Nigeria Economy news

By Dotun Ibiwoye
The informal sector which accounts for more than sixty percent of economic activities in Nigeria has been noted to be a limiting factor in the revenue base of the country.The lack of robust framework for the tax system has been the major problem which has also under-networked the High Networth Individuals, HNI, into the tax net.
Speaking at the 37th Induction Ceremony of the Chartered Institute of Taxation of Nigeria,CITN, President of the Institute, Dr. Cyril Ikemefuna Nwobodo,

Liberia’s supreme court cleared the way for a presidential run-off election, ruling on Thursday that it had not found enough evidence of fraud to halt the whole process.
Former international Liberian football star turned politician, and presidential election candidate George Weah (C) waits prior to casting his vote for Liberia’s presidential and legislatives elections, at a polling station in Monrovia on October 10, 2017.
Liberians head to the polls on October 10 to elect a new presi

Stakeholders of the All Progressives Congress ( APC ) in Kano State on Thursday adopted the President Muhammadu Buhari as their candidate for the 2019 general elections.
The party leaders also expressed their commitment and support to Governor Abdullahi Umar Ganduje as their sole candidate for 2019.
President Buhari, according to a statement by the Senior Special Assistant on Media and publicity, Garba Shehu, did not say he accepted, nor did he decline to accept the endorsement in his speech eve

Bitcoin flirted with $17,000 on Thursday, triggering a warning the cryptocurrency was “like a charging train with no brakes” and prompting fresh concern about its looming launch on mainstream markets.Still under $14,000 in Asian trading hours, it smashed through $15,000 in European trading and then later surged to $16,777.08 around 1630 GMT, according to Bloomberg data.
The rally came just a day after the virtual currency, which has been used to buy everything from an ice cream to a

The Governor of Edo State, Mr. Godwin Obaseki, has revealed plans to construct the largest auto spare-parts market in Nigeria in the state capital, as part of ongoing efforts to grow the state’s economy.Governor Godwin Obaseki of Edo State
The governor disclosed this during a meeting with executives of the Auto Spare Parts Dealers Association (ASPAC) at the Government House in Benin City, the Edo State capital.
According to Obaseki, “the state government has acquired a 200-hectare la

…allege interference, complicity in company’s forensic auditBy Levinus Nwabughiogu
ABUJA – Oando’s Nigeria Plc Shareholders under the aegis of Trusted Shareholders’ Association have issued 7 days ultimatum to the Minister of Finance, Mrs. Kemi Adeosun within which to resign her position, alleging a breach of public trust and confidence.Adeosun and Gwarzo
The shareholders also asked President Muhammadu Buhari to immediately sack the Minister should she decline the c

Visa has announced a range of advanced sensory elements, to support the Visa brand when customers make transactions through connected, payment-enabled devices.
The company in a statement said, through the sensory branding, Visa is bringing movement and energy to the payment industry in Nigeria with a mix of sound, animation and vibrations, which will ensure customers experience a feeling of speed, trust, security and convenience when a transaction is completed.
It said that the new sound, animat

Adelani Adepegba, Abuja
The Federal Government is set to confiscate 2,000 properties in the Federal Capital Territory belonging to some firms following their failure to disclose the assets under the Voluntary Assets and Income Declaration Scheme.
The Chairman of Federal Inland Revenue Service, Babatunde Fowler said the properties had been identified, adding that the FIRS planned to secure court orders to sell them off.
“We would sell off the 2,000 properties and give the companies the chan

Pretoria –Amb. Ahmed Musa Ibeto, Nigeria`s High Commissioner to South Africa, says some firms and investors from that country have shown interest in doing business in Nigeria.
He said in Pretoria, South Africa on Thursday that since he assumed duty in September, more than 20 firms had visited him and indicated such interest.
Some officials of the Nigerian Missions in New York standing in fron of Nigeria House to celebrate the Nigerian Independence Day Parade
Among the several Nigerian grou

Lagos – The Lagos State Internal Revenue Service (LIRS) on Thursday shut 11 hotels, restaurants and event centres over alleged failures to remit their taxes under the Hotel Occupancy and Restaurant Consumption Laws of Lagos State 2009.Mr Seyi Alade, Director, Legal Services of the LIRS, said this after a state-wide tax law enforcement exercise in Lagos, adding that the firms owed the state government N354.75 million in unpaid taxes.
Alade told the News Agency of Nigeria (NAN) that the gove

By Princewill Ekwujuru
The Nigerian Bottling Company Limited (NBC) has empowered over 700 youths at the Kano edition of its program, ‘Youth Empowered’ Workshop.
The workshop is part of the Coca-Cola Hellenic global initiative designed to support over 500,000 young unemployed people between the ages of 18-30 by 2020, to build life and business skills and long-lasting networks that would translate to meaningful employment and self-sufficiency.
Speaking at the event, Comrade Garba Moham

