03 Jul

Daily Watch

  • Analysts at Standard Chartered are pointing to a probable doubling of the VAT rate to 10 percent in a move that will boost state governments’ revenue. That, coupled with an adjustment of the fuel subsidy, will provide quick wins for the Buhari administration.
  • The government has been warned by the organized private sector that the non-payment of salaries to government workers is becoming a threat to the economy. The private sector argues that the low purchasing power of consumers is resulting in lower sales of goods by manufacturers. SBM Intelligence had earlier this week released a report which showed that the prices of consumer goods rose by an average of 10% in Lagos in the first half of 2015.
  • Skye Bank has finally completed its integration of Mainstreet bank. Skye acquired Mainstreet late last year in line with its long term vision of playing a leadership role in Nigeria’s financial services industry. Chief Executive of Skye Bank said that the bank is now set to unleash the full potentials of the combined strengths of the two institutions for better customer service, customer experience and value creation for all its stakeholders.
  • South African giant, Naspers, believes that the online internet population of emerging countries, including Nigeria, is rapidly growing, along with the opportunities therein. The company said it boosted development spending by about 33% to $870 million, as it expanded its TV and online retail business during the year through March. According to Naspers, India, Nigeria, and other BRIC countries features high in both itsdevelopment spending, and its M&A spending.