Business Tips

Ease of Doing Business: Nigeria Moves Up 24 Points

The World Bank on Tuesday said that Nigeria now ranked 145th position out of 190 countries in the Ease of Doing Business index for 2018

The World Bank stated this in its just released Ease of Doing Business report titled, “Doing Business 2018: Reforming to create jobs”.

The report indicated that Nigeria had moved up by 24 points from 169th position on the 2017 ranking and also 170th position on the 2016 ranking to 145 in the World Bank’s 2018 report.

Nigeria Strengthens Bilateral Relations with Cote d’Ivoire

The President of Cote d’voire Alhasan Quattara on Monday in Abuja commended President Muhammadu Buhari for taking Nigeria out recession.

Quattara gave the commendation when he addressed State House correspondents after a closed door meeting with Buhari at the Presidential Villa.

He said that they discussed how to strengthen existing bilateral relations between Nigeria and Cote d’Ivoire.

Ouattara also said that Buhari had accepted to be part of the African Union summit slated for the end of November in Abidjan, Cote d’Ivoire.

Corruption, Tribalism, Religion Hamper Development –Osinbajo

Vice-President Yemi Osinbajo on Friday declared his stand on raging issues, including corruption, tribalism and religion which he said were the key problems hampering Nigeria’s development.

Osinbajo also talked on restructuring of Nigeria and agreed that “states should have more opportunities to develop themselves’’.

Osinbajo spoke at a Lagos conference, tagged: “Towards a Better Nigeria,’’ organised by leading Nigerian pastors.

MSCI Keeps Nigeria in Frontier Indexes, No Longer Under Review

Index provider MSCI said Nigerian stocks will remain part of its frontier indexes and are no longer under review for a possible demotion - a status which the securities had been under since September 2016 after the government introduced capital controls, Reuters reports.

“The market will be removed from the review list for potential reclassification to Standalone status,” MSCI said in a statement posted on its website late on Thursday, adding that the central bank’s introduction of a new foreign exchange window in April had improved the situation for foreign investors.

FG, State, LG Revenue falls by ₦80b

The Federal, States and Local Governments shared N558.082 billion in October, N80 billion less than the N637.704 billion revenue shared in September, Ahmed Idris, the Accountant-General of the Federation has said.

Idris made this known at the end of the monthly Federal Accounts Allocation Committee (FAAC) meeting on Tuesday in Abuja.

According to him, the N558billion included proceeds from Value Added Tax (VAT).

West African Leaders Plan Shared Currency by 2020

A group of four West African presidents said on Tuesday they planned steps to accelerate the creation of a shared currency for the 15-country ECOWAS bloc by 2020, according to a joint statement.

The future currency, whose name is yet to be determined, would replace the dominant CFA Franc introduced by former colonial power France in 1945 and whose treasury still backs it, Reuters reports.

Osinbajo Seeks Global Action to End Secret Corporate Ownership

The Vice President, Prof. Yemi Osinbajo, on Monday called for global action to stem the tide of secret corporate ownership of industries to avoid fraud, money laundering and tax evasion by industries.

Osinbajo made the call in a paper he presented at the Extractive Industries Transparency Initiative (EITI) conference holding in the Indonesian capital, Jakarta.

He lauded the efforts already made by some developed countries to ensure compliance with disclosures but noted that developing countries were far behind and had paid supreme prices for negligence.

Turkey's Erdogan calls on Developing Countries to Trade in Local Currencies

Countries from the so-called “D-8” group of developing nations should trade with each other in their local currencies, Turkish President Tayyip Erdogan said on Friday, to alleviate the forex pressure inherent in dollar-based trade, Reuters reports.

“If we are to use local currencies for trade within the D-8, our currencies will be rid of the pressures from foreign exchange and the dollar,” Erdogan told a summit of the eight developing nations, which is being held in Istanbul.

Nigeria Plans Record Budget of ₦8.6tr in 2018 –Fiscal Paper

Nigeria plans to increase its budget to a record 8.6 trillion naira ($27.34 billion) in 2018, up 15.5 percent from this year to stimulate growth, according to a draft budget document seen by Reuters on Thursday.

The country, which has Africa’s biggest economy, emerged from its first recession in 25 years in the second quarter and has trimmed its forecast for 2017 growth to 1.5 percent from 2.19 percent, according to the document.