By Emeka Anaeto
Stanbic IBTC
Last week we started this series on windows for Small & Medium Enterprises, SMEs, access to business loans in commercial banks, and we took-off with focus on Stanbic IBTC Bank. We noted that this series would only serve the purpose of basic information about SME loan in the focused banks adding that you may need to visit the banks for more information.
NairaFor Stanbic IBTC we also noted that one of the key offers to SMEs is what they call, SME Overdraft, designe

Gas companies owed $500m
By Mike Eboh
ABUJA—Nigeria needs an investment of $6 billion to produce about two billion standard cubic feet (SCF) of gas per day to generate 10,000 megawatts of electricity, according to stakeholders in the gas sector.
Briefing at the Gas Aggregation Company of Nigeria’s, GACN, Gas Buyers’ Forum in Abuja, yesterday, Senior Commercial Adviser, Upstream Gas of Shell Petroleum Development Company, SPDC, Mr. Emmanuel Anyaeto, however, stated that investor

By Emeka Anaeto
The Central Bank of Nigeria (CBN) has disclosed plans to draft a framework on credit to Small and Medium Enterprises (SMEs) aimed at improving credit to the sector.
The Governor, Mr Godwin Emefiele, at a strategy meeting with selected Development Finance Institutions (DFIs) and other stakeholders, on enhancing access to credit to SMEs in the country, earlier this week said the framework would see more of government intervention in the sector, which many believe would result

By Michael Eboh
The debt web crippling Nigeria’s energy sector appeared compounded as gas producers in the country have alleged that they are currently being owed about $500 million, mainly by power companies.
But the producers admitted that the power companies are also owed huge sums mainly by the Federal Government, adding, however, that the high debt owed the producers was a major disincentive to gas production and exploration in Nigeria.
Cooking GasAddressing newsmen at the Gas Aggrega

By Franklin Alli
The United Nations Industrial Development Organization (UNIDO) yesterday released world manufacturing production for the third quarter of 2017, stating that manufacturing growth accelerated worldwide by 4.5 percent.
In the report, ‘World Manufacturing Production Statistics for Quarter III, 2017”,  Shyam Upadhyaya, UNIDO Chief Statistician, said: “Thereport, which is based on figures obtained for the third quarter of 2017, states that global manufacturing o

By Babajide Komolafe
The Central Bank of Nigeria (CBN) yesterday released the modalities for the operation of the N26.87 billion Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS).
Among other things, the scheme, approved at the Bankers Committee meeting held in February 2017, would be managed by a Special Purpose Vehicle (SPV) named Banker’s Fund Managers Limited, while the Board of Directors (BoD) monitors the implementation of the scheme.
CBN Governor, Mr Godwin Emef

Executive Director and Chief Risk Officer  Rand Merchant Bank (RMB) Nigeria Limited, Peter Blenkinsop has said that, “effective management of both organizational and personal reputational risk is key to sound compliance and corporate governance in the banking sector”.
Peter Blenkinsop made this know in his keynote speech at the November 2017 Monthly Meeting of the Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN).
He noted that FirstRand Group’s inform

…As price hike rumour spreads
By Adewale Sanyaolu
nigeria’s fuel supply glitch which entered its third day, Wednesday, continued unabated, as most of the filling stations visited by Daily Sun in both Lagos and Abuja were either out of supply or had little quantity of petroleum products to dispense.The situation in Ikeja, Ogba, Ikoyi, Maryland, Apapa- Oshodi Expressway and Airport Road, remained tough as long queues of vehicles dotted the entrance of the filling stations, thus compou

By Franklin Alli
Small and Medium Enterprises (SMEs) bodies in the country have given kudos to the Federal Government for its nationwide Micro Small and Medium Enterprise Clinic (MSMEs Business Clinic initiative).
Recall that the initiative was launched in July this year by the Federal Government and is being implemented through the supervision of the Office of the Vice President, Professor Yemi Osinbajo, in collaboration with the Federal Capital Territory Administration (FCTA) with the support

Nigeria Customs Service (NCS), has confiscated 64 assorted bulletproof vehicles from Omole Estate, Ojodu and Olayiwole Close, Lekki Phase One, with a Duty Paid Value (DPV) of N1,302,927,106.16.The vehicles, mostly brand new automobiles, include two Lexus Jeeps (bulletproof), one Toyota Land Cruiser (bulletproof), nine Toyota Hilux, eight Toyota Hiace buses, 26 Toyota Corrola, nine Land Cruiser Jeeps, five Toyota Camry cars, one Land Rover, one Nissan Sentra, one Pajero Jeep, all 2017 models and

