Business Tips

Nigerian Visa now Possible within 48 hours in U.S. –Acting Consul-General

Photo/NAN: Mr Tanko Suleiman, Nigeria’s Acting Consul-General in New York, with some Nigerians during the introduction of the biometric visa.

The Nigerian Consulate in New York has said that applicants for the Nigerian visa can now get it in 48 hours with the introduction of the issuance of the biometric visa.

The acting Consul-General, Tanko Suleiman, who disclosed this at the commencement of the biometric visa processing in New York, said the new process had simplified the issuance of Nigerian visa.

Inflation slows for Tenth Month, to 15.90% –Stats Office

Annual inflation in Nigeria slowed for the tenth month in a row in November, easing to 15.90 percent, the National Bureau of Statistics (NBS) said on Monday in a report.

A separate food price index showed inflation at 20.30 percent in November, compared with 20.31 percent in October.

In October Central Bank Governor Godwin Emefiele said he expected inflation rates to fall at a faster pace and reach high single-digit rates by the middle of 2018.

Nigeria Tariff causes Car Imports to fall, Fuels Smuggling –Ports Authority

A Nigerian tariff on car imports aimed at boosting local production has reduced the number of vehicles brought into the country this year by a quarter and fuelled smuggling from neighbouring Benin, the ports authority said.

Car imports fell to 70,453 units in the first 10 months of this year, a 26.8 percent reduction on the same period of 2016, Nigerian Ports Authority (NPA) figures showed.

NSE Announces Winners of 2017 NSE CEO Award

The Nigerian Stock Exchange (NSE) is pleased to announce the recipients of the 2017 edition of its prestigious NSE CEO Awards. The winners were unveiled at the awards ceremony on Wednesday, December 13, 2017, at the Stock Exchange House, Lagos.

Dangote Cement Plc was named the Most Compliant Listed Company for 2017, having demonstrated the highest degree of compliance with the rules and regulations regarding disclosure obligations of listed companies on the Exchange in 2017.

Ambode Presents ₦1.04tr 2018 Budget

Lagos State governor Akinwunmi Ambode on Monday presented the 2018 budget of N1.046 trillion to the state House of Assembly.

The budget, tagged: “Budget of Progress and Development” is 28.67 per cent higher than that of 2017 which was N812 billion.

The 2018 budget has a capital expenditure of N699 billion and a recurrent expenditure of N347billion.

The capital to recurrent ratio of the budget stood at 67:33.

Tin Can Customs Command generates ₦262b Revenue

The Tin Can Island Command of the Nigeria Customs Service (NCS) generated N262.3 billion revenue between January and November.

Mr Uche Ejesieme, the Public Relations Officer, for the command said in Lagos on Friday, quoting Mr Yusuf Bashar, the Area Comptroller in charge of the command.

Bashar, he said, made the disclosure when he received the delegation of the Federation Accounts Allocation Committee (FAAC), Post-Mortem Sub-Committee.

He said the 2017 revenue generated by the command surpassed that of N233.5 billion it generated in 2016.

Senate Passes 2018-2020 Budget Framework, Raises Oil Price Estimate

Nigeria’s Senate passed the government’s medium-term expenditure framework for 2018-2020 on Tuesday, raising its oil price assumption to $47 from $45 per barrel, Reuters reports.

The document, which the government agreed upon in August before sending it to lawmakers for approval, is the framework used to prepare the country’s budget.

Nigeria signs MoU to recover $321m loot from Switzerland

Nigeria has signed a Memorandum of understanding (MOU) with Switzerland for the return of  $321 million in looted funds to Nigeria.

Nigeria’s minister of justice and attorney general, Mr Abubakar Malami, signed the MOU with Swiss authorities on Monday in Zurich.

He expressed gratitude for the international support Nigeria was getting in the fight against corruption.

Global collaboration, he said was critical to the success of the fight.

Nigeria’s FX Reserves at $34.53b

Nigeria’s foreign exchange reserves stood at $34.53 billion as of Nov. 24, up nearly 3 percent from a month earlier, central bank data showed on Thursday.

The bank did not provide a reason for the increase in reserves, which stood at $33.58 billion at the same date last month.

Nigeria’s forex buffer has climbed 40.5 percent this year from a year ago, but is still far off a peak of $64 billion hit in August 2008.

AfDB Portfolio in Nigeria over $6b –Adesina

The President of African Development Bank (AfDB), Dr Adewumi Adesina, has said that the bank’s total active portfolio in Nigeria is over six billion dollars.

Adesina said this in an interview with the News Agency of Nigeria on Wednesday in Abuja.

“The bank supports Nigeria very strongly.

“When Nigeria was going through a tough economic time, we led the world actually in rallying support around for a budget support which we did at 600 million dollars to help build more resilient economy as it shows a better diversified economy.