Business Tips

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.

Export Council wants Growth-enhancing Policies for Non-oil Sector

The Acting Executive Director, Nigerian Export Promotion Council (NEPC), Abdullahi Sidi-Aliyu, has called for the development and implementation of deliberate policies to enhance productive growth of the non-oil sector in the country.

He gave the suggestion at a Stakeholders Forum on the validation of the guidelines on the new basket of incentives schemes (NBIS) held in Kano on Thursday, Voice of Nigeria reports.

Metallurgical Centre seeks Partnership with Malaysia

The management of the National Metallurgical Development Centre (NMDC), Jos, Plateau State, has expressed the Research Institute’s desire to partner with the Malaysian Smelting Corporation (MSC), to advance Research and Development activities in Nigeria’s solid minerals sector.

The Centre’s Acting Director-General and Chief Executive, Emmanuel Mbaya, dropped the hint when the Nigerian Tin Corporation (NTC), and the Ministry of Mines and Steel Development, visited him.

Inflation Rate Drops to 15.13%

The National Bureau of Statistics (NBS) says the inflation rate, measured by the Consumer Price Index (CPI), has further dropped to 15.13 per cent in January from 15.37 per cent recorded in December, 2017,

The NBS disclosed this in its CPI report for January 2018 released on Wednesday in Abuja.

The Consumer Price Index (CPI), which measures inflation, started the year 2018 increasing by 15.13 per cent (year-on-year) in January 2018

According to the bureau, this is 0.24 per cent points lower than the rate recorded in December (15.37 per cent).

Export Expansion Grant: Nigerian Government Budgets ₦9.7b

The Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, has disclosed that the resuscitation of the Export Expansion Grant programme of the ministry would gulp about N9.75billion in its proposed 2018 budget.

The minister also disclosed that the ministry generated about N730 million in the year 2017 as against the projected revenue of about N812 million, the Voice of Nigeria reports.

The generated sum he said had been remitted into the federation account.

Britain to add Naira to List of Accepted Trade Currencies

Britain’s export finance agency will add the naira to its list of “pre-approved currencies”, allowing it to provide financing for transactions with Nigerian businesses denominated in the local currency.

The naira will become one of three West African currencies that UK Export Finance has pre-approved for its programme of funding transactions that promote trade with Britain, it said, according to Reuters’ report.

Venezuela wants Stronger Ties with Nigeria

President Nicolas Maduro of Venezuela has called for stronger bilateral ties between his country and Nigeria.

Maduro made the appeal when the new Nigerian Ambassador to Venezuela, Amb. Martin Cobham, presented his Letters of Credence to him in Caracas.

A statement by the Nigerian Embassy in Caracas said that Maduro also called for sustained interaction with Africa, the News Agency of Nigeria reports.

He further urged for increased South-South co-operation in the various international fora.

China, Nigeria Bilateral Trade Hit ₦4.97tr

The Consul-General of the People’s Republic of China in Lagos, Mr Chao Xiaoliang, says trade between China and Nigeria in 2017 amounted to about N4.97 trillion (13.78 billion dollars).

Chao made the announcement at the celebration of the Chinese New Year, also known as the Spring Festival in Lagos by hundreds of Chinese nationals, with their Nigerian and non-Nigerian friends.

According to him, the year 2017 also promoted more fruitful people-to-people friendships between Chinese and Nigerians.