By Chinenye Anuforo
The Association of Senior Civil Servants of Nigeria (ASCSN), has rejected in its entirety the attempt in some quarters to restore the suspended Director General, Securities and Exchange Commission (SEC), Mr. Mournir Gwarzo, to office.In a press statement signed by the Secretary General of ASCSN, Mr. Isaac Ojemhenke, yesterday, the union pointed out that the issue of Gwarzo’s suspension from office was very clear as it borders on serious breach of the rules governing par

Minister of Transportation, Mr Rotimi Amaechi and Governor of Edo State, Mr Godwin Obaseki will, today,  grace the  Shipowners Association of Nigeria (SOAN) end-of-year workshop and dinner for shipowners and stakeholders in Nigeria’s maritime Industry.Other dignitaries expected at the occasion include, the Managing Director of Nigerian Ports Authority (NPA), Ms Hadiza Bala Usman; Director General of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dakuku Peterside;

The Executive Chairman/CEO, BUA Group, Abdulsamad Rabiu, has called on President Muhammadu Buhari to intervene and investigate alleged acts of sabotage against BUA Cement operations by Dangote Group in connivance with top officials of the Ministry of Mines and Steel Development.In a letter dated December 4, 2017, signed by Abdulsamad Rabiu to President Buhari titled, “A Cry for Help: Wanton Abuse of Power by a serving minister geared towards sabotaging operations of BUA Cement”, BUA

By Charles Nwaoguji
The International Centre for Tax Research and Development (ICTRD), will be launched tomorrow at the Oriental Hotel, Victoria Island, Lagos.According to the Founder/President of the Research Centre, Mrs. Morenike Tejuade Babington-Ashaye, the launch will be marked by a keynote address on, “The Importance of Taxation in Nation Building”.She explained that due to the Lagos State Governor, Mr. Akinwunmi Ambode’s interest in taxation and the judicious use of

By Chinwendu Obienyi
As part of its efforts to serve the market with better proposition and to satisfy consumers especially in Nigeria, Coca-cola has launched three new 5Alive variants.The new addition to the 5Alive juice family include the35cl 5Alive Apple, 35cl 5Alive Tropical fruit and the 85cl 5Alive Pulpy Orange, bringing the number to 10 variants now available in the market.Speaking to the media during the unveiling of the variants in Lagos yesterday, Senior Brand Manager, Stills and Flavo

By Omodele Adigun
The framework for the disbursement of the N26.87 billion contributed into the Agriculture/Small and Medium Enterprises (AGSME) Investment Scheme by 21 banks has been released by the Central Bank of Nigeria (CBN).In a statement yesterday, the apex bank said that a special purpose vehicle (SPV) named Bankers’ Fund Managers Limited, shall manage the scheme, while the Board of Directors (BoD) monitors the implementation of the scheme.“Activities to benefit from the sche

…Says its hurting businesses
The Organised Private Sector (OPS) yesterday, lamented the effects of bad roads to Apapa ports, saying that the gridlock and delapidated road condition also affects cost of doing business.The OPS spoke yesterday at a conference in Lagos on the Petroleum Industry Bill and the impact of bad roads in Apapa on businesses.Director-General of NECA, Mr Segun Oshinowo, for instance said that many companies would close shop if Apapa roads continue to deteriorate.&ldquo

By Olabisi Olaleye
Against the backdrop of high roaming rate and unexplainable deductions by banks and mobile network providers, Bemas Technologies Nigeria Ltd has introduced Univasa, a mobile electronic top-up platform to address these issues.Univasa is an integrated information and technology (IT) service provider, with a robust platform, which specialises in e-top-up, SMS integration, voice automation and data services.According to Bemas Technologies Ltd Chairman, Mr. Kola Balogun, our platfo

By Providence Emmanuel
Micro and Small entrepreneurs under the umbrella of the Association of Micro Entrepreneurs of Nigeria, AMEN, have blamed the government and banks for the unfriendly business environment, which they alleged, has led to the closure of their businesses.
Speaking at a Business Forum in Lagos, President AMEN, Prince Saviour Iche, said epileptic power supply has also contributed to crippling activities of the MSMEs, stating that while the distribution companies, DISCOs, are maki

From Magnus Eze, Abuja
The Federal Government has warned Nigerians to beware of agricultural products smuggled into the country through the land borders, saying such items contain poisonous substances that are injurious to health.This was part of the resolution reach as the Federal Ministry of Agriculture and Rural Development convened a stakeholders’ meeting, yesterday, in Abuja, to discuss strategies for curtailing the influx of smuggled rice, frozen fish and poultry products (turkey and

