Growth

Abuja chamber welcomes FCT tax harmonisation

Abuja Chamber of Commerce and Industry (ACCI) has welcomed the plan by the Minister of the Federal Capital Territory (FCT), Alhaji Muhammad Bello to harmonise tax policies within the territory in order end multiple taxations on by businesses in the territory. The President of ACCI, Alhaji Abubakar, in a statement yesterday, commended the minister for acknowledging the challenges faced by businesses within the territory due to series of levies, charges and taxes from Federal, FCTA and Area Councils. “Multiple taxations within the FCT and the larger national economy has imposed crippling consequences on businesses. “The fallout has been many failed businesses, the rising level of inflation, the non-thriving of existing ones and the lack of capacity to engage many unemployed youths. “We want ...

Minister tasks NAPTIP on domestication of trafficking act

Twitter Hajiya Sadiya Umar Farouq, Minister of Humanitarian Affairs, Disaster Management and Social Development, has urged the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) to ensure domestication of the Act in all states. Farouq gave the advice when the Director-General of NAPTIP, Imaan Sulaiman-Ibrahim paid her a courtesy visit in Abuja on Monday. She said NAPTIP should focus on the domestication of Trafficking in Persons (Prohibition) Enforcement and Administration Act (TIPPEA), 2015 and Violence Against Persons (Prohibition) Act (VAPP), 2015 in all states of the federation. According to Farouq, focusing on the domestication will ease some of the problems currently faced by NAPTIP in the implementation of key interventions and programmes. “I urge you to make use...

‘Christmas village’ boost Akwa Ibom economy with N1 billionn revenue – official

Mr. Orman Esin, the Akwa Ibom Commissioner for Culture and Tourism, has said the ‘Christmas Village’ generated more than N1 billion to the state economy since Dec. 1, 2020. Esin announced this to newsmen in Uyo on Friday. He said that the opening of the village had brought some life back to holidaymakers and citizens of the state. “The Christmas village has created value of more than N1 billion since it was opened on Dec. 1, 2020,’’ he said. “More than 600 vendors attract thousands of visitors every evening, adding that the Christmas village became a must-visit place in Nigeria every December. “With the ravaging Covid19 pandemic and subsequent lockdown, the 2020 Christmas season looked bleak. “Annual events were cancelled all over the world including the record-setting annual 999 events in...

World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021

ABS-CBN The World Bank says global economy is expected to grow by 4 per cent in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. It said this in a statement issued in Washington D.C. on Tuesday at the presentation of the January 2021 Global Economic Prospects. It added that the said recovery would likely be subdued unless policy makers moved decisively to tame the pandemic and implement investment-enhancing reforms. The bank also said that growth in Sub-Saharan Africa was forecast to rebound moderately to 2.7 per cent in 2021, while Nigeria’s growth was expected to resume at 1.1 per cent. For the region, it said that while the recovery in private consumption and investment was forecast to be slower than previously envisioned, export growth was expe...

Report: Jack Ma’s Ant Group considers overhaul due to regulatory pressure

Chinese financial technology giant Ant Group plans reorganisation that would allow it to be regulated more like a bank, Bloomberg reports. Jack Ma’s besieged Ant Group Co. is planning to fold its financial operations into a holding company that could be regulated more like a bank, according to people familiar with the situation, potentially crippling the growth of its most-profitable units. The fintech giant is planning to move any unit that would require a financial license into the holding company, pending regulatory approval, said the people, who asked not be named because the matter is private. The plans are still under discussion and subject to change, the people said. Ant declined to comment. The operations that Ant is looking to fold into the holding company include wealth managemen...

