Business Tips

Tax Exemption to Tourism Investors

Nigeria has granted a three-year tax exemption and export incentives to intending tourism investors.

The Minister of Information and Culture, Lai Mohammed, said on Wednesday at the fourth edition of the Tourism Investors Forum and Exhibition (NTIFE).

Mohammed, who was represented by the Permanent Secretary, Mrs Grace Isu-Gekpe, said the incentives would ensure that the sector met the country’s development expectations in line with the National Tourism policy of Nigeria and existing fiscal incentive regime for investment.

Nigeria Raises $2.86b Eurobonds to fund 2018 Budget

The Federal Government on Wednesday said it had raised 2.86 billion dollars three-series international bond under its Global Medium Term Note Programme.

Mr Paul Abechi, Special Adviser to the Minister of Finance on Media and Communications disclosed this in a statement in Abuja.

He said that the offering attracted significant interests from leading global institutional investors with a peak combined order booking of over 9.5 billion dollars.

Afreximbank Launches Facility to Raise Viability of African Projects

The African Export-Import Bank (Afreximbank) has launched a project facility aimed at increasing the availability of viable well-prepared projects in Africa and at making such projects bankable and attractive to investors.

The Afreximbank President, Benedict Oramah Afreximbank who made this known during the launch of the Afreximbank Project Preparation Facility (APPF), in South Africa disclosed that the bank had set it up with an initial seed capital investment of up to $15 million.

SEC Partners NERDC to Enhance Capital Market Studies

The Securities and Exchange Commission (SEC) on Monday stressed the need for enhanced investment education and enlightenment to boost the participation of retail investors in the Nigerian capital market.

The Acting Director-General, SEC, Ms Mary Uduk, stated this at the planning and writing workshop for the development of Capital Market Studies Curriculum (CMSC) for Basic and Senior Secondary Schools in Lagos.

South Africa's Financial Stability threatened by MTN's $10b Nigeria Bill –Cenbank

Billions of dollars in fines owed by South African companies MTN and Standard Bank to Nigerian regulators could increase the risk to South Africa’s financial system, the central bank said on Wednesday. The Nigerian central bank in August accused telecoms firm MTN and its lender Stanbic, a Standard Bank subsidiary, of illegally sending $8.1 billion abroad.

The Nigerian government has also demanded $2 billion in related taxes from MTN. The South African mobile operator makes about a third of its annual core profit in the West African country.

Buhari Receives Prince Charles, Wife at Aso Rock

President Muhammadu Buhari on Tuesday received Prince Charles and his wife, Princess Camilla at the Presidential Villa, Abuja.

The News Agency of Nigeria reports that Prince Charles and members of his entourage arrived the State House at about 2.20p.m.

Buhari, who welcomed the Prince at the Fore Court of the presidential villa, introduced some members of his cabinet and presidential aides to the prince.

The President later went into closed door with Prince Charles.

Prince Charles, 69, who is on a 3-day visit, had visited Nigeria in 2006.

'Produce Export will Enhance Nigeria’s Trade Balance'

The Chairman of Inter-Agency Committee (IAC) for produce export, Mr Rotimi Anifowose, has said produce export, among other things, would boost the nation’s international trade.

Anifowose, who is also the Area Manager of Nigeria Shippers Council in South-west Zone, speaking on the committee’s stewardship in Lagos, South-West Nigeria, said that for the country to maintain a sound economy, export of primary produce should be enhanced.

FEC okays National Leather Product Policy

The Federal Executive Council (FEC) on Wednesday  approved the National Leather and Leather Product Policy aimed at locally harnessing leather resources into finished products.

The Minister of Science and Technology, Dr Ogbonnaya Onu, made this known while briefing State House correspondents after the FEC meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

He said that by the policy, Nigeria would locally process leather resources  instead of exporting raw leather or semi-finished leather products.

Foreign Investment: Expert Urges Full Implementation of Local Content Policy

A lecturer from the Department of Political Science, University of Lagos, Dr Isiaka Adams, has said that full implementation of the nation’s local content laws by the Federal and State Governments will attract much more Foreign Direct Investments.

“Our top two tiers need to drive full realisation of our Local Content Policy because such will attract more foreign direct investment (FDI) instead.”

Adams said that fears over drastic reduction in FDI inflow as a result of the policy ware misplaced.