Business Tips

Nigeria Sells ₦134b Treasury Bills

Nigeria was to sell 133.78 billion naira worth of treasury bills at an auction on Wednesday, traders told Reuters on Wednesday.

The central bank is offering 32.4 billion naira in three-month paper, 35 billion naira in six-month bill and 66.38 billion naira in one-year note.

The bank issues treasury bills twice a month to help the government to finance its budget deficit, curb money supply growth and provide an avenue for lenders to manage liquidity.

The Debt Management Office plans to sell 100 billion naira in five and 10-year bonds on Oct 25.

Consultants Inhibit Tax Agencies –Ex FIRS Boss

The former Chairman of the Federal Inland Revenue Service (FIRS), Mrs Ifueko Omoigui-Okauru, said she did not engage consultancy service during her tenure in FIRS because of its long term disadvantages.

She told the News Agency of Nigeria in Nairobi, Kenya, on the sidelines of the 5th Pan African Conference on curbing Illicit Financial Crimes from Africa, that the use of consultants in revenue activities could cripple tax institutions.

Sub-Saharan Africa to Grow at a Slower Rate this Year, World Bank Says

The economy of sub-Saharan Africa is seen growing more slowly this year than previously forecast, largely due to weak investment and productivity, the World Bank said on Wednesday.

In a report, it forecast growth in the region to be 2.4 percent in 2017, down from the 2.6 percent that it projected in April. But growth was seen rising to 3.2 percent in 2018 and 3.5 percent in 2019, forecasts unchanged from earlier this year, Reuters reports.

Emerging Market Debt to GDP Declines –Report

Government and private-sector debt in emerging markets as a percentage of gross domestic product has fallen this year, the first time since 2011, according to a report from JP Morgan released on Tuesday.

After five straight years of increases, the so-called debt overhang in emerging markets has steadied as a result of both increasing growth in the less-developed countries and smaller increases in borrowing. That should reduce the risk of financial instability, according to the report.

Chamber of Commerce Lauds Improved Tax System in Nigeria

The Abuja Chamber of Commerce and Industry (ACCI) says improved tax system is vital for sustained economic growth and development of the country.

Abubakar Al-Mujtaba, its Second Deputy President, made the observation at the special day of the Federal Inland Revenue Service (FIRS) at the 12th Abuja International Trade Fair on Friday.

The theme of the ongoing fair is “Returning Nigeria to the Path of Sufficiency through Non-Oil Exports’’.

Nigeria to Raise ₦270-330b in Bonds in Q4

Nigeria plans to raise between 270 billion naira and 330 billion naira ($857 million - $1.1 billion) in local currency-denominated bonds in the fourth quarter, the Debt Management Office (DMO) said on Wednesday.

The debt office said it would auction between 135-165 billion naira worth of bonds maturing in 2021 and the same amount of the debt maturing in 2027.

In its latest issuance calendar, the debt office said the bonds will be re-opened from previously issued debt.

Ministry of Works to get ₦100b Sukuk Bond Proceeds

The Minister of Finance, Kemi Adeosun, has disclosed that proceeds of the N100 billion Islamic bond, Sukuk, will be released to the Ministry of Works on Thursday.

Adeosun made this known when she appeared before the Joint Committee on Finance and Appropriation of the Senate on Tuesday in Abuja to brief it on level of implementation of the 2017 budget.

She said that the Federal Government successfully completed the Sukuk bond last week and raised N100 billion, which would be released on Thursday.

AfDB Diversifying Africa’s Economic Base

The African Development Bank (AfDB) is promoting the creative and cultural industries to diversify the economic base of African countries and attract tourism, Mr Emeka Anuforo, its Communications Officer has said.

Anuforo in a statement recently said the bank marked 2017 World Tourism Day on Sept. 27, with a call for collaborative actions from all stakeholders for sustainable tourism development in Africa.

He said that the Bank recognised that Africa’s tourism and travel industry could serve as an engine of progress for socioeconomic transformation.

Potentials of Made-In-Nigeria Goods High –Envoy

The Ambassador of China to Nigeria, Dr Zhou Pingjian, has said that the potential of “Made-in-Nigeria” products with China is huge.

Zhou, who said this on Thursday in Abuja at a dinner to mark the China National Day said that China was committed to ensuring the realisation of products that are made in Nigeria, the News Agency of Nigeria reports.

The envoy said that this was part of China’s determination to share its experiences, provide capital, technology and talents in support of Nigeria’s industrialisation.

Nigeria Needs to Lower Interest Rate and Cut Debt to Boost Growth

Nigeria needs to lower its interest rate and cut domestic debt to stimulate lending for private sector investment, in order to boost growth after its economy slipped out of recession, a lawmaker said in a motion.

The central bank on Tuesday held interest rates at 14 percent to keep liquidity tight. The bank said it felt that loosening would worsen inflation and drive bond yields negative which could lead to a capital flight and hurt the currency.