According to him “Despite current challenges, we still have good news and reasons to celebrate. After the successes of the events in 2019, we were recording steady improvements in trade and economic relations between both countries prior to the outbreak of Covid-19. The indicators include the increase in the number of Japanese companies in Nigeria…
Concerning the FG policy on Digital Economy, 9mobile pledges their support. Toward the country’s economic transformation through the Digital Economy policy strategy of the Federal government the Nigeria’s leading telecoms provider, 9mobile has promised it support. Alan sinfield, the chief executive officer of the company who was accompanied by the members of the management team,…
The early stages of the coronavirus pandemic, the decline in the U.S. economy was increased gradually to 31.4% annual pace which set a stage for big rebound in the third quarter. Due to the decline in gross domestic product, the official score card for the U.S. economy, was previously put at 31.7% during the months…
The Pan-African multilateral EXIM bank, African Export-Import Bank (Afreximbank), in order to help it member states to procure COVID’19 related medical through the Africa Medical Supplies Platform (AMSP) announces $100 million financial support in the form of pre-approved overdraft limits for each African government, the funding is available to African Governments to acquire the medical…
The Federal Government and Organised Labour (NLC, TUC and others) held consultation meetings on September 15, 24 and 27, 2020. Following the extensive deliberations, the following resolutions have been reached: A Technical Committee on Electricity Tariff policy has been established. This committee Wii be chaired by the HMS Labour and Employmen, Festus Keyamo and comprises…
The trump administration attempt to ban TikTok downloads in the U.S. has been banned by a federal judge, while caught in a battle of brinkmanship between global super powers, giving the Chinese-owned app a short-term victory as it scrambles to ensure its future. More time has been given to TikTok owner ByteDance Ltd. to get…
Rack Centre, the leading carrier neutral data centre operator in West Africa, disclosed an expansion programme in its Lagos campus that will increase capacity to a total net lettable space of 6000 square metres, which will bring about 13MW of IT power capacity. The expansion is expected to bring carrier neutral scale to West Africa,…
To enhance revenue collection for the Federal Government the Department of Petroleum says it will continue to use its regulatory instrument. This was stated in a statement made by the DPR’s Director, Mr Sarki Auwalu on Tuesday in Lagos. Auwalu said the DPR, as a revenue collection agency of government, 1.03 billion dollars has been…
According to a UN Nations panel of experts profit-shift enterprises cost governments about $500 billion (N190 trillion) in losses annually. Multinationals use the profit-shift which is a corporate tax planning strategy to move profits from higher-tax jurisdictions to lower-tax jurisdictions which reduces their tax burdens in the higher-tax jurisdictions. The estimate was from an interim…
The Federal Government has been asked by the Director General Lagos Chamber of Commerce and Industry Dr. Muda Yusuf to instantly gazette the 2020 company and Allied Matters Act 2020 which was assented by President Mohammadu Buhari, on Friday 6the August 2020. In a statement he said “the legislation and the subsequent assent were widely…
The Federal Government of Nigeria has started the registration of potential beneficiaries of two MSMEs initiative which are the #15 billion Guaranteed offtake Scheme to help alleviate the impact of the covid’19 pandemic with the mind to foster the economy of the country by creating new job opportunities and saving existing jobs and the MSME…
On Thursday the Nigeria Bottling Company Ltd (NBC) will be holding the 2020 edition of it summit which is centered towards helping Nigeria youths repositioning themselves to leverage on the new global economy. The Nigeria Business League for youth will also be launched in the summit, which is a corporate organizations to deepen youth development…
Deloitte has been fined £15 million ($19.5 million) and two former partners has been sanctioned over past audits of British SoftWare Company Autonomy Corporation PLC by U.K. accounting Watchdog. The Financial Reporting Council said the former partners Richard Knights and Nigel Mercer and Deloitte were sanctioned based on a disciplinary tribunal found misconduct which is…
Walmart will have a 7.5%, while Oracle will acquire 12.5% of the video sharing platform. Walmart said in a statement, as part of the deal, Oracle will serve as TikTok’s “secure cloud technology provider” and Walmart will be a commercial partner by entering “into commercial agreements to provide our e-commerce, fulfillment, payments and other omnichannel…
In the midst of the coronavirus pandemic which actually worsened the issue of food crisis, Nigeria is now regarded as one of the countries to be worst hit by food crisis across the globe. This was stated in a report issued by the Food and Agricultural Organization (FAO) United Nation. FAO reported that the Democratic…
The Federal Inland Revenue Service (FIRS) has said that in the month of july it generated a sum N490 billion in tax receipt. The revenue agency while saying this in a statement on Thursday September 27, 2020, disclosed that N438billion out of the N490 billion was generated from non-oil receipts, which represent 89% of the…
