News - Business and Economy

Nigeria’s Economy Grows By 1.4% In Third Quarter

10 months ago /

Nigeria’s economy continued its recovery from recession, rising 1.4 percent in the third quarter of this year on increased oil production, official data showed Monday. The National Bureau of Statistics (NBS) said it was the second quarter of consecutive growth since the country emerged from recession. “This growth is 3.74 percentage points...

CBN Expands Anchor Borrowers’ Programme, Releases N45bn

10 months ago /

The Central Bank of Nigeria says it has formed strategic partnerships with Agricultural Commodity Associations in the country in its effort to expand the implementation of the Anchor Borrowers’ Programme. The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, said in a statement that the decision to enter into strategic...

Nigeria Not An Oil Economy, Says Adeosun

10 months ago /

The Minister of Finance, Mrs Kemi Adeosun, has set the records straight regarding Nigeria’s status as an oil producing economy. Mrs Adeosun, in an article titled: ‘All Change, Nigeria Is Not An Oil Economy”, said the country does not fit into such description and it would be wrong to categorise it...

Nigeria Explores Partnerships With China For SMEs Development

10 months ago /

The Nigerian government says it will continue to take steps that will further open the international market to products made in the country by Micro, Small and Medium Enterprises, MSME’s. The director general of the small and medium enterprises development agencies of Nigeria, SMEDAN, Dukko Radda who led twenty-six Nigerian entrepreneurs...

IMF Asks Govt To Eliminate Tax Holidays

10 months ago /

The International Monetary Fund (IMF) has asked government to implement a reform to phase out tax holidays and increase taxes imposed on tobacco and alcohol. The IMF resident representative in Nigeria, Mr Amine Mati, said this at a forum in Lagos at the weekend. Mati is also seeking the reduction of interest...

U.S. Companies Set To Invest In Nigeria

11 months ago /

President of the US-Africa business centre of the United States chamber of commerce, Scott Eisner says the economic and investment policy of the present administration has given confidence to American companies to invest in Nigeria. Fielding questions from state house correspondents after leading a delegation on a courtesy visit to Vice...

Nigeria Agriculture: Ministry Wants Laws To Export Yams, Goat Carcasses

11 months ago /

…Blames poor budget implementation on Procurement Act.

Nigerians Need To Be More Committed To Tax Payment - Minister Of State For Labour

11 months ago /

The minister of state for Labour, Professor Stephen Ocheni says Nigerians need to be more committed to tax payment to increase government’s revenue to finance infrastructure project. The minister was speaking when he played host to members of the chattered institute of taxation on Nigeria. Professor Ocheni said the campaign for tax...

MTN Has Been Evading Taxes - NLC

11 months ago /

The Nigeria Labour Congress, NLC says telecommunication giant, MTN has been involved in tax evasion and should be made to make remittances. The NLC president Ayuba Wabba said this during the public service international forum on tax justice system for youths in Africa. He said labour is pushing for all political office...

Chinese Government To Support Nigeria’s Drive To Make Made In Nigeria Products Exportable

11 months ago /

The Chinese government says it would support Nigeria’s drive to make made in Nigeria products an exportable brand. Chinese ambassador to Nigeria thou Pingjian said this as his country marked its national day which coincided with Nigeria’s independence anniversary. As Nigeria’s tax revenue from oil continues to fall and the country gradually...

SEC Arraigns Two Former BGL Chiefs

12 months ago /

Nigeria’s Securities and Exchange Commission on Thursday arraigned two former executives of the shutdown Investment and Securities Trading Group, BGL at an Abuja Magistrate Court. The former Group Managing Director of the BGL Group, Albert Okumagba, and the Group Deputy Managing Director, Chibundu Edozie, were taken to court early on charges...

FG Constitutes Committee On Export Promotion

12 months ago /

The federal government has constituted a national committee on export promotion. The committee is expected to support the economic diversification of the country as well as work with various institutions and states that could take ownership of export process. This was one of the decisions reached at the national economic council on...

FG To Support Local Industries

12 months ago /

The Nigerian government is to support local industries especially those in the interior decoration and furniture industry to increase their contribution to gross domestic product G.D.P. Minister of the federal capital territory, Mohammed Bello, said this during an inspection of facilities at the Kugbo furniture market in the nations capital Abuja. He...

Nigeria’s Economic Growth Is Fragile – MPC

12 months ago /

Amidst news about Nigeria’s exit from recession, the Central Bank Governor (CBN), Godwin Emefiele,  has called for the implementation of policies that will sustain Nigeria’s economic growth due to the fragile state of the growth. This call was made during the Monetary Policy Committee (MPC) bi-monthly meeting on Tuesday. During the meeting,...

Monetary Policy Committee Retains Rate At 14%

12 months ago /

The monetary policy committee rose from its 250th meeting in Abuja on Tuesday with a decision to retain the Monetary Policy Rate, MPR, at 14 percent for the seventh time. Governor of the central bank of Nigeria, CBN, Godwin Emefiele said the committee’s decision was based on the need to further...

Road Deficit: Saraki Seeks Private Sector Interventions Through Tax Incentives

12 months ago /

Senate president, Bukola Saraki on Monday disclosed that Nigeria cannot find the money required to fund its road deficit infrastructure in the next 10 to 20 years. Saraki stated this when he officially declared opened a public hearing on two separate but closely related bills namely; company income tax act 2004(amendment)...

Adeosun Tasks States On Fiscal Discipline

1 year ago /

Nigeria’s Minister Of Finance Kemi Adeosun says for Nigeria to return to the path of sustainable growth, states and local governments must adopt fiscal discipline and innovative strategies to improve their internal revenue generation. Adeosun said this at the opening of a two day workshop on alternative sources of revenue generation...

Buhari’s Administration Welcomes Exit From Recession With Cautious Optimism

1 year ago /

The Buhari administration says it welcomes news of Nigeria’s exit from recession with cautious optimism and will continue to drive Nigeria’s economic growth by vigorously implementing the economic recovery & growth plan. The federal government said overall economic plan and direction of the administration has resulted, among others, in sustained restoration...

ILO, NLC, Say Africa Looses $50 Billion To Looting Annually

1 year ago /

Africa looses over fifty billion dollars annually to looting through tax evasion with more than half of the amount from Nigeria. The director, international labour organization in charge of Nigeria, Ghana, Liberia, and sierra-Leone, Dennis Zulu who said this believes only a quick implementation of the African union report on illicit...

FG Unveils $200m Bailout For Oil, Gas Firms

1 year ago /

The Federal Government on Thursday launched a fund with an initial value of $200m to support local oil and gas firms. The intervention fund, according to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, is part of measures to improve access to low-cost credit for oil and gas firmsl...


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