Business

NERC frustrating electricity transmission- GenCos

Electricity generation companies in the country, GenCos, say they have had to bear huge burden as distribution companies are taking less power due to an “obnoxious new capacity definition” introduced by the Nigerian Electricity Regulatory Commission.

They said they have sustain huge [...]

Sun, 13 January 2019


FG releases N465m for Abuja-Lokoja road projects

The federal government has approved the sum of NGN464.8million to fast track the ongoing dualisation of the Abuja/Lokoja express road.

The amount allocated to the first session of the road, is part of the N100billion Sukuk bond raised in December 2018 for 28 road projects spread across the six [...]

Sun, 13 January 2019


CBN, MTN resolve $8.1bn repatriation impasse

The prolong tussle between MTN Nigeria and the Central Bank of Nigeria, over the $8.1billion foreign exchange remittances order has finally been put to rest as both parties recently reached an agreement.

CBN in a press release said it reached an amicable resolution of issues relating to foreign [...]

Sat, 29 December 2018


Double taxation: FG asks states to streamline collections

State governments have been asked to harmonise their tax laws to ensure that citizens do not suffer double taxation.

The executive secretary of the Joint Tax Board, JTB, Mr Oseni Elamah, said though concept of multiple taxation is misunderstood in Nigeria, there is the need for proper tax laws [...]

Sat, 29 December 2018


FG eyes $30bn manufacturing exports by 2025

The Ministry of Industry, Trade and Investment has unveiled plans to increase manufacturing exports to about $30billion by 2025 through the development of Special Economic Zones, SEZs, across  the country.

The strategy, the federal government says will set ambitious targets for invest [...]

Sat, 29 December 2018


FGFG refutes allegations of planned tax raise

The federal government has dismissed media reports alleging a planned tax increase to generate revenue to fund the 2019 budget.

The Minister of Finance, Mrs. Zainab Ahmed, said the federal government only intends to increase its tax base and not increase tax rate as erroneously reported in some [...]

Sat, 29 December 2018


Investment inflow drops by 55% between Q1 and Q3

Investment inflow into the Nigerian economy dropped drastically by 55.1percent in the third quarter of 2018, from the $6.3billion recorded in the first quarter of the year.

The latest capital importation report released by the National Bureau of Statistics, NBS, shows that decline was worst fel [...]

Sat, 29 December 2018


FG targets $15bn FDI from 4 trade zones

 

A minimum of $15billion worth of Foreign Direct Investment could be attracted into the Nigerian economy from the four trade zones recently established in the country, the Nigeria Export Processing Zones Authority, NEPZA, has said.

Mr Emmanuel Jime, Managing Director of NEPZA told [...]

Sat, 22 December 2018


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