PressReader: Business Day (Nigeria), Tuesday, June 13, 2023, Page 1
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Godwin Emefiele, former
CBN governor had during the
last monetary policy meeting
said the apex bank has allocated
Eurobonds jump as multiple FX rates
seen ending
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in the last eight years, contributing significantly to the
surge and double-digit growth
in headline inflation over the
average prices of yam, rice,
and garri have risen the most
during the period, according to
data from the National Bureau
of Statistics (NBS).
Prices of the three products
have risen by over 200 percent
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By Bunmi Bailey
DESPITE the disbursement of
N1.09 trillion in eight years by
the Central Bank of Nigeria
(CBN) to boost staple foods
production in the country, the
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325.65
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For personal use only. Printed by BusinessDay ePaper Copyright © 2022 PressReader Inc. · http://about.pressreader.com · A6C0C75295A4478A
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tation of the Petroleum Industry
Act (PIA).
“The effective implementation
of the PIA will lead to a significant impact on economic growth
on
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reforms aimed at stimulating the
real sector of the economy.
To achieve this, Muda Yusuf,
chief executive officer at The Centre for the Promotion of Private
Enterprise (CPPE), said there was
a need for an effective implemen-
to BusinessDay’s analysis and
expert opinions.
In his inaugural speech on May
29, Tinubu set a target to increase
the GDP growth rate of the country
by six percent on average in the
next four years through budgetary
er
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DESPITE the removal of the petrol subsidy, Nigeria needs more
reforms to meet six percent average GDP growth rate targeted by
President Bola Tinubu, according
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Why specialist
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Major reforms needed to meet 6% GDP growth
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L-R: Kunle Awobodu, former president, Nigerian Institute of Builders; Lolu Alade-Akinyemi, chief financial officer, Lafarge Africa plc; Khaled El Dokani, group
managing director/chief executive officer, Lafarge Africa plc; Ayo Teriba, chief executive officer, Economic Associates, and Enyi Ben-Eboh, president, Nigerian
Institute of Architects, at the Lafarge Africa Concrete Ideas Blueprint launch in Lagos, recently.
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Tinubu signs bill
on student loan
as Nigeria marks
Democracy Day
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I&EFX Window
Crude Oil
$75.88
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Market
www.businessday.ng
Yam, rice, garri prices surge
by 200% under Emefiele
NIGERIA’S biggest consumer
goods firms paid N33.92 billion
in income tax in the first three
months of 2023 despite facing
acute foreign exchange and rising
liquidity challenges.
Data gleaned from the Nigerian Exchange Group showed
consumer goods firms paid the
sum of N33.92 billion as income
tax in the first quarter of 2023, a
three percent increase from N32.93
billion in the same period of 2022.
“Consumer goods firms are
surmounting the macroeconomic
headwinds to declare bumper
profits, a development that allows
them to pay more taxes,” Gbemisola Oni, a consumer goods firm
analyst, told BuisnessDay.
The consumer goods firms surveyed include Nestle Nigeria, BUA
Foods, Nigerian Breweries, Dangote Sugar, International Breweries, Cadbury Nigeria, Nascon,
Champion Breweries and Unilever.
“They can do more if the gov-
Continues on page 31
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Consumer goods
firms grapple
income tax
spike amid FX,
liquidity crunch
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Foreign Exchange
$37.01bn
GBP-$: 1.265 YUAN -64.87
Commodities ($)
Cocoa
Gold
$3,173.00
$1,962.07
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Vol. 21, No 1,439 N400
FMDQ Close
7.73%
1YR NTB
FGN BOND 10YR 14.74%
EURO BOND 10YR 11.82%
D
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* Tuesday 13 June 2023
OPEN
CLOSE %CHANGE Foreign Reserve
55,956.59 55,930.97 -0.05% Cross Rates
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INVESTMENT ONE
NGX ASI
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