ASSETS & FINANCIALS

The Central Bank of Nigeria has said it recovered N471.82bn as cumulative repayment from the bank’s intervention programmes in the first half of 2022. According to the apex bank’s half-year report for 2022, the recovery rate rose by 67.3 per …

The International Labour Organisation has pledged to support the Nigerian government in its plan to deliver over two million digital jobs to reduce the nation’s unemployment rate. The ILO Country Director for Nigeria, Ghana, Liberia, and Sierra Leone, Vanessa Phala …

Foreign investments to the manufacturing sector dropped by 35 per cent from $392.5m in the fourth quarter of 2022 to $256m in the first quarter of 2022, the National Bureau of Statistics’ capital importation report for 2023 Q1 has shown. …

The total number of issued Bank Verification Numbers rose to 57.96 million as of July 3, 2023, according to data obtained from the Nigeria Inter-Bank Settlement System Plc. This was as the Central Bank of Nigeria planned to the close …

Aliko Dangote The President of the Pan-African Conglomerate, the Dangote Group, Aliko Dangote, has again been ranked as the richest man in Africa for 12 years, according to Forbes. This was disclosed in a statement on Tuesday titled ‘Forbes 2023 …

Nigerians engaged in wholesale and retail trade and repair of motor vehicles and motorcycles paid a total tax of N167.45bn between the first quarter of 2022 and Q1 2023, according to findings by media. The total tax was raised from Value …

The Federal Competition and Consumer Protection Commission has said it will delist any loan application harassing customers and ask Google to permanently delete such apps from its app store. This was in response to the continued harassment and defamation being …

The International Centre for Tax Research and Development has warned the Federal Inland Revenue Service to restrict from introducing of multiple taxes in Value Added Tax as well as increasing the tax burden on the consumers. It said it would …

Godswill Akpabio, Senate President In a bid to woo foreign investors into the country, the President of the Senate, Godswill Akpabio has assured them of the safety of their investments in Nigeria, adding that the floating of the naira by …

The Manufacturers Association of Nigeria (MAN) has hailed the Federal Government for the suspension of the obnoxious aspects of the 2023 Fiscal Policy Measures describing it as a welcome development for the manufacturing sector. In a statement on Friday, Segun …

The Nigerian Government through the Federal Inland Revenue Service, has announced the VAT Direct Initiative, a scheme aimed towards enabling the government to collect Value Added Taxes from the informal sector and reduce multiple taxations in the informal economy. The …

The cost of borrowing has continued to rise, while growth in the banking industry is declining, according to the Central Bank of Nigeria. In the personal statement made by the Deputy Governor, Financial System Stability Directorate, CBN, Aishah Ahmad, at …

President Bola Tinubu The Centre for the Promotion of Private Enterprise has urged the Federal Government to deploy measures such as the introduction of tax incentives for low-income employees and small businesses and the reduction in import duty on certain …

The World Bank has projected that inflation may hit 25 per cent in 2023 as a result of petrol subsidy removal. This projection was contained in the June 2023 edition of the Nigeria Development Update. However, the Washington-based bank noted …

The Manufacturers Association of Nigeria has warned that the recent floating of the naira, which has led to its devaluation, would increase raw materials import costs and reduce import flows. The association stated this in a position document signed by …

The Chief Executive Officer of LSX Integrated Agro Processing, Leke Oluwatosin has called on the government to explore palm kernel oil processing to boost the sector’s contributions to the country’s Gross Domestic Product. Oluwatosin disclosed this in an interview with …

Nigeria’s external reserves fell by $2.85bn in the first half of 2023 due to external debt finance among other challenges, figures obtained from the Central Bank of Nigeria have revealed. The CBN revealed in its figures on movement on foreign …

Telecommunication firms have said they are working with their regulator, the Nigerian Communication Commission, to review the prices of their services to reflect prevailing market realities, especially the recent unification of the foreign exchange market. According to the telcos, a …

The International Labour Organisation’s Governing Body announced the appointment of Abiodun Adejola as the chairperson for the period of 2023-24. The body also elected officers for the period 2023-2024. A statement by ILO said Adejola had been the Permanent Representative …

Currency in circulation in the country rose by 157.27 per cent at the end of March to N2.53tn as of the end of May, latest figures from the Central Bank of Nigeria have revealed. According to figures obtained by media …