Economy
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Lagos, Ogun account for N3.2trn manufacturing output in H2 2021
With a combined manufacturing production value of N3.2 trillion in the second half of 2021, Lagos and Ogun industrial zones are responsible for 86 per cent of manufactured goods consumed in the country and exported. According to the latest data released by the Manufacturers’ Association of Nigeria (MAN), of the N3.73 trillion worth of goods produced across 14 industrial zones…
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NGX Regulation urges public, private sector to implement initiatives against climate change
Given Nigeria’s ambitious climate goals to reduce greenhouse gas emissions by 47% by 2030, conditional on international support, the Chief Executive Officer of Nigerian Exchange Regulation Limited, Ms. Tinuade Awe, has urged all critical stakeholders to prioritize implementing initiatives that positively benefit the environment and combat climate change. Awe stated this during the Financial Reporting Council of Nigeria (FRCN) Stakeholder…
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Company income tax rose by 53.09% to N532.48bn in Q1 2022, says NBS
The National Bureau of Statistics (NBS) on Thursday disclosed that Company Income Tax (CIT) for first quarter (Q1) 2022 increased to N532.48 billion, a growth rate of 53.09per cent on a quarter-on-quarter basis from N347.81billion in fourth (Q4) 2021. The bureau in its CIT report, stated that local payments recorded was N209.13 billion in Q1 2022, while Foreign CIT payment…
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Rumours of Emefiele sack not true, says spokesperson
The head of corporate communications of the Central Bank of Nigeria (CBN), Osita Nwanisiobi has said the rumours of a purported sack of its Governor Godwin Emefiele, is not true. The CBN Governor is in Davos on official assignment, according to report. Several online media blogs have published reports of a purported sack of the Governor of the Central Bank…
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Algerian President sacks Central Bank Chief
Algerian President, Abdelmadjid Tebboune has sacked the Governor of the Central Bank of Algeria, Chief Rostom Fadli. The presidency announced this in a statement on Monday without giving any further explanation. “On Monday ended the functions of the Governor of the Bank of Algeria, Mr. Rostom Fadli, and appointed Mr. Salah Eddine Taleb to replace him,” the statement read. Fadli…
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NCC joins Google to celebrate African month
The Nigerian Communications Commission (NCC) has joined Google to celebrate May as the African month with series of activities. Part of the activities put in place by Google include celebration of African Voices, to spotlight African artists and creatives driving the growth of Afrobeats and African music industry, which was held on Tuesday with a concert at Landmark Event Centre,…
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Forge closer collaboration to tackle economic challenges in West Africa, Buhari urges bank executives
President Muhammadu Buhari Tuesday called on executives of banking institutions in West Africa to forge a closer collaboration to tackle economic challenges confronting the sub-region. Receiving a delegation from the West African Bankers Association (WABA), led by its President, Thierno Seydou Nourou Sy, the President noted that the sub-region must find a common understanding and ground to address low access…
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SEC intensifies efforts on identity management in capital market
The Securities and Exchange Commission (SEC), has stated that the Identity Management System being developed by the capital market would tackle the lingering identity management issues while allowing room for scalability as technology evolves. This was stated by the Director General of the SEC, Mr. Lamido Yuguda when he received members of the Committee on Identity Management for the Capital…
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BREAKING: CBN raises interest rate to 13%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday raised interest rate to 13per cent, leaving all other parameters unchanged. The apex bank’s committee since February 2021 maintained interest rate at 11.5per cent. This is the first time the apex bank will be taking a hawkish policy stance since its July meeting in 2016. Other…
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FCMB suspends naira debit, credit cards for international transactions
Following scarcity in the foreign exchange market, First City Monument Bank (FCMB), a member of FCMB Group Plc, said it suspended Naira debit and credit card for international transactions. The bank in a statement to its customers encouraged application for foreign currency card (USD or GBP Domiciliary account required) that comes with higher access to $5,000 monthly. The Bank said:,…
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