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Economy

Remittances to Sub-Saharan Africa drop by $6b, says World Bank

Remittances to Sub-Saharan Africa drop by $6b, says World Bank

Economy
‘Poor performance caused by 27.7% decline in flows to Nigeria’ Remittances to Sub-Saharan Africa fell by 12.5 per cent last year on account of 27.7 per cent decline in inflows to Nigeria, the World Bank has said. The total remittances in 2020 stood at $42 billion compared with $48 billion inflows received by the region in 2019. Nigeria had reported $17.2 billion remittances in 2020 as against $23.55 billion recorded in the previous year.   According to the document the World Bank released yesterday, remittances to Sub-Saharan African countries, but Nigeria remained strong with 2.3 per cent improvement.    But the overall performance was pulled into the negative region by Nigeria, which accounts for 40 per cent of the total amount remitted to the region. It noted an improvemen...
FG unveils policy to tackle phone theft

FG unveils policy to tackle phone theft

Economy
As part of new security measures in the country, especially crimes associated with mobile phones, the Federal Government has put in place a new policy to tackle phone theft crimes in the country. Tagged Device Management System (DMS), which will be managed by the Nigerian Communications Commission (NCC), the strategy will serve as a repository for all registered mobile phones’ International Mobile Equipment Identity (IMEI) and owners of such devices in the country.   The IMEI is a 15-digit unique number for mobile devices that identifies each mobile device and its model specification. It can be used in the tracking of stolen phones.   This new development is contained in the revised National Identity Policy for SIM Card registration recently unveiled by President Muhammadu Buhari; Mini...
Nigeria generates N496b from VAT in Q1

Nigeria generates N496b from VAT in Q1

Economy
Nigeria generated a total of N496.4 billion from value-added tax (VAT) in the first quarter (Q1 2021). This is 9.2 percent higher than N454.69 billion generated in Q4 2020 and 52.9 per cent above N324.6 billion realised in the same period last year. This is contained Q1 2021 VAT data released by the National Bureau of Statistic (NBS) released yesterday. According to the bureau, other manufacturing generated N49.41 billion to top emerge the highest contributor. Professional services followed closely with N42.50 billion while state ministries and parastatals generated N26.96 billion. Mining generated the least and closely followed by pioneering/textile/garment industry with N48.36 million, N77.01 million and N289.41 million generated respectively. According to the data, ou...
Lagos Free Zone to boost Indian FDI to Nigeria

Lagos Free Zone to boost Indian FDI to Nigeria

Economy
Mr Abhay Thakur The Indian High Commissioner to Nigeria, Mr Abhay Thakur, on Friday said that the Lagos Free Zone would impact the Nigerian economy positively and make it a preferred destination for foreign direct investment from Indian companies and the world at large.The High Commissioner said this during a visit to the LFZ in company of senior delegates and corporate executives of Indian companies operating in Nigeria. The LFZ is a world-class industrial zone being developed by Singapore-based Tolaram Group and is the first private free trade zone in Nigeria. Thakur described the LFZ, especially with its integration of the Lekki Deep Sea Port, as a defining project for Nigeria that would impact the economy positively and further open the country to the world as a preferre...
For once, rising oil prices mean falling knives

For once, rising oil prices mean falling knives

Economy
The uptick in oil prices is indicative of a recuperating economy, after an ‘interregnum’ triggered by COVID-19. But for Nigeria, the positive outlook is a reminder of the historic falling knives that is associated with crude and everything it represents in the domestic economy.x If oil prices are bullish, as they currently are, the government earns more money and can fulfil its financial obligations. When it earns less, as it did last year when crude bottomed out as it were, its financial capacity shrinks, sending the economy, which is reasonably dependent on government spending, to tailspin. But the dynamics of oil is much deeper. Nigeria exports crude but imports all the byproducts of the vital resource, including the most touchy premium motor spirit (PMS). With Nigeria’s r...
CBN extends ‘Naira 4 Dollar Scheme’ indefinitely as FX crisis continues

