Nigeria’s trade surplus with India rose to ₦2.03 trillion in the three quarters ending in September 2018. According to the NBS, Nigeria exported items worth ₦2.341 trillion to India between January and September, while the import value was ₦314.9 billion. In Q1, India imported goods worth ₦853.7 billion from Nigeria. This represents 20.6 percent of the total export between the two nations in the period under review. Items worth of ₦157.92 billion were imported from India during the same quarter, representing 6.3 percent of the import trade between the two countries. In Q2, the share of exports from Nigeria to India stood at 16.2 percent or ₦722.6 billion. Nigeria imported goods worth ₦145 billion in the second quarter. While in the third quarter, the share of export trade between Nigeria and India stood at 15.76 percent. The total export during the third quarter was valued at ₦764.9 billion. The NBS said that India was Nigeria’s second leading export partner during the first quarter 2018 as the main exports were cashew, other agricultural produce, petroleum products, mineral resources among others.
South African Airways has signed an interline e-ticket agreement with Africa World Airlines to offer Nigerian travellers seamless connection to Washington DC via Accra. The SAA and Africa World Airlines partnership will result in one flight ticket issued to intending passengers flying to Washington from either Lagos or Abuja in Nigeria, according to a statement by the carrier. With 37 frequencies weekly flights from Lagos and Abuja to Accra, Africa World Airlines provides four weekly South African Airways-Accra-Washington flights. According to SAA Regional Manager, North, West and Central Africa, Ohis Ehimiaghe, the South African Airways and Africa World Airlines partnership is the shortest gateway to travel to Washington, providing about 11-hour trip from West Africa to Washington. The National Sales Manager for Nigeria, South African Airways, Kemi Leke-Bamtefa, said the interline agreement would be the beginning of a stronger relationship as SAA had been in discussion with the airline for a full codeshare agreement. Africa World Airlines Country Manager, Nigeria, Kingsley Chima, described the interline agreement as a “win-win development for both airlines, and most importantly, for the passengers who now have a seamless connection from West Africa to Washington, USA.”
The CBN has signaled pressure on banks already weighed down by bad loans as it’s set to introduce fresh capital rules in Q2 2019. According to Bloomberg, the regulator said the new requirements would be stricter in terms of what funding qualified as capital and would also require lenders to create “capital conservation” and “counter-cyclical” buffers. The rule, CBN stated, seeks to protect the country’s banks “against shocks emanating locally and from abroad” by increasing the level of regulatory capital and the quality of the assets. However, the regulator would apply a leverage ratio to supplement existing capital ratios for lenders as well as “additional loss-absorbency requirements for domestic-systemically important banks. Non-performing loans in the banking sector rose to ₦2.245 trillion in Q3 2018 from ₦1.939 trillion in Q2, according to data from the NBS.
MTN Nigeria says the minister of finance has not approved the taxes been requested for by the Kogi State Internal Revenue Service. The telco’s base station in Lokoja was shut down last Wednesday leading to a disruption in services. The state inland revenue service had alleged that the teleco failed to remit outstanding tax liability of ₦120 million to the state government. On Friday, Tobechukwu Okigbo, MTN’s corporate relations executive, said that Kogi state is demanding for immediate payment of Social Service Contribution levy, Employee Development levy and annual rent for Right-of-Way on fibre optics cable. Okigbo said the Taxes and Levies Act which introduces the social service contribution and economic development levies mandates the Joint Tax Board to recommend chargeable fees which will be subject to the Minister of Finance’s approval and that if the demands of the KGIRS are honoured at this state, it would amount to multiple taxation.