Nigeria Digest: July 24, 2024

Nigeria's household spending has collapsed due to stagnant wages and high inflation, potentially requiring a stimulus package to revive the economy.

PDP's acting chairman, Damagum, has criticized party members for prioritizing personal ambition over ideology, urging unity to address internal issues.

SASSA is conducting an outreach campaign in Malamulele to assist beneficiaries of the R370 SRD grant, a crucial support for many South Africans.

Luno will allow South Africans to invest in global stocks and ETFs starting August, making global equities accessible with minimal investment amounts.

Uganda's government has introduced tax incentives to promote local assembly of electric and hybrid motorcycles, supporting green manufacturing initiatives.

Bgfibank Holding will launch an IPO on the Central African Stock Exchange at $130 per share, offering 10% of its capital in a highly anticipated listing.

A Federal High Court in Lagos upheld the Federal Inland Revenue Service's (FIRS) right to charge VAT on food and transportation services provided through Bolt, finding Bolt has no right to challenge the VAT obligations of its independent vendors and drivers.

The House of Representatives investigated several government ministries, departments, and agencies (MDAs) for irregularities and recommended the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to recover over 103.8 billion naira and 950,912 U.S. dollars.

The Nigerian Stock Exchange (NSE) saw a positive gain of 69 billion naira in midweek trading. Despite some stock prices declining, like Austin Laz & Company and Guinea Insurance, others, such as Academy Press, saw strong increases.

Guinness Nigeria reported a pre-tax profit of 13.5 billion naira in the three months ending June, a significant increase from its earnings in the same period last year. The company's revenue also reached 118.6 billion naira, reflecting strong growth despite some FX losses.

Vice President Kashim Shettima discussed with representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), emphasizing the need for government and private sector cooperation to bolster Nigeria's economy.

The Nigerian Stock Exchange (NSE) partnered with Nasdaq to implement the SMARTS market surveillance platform, enhancing its ability to monitor market activity for potential manipulation and risks.

Minister of Finance and Coordinating Minister for the Economy, Wale Edun, attributed the recent reclassification of Nigeria's GDP growth rate to the administration's policies, highlighting renewed momentum and economic resilience.