Presidential order to raise GPD, boost SMES in information technology sector

9 hrs

By Samson Echenim   A new policy of the federal government targeted at diversifying the economy by creating local demand for information technology and other engineering innovations will help to raise the sector’s contribution to Gross Domestic Product (GDP) and boost small and medium scale enterprises (SMEs), industry stakeholders have said. President Muhammadu Buhari, last […]

How prohibitive taxes stopped ship building in Nigeria

9 hrs

By Samson Echenim   Ship building firms which managed to berth in Nigeria’s free trade zone at Onne in Rivers State, have stopped building vessels and streamlined to only provide repair services, due to prohibitive taxes levied on the new vessels at exit point by the federal government. Even though the shipyards operate in a […]

Africa FDI rises as global investment declines to $1.3trillion

June 14, 2019

• Inflows decline by 43% in Nigeria Although global foreign direct investment (FDI) flows suffered a setback of about 13 per cent in 2018, with inflows sliding to $1.3 trillion from $1.5 trillion in the previous year, but sub-Saharan Africa (SSA), recorded growth of about 13 per cent, pushing investment inflow to $32 billion in […]

Sterling edges up as UK opposition tries to block no-deal Brexit

June 12, 2019

The pound rose towards a three-week high on Wednesday after Britain’s main opposition party said it would try to introduce parliamentary legislation to prevent a no-deal Brexit. Investors are concerned the next prime minister could put Britain on course for a no-deal divorce with the European Union and send the pound plummeting. Frontrunner Boris Johnson, […]

NIRSAL secures fresh N4.5bn from three banks for farmers

June 12, 2019

The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending has secured a total of N4.5bn from four deposit money banks for the cultivation of maize and soybeans in three states. The banks are Stanbic IBTC with the sum of N2bn; Sterling Bank Plc, N1.5bn; and Union Bank Plc, N1bn. The funding is a fallout of […]

Trump says Federal Reserve is ‘very, very destructive’ to economy

June 10, 2019

President Donald Trump said Monday the US central bank has been “very, very destructive” to the economy by raising interest rates too quickly. Trump has repeatedly criticized the Federal Reserve and called on the independent policymakers to lower the benchmark interest rate but he said in an interview with CNBC “they certainly didn’t listen to […]

Former Nigeria pension chief, Anohu-Amazu, appointed into board of University of Edinburgh Business School, Scotland

May 31, 2019

Chinelo Anohu-Amazu, the immediate past director general of the National Pension Commission (PenCom), has been appointed to the International Advisory Board of the University of Edinburgh Business School, Scotland, it has been announced. The university announced that Anohu-Amazu will join Joanne O’Callaghan, the vice president of State Street Global Services, who has also been appointed […]

Insecurity: investors, exhibitors, states shun Niger trade fair

May 16, 2019

Abdulkhdir Baba Hassan, the president of the Niger State Chamber of Commerce Industries Mines and Agriculture, has attributed the low patronage of the 17th Niger National Trade Fair by investors, exhibitors, states and local governments to the security situation in the northern part of the country. Hassan, who made this known at the opening of […]

Taxpayers hit 45m soon, says FIRS

May 7, 2019

The Federal Inland Revenue Service (FIRS) says the country’s taxpayers will soon increase to 45 million. Wahab Gbadamosi, the head, communications and SERVICOM department, in a statement in Abuja on Monday said the Executive Secretary, Joint Tax Board (JTB), Mr Oseni Elamah, disclosed this at the presentation of the new Taxpayer Identification Number (TIN) Registration […]