Economy

IMF raises growth projection for Nigeria

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.

FIRS, NLRC begin process to collect VAT on lottery, gaming

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.

World Bank cuts Sub-Saharan Africa growth forecast to 2.8 percent

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.
Usman Shamsudeen

Capital Market: MTN listing, NNPC privatisation will spur more participation of investors – ex-minister

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.

UNCTAD: E-commerce will boost Africa free trade

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

LCCI commends President Buhari over NHF Bill

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

President Buhari: Federal government committed to economic recovery

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

IMF: ‘Precarious’ global rebound expected in late 2019

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.

Expert cautions federal government on VAT increase

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.

Benedict Oramah: Africa is making progress

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

Experts: VAT increment will further worsen Nigerians’ situations

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.

Central bank chief Godwin Emefiele foresees 3% GDP growth rate in 2019

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.
National Bureau of Statistics NBS

NBS: Inflation rate drops to 11.31 percent in February

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, NNPC seal gas supply deal for Dangote fertiliser plant

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’.
Charles Robertson

RenCap: 80% adult literacy required for Nigeria’s economic diversification

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.

LCCI urges federal government to further liberalise Nigeria’s visa policy

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.

Tony Elumelu: Access to electricity is critical to economic growth

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

NBS: N298 billion generated from VAT in Q4 2018

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

Recent Stories

Atiku Abubakar, presidential candidate of the Peoples Democratic Party (PDP), has again accused President Muhammadu Buhari of clamping down on the judiciary.

Tribunal: I have not been certified – Atiku Abubakar’s data analyst

Petitioners’ Witness 60, Joseph Gbenga, called by Peoples Democratic Party and its presidential candidate, Alhaji Atiku Abubakar, as an expert witness admitted before the Presidential Election Petitioner Tribunal, on Friday, that he had not been certified.
Justice Darius Khobo of Kaduna State High Court, on Thursday, adjourned hearing in the application for permission to travel to India for medical attention filed by Ibrahim El-Zakzaky and his wife, Zinat, to July 29.

Presidency: Court will decide Ibraheem El Zakzaky’s fate

The Presidency has enjoined El-Zakzaky-led Shiite members to desist from needless violent street protests and await the decision of the court in Kaduna where their leader is currently being tried.

Governor Masari pushes for collective dialogue with bandits in North-West

Gov. Aminu Masari of Katsina State says, for dialogue and amnesty programme for cattle rustlers and bandits in the Northwest to succeed, it must involve all state governments in the zone.

Tailor arrested over alleged N1.48 million fraud

A 47-year-old tailor, Popoola Abolade, was on Friday brought before a Yaba Magistrates’ Court in Lagos, for allegedly defrauding a company of N1.48 million.
All Progressives Congress (APC) Nigeria

Kogi guber: APC stakeholders drag NWC to court

The All Progressives Congress (APC) stakeholders Kogi State chapter, have taken legal action against the party’s National Working Committee (NWC) over the indirect mode of primaries adopted by the national leadership for the election of candidates for the November 16 Kogi State governorship poll.