CBN extends ‘Naira 4 Dollar Scheme’ indefinitely as FX crisis continues

Economy
The Central Bank of Nigeria (CBN) has extended the naira for dollar scheme “until further notice”. The bank, in a notice released, yesterday, said that “all aspects of the operationalisation of the programme remain the same.”  The naira-for-dollar scheme, which started on March 8, was originally scheduled to end on May 8, 2020. But the apex bank said the scheme would continue indefinitely. With the scheme, diaspora remittance recipients are rewarded with an extra N5 for every dollar wired through the official routes. The incentive was introduced to show up remittances and discourage the use of informal windows. The extension of the scheme, which financial experts had dismissed as desperate and unsustainable, comes as the pressure on the naira continues.    As of press time, the naira e...
Government plans portal for sale of houses to Nigerians

Government plans portal for sale of houses to Nigerians

Economy
The Federal Ministry of Works and Housing has explained that it plans to unveil a dedicated web portal for the sale of buildings to Nigerians in the next few weeks. Minister of Works and Housing, Babatunde Fashola, who spoke at the ninth meeting of the National Council on Lands, Housing and Urban Development in Jos, Plateau State, stated that the platform would enable contributors to the National Housing Fund (NHF) access mortgage loans on a first come, first serve basis. He said the ministry is currently at the completion stages of the first phase of the national housing programme in 34 states of the federation, which provided land for it. “We urge the state governments to alert their residents to this opportunity for interested persons to apply,” he said. Fashola told Co...
FG grants N22.3 billion tax credit to Dangote Cement

FG grants N22.3 billion tax credit to Dangote Cement

Economy
The Federal Inland Revenue Service (FIRS) has announced the issuance of tax credit certificates valued at N22.321 billion to Dangote Cement Plc. The tax credit certificates were for the construction of Apapa-Oworonshoki-Ojota road in Lagos and the Lokoja-Obajana-Kabba road that goes through Kogi and Kwara States. This disclosure was made by the Executive Chairman of FIRS, Muhammad Nami, who was represented by the Coordinating Director, Tax Operations Group, FIRS, Femi Oluwaniyi, at the certificates presentation event to Dangote Cement. The tax credit certificates for the Apapa-Oworoshoki-Ojota expressway is valued at N21.6 billion while that of the Lokoja-Obajana-Kabba expressway is valued at N721 million. Dangote Cement is receiving the second tax credit certificate fro...
Nigeria records 1.6m grams of Gold production in 5 years — Minister

Nigeria records 1.6m grams of Gold production in 5 years — Minister

Economy
Dr Uchechukwu Ogah, Minister of State, Ministry of Mines and Steel Development (MMSD) says the ministry recorded 1,562,720 grams of Gold production from 2016 to 2020. Ogah disclosed this during the 2021 Annual Public Lecture organised by the Nigerian Society of Engineers (NSE), Bwari branch, in collaboration with MMSD on Thursday in Abuja. The theme of the event was Economic Diversification in the Post COVID-19 Era: Special focus on the Sustainable Development of Nigeria’s Coal and Gold. He said that the ministry recorded 30,112.24 grams gold production in 2016 with 17,458.22 grams in 2017 and 64,000.05 grams in 2018. He added that it had 162,742.53 grams in 2019 and 1, 288,407 in 2020 bring the total production to 1,562,720.04 grams. According to him, Nigeria is blessed wi...
Digital Switch Over launches in Lagos, to beam 60 choice channels to households

Digital Switch Over launches in Lagos, to beam 60 choice channels to households

Economy
The FG launched the second phase of the Digital Switch Over in Lagos on Thursday. The Minister of Information stated that the DSO project would be beaming 60 choice channels to television households with over 1 million Set-Top-Boxes ready. Minister of Information, Lai Mohammed disclosed this at the launch of the DSO project phase in Lagos State. What Lai Mohammed said about the Digital Switch Over launch in Lagos The DSO provides us with a great platform to key into the Lagos Smart City Project, which seeks to use technology to enhance service delivery in all spheres of life.The DSO television platform, branded as FreeTV, offers its viewers about 60 digital channels, including sports, music, movies,and news.In addition, a large number of the 1 million jobs to be created by th...