Economy

Babatunde Fowler, FIRS

Fowler to Nigerians: Prepare for an increase in VAT

The Federal Inland Revenue Service (FIRS), on Tuesday, urged Nigerians to brace for an increase in Value Added Tax (VAT) by between 35 and 50 per cent in 2019. This will raise the VAT from the current five per cent to between 6.75 and 7.25 per cent. The Chairman of FIRS, Mr Babatunde Fowler, dropped […]

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French Customs Brexit Strike Causes Major Disruption At Calais

Apapa Customs generates ₦60.1 bln in 2 months, intercepts 24 containers

The Apapa Customs Command said on Monday in Lagos that it generated ₦60.1 billion between Jan. 2019 and Feb. 2019. The outgoing Area Controller of the command, Bashir Abubakar, made this known at a ceremony to hand over the command to the new controller, Mohammed Abba-Kura. Abubakar explained the amount was generated even when the […]

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‘FG recycling plant in Ekiti on the verge of collapse’

The multi-purpose recycling plant at the Ilokun dump site in Ado-Ekiti, needs the urgent attention of the state and federal governments. The News Agency of Nigeria, (NAN) correspondent, who visited the site on Monday, reports that the plant is at the verge of collapse if there is no urgent attention to restore it. The multipurpose […]

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FILE PHOTO: Central Bank of Nigeria's logo is seen on the headquarters building in Abuja, CBN

CBN’s decision to exclude textile sector from FX market put ₦5trn investment under threat

The recent decision by the Central Bank of Nigeria (CBN) to exclude the textile sector from the forex market will put over ₦5 trillion worth of investments in jeopardy, the Lagos Chamber of Commerce and Industry (LCCI) has warned. Besides the threat posed on the ₦5 trillion investments the chamber equally raised the alarm that […]

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We’re determined to tackle Nigeria’s infrastructure challenges – CEO NSIA, Uche Orji

Uche Orji is the Managing Director/Chief Executive Officer of the Nigeria Sovereign Investment Authority (NSIA), an establishment founded in 2011 to manage the Nigeria sovereign wealth fund where the surplus income produced from Nigeria’s excess oil reserves is deposited. He assumed duties in 2012 and has steered the establishment to the enviable position it is […]

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African Development Bank (AfDB) Headquarters Source: Reuters

Equatorial Guinea hosts AfDB’s meeting

Equatorial Guinea will host the African Development Bank’s next annual meetings coming up in June 2019. The hosting of the meeting is a fallout of the signing of a memorandum of understanding between the two parties. The Annual Meetings will take place from 11th to 14th June, 2019 in the country’s capital city, Malabo. “The […]

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How MSMEs can access interest free loan from Marketmoni

The Federal Government recently said that, working with over 4,000 agents, it has disbursed Trademoni to the tune of N12 billion to over 1.5 million Nigerians in over 2,600 markets and clusters across the 36 states and the FCT. According to the Executive Director, Micro Enterprises , Bank of Industry (BoI), Mrs. Toyin Adeniji, about […]

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Asset Management Corporation of Nigeria, AMCON

AMCON canvasses more women participation in financial services

In commemoration of the International Women’s Day (IWD) the Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Lawan Kuru, has called on parents to educate the girl child to enable them stand the opportunity to compete with their male counterparts in the financial services industry and other fields of employment hitherto […]

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L-R: President Muhammadu Buhari, President of Togo, Faure Gnassingbe;President of Niger, Mahamadou Issoufou; Ivory Coast President, Alassane Ouattara; and President of Ghana, Nana Akufo Ado, at the Economic Community of West African States summit on the creation of ECOWAS single currency in Niamey, Niger Republic... on Tuesday. Photo: State House

AU may soon launch single African currency to accelerate economic integration

As the Economic Community of West African States (ECOWAS) is still battling with teething problems of its age long pet project of single currency, the Africa Union (AU) may have seized the initiative to launch common monetary policy and single currency to accelerate economic integration of African countries. According to Ms Naglaa Nozahie, a Special […]

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Over 1000 Lagos retail shops to gain business support

Over 1000 retail shop operators in Lagos state are set to gain specialised knowledge and other business supports to boost their Return on Investments (RoI) as Green 36 Concerts hosts 2nd annual Lagos Retail Festival. In an interview with the Director Green 36, Dapo Ajeniya, told our reporter that the Trade Festival is coming in […]

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Traders work at the Nigerian Stock Exchange in Lagos

NSE denies listing Lagos State Municipality Note

Contrary to reports that the Lagos State Government’s Municipality Note was issued under a ₦50 billion Medium Term Note Programme by Municipality Waste Management Contractors Limited, the Nigerian Stock Exchange (NSE) has denied listing the note on its platform. The Exchange, in a statement posted on its website, said its “attention has been drawn to […]

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Emerging Economies Catching Up In Smartphone Adoption: Survey

Nigeria’s active mobile subscribers hit 162 mln in Q4 2018 — NBS

The National Bureau of Statistics (NBS) said Nigeria’s active mobile subscribers dropped to 162,032,481 million in the fourth quarter, 2018 from 172,824,239 million and 162,522,772 million recorded in the third and second quarter, 2018, respectively. The NBS disclosed this in its “Telecommunication Data (Q3 and Q4 2018)” released on its website. According to the report, […]

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