Author: tolulope

FG implements cooking gas imports tax, price jumps by 100%

LPG

The Federal Government has implemented a 7.5 per cent tax on imported Liquefied Petroleum Gas, popularly called cooking gas, as the cost of the commodity leap by over 100 per cent within a period of eight months. It was gathered on Sunday that the government implemented the VAT on LPG imports about three weeks ago and some dealers were also mandated to pay the tax for commodities imported several months ago. Operators told our correspondent that Nigeria imports about 70 per cent of the commodity, while the rest was mainly supplied by the Nigeria Liquefied Natural Gas company. It was also gathered that...

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CBN engages British fintech to develop digital currency

CBN-financed farmers cultivated 3.64 million hectares – Emefiele

The Central Bank of Nigeria, on Monday, announced the formal engagement of a global fintech company, Bitt Inc., as the technical partner for its digital currency. The CBN said the digital currency, called ‘eNaira’, would be unveiled before the end of this year. According to a statement by the acting Director, Corporate Communication, Osita Nwanisobi, this was disclosed by the CBN Governor, Godwin Emefiele, who said the benefits of the central bank digital currency include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, and easier targeted social interventions. He said the virtual currency would also ensure improvements in monetary policy...

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ECOWAS counsels Nigeria to raise VAT on hotels, others

ecowas

The Economic Community of West Africa States has canvassed an increase in the Value Added Tax on luxury items including perfume, wine and other alcoholic beverages, fuelling speculations about inflation on the items. According to ECOWAS, Nigeria remains the least VAT paying country in West Africa. The ECOWAS Director of Domestic Tax, Tiemtore Salifou, made the submission on the sideline of a two-day regional seminar on problems of tax transition in West Africa which ended in Abuja on Friday. He however suggested that the increase should be on products that would not impact negatively on poorer Nigerians. While emphasising that there was no economic...

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300 youths to become agripreneurs

The Lagos State Government has said no fewer than 300 youth agripreneurs from its Lagos Agripreneurship Programme and the Agricultural Youth Empowerment Scheme will be empowered on Thursday. The government said the youths would be empowered at the 2021 Agricultural Value Chains Empowerment Programme on Thursday. The Commissioner for Agriculture, Ms Abisola Olusanya, made this known in a statement on Sunday, noting that this year’s empowerment programme was to create an enabling environment for youths in the field of agriculture. She said, “We have a total of 300 participants out of which 240 is for aquaculture and 60 for poultry. Out of the...

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Stock market hits two-week high, investors gain N103bn

Nigerian stocks closed with a market capitalisation of N20.03tn on Tuesday, its highest in two weeks as investors gained N103.23bn at the end of trading. The Nigerian Exchange Limited All-Share Index rose by 0.52 per cent to close at 38,418.04 basis points from 38,220.01bps on Monday. The volume of shares traded rose by 2.23 per cent as 288.93 million shares valued at N2.42bn were traded in 4,640 deals, compared to 282.62 million shares worth N1.87bn transacted in 4,788 deals on Monday. At the end of trading on the floor of the NGX, 28 companies saw an increase in their share prices, with May...

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AfDB appoints new director-general for Nigeria

The African Development Bank Group has appointed Mr. Lamin Barrow as the director-general of its Nigeria office. According to a statement issued by the bank on Tuesday, before his appointment, Barrow was Acting Senior Director, Nigeria Country Office, in the Regional Development, Integration & Business Development Vice Presidency. Commenting on the appointment, President, AfDB, Dr Akinwumi Adesina, said, “Mr Lamin Barrow is a seasoned professional, with a proven track record in strategic management, country dialogue, portfolio management, negotiations and building partnerships. “The Nigeria Country Office is strategic for the bank as it manages a large country portfolio and operations with State governments and...

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Firm to build Nigerian cars, generators powered by gas

Indigenous energy startup, OMAA, displayed its locally assembled vehicles and generators fuelled with gas at the recently concluded Nigeria International Petroleum Summit. The company’s founder, Chinedu Oguegbu, said at the event that the company would be pioneering energy mobility as it would be producing vehicles and generators powered by Compressed Natural Gas to maximise gas to harness the nation’s economic potential. He was quoted as saying, “Nigeria is in the top ten and this is incidental because so far, there have been very little prospects in terms of gas; its incidental for us trying to get the crude. “What it means is that...

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Terminal operators invested N538bn in port development — STOAN

The Seaport Terminal Operators Association of Nigeria has said private terminal operators at the seaports invested N538bn in port development from 2006 after the concession of the ports to December 2017. The spokesperson for STOAN, Dr Bolaji Akinola, said this in a statement made available to our correspondent while reacting to other issues he said were responsible for the Apapa gridlock. He said, “The major challenges facing port operations in the country are dilapidated port access roads, poor traffic management, and manual examination of cargo by Customs. “Terminal operators, like other business entities in Apapa, are victims of the dysfunctional state and chaos...

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TEF trains 200,000 entrepreneurs

TEF trains 200,000 entrepreneurs

The Tony Elumelu Foundation has trained over 200,000 young African entrepreneurs in core business management skills across 54 African countries as part of its 2021 TEF Entrepreneurship Programme, the Foundation has said. The foundation in a statement by on Wednesday said the TEF entrepreneurship programme would equip entrepreneurs with critical skills required to launch their businesses at the early growth stage. It said the foundation hosted entrepreneurs to weekly information sessions to address relevant concerns and share vital programme updates as well as provide active support from coaches and mentors. The foundation said it hoped to train and empower thousands more across the...

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Experts worry as rice imports increase by 200MT

rice

Agricultural experts have expressed concern over the increase in rice imports into the country despite interventions in the value chain by the Central Bank of Nigeria through its Anchor Borrowers Programme. Speaking at the ongoing 44th National Council on Agriculture and Rural Development in Abuja, industry experts observed that it was becoming tough to guarantee food security in Nigeria following widespread insecurity across the country. Delivering a presentation at the council, a professor of agricultural economics and policy as well as Chair, Infrastructure, Nigeria Zero Hunger Forum, Gbolagade Ayoola, said findings showed that Nigeria imported about 200MT of rice in 2020. He said...

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