By Princewill Ekwujuru
Network of Enterprising Women of Nigeria (NEWN) has said that the unveiling of its community business directory will help boost trade among its members.
Mrs Augusta Nwokafor, Coordinator, NEWN, disclosed this during the just ended trade fair held by the organisation for women entrepreneurs in Lagos.
“We have come to understand that businesses thrive based on partnerships and this has impacted the way the NEWN community interact and works for business growth. We suppo

•Loading drops at NNPC, private depots
Olalekan Adetayo, Chukwudi Akasike, Okechukwu Nnodim and  ’Femi Asu
The Federal Government has ordered the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to ensure that the fuel scarcity currently being experienced across the country does not extend beyond this weekend.
The directive was given to the minister on Wednesday during the weekly meeting of the Federal Executive Council presided over by Vice President Yemi Osinbajo at

The Investment and Technology Promotion Office of the United Nations Industrial Development Organisation has launched another phase of its capacity building programme by training over 40 Nigerian women in financial literacy.
The financial literacy project, which is in collaboration with the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture and the Lagos Chamber of Commerce and Industry, is to equip the business owners with interactive online learning packages, financi

Nigeria is set to get another new oil refinery as a government push to end fuel imports attracts investors to the industry.
Petrolex Oil & Gas Limited plans to build a $3.6bn plant with a capacity of 250,000 barrels a day, its Chief Executive Officer, Segun Adebutu, said in an interview with Bloomberg in Lagos. The closely held company is working on the “front-end engineering design” and will complete construction in 2021, he said.
Nigeria, Africa’s biggest oil-producing na

Crude oil prices lost ground on Wednesday on a build in United States’ petrol supplies, an indication of lower demand, and fears about the global economy.
Oil prices came under pressure on Tuesday when the Organisation of Economic Cooperation and Development said inflation moved lower for the world’s major industrialised economies. That followed an OECD warning the previous week of red lights flashing on some economic gauges.
Phil Flynn, a senior market analyst for the PRICE Futures

’Femi Asu
A major player in the nation’s downstream oil and gas sector, Forte Oil Plc, has unveiled its alternative solar energy initiative aimed at bridging the electricity gap in the country.
The Group Chief Executive Officer, Forte Oil, Mr. Akin Akinfemiwa, said at the launch in Lagos that the company decided to invest in solar energy to offer medium-income earners in the country “cost-effective power solutions.”
He said, “The FO solar is out to complement the Fe

•Gas producers owed N153.5bn
Okechukwu Nnodim, AbujaThe Federal Government, in partnership with the World Bank and the United States Agency for International Development, has discovered 38 additional gas flare sites in Nigeria.
Before the recent discovery, data from the Department of Petroleum Resources put the number of gas flare sites in the country at between 138 and 140, according to a senior official of the Federal Ministry of Petroleum Resources.
This is coming as gas producing compan

Okechukwu Nnodim, Abuja
The Rural Electrification Agency has announced its readiness to use the Rural Electrification Fund in providing 75 per cent of the total cost of selected rural power projects.
It stated that the move was to further accelerate the target of attaining 30,000 megawatt of power generation by 2030.
The Managing Director, REA, Damilola Ogunbiyi, who stated this at a stakeholders’ engagement workshop on REF in Abuja, stressed that the fund would create an enabling environm

Leke Baiyewu, Abuja
The Senate Committee on Local Content on Wednesday asked the Group General Manager of the National Petroleum Investment and Management Service, Mr. Roland Ewubare, to appear before it within 24 hours or a warrant of arrest would be issued against him.
At the sitting of the committee, which is probing the variations of the cost of the $16bn Egina deep-sea oil project, the Chairman, Senator Solomon Adeola, alleged that it was becoming a tradition in the Nigerian National Petrol

’Femi Asu
A power management company, Eaton, has expressed its commitment to the Power Africa initiative, which seeks to double electricity supply across Africa and increase access to reliable, affordable and sustainable power.
The company said in a statement that the Power Africa initiative was launched by the former United States President, Barack Obama, during his Africa tour in July 2013 and would continue under the Donald Trump administration.
The programme aims to increase access to

Anna Okon
The Zonal Coordinator in charge of Zone A, Nigeria Customs Service, Aminu Dahiru, has completed a tour of all formations under him with a charge to the officers and men to redouble their efforts in revenue collection, anti smuggling operations, trade facilitation and self development.
Dahiru, an Assistant Controller General of Customs, said his zone comprising all Customs formations in the South-West would intensify the fight against smuggling and import duty evasion of any kind, addin

The N1.3tn proposed budget for 2018 presented by Governor Ben Ayade of Cross River to the state House of Assembly is attainable, so says the Managing Director of the Nigeria Export and Import Bank, Mr. Abba Bello.
Bello stated this on Wednesday in Calabar at the signing of a Memorandum of Understanding and a financial service agreement between the bank and the state government.
While expressing delight at the ambition and aggression being shown by the state with regards to its industrialisation