Netflix, a popular streaming platform, has added 8.05 million new paid subscribers in the second quarter of 2024. The company surpasses projected estimates of 5.2 million by 54%. This increase brings Netflix’s global subscriber base to 277.65 million, reinforcing its dominance in the streaming market. Although considerably lower than the 9.33 million recorded in Q1, 2024, it is still ahead of the curve for its estimated new subscribers. Based on its Q2 earnings reports, it has outperformed expectations continuing a strong performance streak this year. The streaming giant reported $9.5 billion in revenue and $4.88 earnings per share, in line with…
Author: Temitope N.
On Thursday,18th of July, 2024, President Bola Tinubu approved a new minimum wage of N70,000 for Nigerian workers, with a commitment to review this amount every three years. The announcement was confirmed by Bayo Onanuga, the Special Adviser to the President on Information and Strategy. President Tinubu revealed the new minimum wage during a meeting with leaders of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) at the presidential villa in Abuja. Key attendees included Joe Ajaero, the president of NLC, Festus Osifo, the president of TUC, and various relevant ministers. In addition to the minimum wage…
The International Criminal Police Organization(INTERPOL) said it has blocked over 720 bank accounts linked with online financial frauds across West African countries. The organization said this was the outcome of its sting operation tagged ‘Operation Jackal III’, which ran from 10 April to 3 July across 21 countries on five continents. It added that the operation targeted online financial fraud and the West African syndicates behind it. According to a statement from INTERPOL, the operation led to hundreds of arrests, the seizure of assets worth USD 3 million, and the dismantling of multiple criminal networks around the world. Nigerian network…
The Manufacturers Association of Nigeria (MAN) has asked the federal government to address the concerns raised by the organised private sector during the new minimum wage negotiation to enable them to implement the new minimum wage agreement. The Director-General of the Manufacturers Association of Nigeria (MAN), Mr. Segun Ajayi Kadir stated this in his reaction to the N70,000 minimum agreement between the federal government and organised labour unions yesterday. According to him, the President promised to find ways to help the private sector and sub-nationals pay the minimum wage and manufacturers looked forward to the promised assistance and urged the…
The Central Bank of Nigeria (CBN) has announced the sale of $106.5 million as foreign exchange (FX) to 29 FX dealer banks. In a statement signed by Dr Omolara Omotunde Duke, Director, Financial Markets Department, it was disclosed that on July 18 and 19, 2024, the CBN sold $106.5 million to 29 authorized dealer banks at exchange rates ranging from N1,498/$1 to N1,530.00/$1 and bought $9.5 million from four authorized dealer banks at rates between N1,510/$1 and N1,550/$1. The statement read: “Over the next few weeks, the CBN will continue to support various segments of the official markets with liquidity. “In…
Nnewi-based cable manufacturer, Cutix Plc is currently trading at a share price of N6.13, marking a 46% appreciation from its July 12 opening price of N4.20. The company announced a dividend payment of N0.15 per share as well as a bonus share issuance on July 12, which led to a 10% appreciation in its share price that day. The stock then appreciated by 9.96% and 9.84% on July 15 and July 16 respectively. As of 12.30 pm on July 17, the stock had already appreciated by 9.86% with a turnover volume of about 187.2 million shares, reflecting immense attention from…
Cryptocurrency exchange, OKX, has announced plans to discontinue its service in Nigeria effective from August 16, 2024. The company disclosed this in an email message to its Nigerian users on Wednesday citing unfavourable policies by the Nigerian government. With this, OKX has asked its Nigerian customers to withdraw their funds from the platform on or before the said date. This development follows a similar action in March by Binance, whose executives are currently facing trial in Nigeria. According to the company, from August 16, Nigerian customers will no longer be able to open any new account on the platform. What…
As a qualitative economist, I look at trends and patterns to explain and analyze the economy. The Nigerian economy is shrinking at a pace we have not seen since the civil war. Rated as number 4 in Africa, down from number 1, if it continues at this pace and there is nothing to show that it will slow down, we might be dropping out of the top 10 by the end of this administration’s first term in office. But like I said, I have begun to notice some positive trends emanating from this carnage. Human trends flow like water. It…
The Niger Delta Development Commission (NDDC) is advocating for new legislation to allocate 3% of the Value Added Tax (VAT) revenue as an additional funding source. This initiative emerged from the technical sessions at the recently concluded Niger Delta Stakeholders Summit 2024, held in Port Harcourt, Rivers State, from July 10 to 12, 2024. This information is contained in a press release issued by the NDDC, which outlines several resolutions reached at the end of the three-day summit. “At the end of the sessions, the following were arrived at as Resolutions from the entire summit: “That additional sources of funding…
Nigeria’s inflation rate in June 2024 surged from 33.95% in May 2024 to 34.19% in June according to the latest report from the National Bureau of Statistics, (NBS). The headline inflation rate in June 2024 increased by 0.24% points in June when compared to the figure for May 2024. The headline inflation rate in June 2024 was 11.40 percentage points higher compared to June 2023, rising from 22.79%. On a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, an increase of 0.17% points from May 2024’s rate of 2.14%. This indicates that the average price level increased…
