Top 5 Latest Business News in Nigeria Today: A Round-up of Key Stories
Nigeria is a country that has been attracting global attention due to its economic potential. From international investors to entrepreneurs, everyone seems to be interested in doing business in Nigeria. In this article, we are going to take a look at the top 5 latest business news in Nigeria today.
1. Nigerian Ports Authority Generates ₦420.4 Billion Revenue in 2020
The Nigerian Ports Authority (NPA) recently announced that it generated a total revenue of ₦420.4 billion in 2020. This is a significant increase from the ₦316.9 billion generated in 2019. According to the NPA, the increase in revenue can be attributed to the performance of the port terminals, the improvement in cargo traffic, and the reduction in operational expenses.
2. Nigeria’s Debt Rises to ₦32.2 Trillion
Nigeria’s debt profile has been a subject of concern for many years. In December 2020, the country’s debt rose to ₦32.2 trillion, a 20.13% increase from ₦26.2 trillion in September 2019. According to the Debt Management Office (DMO), the increase is due to borrowings to fund the budget deficit, as well as the impact of currency devaluation on foreign-denominated debt.
3. Nigerian Banks Record ₦18.9 Trillion Deposit in Q4 2020
Nigeria’s banking sector recorded a total deposit of ₦18.9 trillion in the fourth quarter of 2020, according to the National Bureau of Statistics (NBS). This is a 5.2% increase from ₦17.9 trillion recorded in the third quarter of the same year. The NBS also revealed that the total number of bank accounts in Nigeria increased from 143.4 million in Q3 2020 to 147.4 million in Q4 2020.
4. Nigerian Stock Exchange (NSE) Records ₦2.21 Trillion Market Capitalization Gain in January
The Nigerian Stock Exchange (NSE) kicked off the year 2021 on a positive note, as it recorded a market capitalization gain of ₦2.21 trillion in January. The NSE All-Share Index also recorded a 5.32% gain in the same month, with the market capitalization rising from ₦20.7 trillion to ₦22.9 trillion.
5. Nigeria Launches New Visa Policy to Attract Foreign Investors
Nigeria recently launched a new visa policy aimed at attracting foreign investors to the country. The policy, which is designed to simplify visa processes for investors, was launched by the Minister of Interior, Rauf Aregbesola. According to the minister, the policy is part of the government’s efforts to boost the country’s economy by attracting foreign investments.
Key Takeaways
– The Nigerian Ports Authority generated ₦420.4 billion revenue in 2020.
– Nigeria’s debt rose to ₦32.2 trillion in December 2020.
– Nigerian banks recorded a total deposit of ₦18.9 trillion in Q4 2020.
– The Nigerian Stock Exchange recorded a market capitalization gain of ₦2.21 trillion in January 2021.
– Nigeria launched a new visa policy aimed at attracting foreign investors.
In conclusion, these top 5 latest business news in Nigeria today, highlight the growth of the Nigerian economy, as well as the challenges being faced in terms of the country’s debt profile. However, the positive performance of the banking sector, the stock exchange, and the ports authority indicates a strong potential for growth in the business sector. With the new visa policy in place, investors can now take advantage of the investment opportunities available in Nigeria.
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