The Centre for the Promotion of Private Enterprise (CPPE), a leading organized private sector advocacy group in Nigeria, has advised the Central Bank of Nigeria (CBN) to consider fixing the Customs Duty Exchange rate at N1,000/S1 to mitigate the current hardships of business owners, particularly manufacturers, in the country. The Centre’s Chief Executive Officer, Dr. […]
The Central Bank of Nigeria (CBN) at the weekend announced the pegging of the duty rates to be paid by importers to the Nigerian Customs Services during goods clearance. Specifically, the apex bank in a circular signed by its Director of Trade and Exchange Department, Hassan Mahmud, and posted on its website on Friday instructed […]
….As Lagos Maintains Lead in Internet, Voice Subscriptions The National Bureau of Statistics’ (NBS’) at the weekend reported that Nigeria’s active internet subscribers rose to 163,838,439 in Q4 2023 from 154,847,901 reported in the corresponding quarter of 2022, indicating that internet a 5.81% year-on-year increase while on a quarter-on-quarter basis, the number grew by 2.29%. […]
The Central Bank of Nigeria (CBN) has issued a draft revised guidelines in the financial services industry, which seek to raise the minimum share capital of Bureau De Change (BDC) operators to N2 billion and N500 million for Tier 1 and Tier 2 licenses. The guidelines, which seek to enhance the regulatory framework for BDC […]
The British High Commission in Nigeria has commended the Ogun State Government on its aggressive industrial revolution drive, which has turned the state into preferred choice for local and foreign investors over the past few years. The Deputy British High Commissioner, Mr. Jonny Baxter, gave the commendation on Friday when he led a team from […]
The Federation Account Allocation Committee (FAAC) disclosed on Thursday that it shared a total sum of N1,149.816 billion January 2024 Federation Account Revenue to the Federal Government, States and Local Government Councils. The revenue was shared at the February 2024 meeting of the Federation Accounts Allocation Committee (FAAC) chaired by the Minister of Finance and […]
Africa Finance Corporation (AFC) the continent’s leading instrumental infrastructure solutions provider, today signed an equity investment term sheet at the inaugural AMCE African Health Forum in Abuja, pledging up to US$40 million towards the construction of the African Medical Centre of Excellence (AMCE) Abuja hospital. The 500-bed medical health facility is currently being developed by […]
The African Development Bank has committed $80 million in loan financing to the Ekiti Knowledge Zone (EKZ) project aimed at transforming the region into a hub for digital innovation and knowledge economy. Spanning 40 hectares of land, the Ekiti state-led pioneering special economic zone project is designed to foster linkages between educators, researchers, innovators, entrepreneurs, […]
….To Sell 100 Trucks of Rice at Affordable Prices Ogun State has purchased 100 trucks load of rice to be sold at cheaper rates to residents of the state to cushion the effect of the rise in the prices of goods in the country. The state governor, Prince Dapo Abiodun, disclosed this measure on Wednesday […]
Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the fourth quarter of 2023, lower than the 3.52% recorded in the corresponding quarter of 2022, the National Bureau of Statistics (NBS) reported on Thursday. The Bureau, in its ‘Nigeria Gross Domestic Product Q4 2023’ report published on its website, however, stated […]