacom, Banks To Emerge Most Valuable Brand In Nigeria For 6th Consecutive Year

Dangote Beats MTN, Globacom, Banks To Emerge Most Valuable Brand In Nigeria For 6th Consecutive Year

BUSINESS, MARKET
Dangote Industries Limited has emerged as Nigeria’s most valuable brand for the sixth consecutive year. This achievement was confirmed by the brand and marketing firm, TOP 50 BRANDS NIGERIA, as part of its comprehensive 2023 Top Brands perception assessment. Winning the award for a record 6th time confirms the foremost African indigenous Conglomerate’s unwavering dominance of the domestic brand space. TOP 50 BRANDS NIGERIA, is a qualitative, non-financial evaluation of top corporate brands in the country.  The annual top brands league table which has become like a report card, with which top corporate brands have a feel of their ranking in the market is done with a special purpose model, the Brand Strength Measurement (BSM Index). The rating firm in a statement said that Dangote g...
Unveiling Africa’s underperforming stock markets in 2023

Unveiling Africa’s underperforming stock markets in 2023

BUSINESS, MARKET
Towers face challenges with a negative ROE. Amidst economic headwinds, while some African stock markets bask in the glow of success, others grapple with declining returns and heightened investor caution. As of June 2023, the following stock markets have encountered significant challenges, demanding meticulous scrutiny from investors: Africa's underperforming stock markets face economic turmoil, raising investor concerns. Nigeria's stock market declined by 33.6%, impacted by currency depreciation and import reliance. Companies like Nestle Nigeria show potential with a 161.6% Return on Equity, while IHS Nigeria (Down 33.6%) Nigeria's once-thriving stock market has weathered a substantial blow, witnessing a staggering 33.6% decline in US dollar returns. The combination of currency de...
July 2023: Nigeria Facing Severe Inflation Surge, With Rates Reaching 22.8%

July 2023: Nigeria Facing Severe Inflation Surge, With Rates Reaching 22.8%

BUSINESS, MARKET
The removal of fuel subsidies and exchange rate liberalization contributed to rising petrol and import costs. Experts predict an average inflation rate of 25.1% for 2023, prompting concerns for economic stability and household budgets. Nigeria is bracing for an alarming inflation surge that has sent shockwaves through the nation's economy, sparking concerns among citizens and experts about the future economic landscape for 2023 and beyond. The country is witnessing a relentless rise in inflation, posing formidable challenges to policymakers and citizens alike. Key economic indicators indicate that Nigeria's inflation rate reached a staggering 22.8% year-on-year in July 2023, marking the highest annual rate in decades. At the heart of this surge lies a combination of factors, in...
NGX All-Share Index Extends Losses By 1.10%

NGX All-Share Index Extends Losses By 1.10%

BUSINESS, MARKET
Nigerian equities extended losses to open the week as the All-Share Index closed 1.10% weaker to settle at 64,337.52. Sustained selloffs in telco heavyweight MTNN (-3.68%) and Tier-1 banks, ZENITHBANK (-0.29%) and GTCO (-1.08%) were the primary drivers of the market decline. As a result, the ASI's year-to-date (YTD) return fell to 25.53%, while the market capitalization lost ₦591.20bn to close at ₦35.01trn. Analysis of today's market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 11.12%. A total of 673.42m shares valued at ₦6.47bn were exchanged in 9,788 deals. FIDELITYBK (+1.18%) led the volume chart with 58.59m units traded while MTNN (-3.68%) led the value chart in deals worth ₦1.01bn Market breadth closed neg...
Nigeria Forecasts Record $9.5 Billion Of Taxes In Second Half

Nigeria Forecasts Record $9.5 Billion Of Taxes In Second Half

BUSINESS, MARKET
Nigeria forecast it will raise 7.5 trillion naira ($9.5 billion) in taxes in the second half, after a record performance in the first six months of the year, as the government improves its collection processes, the head of the Federal Inland Revenue Service said. The West African nation’s government collected 5.5 trillion naira in the first half, surpassing the 5.3 trillion-naira target set by the government for the period, FIRS Executive Chairman Muhammad Nami told reporters in the capital, Abuja, on Thursday. It raised 10.1 trillion naira in taxes last year and set a target to raise 25 trillion naira in 2024. “This half-year performance was achieved as a result of improved voluntary tax compliance by taxpayers, the continued improvement of automation of our tax administration proce...
Tax: Menacing and mafia-like In Nigeria’s So-Called Tax Collectors

Tax: Menacing and mafia-like In Nigeria’s So-Called Tax Collectors

BUSINESS, MARKET, NATIONWIDE, NEWS
Hired as a so-called tax collector by several influential families, Captain Nwokuha has a fearsome look as he walks around with a piece of wood to enforce his authority at a busy and chaotic road junction in the southern Nigerian city of Port Harcourt. The 34-year-old's job is to collect "taxes" for what he calls the "community" from taxis and 18-seater buses that operate in that part of the city. Mr. Nwokuha's work has its roots in an old tradition, when businesses used to pay a one-off fee, or gift a drink, as an homage to their hosts for good tidings. But now it has turned into what critics say is an extortion racket. Some families, claiming to act on behalf of local communities, demand fees from businesses, be they, taxi drivers or market traders, operating in what they see...
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