The Presidency through the State House has spent at least N16.06 billion to buy foreign currencies for international trips in the past one year under the administration of President Bola Tinubu. This is according to an analysis of data from GovSpend, a platform by BudgIT, which tracks, analyses and presents Federal Government spending over time. Covering a period from June 23, 2023, to May 25, 2024, the data includes spending by the president, vice president, First Lady, and the Chief of Staff to the President. It also includes the purchase of foreign exchange (forex) for the Presidential Air Fleet. In the…
As the presidential campaign heats up in the United States, there are palpable concerns among national governments around the world that have strong economic relationships with the country including Nigeria. Analysts believe that a second presidency of Donald Trump would bring a series of potential impacts on the Nigerian economy, driven by his distinct approach to international trade, foreign policy, and immigration. Trump’s first term was marked by a preference for protectionist trade policies, including tariffs and renegotiated trade agreements aimed at prioritizing American industries. Should he pursue similar policies in a second term, Nigerian exports to the United States…
The ECOWAS Bank for Investment and Development says it is issuing sustainable bonds worth N175 billion (FCFA 70 billion) aimed at boosting the economy of West African countries. The ECOWAS Bank disclosed this via its X page on July 12, 2024. The bank says the funds will support agriculture, renewable energy, health, and industry projects in the region resulting in high social impact. Financing Africa’s private sector FCFA are currencies or units of account used within the West African Monetary Union(WAEMU) by ECOWAS bank. One CFA sells at N2.5 according to the official exchange rate of the Central Bank of Nigeria. The bank…
On 13th July, 2023 the administration of President Bola Tinubu which was barely two months old announced a state of emergency on food security and declared that matters about food and water availability be under the purview of the National Security Council. The state of emergency declaration on food security then follows concerns by the President over the escalating prices of food items in the market following the removal of fuel subsidy. According to the National Bureau of Statistics (NBS), food inflation in July 2023 stood at 26.98%– an increase of 1.73% from the figure recorded in the previous month of…
The Federation Accounts Allocation Committee (FAAC) distributed N1.354 trillion in June revenue among the Federal Government, states, and Local Government Councils (LGCs). This distribution took place during the July FAAC meeting in Abuja, chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. According to a communiqué issued by FAAC, the N1.354 trillion total revenue included statutory revenue of N142.514 billion and Value Added Tax (VAT) revenue of N523.973 billion. It also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.692 billion, Exchange Difference revenue of N472.192 billion, and an augmentation of N200 billion. The communiqué…
The African Union(AU) Executive session is set to be held in Ghana between July 18 and 19, 2024, for deliberation on the “Continental Artificial Intelligence (AI) Strategy” and “African Digital Compact”. The strategy was unanimously endorsed by the African ICT and Communications Ministers of the AU, last month, among others. This was disclosed by the AU via its X page on Tuesday, July 17, 2024, ahead of the final adoption of the strategy. The strategy is aimed at accelerating “Africa’s digital transformation” by unlocking the potential of the new digital technologies in Nigeria and other African countries. It was previously reported that over…
African bondholders have, for the first time ever, come together to form a unified negotiating bloc, a decisive step towards protecting the interests of its members. This is happening in the wake of Ghana’s Eurobond default in 2021. This is according to information gathered from a reliable source with knowledge of the block’s formation and negotiations. The coalition, known as the Regional Eurobond Investor Group, ensured that African bondholders had a strong voice in the restructuring process, a domain traditionally dominated by European and Western creditors. The Group was advised by Renaissance Capital Africa. Historically, the Paris Club has been the…
President Tinubu has asked the Senate to amend the 2023 Finance Act to impose a one-time windfall tax on the foreign exchange gains realized by banks in their 2023 financial statements. The President in a letter to the Senate explained that the funds generated from this tax would be used to support capital infrastructure development, education, healthcare access, and public welfare initiatives. According to the President, these projects are essential components of the administration’s renewed hope agenda. The letter reads, “Furthermore, the proposed amendments to the Finance Acts 2023 are required to a one-time windfall tax on the foreign exchange gains…
The International Monetary Fund (IMF) has downgraded Nigeria’s real GDP growth in 2024 from 3.3% in its earlier projection in April to 3.1%. The IMF disclosed this in a recent update to the global economic outlook titled “Global Economy in a Sticky Spot” published on Tuesday. According to the report, the downgrade in the country’s economic growth stems from weaker-than-expected activities between January and March 2024. The IMF further downgraded economic growth projections for Sub-Saharan Africa (SSA) on the back of a decline in economic activities in Nigeria from 3.8% to 3.7%. The report reads, “The forecast for growth in sub-Saharan…
Ghana’s cocoa marketing board, COCOBOD has recorded a profit of 2.3 billion Ghana cedis ($150 million) in the 2022/2023 planting season. According to reports from the Ghanaian auditor general, the profit posted in the planting season marks the end of a six-year losing streak. The profit was occasioned by the restructuring of cocoa bills worth about 7.9 billion Ghana Cedis ($511 million) in 2023. In 2023, COCOBOD initiated a debt securities exchange program aimed at restructuring its cocoa bills. As part of this initiative, the board extended an invitation to holders of its short-term debt securities, known as Cocoa Bills,…