Analysis Economy Nigeria Top Stories

Budget 2018 is not budget of consolidation, it is ‘budget that may not happen’

Ihesiulo Grace 14 November 2017 0

President Muhammadu Buhari presented the 8.612 Trillion Naira 2018 Appropriation Bill to the National Assembly a week ago. A breakdown of the budget as presented reveals the following: a. Recurrent Costs = N3.494 trillion; b. Debt Service = N2.014 trillion; c. Statutory Transfers = N456

Business Economy

FG canvasses investors’ support for truck parks, inland dry ports

Ihesiulo Grace 10 November 2017 0

The Nigerian government has initiated a move to woo private investors to invest in the Inland Dry Ports (IDP) and the proposed Truck Transit Parks (TTP) initiated by the Nigerian Shippers’ Council (NSC). The parks and ports as proposed by NSC are designed to be built and managed by private investors. The Vice President, Yemi […]

Business Economy

EU set to enhance SMEs growth in Nigeria

Ihesiulo Grace 8 November 2017 0

The European Union (EU) says it will enhance Small and Medium Enterprises (SMEs) in Nigeria through forging of linkages and partnerships with business innovators. Mr Jean-Jacques Lennon, the EU Senior Manager, made this known in an interview with the Newsmen at the ongoing Lagos International Trade Fair (LITF) in Lagos. Lennon said that some EU […]

Business Economy

Adeosun reveals numbers of Nigerian companies evading taxes

Ihesiulo Grace 6 November 2017 0

Kemi Adeosun, Nigeria’s Minister of Finance has revealed numbers of Nigerian companies that do not pay taxes. Adeosun in a statement said that more than 800,000 companies in Nigeria, including government contractors, have never paid any taxes. “Only 14 million Nigerians, out of an economically active base of 70 million, paid their taxes. “Of the 14 million, […]

Business Economy

Nigeria’s reserves rise $1.1bn as I&E window sees $677.7m inflow

Ihesiulo Grace 6 November 2017 0

Nigeria’s external reserves have in one month accrued $1.12 billion on the back of the rally in oil prices and re-balancing of the Federal Government debt in favour of external borrowing, as the Investors’ and Exporters’ (I&E) foreign exchange window saw an inflow of $677.7 million last week. The price of crude oil has maintained […]

Economy

Fresh trouble for Intels

Ihesiulo Grace 30 October 2017 0

Intels, seems to be in a season of battles as the Oil and Gas Processing Zone Authority (OGPZA) has commenced a probe into the company’s affairs for the past 10 years at the Onne Free Trade Zone. Intels has recently been embroiled in a battle with the Nigerian Ports Authority (NPA0 over its plans to […]

Business Economy

Digital sector: FDI hits $1bn, as e-commerce, payment platform gaining attraction – KPMG

Ihesiulo Grace 29 October 2017 0

Joy Ekeke KPMG has disclosed that Foreign Direct Investment, FDI, into the Nigeria digital space over the last year is almost $1 billion, with the most significant investments going to e-commerce and payment platform companies. Speaking during a press briefing on KPMG Digital Summit 2017 themed: “Leading through Digital,” in Lagos, Boye Ademola, Partner and […]

Economy

Nigeria’s inflation rate to fall to single digit in mid-2018, says Emefiele

Ihesiulo Grace 27 October 2017 0

Nigeria’s Central Bank Governor Godwin Emefiele said on Friday he expected the inflation rate to fall at a faster pace and hit high single-digit rates a mid-next year. “We are very optimistic that food prices will come down and as they come down, it will help to complement the reduction in core inflation,” Emefiele told […]

Business Economy Money Money

Naira gains over Euro, steadies against Dollar, Pound at parallel market

Ihesiulo Grace 22 October 2017 0

.As interbank forex market closes at 305.65/$1 Motolani Oseni The Nigerian currency, Naira, ended foreign exchange trading week at the parallel market on a positive note, gaining over the Euro, while steadied against the US Dollar and Pound Sterling, during the week under review. The Naira, as at close of the interbank official foreign exchange […]

Business Economy

Nigeria’s VAT revenues grow 31.69% year-on-year to N246.3bn in Q2 2017 with manufacturing sector lead contributor

