Breaking: Latest Business News in Nigeria Today – Top Stories You Need to Know
Nigeria has one of the largest economies in Africa and is home to several multinational companies. It is therefore no surprise that there is always breaking business news in Nigeria today. Here are the top stories you need to know.
1. Nigeria Slides into a Recession
Unfortunately, Nigeria has slipped back into a recession, which is the second time in five years. The recession was caused by the COVID-19 pandemic, which led to a drop in oil prices and a decrease in demand for Nigeria’s oil. The recession has affected all sectors of the economy, including manufacturing, agriculture, and the service sector.
2. Nigeria’s Central Bank Bans Cryptocurrency Trading
Nigeria’s central bank has banned cryptocurrency trading. The bank cited the risks involved in investing in cryptocurrencies and the fact that they are not backed by any tangible asset. However, the ban has been met with resistance from several young Nigerians who use cryptocurrencies to make ends meet.
3. Dangote Refinery Set to Begin Operations
Aliko Dangote, Africa’s richest man, is set to begin operations at his multi-billion dollar refinery in Lagos State. The refinery is expected to produce about 650,000 barrels of crude oil per day and create job opportunities for thousands of Nigerians. The project has been hailed as a game-changer for Nigeria’s economy.
4. Inflation Rates on the Rise
Inflation rates in Nigeria have been on the rise for several months now and are showing no signs of slowing down. The COVID-19 pandemic, the drop in oil prices, and the devaluation of the naira have all contributed to the increase in inflation. The rise in inflation has affected the prices of goods and services, making them too expensive for the average Nigerian.
5. MTN Nigeria Faces a $2 Billion Tax Demand
MTN Nigeria, one of the country’s largest telecommunication companies, is facing a $2 billion tax demand from the government. The company has been accused of not paying taxes on the importation of equipment and payments to foreign suppliers. MTN Nigeria has denied the allegations and is currently in talks with the government to resolve the issue.
In conclusion, these are just some of the breaking business news stories in Nigeria today. As the country continues to navigate through challenging times, it is essential to stay up to date with the latest happenings in the business world to make informed decisions.
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