Business Tips

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.

2018 Budget Ready in January –Udoma

Sen. Udoma Udo Udoma, the Minister of Budget and National Planning, says the ministry is working hard to ensure that the 2018 budget proposal will be sent to the National Assembly in January.

Udoma, represented by Mr Aso Vakporoye, Deputy Director, Economic Growth in the ministry, spoke in Abuja on Wednesday during the public presentation and capacity building on 2017 agriculture budget.

“For 2018, the Federal Government part of it has been concluded with hope that it will be submitted to the National Assembly in January.

Stock Exchange Holds Annual General Meeting; Revenue Down 31%

Photo L-R: Abimbola Ogunbajo, First Vice President, The Nigerian Stock Exchange (NSE); Aliko Dangote, ex-officio, NSE; Oscar Onyema, Chief Executive Officer, NSE;  Aigboje Aig-Imoukhuede, President, NSE; and Mojisola Adeola, Council Secretary, NSE at the Annual General Meeting (AGM) today in Lagos.

FG not Against State Power Projects –Minister

The Federal Government on Thursday said it was not against state governments developing their own power projects to support development and supply of incremental power.

The Minster of Power, Works and Housing, Mr Babatunde Fashola, reiterated the position of the Federal Government at a meeting of the National Council on Power (NACOP) in Jos.

“I heard statements to the effect that Federal Government should allow the states to develop their own power projects.

Nigeria Woos American Investors, Targets $25b FDI

Officials of the Nigerian Government have assured U.S. investors of the favourable investment climate, promising the highest returns on investments, more than anywhere else in the world.

The Minister of Trade, Industry and Investment Okechukwu Enelamah and his Foreign Affairs counterpart Geoffrey Onyeama, stated this at the Nigeria-U.S. Business and Investment Forum in New York.

Yewande Sadiku, the executive secretary of the Nigerian Investment Promotion Council said $25billion in Foreign Direct Investment is the target of the country in 2020.