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Thursday, Oct 31

22

Nigeria’s National Economic Council recommends withdrawal of tax reform bill

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The National Economic Council (NEC) comprising of the 36 state Governors and chaired by the Vice President has recommended the withdrawal of the Tax Reforms Bill currently before the National Assembly.

21

We did not receive any payment from IPMAN for petroleum products – Dangote Refinery

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The Dangote Group management has addressed reports suggesting that the Independent Petroleum Marketers Association of Nigeria (IPMAN) is facing challenges in lifting products from the refinery, clarifying that no payments have been made to…

NAFDAC recalls Nivea roll-on deodorant over harmful chemical content

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The National Agency for Food and Drug Administration and Control (NAFDAC) issues alert on recall of Nivea BLACK & WHITE invisible roll-on deodorant due to harmful chemical content.

EFCC recovers N248 billion and $105.4 million among other currencies in one year

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The Economic and Financial Crimes Commission (EFCC) has disclosed the recovery of N248 billion, $105.4 million, and other foreign currencies between October 18, 2023, and October 18, 2024.

20

Tax: Presidency responds to Northern Governors’ rejection of proposed derivation model for VAT distribution

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The Nigerian presidency has responded to the Northern Governors' Forum's rejection of the new derivation-based model for Value-Added Tax (VAT) distribution in the tax reform bills currently before the National Assembly.

Bill to extend service years, retirement age of health workers to 65 years scales 2nd reading

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The House of Representatives has passed a bill seeking to increase the retirement age of health workers in the country from 60 years to 65 years through the second reading stage.

19

Nigeria lost 7.68 million barrels of crude oil in 2023 – NEITI

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has reported that approximately 7.68 million barrels of crude oil were either stolen or lost in 2023.

Paddy rice production in Nigeria projected to decline over insecurity, high fertiliser cost –AFEX

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Paddy rice production in the 2024 wet season is projected to decline by as much as 2.6% resulting in a total output of 8.1 million tonnes.

18

Microstrategy plans to raise $42 billion to buy more Bitcoin over the next 3 years  

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Microstrategy, A Bitcoin Development company has announced its plans to raise a staggering $42 billion to buy more Bitcoin in the space of Three years.

Nigeria’s printing sector loses N200 billion to foreign printing annually – GUPPAN

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Nigeria’s printing industry loses over N200 billion annually to book printing conducted abroad, according to the Gutenberg Prints Association of Nigeria (GUPPAN).

Currency outside banks rises as N1.6 trillion left bank vaults in one year

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Latest data from the Central Bank of Nigeria (CBN) reveals a significant year-on-year (YoY) increase in the amount of currency outside the banking system, highlighting a shift in public behaviour regarding cash retention.

17

FG, Google unveil 10 Nigerian startups selected to receive N100 million AI funding

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The Federal Ministry of Communications, Innovation, and Digital Economy and Google have unveiled the 10 startups selected as the beneficiaries of the recently announced N100 million AI Fund.

16

Zenith Bank Plc posts N1 trillion pre-tax profit for nine-month period in 2024, with third quarter profit at N275 billion

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Zenith Bank Plc has announced a pre-tax profit of N1 trillion for the nine-month period ending September 30, 2024, including N275.8 billion in pre-tax profit recorded for the third quarter.

Tomarket kick starts token generation event to 40 million users today

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Tomarket is a crypto web 3 game project powered by Telegram and hosted on the Ton blockchain.

Average cost preparing pot of jollof rice hits N21,579, 31% of minimum wage in September

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The average cost of preparing a pot of jollof rice in Nigeria has risen to N21,579, consuming roughly 31% of the country’s minimum wage (N70,000) in September.

MTN Nigeria posts N514.9 billion loss in 9 months of 2024, blame Naira depreciation

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MTN Nigeria recorded a loss after tax of N514.9 billion for the first nine months of 2024, primarily attributed to naira depreciation, which increased foreign currency-denominated obligations.

FG announces another N2.8billion Google support to advance AI talent development in Nigeria

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The Federal Ministry of Communications, Innovation & Digital Economy (FMCIDE) on Thursday announced fresh N2.8 billion support from Google to accelerate AI talent development across Nigeria.

14

Flour Mills returns to profitability, posts N19.7 billion pre-tax profit in six months

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Flour Mills of Nigeria Plc in the six months ending September 30, 2024, reversed its losses posting a pre-tax profit of N19.7 billion.

13

Xiaomi Black Friday: Don’t miss your chance to win Xiaomi branded family pack worth ₦6M!

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Xiaomi is bringing you an unbeatable Black Friday shopping experience from 31st October to 30th November 2024! With exclusive offers and a chance to win a Xiaomi branded family pack worth 6,000,000 naira, this is the time to grab your…

Play Network’s ‘Hijack ‘93’ enters Netflix’s top 10 with 3.2M views

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'Hijack ‘93,' the latest feature film from Play Network Studios, has entered Netflix’s prestigious Top 10 with 3.2 million views within its debut week.

12

Fidelity Bank reports N81 billion Q3 profit, nine-month pre-tax profit reaches N281 billion

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Fidelity Bank has released its financial results for the third quarter of 2024, reporting a pre-tax profit of N81.6 billion, marking a 135.5% increase from the N34.6 billion recorded in the same period last year.

PalmPay recognized as Most Outstanding Fintech Driving Financial Inclusion at BrandCom Awards 2024

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PalmPay, Nigeria’s leading fintech platform, was awarded the Most Outstanding Fintech Driving Financial Inclusion at the prestigious BrandCom Awards 2024, held on October 26th.

11

Akwa Ibom govt flags off 18-storey Ibom Towers in Victoria Island for economic diversification

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The Akwa Ibom State Government has initiated the construction of an 18-storey Ibom Towers at Plot 868A, Bishop Aboyade Cole, Victoria Island, Lagos, as part of its commitment to economic diversification.

10

Survival measures in Nigeria today

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The post Survival measures in Nigeria today appeared first on Nairametrics.

Naira struggles at the official market, U.S dollar index shows recovery

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The Nigerian currency slightly depreciated at the official market, as the U.S dollar index showed some recovery after Wednesday's sell-off.

Management of the Nigerian economy: Staying the course but pausing to reflect

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The Nigerian Government has taken several policy decisions in the last 18 months, mainly fuel subsidy removal and floating/unification of the exchange rate, with subsequent dire consequences on the purchasing power and well-being of the…

09

BUA Foods grow pre-tax profit by 94% to N215.6 billion in nine months

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BUA Foods in the first nine months of 2024 saw its pre-tax profit rise by 94% from N111.4 billion in the first nine months of 2023 to N215.66 billion.

08

Global market for clean energy technologies to hit $2 trillion by 2035 – IEA

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The International Energy Agency (IEA) has projected that the global market for clean energy technologies will reach $2 trillion in value by 2035.

Canada’s Immigration Minister defends reduced immigration targets

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Canada's Immigration Minister, Marc Miller, is defending the government’s decision to cut annual immigration targets, a shift in policy that will lower the intake of both temporary and permanent residents starting in 2025. 

Solid minerals sector contributed N1.137trn to government revenue from 2007 to 2023- NEITI

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The Nigerian Extractive Industries Transparency Initiative (NEITI) revealed that Nigeria’s solid minerals sector has made a direct financial contribution of N1.137 trillion to federal, state, and local governments over a 16-year period…