The National Institute of Credit Administration (NICA) has expressed serious concern about the high-interest-rate on loans being offered by banks to Small and Medium Enterprises (SMEs) in the country, describing it as undesirable for the growth of the enterprises and the nation’s economy. The Registrar/Chief Executive Officer of the professional body, Prof Chris Onalo, in […]
Manufacturing
CBN Raises Customs FX Clearance Rate To N1612/$1
The Central Bank of Nigeria (CBN) has increased the foreign exchange (FX rate) for clearance of goods at different import points from N1593.84/$1 to N1612.28/$1, representing N18.44 increase. The latest FX rate displayed on the Nigeria Customs Service’s (NCS’) portal indicated that the latest FX rate was introduced on Monday, March 11. According to the […]
FG Secures €995Mn For Greener Hope Initiative Programme
The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, on Monday hinted that the Federal Government had sealed a €995 million investment deal with the Brazilian Government and the German Deutsch Bank Group to finance a Green Hope Initiative programme in Nigeria. Kyari, who made the disclosure during President Bola Tinubu’s visit to Minna, […]
NDPC Seals Pacts With Lottery Commission, SMEDAN On Sectorial Regulation
The Nigeria Data Protection Commission (NDPC) has signed Memoranda of Understanding (MoU) with the National Lottery Regulatory Commission (NLRC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), aimed at bolstering data protection initiatives across various sectors of the political economy. The NPDC’s Head, Media Unit, Itunu Dosekun, in a statement issued on […]
Welfarist Policies Crucial To Bridging Nigeria’s Housing Deficit – Adesina
…As 49% Of Population Lives In Slums The President of African Development Bank (AfDB), Dr. Akinwumi Adesina, has charged the Nigerian government to urgently introduce welfarist policies needed to ensure all Nigerians have access to basic and affordable housing. Adesina, who gave the charge in his lecture at the occasion where he was honoured with […]
FIRS Introduces Self-Registration Module On Tax-Pro Max Platform
In furtherance of its sustained drive to digitalize revenue collections at the federal level, the Federal Inland Revenue Service (FIRS) has introduced a self-registration module on the Tax-Pro Max platform. The revenue agency, in a public notice signed by its Executive Chairman, Dr. Zacch Adedeji, indicated that the initiative was part of reforms towards improving […]
Women Got 60% Of DBN’s N700Bn Disbursement To SMEs In 7 Years – MD
The Development Bank of Nigeria (DBN) on Friday disclosed that it had disbursed about N700 billion to Small and Medium Enterprises’ (SMEs’) owners in the last seven years in furtherance of its mandate to support efforts by the government to grow the nation’s economy. The Managing Director of the development finance institution, DBN gave this […]
Nigeria’s Merchandize Trade Value Up 37.2% Y-o-Y In 2023 – NBS
In 2023, Nigeria’s total foreign trade increased to N71.88 trillion from N52.38 trillion recorded in 2022, representing an increase of 37.2% year-on-year (Y-o-Y) These figures were contained in the Foreign Trade in Goods Statistics (Q4 2023) report published by the National Bureau of Statistics (NBS) on Friday, March 8, on its website. The statistics agency […]
767 Manufacturing Firms Shutdown In 2023 – MAN
As the policy reforms-induced current macroeconomic whirlwinds in Nigeria’s business landscape continue unabated, the Manufacturers Association of Nigeria (MAN) has opposed the planned implementation of the Expatriates Employment Levy (EEL) by the Federal Government, saying implementing the fiscal measure could aggravate the crisis in the real sector. The association in a statement signed on Tuesday […]
Fuel, Electricity Tariff Price Caps May Fiscally Cost Nigeria 3% Of GDP In 2024 – IMF
The International Monetary Fund (IMF) has warned that price caps on fuel and electricity tariffs below the cost recovery could result to a fiscal cost amounting to 3% of Nigeria’s Gross Domestic Product (GDP) in 2024. The warning was given by the staff of the Fund in their report on completion of their mission to […]