Business Tips

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.

ECA Urges African Leaders to Sign for Global Tax Transparency

The Economic Commission for Africa (ECA) has urged African leaders to Embrace global legislation against illicit financial flows by signing up to global tax transparency and other relevant legislations.

Ms Vera Songwe, the ECA Executive Secretary, made the plea at the 19th quarterly briefing with African Ambassadors in Addis Ababa, Ethiopia, Voice of Nigeria reports.

Songwe, in a statement obtained from the ECA’s website, said the ambassadors had urged ECA to work closely with its partners, African Union Commission (AUC) and the African Development Bank (AfDB).

Nigeria, Djibouti to Strengthen Bilateral Relations

The Nigerian Non-resident Ambassador to Djibouti, Bankole Adeoye, has pledged to strengthen Nigeria’s existing bilateral relations with the country.

A statement by Sarah Sanda, media aide to Foreign Affairs Minister, Geoffrey Onyeama,  said Bankole stated this while presenting his letter of credence to the President of the Republic of Djibouti, Ismail Guelleh.

The ambassador conveyed the best wishes from President Muhammadu Buhari to the President of Djibouti.

International Securities Commissions put Spotlight on Cryptocurrencies

The Board of the International Organisation of Securities Commissions (IOSCO) says it will focus searchlights on cryptocurrencies, bitcoins and other electronic currencies to minimise risk.

The Securities and Exchange Commission (SEC) Nigeria, in a statement on Monday, said the resolution was an outcome of a two-day meeting at the IOSCO headquarters in Madrid, Spain.

“IOSCO resolved to focus its searchlights on cryptocurrencies, bitcoins and other forms of electronic currencies due to risks involved in trading in such assets.

Delayed Budget could Undermine Economic Growth Plan –Experts

Two financial experts in Lagos said that the delay in passing the 2018 Budget could undermine the effective implementation of the Economic Recovery and Growth Plan (ERGP).

The experts said that the delay in passage by the National Assembly could hinder implementation of projects critical to economic diversification, Voice of Nigeria reports.

AfDB wants more Global Investment to unlock Africa

The African Development Bank (AfDB) has called for increased American and global investments to help unlock Africa’s agriculture potential.

The President of the Bank, Dr. Akinwumi Adesina, made the appeal at the USDA’s 94th Agriculture Outlook Forum in Virginia with the theme, “ Roots of Prosperity’’.

Adesina said: “For too long, agriculture has been associated with what I call the three Ps – pain, penury, and poverty.

Expert seeks Collaboration on Economic Growth

A capital market expert, Mr Peter Ashade, has urged both the private and public sectors to collaborate for sustainable economic growth and development in Nigeria.

Ashade, Managing Director, African Prudential Registrar’s Plc, made the plea on Wednesday at the 2018 Company Secretaries and Registrars’ Forum, organised by the Institute of Chartered Secretaries and Administrators (ICSAN) in Lagos, the Voice of Nigeria reports.

Theme of the forum is entitled: “Company Secretaries and Registrars: A Functional Partnership For Capital Market Development.’’

Ambode Directs Payment of Taxes through Banks from March

Governor Akinwunmi Ambode of Lagos State on Monday directed that all taxes and levies due to the state government should now be paid through the banks and online banking platforms from March 1.

Ambode gave the directive shortly after paying his personal Land Use Charge at the Guaranty Trust Bank (GTB) in Opebi area of Ikeja.

He said that this would reduce fraud and also encourage people to embrace the cashless policy.

SEC Targets Increased Financial Inclusion by 2020

The Securities and Exchange Commission (SEC) says it aims to achieve increased financial inclusion of Nigerians by the year 2020.

Acting Director General, Dr Abdul Zubair, stated this during a financial inclusion sensitization campaign in Abuja.

Zubair was represented by Mr Abdul Bello, Director, Market Development Department.

He said that having recorded a huge success in Bwari, Kuje Area Councils and University of Abuja, it became pertinent that the programme be extended to other communities to reach more Nigerians.