Business Tips

Nigeria receives $17.5b diaspora remittances in 2019

Nigeria received $17.57 billion in direct diaspora remittances between January and November 2019. Data obtained from the Central Bank of Nigeria (CBN) revealed.

The latest data published by the apex regulator stated that the remittances rose by 56.4% when it increased from $11.23 billion within the same period in 2018 to $17.57 billion in 2019.

Remittances are funds transferred from migrants to their home countries. For many developing nations, remittances from citizens working abroad provide a financial source of much-needed funds.

Chamber of Commerce projects economic outlook for 2020

The Lagos Chamber of Commerce and Industry (LCCI) has projected a high cost of doing business in 2020.

Its Director-General, Dr Muda Yusuf, made the projection in the LCCI 2019 Economic Review and Outlook For 2020 made available to newsmen in Lagos.

He attributed the projected high cost to poor infrastructure, multiplicity of levies, excessive regulations, among others.

Slash in bank charges excite Nigerians

Banks customers on Monday commended the Central Bank of Nigeria (CBN) for its move in slashing various banks charges.

A cross section of customers who spoke with the News Agency of Nigeria in Abuja on Monday described the development as the right step in the right direction.

The apex bank in a new guidelines announced the downward review of most charges and fees for banking services, other financial, and non-bank financial institutions, with effect from Jan. 1, 2020.

Global shares stall as year draws to a close

World stocks stalled near record highs and currency markets were little changed on Monday as trading dwindled before the Christmas holiday and investors took profit on gains made this month.

The pan-European STOXX 600 index was down 0.14% by 0851 GMT, after nearing a record high in the previous session.

MSCI’s broadest index of Asia-Pacific shares outside Japan was near its highest since June 2018, up 0.05%.

UK provides $78m for youth empowerment in Nigeria

The United Kingdom says it is currently supporting initiatives to increase economic opportunities for marginalised youth in northern Nigeria with development funding worth nearly 50 million dollars (N15 billion).

Mr James Roscoe, the UK Ambassador on General Assembly Matters to the United Nations, stated this at a UN Security Council meeting on peace and security in West Africa, in New York on Monday.

Experts seek elimination of multiple tax audits

Capital market experts in Nigeria have called on the Federal Government to ensure the elimination of multiple tax audits to boost investment in the nation’s economy.

They made the call at the Sixth Triennial Delegates Conference themed “Elevating the Nigerian capital market for global visibility” organised by the Independent Shareholders Association of Nigeria (ISAN) in Lagos.

An expert and Partner of Financial Service Group, Mr Taiwo Okunade, said government must ensure the elimination of multiple tax audits currently discouraging investments.

FCMB produces more millionaires, empowers customers as season 6 of promo ends

The Season 6 of the First City Monument Bank (FCMB) bumper reward scheme tagged ‘’FCMB Millionaire Promo’’ has come to an exciting end with the grand finale draw. At the end of the promo, which ran from March to October this year, another set of 16 lucky customers of the Bank emerged as millionaires by winning cash ranging from N1million to N2million. In addition, 2,560 others won LED televisions, generating sets, decoders, tablets and smart phones.

Port congestion: Institute wants re-establishment of national carrier

The Life Patron, Nigeria Institute of Shipping (NIS), Mr Caleb Okoye, has called for urgent actions to decongest Nigerian ports and re-establish a national carrier for faster development of the shipping industry.

Okoye made the call at the Nigeria Institute of Shipping’s 9th Annual General Meeting and Awards held on Friday night in Lagos.

According to him, the country does not have a national carrier since the demise of the Nigerian National Shipping Line (NNSL).

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