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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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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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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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How Nigeria can benefit from Okonjo-Iweala-led WTO – LCCI

How Nigeria can benefit from Okonjo-Iweala-led WTO – LCCI

The Lagos Chamber of Commerce and Industry has highlighted steps Nigeria needs to take in order to fully take advantage of the opportunities offered by the World Trade Organisation under the leadership of Dr Ngozi Okonjo-Iweala. The LCCI, in a statement on Monday, felicitated with Nigeria on the appointment of Okonjo-Iweala as the Director-General of WTO. The Director-General, LCCI, Dr Muda Yusuf, said, “While the emergence of Dr Okonjo-Iweala as the new WTO Director-General is very gratifying and calls for celebration, there is a need to manage expectations around the outcomes for the Nigerian economy, given the numerous productivity and competitiveness issues...

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Investors find solace in fixed income as bond market surpasses equity’s by N187bn

investors

The fixed income market continues to attract interest from investors who are not satisfied with the returns on investments from the equity market. Market sentiment in the equity market indicates that barring any unforeseen circumstances, the Nigeria’s equity market will close in the negative territory by year end. This is because when transactions ended last week Friday, the overall market performance was -14.6 percent year to date. The declining tempo in the equity market has morphed into a gain for players in the fixed income market. This manifested in the rising value of the market capitalisation of the listed fixed income...

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FG TO INTRODUCE NEW VISA REGIME TO BOOST ECONOMY.

Visa

The Comptroller General (CGI) of Nigeria Immigration Service (NIS) Mr Muhammad Babandede says the Federal Government plans to introduce a new visa regime to boost the economy. Babandede said this at the 2019 dinner and award night organised by the service in Abuja.He added that the new visa regime will be unveiled by the Minister of Interior Mr Rauf Aregbesola before the end of 2019. He said that the regime would put Nigeria in line with global practice adding that the system would be transparent and that security would not be compromised. “The e-visa policy will encourage investors to Nigeria thereby generating Foreign...

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NNPC To Automate Downstream Facilities.

nnpc

The Nigerian National Petroleum Corporation (NNPC) is poised to automate its downstream facilities such as depots, pump stations and measurement systems across the country, NNPC’s Group Managing Director, Mele Kyari, has said. Kyari stated this during a tour of the products’ loading facility and lubricants manufacturing plant of MRS Oil Nigeria Plc. He said the move would align with the corporation’s commitment to accountability, transparency and efficiency in the subsector. Kyari said the visit was a follow-up to the recently inaugurated Operation White initiative, which aimed at taking stock of every drop of white product in every NNPC location nationwide, particularly Premium Motor...

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2020 budget contains N150bn wasteful expenditure.

2020 Budget

The Centre for Social Justice on Wednesday faulted the 2020 budget presented by President Muhammadu Buhari to the National Assembly, stating that the fiscal document contained about N150.07bn expenditures that are “frivolous, inappropriate, unclear and wasteful.” The group stated this in a report made available to our correspondent by its Lead Director, Eze Onyekpere. The report analysed the 2020 budget of about N10.33tn which is currently before the National Assembly. The group in the report called on lawmakers to critically review the fiscal document in order to remove all the expenditures that would not impact positively on the lives of the people. It recommended...

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Reps Proposes Health Bank bill.

health

The Deputy Chairman of the House of Representatives Committee on Health Care and Services, Dr Samuel Adejare, has said that the committee is working on a bill for the establishment of a health bank, which will help to improve health care services in Nigeria. The lawmaker spoke in Abuja during a family planning programme jointly organised by the Society of Gynaecology and Obstetrics of Nigeria, Development Research and Projects Centre, and Partnership for Advocacy in Child and Family Health at Scale. The theme of the programme was, ‘Universal health coverage towards reducing maternal mortality: The role of child spacing and family planning.’ Giving...

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Nigeria’s leather industry generates $600m yearly.

leather

Minister of Science and Technology, Dr. Ogbonnaya Onu, has disclosed that Nigeria’s leather industry generates between $600m to $800m in revenue for the country annually. He stated this yesterday at the “Validation of the Leather Policy Implementation Plan” organised by the ministry in Abuja. Onu, who was represented by the Minister of State for Science and Technology, Abdullahi Mohammed, said there was an urgent need to implement the National Leather and Leather Products Policy to boost leather production as a source of revenue for the country. “Leather has a global market size of about $20b traded annually and a lot of opportunities abound...

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