Business Tips

Ease of Doing Business Critical to Economic Development –Minister

The Nigeria Minister of Power, Works and Housing, Mr Babatunde Fashola has pledged the commitment of the Federal Government to ease process of doing business in Nigeria.

Fashola said this on Saturday in Kano during tour of electrification project in Sabo Gari Market being executed by a private firm, Sabo Gari Energy.

He said that the commitment to promote ease of doing businesses was because small and medium scale businesses were the major drivers of the Gross Domestic Product (GDP), Voice of Nigeria reports.

AfDB to Empower African Women with $300m

The African Development Bank (AfDB) says it will offer 300 million dollars to financial intermediaries to support the Affirmative Finance Action for Women in Africa (AFAWA).

Mr Ebrima Faal, the Senior Director, Nigeria Country Department, AfDB said this at the 2018 International Women’s Day (IWD) commemorative event organised by the bank in Abuja, Voice of Nigeria reports.

Faal was represented by Mr Late Lawson-Zankli, the Manager of Operations in the Bank.

IMF warns Nigeria of Vulnerability amid Slow Exit from Recession

The International Monetary Fund said on Wednesday that Nigeria was slowly exiting recession but remains vulnerable because its growth is tied to oil prices and improved revenues are restricted to the energy and agriculture sectors.

The assessment, published in a report on Wednesday, came in the IMF’s Article IV consultation, an annual appraisal of a country’s economy.

Reuters reported on the lender’s findings last week after seeing a copy of the document, which states that the fund expects Nigeria’s government to “muddle through” in the medium term.

Senate Clears the Way for Financial Intelligence Autonomy

The Senate on Wednesday joined the House of Representatives and approved the conference committee report on a bill that will grant autonomy to Nigerian Financial Intelligence Unit (NFIU).

This followed the consideration of clauses of the harmonised report by the Senate and House of Representatives Committees on Financial Crimes and Anti-Corruption, the News Agency of Nigeria reports.

Nigeria to Benefit from U.S. $533m Charity Fund for Africa

Nigeria will benefit from about 533 million dollars to be released by the United States (U.S.) to some African countries humanitarian assistance.

The benefactors are Nigeria, Ethiopia, Somalia, and South Sudan, as well as countries in the Lake Chad region.

U.S. Secretary of State Rex Tillerson said millions of people were facing life-threatening food insecurity and malnutrition as a result of ongoing conflict or prolonged drought in the countries.

Nigeria’s Trade Account Turns Positive in 2017 after Recession

Nigeria’s trade account turned positive in 2017 as a rise in oil exports outweighed imports after dollar shortages frustrated transactions, the National Bureau of Statistics (NBS) said.

The balance of trade last year was 4.03 trillion naira ($13.2 billion). The net trade balance stood at minus 290 billion naira for 2016.

The rise boosts Nigeria’s ambition to promote exports to support its fragile economy and earn foreign exchange while reducing imports. Its 2017 gross domestic product rose 0.8 percent to emerge from Nigeria’s first recession in 25 years.

Nigeria Redeems $413m T.bill from Eurobond Proceeds

Nigeria has paid off about 130 billion naira ($413 million) worth of treasury bills maturing this week instead of rolling over the debt as it has done in the past, traders told Reuters.

Patience Oniha, director general of the Debt Management Office (DMO), confirmed the payment on Friday and said a treasury auction calendar for March would be released next week.

Nigeria issued a $2.5 billion Eurobond last month to help redeem portions of its treasury bill portfolio to lower costs.

Bureau of Statistics Releases Capital Importation Report

The National Bureau of Statistics has disclosed that the total capital imported in the fourth quarter of 2017 was $5,382.9 million; this was an annual growth of 247.5%, and quarterly growth of 29.9%.

As at the end of 2017, total capital imported into Nigeria was $12,228.6 million, an increase of $7,104.4 million or 138.7% from the figure recorded in 2016, the Voice of Nigeria reports.

IMF says Nigeria will "Muddle Through" with Economic Policies in Medium Term

The International Monetary Fund (IMF) projects that Nigeria will “muddle through” with its economic policies in the medium term, according to a report seen by Reuters on Wednesday.

The lender warned that “comprehensive and coherent” economic policies “remain urgent and must not be delayed by approaching elections and recovering oil prices”.

The IMF added that while the broader economy is slowly exiting recession, real gross domestic product per capita is falling.

Trade Sub-sector Accounts for 18% of Nigerian GDP –Minister

The Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah, has said that the trade sub-sector accounted for 18 per cent of the country’s Gross Domestic Product (GDP).

Enelamah said this in Abuja at the launch of the Nigeria Annual Trade Policy Report (NATPOR), the first edition put together by the Nigerian Office for Trade Negotiations (NOTN).

According to him, the report indicates that trade activities, both imports and exports, employ more than 10.8 million people.