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The Ogun State Coordinator of the National Youth Service Corps (NYSC), Mr. Chris Jimba, has cautioned corps members against engaging in the local politics of their host communities. During the closing ceremony of the 2023 Batch B Stream II orientation course, Mr. Jimba urged the corps members to fully embrace their postings and contribute positively to their host communities. He also called on employers to mentor and support the corps members, while emphasizing the importance of security consciousness.
Modupe Salahudeen, the chief executive of a beauty clinic in Lagos, has warned Nigerian women against the practice of bleaching their skin, citing the potential health risks involved. She urged women to maintain their natural skin and seek the guidance of beauty experts for safe and effective ways to enhance their appearance. Salahudeen emphasized the importance of education, training, and passion in the beauty industry, while also highlighting the need for regular equipment replacement. She encouraged young women to work hard and believe in themselves, emphasizing self-reliance and independence.
Despite the call by the Nigeria Labour Congress (NLC) for a nationwide two-day strike, several commercial banks in Lagos, including Access Bank, First Bank, Guaranty Trust Bank (GTB), Zenith Bank, and Sterling Bank, continued their operations. The strike was organized to protest the removal of fuel subsidy, citing increasing hardship and suffering. Despite the rainy weather, markets and transport services were also in operation.
An economist, Prof. Akpan Ekpo, has urged the Central Bank of Nigeria (CBN) to take seriously the currency swap agreement with Peoples Bank of China (PBoC) to reduce reliance on dollars for trade. This article discusses the importance of implementing the Nigeria-China currency swap and its potential benefits for businesses and the Nigerian economy.
The Kano State chapter of the National Labour Congress (NLC) has joined the ongoing warning strike across the country. The strike action is a result of the Federal Government's perceived failure to address the suffering of the Nigerian masses, months after removing fuel subsidy. The NLC is demanding concrete measures to alleviate the hardships faced by workers, as the minimum wage is no longer sufficient and the cost of living continues to rise. If the government fails to meet their demands, an indefinite strike is imminent.
Nigeria's aggregate Company Income Tax (CIT) has more than doubled in the second quarter of 2023 as reported by the Nigerian Bureau of Statistics. The CIT collections for Q2 2023 reached N1.53 trillion, representing a growth rate of 226.40 percent compared to the previous quarter. This significant increase in tax revenue reflects the positive momentum in Nigeria's economy and highlights the contributions of various sectors to the overall tax collection.
In a bid to support the growth of Nigerian micro, small, and medium-sized enterprises (MSMEs) and startups, NiRA has partnered with ISN Hubs. This collaboration aims to enhance the online capabilities of MSMEs affiliated with ISN Hubs by leveraging the power of the .ng domain. By sensitizing businesses to the potential of the .ng domain and offering various avenues of utilization, this partnership seeks to boost digital growth and entrepreneurship in Nigeria.
Aradel Holdings Plc, a leading indigenous energy company in Nigeria, has announced its strong financial performance for the year, showcasing growth in key metrics and a resilient business model. The company's rebranding journey and strategic objectives to explore renewable energy opportunities have positioned it as a key player in sustainable energy solutions for economic growth.
The Women in Energy Oil and Gas (WEOG), Lagos Chapter, has launched an exclusive business directory to address the challenges faced by women entrepreneurs in Nigeria's male-dominated energy sector. The directory aims to provide tailored solutions, resources, and networking opportunities for women-owned businesses, empowering them to thrive in a volatile economy.
Nigeria's President Bola Tinubu is heading to India for the G20 summit, where discussions about Nigeria joining the group will take place. The country's recent economic reforms have sparked criticism and caused a drop in the value of its currency.
Anchor, a Nigerian banking-as-a-service (BaaS) provider, has secured $2.4 million in seed investment. Led by Goat Capital, the funding round saw participation from FoundersX, Rebel Fund, Y Combinator, and Byld Ventures. Anchor offers APIs, dashboards, and tools for developers to embed and build banking solutions, and it aims to provide personalised services and flexibility at a lower cost.
Nigerian fintech, Anchor, has secured $2.4 million in seed funding from investors including Goat Capital, FoundersX, and Rebel Fund. The banking-as-a-service provider offers APIs, dashboards, and tools to facilitate the development of banking solutions for businesses. With over 270 clients and $550 million in annualized total transaction volume (TTV), Anchor aims to enhance its compliance system, invest in value-added products, and expand its customer base. The startup is serving a $7 billion addressable market in Nigeria and is looking to explore pan-African expansion.
The National Bureau of Statistics (NBS) has reported a remarkable 226.4% quarter-on-quarter growth in Nigeria's Company Income Tax (CIT) during the second quarter of 2023. The CIT collections amounted to N1.53 trillion, surpassing the previous quarter's N469.01 billion. The report also highlights the sectoral contributions and the importance of press freedom in upholding balanced journalism.
The removal of fuel subsidy in Nigeria has significantly impacted the economy of Lagos, Africa's largest commercial center. The hike in petrol prices and weak local currency have led to a decline in business activities and commuting, affecting small businesses and low-income earners. While the move to end the subsidy was deemed necessary, it was done abruptly without proper preparations, exacerbating the economic hardship in Lagos.
The Nigerian private sector experienced a contraction in business activity during the third quarter of the year, according to the Stanbic IBTC Bank Nigeria Purchasing Managers' Index (PMI) report. The report highlights the impact of rising prices, particularly due to higher transportation costs and the removal of the fuel subsidy. As a result, demand diminished, new orders and employment growth slowed, and the overall health of the private sector marginally weakened. Despite these challenges, some sectors like agriculture and manufacturing continued to see output increase, offering a glimmer of hope for the future.
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