Economy

In the World Economic Outlook report released on Tuesday at the ongoing spring meetings of the IMF and World Bank Group, the fund said Nigeria’s economy will grow by 2.1% in 2019, an increase of 0.1% points from the 2% projection given in January.

The Federal Inland Revenue Service (FIRS) and the National Lottery Regulatory Commission (NLRC) have commenced process to automate the collection of Value Added Tax (VAT) on lottery and gaming businesses in Nigeria.

The World Bank has cut its growth forecast for Sub-Saharan Africa the year to 2.8 per cent from an initial 3.3 per cent, it said on Monday.

The proposed listing of MTN, privatisation of Nigeria National Petroleum Corporation, NNPC, and the remaining power sector privatisation will attract more participation of investors in the capital market and thus enhance financial inclusion in the country, former Minister of National Planning, Dr. Shamshudeen Usman, has said.

The United Nations Conference on Trade and Development (UNCTAD) has said that e-commerce would significantly boost free trade across Africa.

The Lagos Chamber of Commerce and Industry (LCCI) has commended President Muhammadu Buhari for declining assent to National Housing Fund (NHF) Bill.

President Muhammadu Buhari has reiterated the Federal Government’s commitment to economic recovery and growth plan across the country.

Global growth in 2019 should be even slower than previously expected but a “precarious” rebound later this year is likely, the head of the International Monetary Fund said on Tuesday.

As operators in different sectors of the economy continue to advise the federal government against an upward review of the Value Added Tax (VAT), a Port Harcourt-based oil and gas business magnate, Mr Adamu Mutairu, has said a hike in the VAT will not only be counterproductive, but would further impoverish Nigerians, lead to an increase in the cost of goods and services and intensify inflationary pressure.

President, Africa Export-Import Bank, Professor Benedict Oramah, has said that that Africa is making gradual progress compared to two decades ago.

A notice by Minister of Budget and National Planning, Senator Udoma Udo Udoma and Executive Chairman of Federal Inland Revenue Service (FIRS) Mr. Babatunde Fowler of government’s intention to raise the rate of value added tax (VAT) before the end of 2019 is presently causing ripples among various categories of Nigerians.

The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, Thursday projected that the Nigerian economy would grow by three per cent in 2019, higher than the 1.93 per cent it achieved in 2018.

The National Bureau of Statistics on Friday released the Consumer Price Index which measures inflation with the index dropping from 11.37 per cent in January to 11.31 per cent in February.

Chevron Nigeria Limited (CNL), operator of the CNL and the Nigerian National Petroleum Corporation (NNPC) joint venture, on Wednesday, signed a Gas Sale and Aggregation Agreement (GSAA) with Dangote Fertiliser Limited (DFL) and Gas Aggregation Company of Nigeria Limited (GACN) as the ‘aggregator’.

For Nigeria to effectively diversify its economy, the country must accelerate the rise of adult literacy, aiming for at least 80 per cent as soon as possible.

The Lagos Chamber of Commerce and Industry has urged the Federal Government to further liberalise Nigeria’s visa policy to attract more foreign investment to the country.

Tony Elumelu, chairman of Heirs Holdings, says access to electricity is critical to growing Nigeria’s economy.

The National Bureau of Statistics said Nigeria generated N298.01 billion from Value Added Tax in the fourth quarter, 2018.