Economy

Executive Chairman of Nigeria's Federal Inland Revenue Service (FIRS), Mr Tunde Fowler speaks during an exclusive interview with Reuters in Abuja, Nigeria, September 21, 2016. Photo taken September 21, 2016. REUTERS/Afolabi Sotunde

FIRS realizes N3.3 trillion tax revenue in 2016

The Federal Inland Revenue Service (FIRS) realized N3.30 trillion tax revenue for the nation’s coffers. Executive Chairman of the FIRS Mr. Tunde Fowler made this closure in Abuja Monday at training for journalists on tax reporting. Fowler praised the efforts of the Service for raising over N3.3 trillion at a most trying period in the […]

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Elumelu commends FG’s Economic Recovery Plan at AGM

Chairman of the United Bank for Africa Plc, Mr. Tony Elumelu, has strongly commended the Federal Government and the Central Bank of Nigeria (CBN) for their efforts in stimulating the Nigerian economy, and bringing to bear a coordinated policy response that will positively jumpstart the Nigerian economy. According to Mr Elumelu, recent actions by the […]

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Dangote belief in Nigeria economy unshaken

President, Dangote Group, Aliko Dangote, has said his belief in Nigeria economic potential remains unshaken just as President Muhammadu Buhari has felicitated with Africa’s richest man and philanthropist on his 60th birthday today (Monday). The business mogul told a group of businessmen in his office in Lagos that his passion for the workability of Nigeria’s […]

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LCCI watchful of IMF advice on monetary policy reform

Lagos Chamber of Commerce and Industry (LCCI) has cautioned that the tight monetary policy recommended for Nigeria by IMF was inconsistent with economic recovery programme of President Muhammadu Buhari. The Director-General of LCCI, Muda Yusuf, while reacting to the report of the IMF Article IV Consultation on the Nigerian economy said, “We do not share […]

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Customs responsible for corruption in ports – Association

Last month, the Association of Nigerian Licensed Customs Agents (ANLCA) and the National Association of Government Approved Freight Forwarders (NAGAFF) jointly issued a 21-day ultimatum to the Federal Government to address corruption in the ports or risk ground the ports and borders from (April 10) by withdrawing their services, Sunnews report. The associations, in a […]

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Buhari request details of assets recovered so far by EFCC, CBN, DSS, others

President Muhammadu Buhari has queried the Ibrahim Magu led Economic and Financial Crimes Commission, EFCC over recoveries of looted funds from Nigerians and organisations. Also queried by President Buhari are the Central Bank of Nigeria, CBN, Independent Corrupt Practices and Other Related Offences Commission, ICPC; Ministry of Finance, Department of State Services, DSS, among others. […]

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Edo state launches Agripreneurship pilot scheme

Edo State Government has launched the pilot scheme of the Agripreneurship Programme in Sobe, Owan West Local Government area of Edo state as part of its efforts to create more than 200,000 jobs within the next four years. “We are doing a thousand hectres here, we expect that we are going to have among those […]

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Norway to expand sea food trading to Nigeria

One cannot talk of seafood, particularly stockfish without mentioning Norway. That is why people from various works of life, including international traders, Norwegian and Nigerian government officials, and other stakeholders in the Nigerian fishery industry converged at Eko Hotels, Lagos for the Norwegian seafood seminar on networking relations for Norwegian stockfish, pelagic and salmon in […]

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Nigeria’s economic decline affects neighbouring countries – IMF

Due to the intra-regional trade and remittance ties between Nigeria and neighbouring countries, the economies of the Chad and Niger had been significantly affected by the economic downturn in Nigeria, the International Monetary Fund has said. The IMF, in its latest staff report for the 2017 Article IV consultation on Nigeria, stated that in Chad, […]

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BUA Group to expand cement share with 10 million tonnes

BUA Group has unveiled plans to expand its cement market share with 10 million metric tonnes by 2018. At the company’s yearly customers’ forum and award held in Abuja, its Executive Chairman, Abdulsamad Rabiu, said the firm would double its production capacity through an expansion of its production plants. “Cement business is a very challenging […]

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Italy will not lift 2017 GDP growth forecast – junior minister

The Italian government will confirm an economic growth forecast of 1 percent for 2017, in a multi-year fiscal plan due to be presented next week, junior Economy Minister Enrico Morando said on Saturday. Italy’s gross domestic product rose 0.9 percent in 2016, compared with 0.8 percent growth in 2015 and business confidence has improved steadily […]

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FX policy unhealthy to non-oil exports, says LCCI

Lagos Chamber of Commerce has stressed that the Federal Government’s foreign exchange policy is detrimental to non-oil exports and has led to sharp practices and corruption in the export documentation process. The observation was contained in a statement signed by the Director-General, LCCI, Mr. Muda Yusuf, on Friday. It stated that the chamber had received […]

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