The Nigeria Sovereign Investment Authority (NSIA), the manager of Nigeria’s sovereign wealth fund and the National Council on Climate Change (NCCC), signed a Memorandum of Understanding (MoU) in furtherance of the collective efforts to mitigate climate change impacts on the country. The MoU, which was signed by the NSIA’s Managing Director/CEO, Mr. Aminu Umar-Sadiq, and […]
The Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, at the weekend charged African governments to remove all trade barriers, especially cost-related ones, in order to optimally explore the opportunities in the African Continental Free Trade Agreement (AfCTA) for national development. The foremost economist noted that the high costs African exporters were experiencing […]
Unilever Nigeria Plc’s shareholders at the 98th Annual General Meeting (AGM) of the company held in Lagos approved the payment of N1.44 billion as dividend for the financial year ended December 31, 2022. In its audited financial results considered at the AGM, the company’s Board reported that the leading manufacturing company posted a turnover of […]
“Fiscal policy measures must seek to ensure a good balance between objectives of revenue generation, boosting domestic production, enhancing the welfare of citizens, promoting economic growth, deepening economic inclusion, facilitating job creation and recognizing societal ethos, beliefs and values.”
“It is therefore insensitive of policy makers to impose a whooping 40% import duty on vehicles in an economy where there is no mass transit system and where vehicle ownership has become a necessity, especially for the middle class”
“The immediate risk is that the domestic wine market would be taken over by imported, and mostly smuggled wine. Ultimately, the Nigerian economy, domestic investors in the sector and the employees of these firms would be the victims of this policy.”
The International Monetary Fund (IMF) has projected that Nigeria and other countries could lose an estimated $10 billion of foreign direct investment and official development assistance inflows to geo-political tensions. The IMF made this projection in its Country Focus on Sub-Saharan Africa (SSA) report published on Monday, indicating that the figure represented about a half […]
The Manufacturing Association of Nigeria (MAN) has reported that the capacity utilization in the real sector declined to 54.9% in the second half of 2022 from 59.0% recorded in the corresponding half of 2021 indicating 4.1 percentage points decline over the period. This disclosure was contained in a summary of the survey findings by the manufacturers’ […]
KPMG Nigeria, a leading economic research and consultancy services provider, has reported that most corporate Chief Financial Officers (CFOs) are not optimistic about Nigeria’s economy recording a significant growth this year. In the firm’s just published ‘The 2023 Annual CFO Outlook Survey’ report about 31 Chief Financial Officers (31%) expect Nigeria’s economic growth to decline […]
As Federal Government’s position on the proposed fuel subsidy removal continues to elicit reactions from Nigerians and other stakeholders globally, analysts have cautioned the government on the need to critically consider the cost-benefit implications for the citizenry and sustainable growth of the economy before implementing the contentious fiscal measure. Reacting to the fiscal policy announcement […]
The Nigerian Exchange (NGX) closed positive for the third consecutive trading session on Thursday amidst buy-interests and sell-offs in a trading session controlled by bulls, thereby driving up the broad market. Data from the Nigerian Exchange Limited on the trading session indicated at the close of the day’s trading, the All-Share Index (ASI) appreciated by […]
The Nigeria Electricity Regulatory Commission (NERC) has unveiled plans to provide four million prepaid meters for electricity consumers in the country. The NERC’s Commissioner, Consumers Affairs, Hajia Aisha Mahmud, who made this disclosure in Jos at the Customers’ Complaints Resolution Meeting, pointed out that providing meters for electricity consumers had been a key challenge in […]