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BUSINESS ROUNDUP: Angola overtakes Nigeria in crude oil manufacturing; Nigerian govt threatens sanctions over flight tickets; and different tales


Hiya, and welcome to the Enterprise Roundup this week. Right here, we deliver you highlights of occasions that occurred throughout the week -from the capital market to the mainstream enterprise actions, whereas not forgetting the tech/financial system construct up.

Listed below are the Headlines:

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· Firm earnings tax rises by 29% to N714.40bn in 3 months

· Angola overtakes Nigeria in crude oil manufacturing

· Nigeria exports N7.4trn value of products in Q2, India tops locations

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· Nigerian govt threatens sanctions over flight tickets


Nigeria recorded an combination Firm Earnings Tax (CIT) of N714.40 billion for the second quarter of 2022, a development charge of 29.53 per cent on a quarter-on-quarter foundation from N551.53 billion in Q1 2022.

The Nationwide Bureau of Statistics (NBS) disclosed this within the CIT Report for Q2 2022.

CIT is a tax on the income of registered corporations in Nigeria. It additionally consists of the tax on the income of overseas corporations carrying on any enterprise in Nigeria.

For the third time in eight months, Nigeria just isn’t Africa’s largest oil producer as manufacturing fell to 972,394 barrels per day in August.

This was disclosed by the Federal Authorities by way of the Nigerian Upstream Petroleum Regulatory Fee’s month-to-month oil report on Thursday.

Nigeria’s August manufacturing determine is under Angola’s common every day output of 1.17 million barrels as reported by Bloomberg.

The Nationwide Bureau of Statistics (NBS) revealed that Nigeria recorded a constructive commerce of N1.9 billion within the second quarter (Q2) of 2022.

NBS disclosed this in its commerce statistics report launched on Thursday, noting that the worth of Nigeria’s imports was N5.43 trillion and the exports have been at N7.4 trillion.

What this implies is that Nigeria offered greater than it purchased within the second quarter of 2022.

International airways working within the nation have been threatened with sanctions by the Federal Authorities for refusing to take naira as fee for tickets.

Hadi Sirika, the aviation minister, made the deal with throughout a press convention held Wednesday following the Federal Government Council assembly presided over by President Muhammadu Buhari.

Learn additionally: BUSINESS ROUNDUP: NNPC fails to promote sufficient crude oil; Kenyan courtroom blocks Flutterwave’s accounts holding $3.3m; and different tales

He claimed that in response to intelligence inputs, some airways refused to promote in naira and as an alternative charged ticket costs in {dollars}, in contravention of Nigerian legal guidelines.

On NSE ROUND UP: Nigeria’s capital market loses N190bn amid losses in NGX Group, Sovereign Insurance coverage

The market capitalization within the Nigerian inventory market crashed to N26.77 trillion on the shut of enterprise on Tuesday.

The determine is -0.6 % or N190 billion decrease than the N26.96 trillion posted by the bourse on the finish of buying and selling on Monday.

This adopted the drop within the All-Share Index by 346.49 foundation factors from 49,991.41 to 49,644.92 at present.

Traders traded 138.99 million shares valued at N2.72 billion in 4,247 offers on Tuesday.

This fell wanting the 200.91 million shares value N1.44 billion which exchanged arms in 3,976 offers the day past.

On the tech scene, TikTok, BusyMed, NowNow, Bboxx, Gravitee, Nestcoin, HackathonAfrica, JET Motor Firm have been a number of the names that made the headlines within the tech ecosystem this week.

A Nigerian fintech startup, NowNow Digital Methods, has secured $13 million in a seed spherical led by NeoVision Ventures Ltd., DLF Household Workplace, and Shadi Abdulhadi heralds.

Additionally, a Nigerian Nestcoin’s blockchain gaming platform, Metaverse Magna (MVM), has introduced securing a $3.2 million seed fund to construct Africa’s largest gaming decentralized autonomous organizations (DAOs).

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