Nigeria | - Part 60

Nigeria Offers Three-Year Tax Holiday to Mining Investors

LAGOS, Capital Markets in Africa: Nigeria offered a three-year tax holiday to mining investors as the West African nation seeks to raise as much as $7 billion to develop its minerals and steel industries. The tax incentive will start “from the date the investor commences mining operations in the country,” Mines and Steel Development Minister Kayode Fayemi told prospective investors at a meeting in Perth, Australia, according to a statement posted on the ministry’s website. He confirmed deposits…

World’s Worst Currency Slump Gleaning Rewards for Nigeria

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: More than two months after Nigeria allowed its currency to devalue, the country is starting to reap some dividends. In the past two weeks, Exotix Partners LLP and Standard Bank Group Ltd. have told clients, most of whom fled after the country started imposing capital controls from late 2014, that they should start buying naira assets again. The worst-performing currency this year among more than 150 globally has depreciated 37 percent against…

Nigeria oil min says OPEC cuts unlikely, Algeria meeting could help price

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LAGOS, Nigeria, Capital Markets in Africa: Nigerian oil minister Emmanuel Ibe Kachikwu said on Thursday that while a cut in OPEC production is unlikely, there is hope a meeting of producers in Algeria next month could help shore up crude prices. Kachikwu also said in a speech in Lagos that his country’s oil output had fallen to 1.56 million barrels per day (bpd) as persistent militant attacks took out some 700,000 bpd. But he cast…

Nigeria’s Buhari says monetary policy alone not enough to expand economy

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ABUJA, Nigeria, Capital Markets in Africa: Nigeria will need to combine monetary policies with fiscal and structural policies in order to overcome its worst economic crisis in decades and return to growth, President Muhammadu Buhari said on Thursday. Nigeria is in the middle of its worst crisis in decades as a slump in oil revenues hammers public finances and the naira. Gross domestic product shrank in the first quarter and the central bank governor has…

Nestle Nigeria Sees Margins Pressured as Inflation Weighs

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LAGOS, Nigeria, Capital Markets in Africa: Nestle Nigeria Plc, a unit of the world’s biggest food company, will struggle to maintain profit-margin growth in 2016 as the highest inflation in nearly 11 years and a lack of foreign currency stalls the economy in Africa’s most populous country. “We haven’t seen the bottom” of the downturn, Chief Executive Officer Dharnesh Gordhon, 51, said in an interview in the commercial capital, Lagos, on Aug. 10. A shortage of…

Guaranty Trust Bank First-Half Profit Jumps 45% on Currency Gain

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LAGOS, Nigeria, Capital Markets in Africa: Guaranty Trust Bank Plc, Nigeria’s largest lender by market value, said first-half profit rose 45 percent as foreign-currency gains in the wake of the naira’s devaluation compensated for a surge in bad-loan charges. Net income climbed to 77.5 billion naira ($237 million) from 53.4 billion naira year ago, Lagos-based Guaranty said in a statement on Wednesday. The lender made foreign-exchange revaluation gains of 61.2 billion naira, compared with 6.9 billion…

Investment | ACA invests in leading Nigerian biscuit company

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LAGOS, Capital Markets in Africa: An investment consortium made up of African Capital Alliance (ACA), 8 Miles and Deutsche Investitions und Entwicklungsgesellschaft mbH (DEG), has announced an investment in Beloxxi Industries Limited (‘Beloxxi’ or ‘the Company’), a market leading Nigerian biscuit manufacturing company. The consortium has invested US$80mn for a substantial minority stake to expand the capacity of Beloxxi, to address significant unmet demand and to grow its regional distribution presence. Additional details of the transaction…

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