Soft drink prices up 33% on sugar tax

The Federal Government’s newly introduced excise duty of N10 per liter on all non-alcoholic, carbonated and sweetened beverages, often called sugar tax, has driven up the retail price of soft drinks by 33.3 percent, from N150 to N200 per 50cl bottle, BusinessDay enquiries show

Fuel subsidy: Matters arising

Nigeria’s fuel subsidy regime is an issue that has pitched economists, the public, stakeholders, regulators, and organized labour at opposing sides of the divide. There have been arguments and counter-arguments for the existence or absence of fuel subsidies in the country.

Medicine, agric, textile get free trade zones

The Nigeria Export Processing Zones Authority (NEPZA) says three new special economic zones will begin operations before the end of 2022, in a bid to deepen local production, improve government revenue, and close deficit in specific areas of the Nigerian economy.

Construction industry seen growing 3.07% on government’s spending

The Nigerian construction industry is projected to grow 3.07 percent this year, riding on the back of massive infrastructure spending by both federal and state governments as election approaches.

In break with tradition, Nigeria’s external reserves fall as oil prices rise

The rally in oil prices is not translating to more dollars in Nigeria’s reserves for only the fifth time in at least two decades as a growing petrol subsidy bill and low oil production shut Africa’s largest oil producer from the gains of higher oil prices.

 

 

Oil price uncertainty, insecurity, threaten Nigeria’s economic outlook – IMF

Nigeria’s economic outlook faces significant risks from the covid-19 pandemic trajectory, oil price uncertainty, and security challenges, the International Monetary Fund (IMF) has said.

FG secures $200m loan from Japan to improve power transmission

The Federal government has disclosed plans to secure a $200million loan from the Japan International Cooperation Agency (JICA), to provide about 203KM high voltage transmission lines and six high voltage substations

IMF recommends further VAT rate increase in Nigeria

In order to reduce debt sustainability risks, the executive directors of the International Monetary Fund (IMF) on Monday called on the Nigerian government to consider significant domestic revenue mobilization, including by further increasing the value-added tax (VAT) rate, improving tax compliance

Oil majors profits boom as high oil prices drive up bottom-line

The latest financial books of the world’s largest oil and gas companies have sweetened shareholder returns and further reassured investors of a more stable footing two years after Covid-19 first shook the oil market. Global oil demand roared back in 2021, with gasoline and diesel use surging as consumers resumed.

 

 

Investors Lose N78.75bn as NGXASI Dips Further by -0.31%; Sell Pressure Persists

Equities market closed on a negative note, as NGXASI depreciated by -0.31% to close at 47,057.24 basis points as against -0.16% depreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +10.16%.         

Market breadth closed negative as PRESCO led 16 Gainers as against 20 Losers topped by COURTVILLE at the end of today’s session an unimproved performance when compared with previous outlook.        

Market turnover closed negative as volume moved down by -16.56% as against +26.49% uptick recorded in the previous session. GUARANTY, ZENITHBANK and FIDELITYBK were the most active to boost market turnover.  GUARANTY and SEPLAT topped market value list.

JBERGER leads the list of active stocks that recorded impressive volume spike at the end of today’s session.

Jaiz Bank Plc Declares N3.83bn PAT in Q4 2021 Results,(SP:N0.70k)

Jaiz Bank Plc released its Q4 2021 Unaudited results for the period ended December 31st, 2021.

Key Highlights

• Gross Income grew by 28.9% to N24bn from N18.76bn.
• Profit before tax stood at N4.2bn
• Profit after tax stood at N3.8bn
• Share Price Currently Stands at N0.7 k

12 Months REPORT FOR THE PERIOD ENDED 31 DEC

	2021 N’m	2020 N’m	% Change
	DEC	DEC
Gross Income	24,177	18,761	28.9%
PBT	4,205	3,066	37.15%
Taxation	(372.632)	(162.764)	128.9%
PAT	3,833	2,903	32.0%
Balance Sheet Information
Net Asset	20,501	17,845	14.9%