Mark Meadows White house chief of staff on Thursday met with the major airline chief executives as the industry prepares for thousand of job cuts in two weeks time, he then encouraged lawmakers to embrace the coronavirus aid package which is $1.5trillion as proposed by a bipartisan congressional group and endorsed by President Donald Trump.…
A new world bank analysis finds that the global coronavirus pandemic threatens the gains in education and health over the past decades, specifically in the poorest countries. The key to discover the untapped potential in every child and improve the economic growth in every country is investment in human capital which includes the knowledge, skills,…
The private sector’s desire for considerable reforms to make the global trade rules system fairer and more transparent was revealed in a survey issued by the Pan-African Private Sector Trade and Investment Committee (PAFTRAC) to gauge the private sector view around trade. Concerning WTO and trade in general two hundred CEOs where surveyed. This was…
One of the leading electric motor company in UK, Saietta, are developing a radical new motor that has the capacity to change the future of electric motorcycles. In the field of electric motorcycle, Saietta has a remarkable history. In 2009, they won the First electric TT for starters. They also created the high performance NGS…
Vice President Yemi Osinbanjo said as African countries as a whole is optimistic for the effective implementation of the Africa Continental Free Trade Area (AfCFTA) agreement, one of the many ways by which the continent can leverage on its benefits is to make sure that trade negotiations with the rest of the world is based…
An e-planning permit platform to lessen the process of obtaining a planning permit, and to increase service delivery has been announced by the Lagos state government. This is an attempt to enforce the physical planning law by the State and to make sure all physical structures conform to planning regulations. Funmi Osifuye, the General Manager…
$200m has been given to Zenith Bank to assist them to maintain the foreign currency trade flows impacted by the coronavirus pandemic.The eligible sub-borrower involved in the manufacture and supply of medical resources required to fight the COVID”19 global pandemic, they also allow Zenith bank to on-lend to them. Mr. Ebenezer Onyeagwu, the Group Managing…
The world bank has made known their concern about the foreign exchange measures issued by the central bank of Nigeria. It recently urge that the CBN to lessen the pressure on the Forex market in Nigeria. This was stated by Shubham Chaudhurivia, country’s world bank director, through an email to an enquiry by bloomberg “stronger…
In Nigeria, imported used vehicle and motorcycles in one year reached a total sum of N1.28 trillion in one year. The National Bureau of statistics disclosed this statistics. Between (Q3 2019 – Q2 2020) Nigeria recorded a sum of N1.28 trillion as the value of imports for used vehicles and motorcycles, compared to N899 billion…
The Federal Government has disclosed that Nigerians can now convert their cars using petrol to gas, which is cheaper compare to petroleum, starting from October, 2020. The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this during a press briefing with newsmen in Abuja on Thursday, September 11, 2020. Sylva said, “To give it…
Tim Draper a Billionaire and venture capitalist has praised bitcoin cash after purchasing the coin. Emphasizing the ease of use as well as buying it, by doing so his followers will be encourage to do the same. Draper’s endorsement comes as the Bitcoin Cash (BCH) community braces for a fork instigated by Bitcoin ABC’s infrastructure…
For the gas sector in Nigeria the Central Bank of Nigeria has finally set N10 billion as the maximum loan an obligor can access under its N250bn intervention fund. In the new guide line tilted ‘Framework for the implementation of an intervention facility for the national gas expansion programme’ the apex bank disclosed this. READ:…
Fola Fagbule, Senior VP and Head Advisory at Africa Finance Corporation said this amazing opportunity for Nigerians and what he said is this “investment and legitimate export trade is a feasible way out of Nigeria’s economic burdens which could move Nigeria as a country away from crude oil dependence”. READ: Amaechi believes Chinese loan probes…
The united kingdwom in there recent updates for travel advice presented some flexibility into there policies for international students applying for student visa due to the current global restriction as a resultant effect of the corona virus pandemic. The immigration and visa office said students who cannot travel to the UK due to the pandemic…
The Four compnies that have been given immediate approval by CBN to imports 262,000 tons of maize into Nigeria has been confirmed by the Nigeria Custims Service. The four companies are Chi farms Limited, Crown Flour Mills Limited, Wacot Limited and Premier Feeds Company Limited. This was annouced in a memo with reference number: NCS/T&T/I&E/021/S.93/VOL…
President Muhammadu Buhari says the Federal government will make 30,000 tons of maize available from the national reserves to animal feed producers to deal with the high cost of poultry production after the ban on importation of maize. This was revealed by the statement he made on his official Twitter handle.“To ease the current high…