The International Monetary Fund (IMF) has raised concerns about Nigeria’s huge tax expenditure, estimated at four per cent of the country’s gross domestic product (DGP) or N6.8 trillion in 2021, saying the country could only achieve fiscal stability with aggressive reform of the tax system. With the country occupying the third position among countries with
Nigeria’s central bank has launched a domestic card scheme to rival foreign cards like Mastercard and Visa, hoping to enhance its drive to make Africa’s biggest economy a cashless society and save the country foreign transaction fees. The announcement made by the Central Bank of Nigeria governor, Godwin Emefiele, follows its launch of Africa’s first
Nigeria has opened a billion-dollar Chinese-built deep seaport in Lagos on Monday, which is expected to ease congestion at the country’s ports and help it become an African hub for transshipment, handling cargoes in transit for other destinations. President Muhammadu Buhari has made building infrastructure a key pillar of his government’s economic policy, and hopes
The Joint Admissions and Matriculation Board (JAMB) has commenced training for all administrative staff of tertiary institutions to keep them abreast of the workings of the policy on Monday, 12th December 2022. This follows the introduction of the Interactive e-Brochure and e-Syllabus System (IBASS) The training which was held at the six geo-political zones of
Nigeria is one of the world’s largest oil producers, yet, has failed to develop an oil refinery sector. Fortunately, the Nigerian Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed that Nigeria is a year away from refining its own crude oil. This report is according to Reuters, which stated that the minister had made the
As Nigeria and other African countries continue to explore alternative sources of revenues to meet developmental challenges, President of the African Development Bank (AfDB) Group, Dr. Akinwumi Adesina says diaspora remittances to the continent should be acknowledged, respected and further explored. Adesina’s observation is based on the fact that the value of remittances from the
A Lagos-based firm, God Made Homes (GMH) Limited, has signed a N5,000,000,000 Commercial Paper (CP) agreement with Qualinvest capital limited, Pathway advisors limited and six other professional parties to provide homes for Nigerians. The other six parties are Dupont capital advisory limited, Keystone bank, Ferdinand Eze & Co-auditor to the issuer. The new practices- solicitors
Yabx, a fintech venture headquartered at Netherlands, has announced plans to commence business operations in Nigeria, with a mission to democratise credit across the country with its digital lending offerings. According to a World Bank Report, the private credit bureau coverage in Nigeria was 13.9% in 2019. The numbers must have improved post pandemic but
The naira has continued to depreciate at the official and parallel markets despite the increase in foreign exchange inflows into the economy in the second quarter of 2022. The latest quarterly statistical bulletin of the Central Bank of Nigeria (CBN) shows that total FX inflow into the Nigerian economy increased to $19.5 billion in the second
A telecommunications e-commerce company, Virgin Platform International Ltd has said telecom subscribers in Nigeria spent at least N3.2 trillion purchasing airtime and data in 2021. This is as a result of a service application launched by the organization, My Wallet Shop, an automated virtual top-up (VTU) trading system for global use. Speaking at the unveiling