Ihesiulo Grace 21 October 2017 0

Data released by Nigeria’s statistical agency, the National Bureau of Statistics (NBS) Friday indicate that the country generated N246.30 billion as value added tax (VAT) in Q2 of 2017, up 31.69 percent year-on-year over the N187.03 billion realized in the corresponding period of 2016. According to the report, the increase in the amount generated represented […]

Business Economy News

Average price for petrol drops, kerosene increases – NBS

Ihesiulo Grace 20 October 2017 0

The average price paid by consumers for Premium Motor Spirit (petrol) dropped by 1.2 per cent year-on-year, the Nigeria Bureau of Statistics (NBS), has said According to a report on the NBS website, the Bureau also listed states with the highest and lowest average price of petrol in comparison with the approved government price of […]

Capital Market Economy Health

#DTNalert: Evans Medical goes bust

Ihesiulo Grace 20 October 2017 0

In an unprecedented move for the Health Care Sector, Evans Medical Plc announced on Friday that it has been served an Ex-Parte Order of the Federal High Court. The order gave Skye Bank the rights to takeover the assets of the company which was used as collateral against loans granted to the company. Evans Medical, […]

Economy News

Buhari goes to Turkey

Ihesiulo Grace 17 October 2017 0

President Muhammadu Buhari will depart for Istanbul, Turkey, tomorrow, to participate in the ninth Summit of the Organisation for Economic Cooperation (D-8) which starts on Friday. Members of D-8 are Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey. The objectives of D-8 are to improve member states’ position in the global economy, diversify and

Business Economy Politics

FIRS compounds miserable week for Atiku’s INTELS

Ihesiulo Grace 17 October 2017 0

For sure, it has not been a 7 days to remember for Integrated Logistics Services (Intels), the services company owned by former Vice-President Atiku Abubakar. Last week, without any warning, the Nigerian Port Authority (NPA) terminated the lucrative pilotage arrangement that it had with the company. Although the company has come out to say it […]

Agriculture Anambra Times Economy News Top Stories

Anambra and Folio Holdings seal ₦60bn agribusiness deal

Ihesiulo Grace 12 October 2017 0

Anambra State Government Willie Obiano has signed a Memorandum of Understanding with Folio Holdings Limited for the establishment of an agricultural project worth ₦60 billion in the state. According to a report by the Anambra Broadcasting Service, the project is to yield products like rice, fish and staple crops for commercial and export purposes as […]

Economy News

“It is not everything the international community says that works” – Ogbeh

Ihesiulo Grace 1 October 2017 0

Agriculture and Rural Development minister, Audu Ogbeh, has advised policymakers to be mindful of importing international policies and ideas in the country. Ogbeh gave the advice while speaking on the 57th Independence Anniversary of the country in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja. The minister said the country’s […]

Business Capital Market Economy

Oando’s shareholders take up National Assembly invitation

Ihesiulo Grace 1 October 2017 0

Shareholders in Oando Plc have taken up the opportunity provided by the National Assembly to send in petitions related to the state of affairs in the company, as they have sent a petition to the body. Shareholders of the company based in the North, also held a protest in Abuja over the state of affairs […]

Business Economy

MPC leaves monetary policy rates unchanged

Ihesiulo Grace 26 September 2017 0

At the end of its 258th meeting (fifth this year), the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) voted to maintain status quo for the seventh consecutive session by retaining the: Monetary Policy Rate (MPR) at 14.0%; Asymmetric corridor around the MPR at +200/-500bps; Cash Reserves Ratio (CRR) at 22.5%; and Liquidity Ratio […]

Economy News

Fashola calls for cargo to be diverted to Warri and Calabar over Lagos congestion

Ihesiulo Grace 26 September 2017 0

The Minister of Power, Works and Housing, Babatunde Fashola, has called on importers to utilise Warri and Calabar sea ports to decongest the current traffic challenge in Lagos. Mr. Fashola, who made the call on Tuesday in Abuja while addressing journalists, blamed the traffic challenge on the ongoing rehabilitation work on Apapa-Wharf road on congestion. […]

Business Economy

‘No better time than now to invest in Nigeria’ – Rendeavour

Ihesiulo Grace 25 September 2017 0

Senior officials of the Federal Government joined representatives of the Nigerian private sector and American investors to discuss ease of doing business and foreign investment at the Nigeria-U.S. Business and Investment Forum in New York on Tuesday 18 September. Minister of Foreign Affairs, Geoffrey Onyeama, the official representative of President Muhammadu Buhari at the