15 Aug

Daily Watch – Miniso Nigeria to expand retail footprint, WaraChow joins food delivery market

  • The FG has launched a new initiative to empower two million petty traders between now and the end of 2018. The new initiative called Trader Moni was launched under the Government Enterprise and Empowerment Programme. According to a statement by Laolu Akande, spokesman to Acting President Yemi Osinbajo, the microcredit scheme would grant a minimum of 30,000 loans to petty traders in each state and the FCT and will be coordinated in partnership with the Bank of
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14 Aug

Daily Watch – Commercial debt up 486 per cent since 2015, Lagos Light Rail to go live in 2022

  • Nigeria’s foreign commercial loan stock has risen to $8.8 billion, an analysis of DMO data by the Punch shows. The figure represents 39.87 per cent of the nation’s $22.07 billion external debt exposure. In March 2015, the country’s exposure to foreign commercial loans stood at $1.5 billion or 15.85 per cent of total foreign debt commitments, implying that over the last three years, the country’s foreign commercial loan exposure has grown by $7.3 billion
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13 Aug

Daily Watch – MTN rides data binge to stellar H1, Housing loans no longer need equity

  • Nigerians above 18 with a steady income will now be able to access up to ₦5 million in housing loans from the Federal Mortgage Bank of Nigeria without an equity contribution. According to an FMBN statement, the revised requirements constitute a 100 per cent reduction in the equity contribution required of beneficiaries. Previously, beneficiaries had to contribute 10 per cent to access up to ₦5 million and 20 per cent on ₦10 million and ₦30 million. With
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10 Aug

Daily Watch – MTN gets listing deadline, Paga clocks 9 million users

  • Nigeria has approved a $150 million loan from the World Bank to help eradicate polio and scale up immunisation. After a global effort to wipe out polio, there were just 22 cases on earth last year, down from 350,000 30 years ago, according to the World Health Organisation. Nigeria was on the verge of eradicating the virus but recorded its first case in two years in 2016. It is now one of only three countries left on earth where polio still exists, along with
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09 Aug

Daily Watch – Nigeria rig count declines, Farmers bask in ‘open sesame seed’ momentum

  • The FG has approved its e-government masterplan to ensure all government processes across all MDAs are delivered electronically. Communications and Justice ministers, Adebayo Shittu and Abubakar Malami said at the 4th National Steering Committee meeting of the Open Government Partnership in Abuja that an executive order on the OGP has been drafted to strengthen the country’s capacity to rank higher in the next Global Open Budget Index. Shittu also said the
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08 Aug

Daily Watch – CBN may tweak MPR over #Elections2019, Zenith & Diamond expect late credit splurge

  • The CBN may increase the MPR if inflationary pressures do not abate, Deputy Governor, Joseph Nnanna, has told Bloomberg. Nnanna said although the MPC wants to keep the major determinant of interest rate positive, the anticipation of increased spending ahead of the 2019 elections could slant some members’ votes toward a rate hike. At the end of its July meeting in Abuja, members of the MPC voted to retain the MPR at 14 percent for the 10th consecutive time.
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07 Aug

Daily Watch – WellaHealth expands to 1,000 Nigerian pharmas, STACO fires CEO

  • The FIRS has asked General Electric’s Nigeria subsidiary for evidence that it remitted an excessive tax it withheld from Arco Group, a Nigerian oil servicing company for nine years, according to TheCable. The online news service had reported earlier that GE withheld tax of over $3 million from its payments to Arco for services rendered between 2006 and 2015. GE deducted 10 per cent as withholding tax for a servicing contract from 2006 to 2015 — as against
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06 Aug

Daily Watch – Employee salaries hit ₦29 trillion, Nigerian TLD registrations grow 20 per cent

  • New data from the statistics agency indicate that the compensation of Nigerian employees grew by 11.14 percent in real terms, the first positive annual growth recorded on that metric since 2015. In its GDP by Income and Expenditure Approach report for 2017, the NBS said the combined data for all the four quarters showed that workers remuneration rose nominally to ₦29.9 trillion from ₦25.8 trillion in 2016. In 2016, compensation of employees, in real terms,
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03 Aug

Daily Watch – Cameroon feels cocoa blues, Rensource’s off-grid solar business raises €500,000

  • The legal battle over the constitutionality of key sections of the Cybercrimes Act 2015 has reached the Supreme Court. Three CSOs, Media Rights Agenda, Paradigm Initiative and Enough Is Enough Nigeria are asking the apex court to expunge Sections 24 and 38 of the Cybercrimes Act 2015. The organisations filed a notice of appeal with the Supreme Court on 31 July. According to Tope Ogundipe, Paradigm Initiative’s Director of Programmes, “It bears repeating here
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02 Aug

Daily Watch – Nigeria exports fall as Asia gets oil hungry, Cape Town outshines Lagos on tech

  • West African exports of crude oil to Asia reached their highest level this year in July, thanks largely to more favourable shipping economics and a major buyer, India seeks to replace Iranian supply that will soon be unavailable, a Reuters survey of traders and shipping data showed on Thursday. Loadings for Asia rose marginally to 2.44 million barrels per day in July from the roughly 2.43 million bpd in June, and May’s 2.085 million bpd. This is the highest
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