Nigerian government borrows over N2 trillion from bond investors in 2020

Leveraging on excess liquidity that persisted in the banking system and the near zero yields on treasury bills (TBs), the Federal Government, through the Debt Management Office (DMO), raised N2.1 trillion from investors in its monthly bond issuance programme in 2020. This represents 33 percent, year-on-year, (y/y) increase when compared with the N1.58 trillion raised by the DMO in 2019. The N2.1 trillion raised in 2020 also represents 31 percent more than the N1.6 trillion funding target for the DMO under the Revised 2020 Budget. Meanwhile, the monthly bond auctions conducted by the DMO in 2020 recorded 275 percent oversubscription, reflecting scramble for the high yielding FGN bonds by investors. Newsmen report on monthly bond auction results show that the DMO offered N1.825 trillion wort...

CBN: Naira to fall further in January

Barely five days to the end of the year 2020, the Central Bank of Nigeria has disclosed that a survey carried out by its Statistics Department revealed that the naira is expected to depreciate further in January 2021. The report, titled, ‘December 2020 Business Expectations Survey Report’ added that there might also be a steady rise in interest rate from December till the next six months. The naira witnessed a sharp fall in recent weeks, reaching its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been hovering between N460 and N470. As of Friday, however, one dollar exchanged for 465 in the parallel market. Also, the Nigerian economy had on November 21 slid into its second recession in five years when the economy shrank again in the third quarter. Th...

World Bank: Pandemic to push over 115 million people into extreme poverty

A report by the World Bank has noted that over the past 12 months, the Covid-19 pandemic has harmed the poor and vulnerable the most, and it is threatening to push millions more into poverty. This year, the World Bank said, after decades of steady progress in reducing the number of people living on less than $1.90/day, COVID-19 will usher in the first reversal in the fight against extreme poverty in a generation. The report said the latest analysis warns that COVID-19 has pushed an additional 88 million people into extreme poverty this year – and that figure is just a baseline. “In a worst-case scenario, the figure could be as high as 115 million. The World Bank Group forecasts that the largest share of the ‘new poor will be in South Asia, with Sub-Saharan Africa close behind. ddAccording ...

Mutiu Adepoju: It is wrong to call young players next Lionel Messi or Austin Okocha

AOIFOOTBALL.COM Former Super Eagles midfielder, Mutiu Adepoju, says it is wrong to call young players the next Lionel Messi or Austine Jay Jay Okocha since it puts them under lots of pressure. Adepoju, who is also nicknamed the “headmaster” in his playing days disclosed this when he spoke with BBC Sport. According to him, local media and fans must stop as it is not good for the growth of the players. He said: “I believe calling young players in the youth teams as the next Messi or Jay-Jay Okocha is unfair and unnecessary. “Indulging in this comparison is setting them up for failure because the weight of expectations will definitely affect these players mentally. “It’s the main reason some players refused to work hard and be themselves because they easily get carried away by what the press ...

Yuletide: NSCDC chief orders deployment of personnel to flash points

SIGNAL The Commandant General of the Nigeria Security and Civil Defence Corps (NSCDC), Abdullahi Gana Muhammadu, has ordered the deployment of personnel to all nooks and crannies of the country in order to maintain peace, order and effective security of lives, property before, during and after the yuletide season. This is done against the backdrop of various reports of kidnapping, bandit attacks, assassinations and other forms of criminal activities in recent times. In a statement issued yesterday, DCC Emmanuel Okeh, CDPRO, said Gana reiterated that the determination to make the yuletide season hitch free is upper-most in the scheme of things as lots of Nigerians will be traveling to different parts of the country to celebrate with family and friends hence, the need for citizens’ safety. H...

IFDC, EBID sign pact to boost agriculture in West Africa

The International Fertilizer Development Center (IFDC) has signed a Memorandum of Understanding (MoU) with the ECOWAS Bank for Investment and Development (EBID) for the improvement of soil health and plant nutrition in West Africa. The agreement will engender multifaceted programmes aimed at promoting growth and development of the agricultural sector in the West Africa sub region. Though West Africa accounts for two per cent of global fertilizer consumption, fertilizer application rates in the region are still low due to logistical challenges, including reliance on imports that may or may not be appropriate for the various soils in the region. IFDC is an independent non-profit organization, operating in 17 countries in Asia and Africa, which combines science-backed innovations, an enabling...