Friday, November 22, 2019

Border closure: IMF backs Nigeria

The International Monetary Fund (IMF) has backed Nigeria’s closure of its borders with some neighbouring countries over issues bordering on illegal trade. Mr Abebe Selassie, the Director of the African Department at the IMF, gave the position at a media briefing on the sidelines of the World Bank/IMF Annual Meetings in Washington. He was responding to...

Buhari, Inaugurates Economic Advisory Council, Calls For Focus On Data Collection

President Muhammadu Buhari has inaugurated the Economic Advisory Council, tasking them to focus on data collection. The eight-man advisory council, at a maiden meeting with President Buhari, was asked to set an agenda that is achievable in the short term. President Buhari last month replaced the Economic Management Team, headed by Vice President Yemi Osinbajo, with the Economic Advisory...

Nigeria@59: The Capital Market Has Fared

Ahead of the country’s independence anniversary on Oct. 1, Nigerian capital market operators have identified some highs and lows of the market as the nation turns 59. They spoke in separate interviews with the News Agency of Nigeria (NAN) on Saturday in Lagos, while reviewing Nigeria’s capital market performance over the years. Prof. Sheriffdeen Tella, Professor...

Google To Invest $1bn On Solar Cells Parks

The U.S. IT company Google on Friday said that it would invest over one billion dollars in European solar cell parks, five of which will be built in Denmark. Malou Aamund, Google’s Danish director, said this in a statement on Friday. “We have been working hard to find some projects in Denmark over the past year....

NEC Approves N100bn For Implementation Of NLTP

The National Economic Council has proposed a budget of a 100 billion naira for the implementation of the National Livestock Transformation Plan. Chairman of the sub committee on farmer herders crisis, Governor of Ebonyi state, Dave Umahi told State House Correspondents that it was agreed that the Federal Government would bear 80 percent of the...

Domestic Interest In Nigerian Bourse Wanes

Domestic transactions in the Nigerian Stock Exchange (NSE) has declined by 66.68 per cent compared with 12 years ago, a year before the great crash of the market. In 2008, investors lost about N6.96tn within a space of nine months. The market capitalisation of equities listed on the Nigerian Stock Exchange, which opened the...

OPEC Cuts 2020 Oil Demand Forecast

OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) said oil demand worldwide would...

Buhari Appreciates The Support Nigeria and China Give To Each Other and Wishes It Sustained

Nigeria is ready to provide counterpart funding on all agreements reached with China for the provision of infrastructure that directly improves the livelihood of Nigerians, President Muhammadu Buhari said Thursday in Abuja. Receiving Yang Jiechi, Special Envoy of the President of China, Xi Jinping, at State House, President Buhari expressed deep appreciation for China’s sustained...

Airtel overtakes Globacom to become Nigeria’s second largest network

Airtel Nigeria is now the second-largest telecommunications service provider in the country. According to the July subscriber data released by the Nigerian Communications Commission (NCC), Airtel gained a total of 906,400 customers in July to become second. Airtel currently has 123,327 subscribers more than Globacom that has occupied the position for years. In total, there are now...

Uber, Jumia, Netflix…. businesses that may be affected by FIRS’ new VAT policy

Businesses operating in Nigeria’s internet space are preparing to add value-added tax (VAT) to their cost of doing business. Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS) recently announced that the service will extend its tax net by charging 5% VAT on online transactions. Since its inception, the Muhammadu Buhari-led administration has made...

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