Economy
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Nigeria’s capital importation drops by 51.90% in Q3 2024, says NBS
Nigeria’s total Capital Importation for the third quarter (Q3) of 2024 witnessed a 51.90per cent decline from the previous quarter, falling to $1.25 billion. This drop, compared to the $2.60 billion recorded in Q2 2024, highlights a sharp contraction in foreign investments despite an overall annual increase of 91.35per cent from Q3 2023. The latest Capital Importation report by the…
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VP Shettima launches 2024 Economic Report, pledges inclusive growth
-As Renewed Hope Agenda yields promising results across multiple sectors KUNLE SANNI The Vice President, Kashim Shettima, has officially launched the 2024 Nigeria Economic Report, with a firm assurance that ongoing reforms by the government will yield inclusive growth in no distant future. According to him, the strategic policy interventions of the administration of President Bola Ahmed Tinubu are already…
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2025 budget key to progress, prosperity of Ogun people—Elders Council
The Governor’s Elders Advisory Council (GEAC) in Ogun State has described the proposed N1.054trn budget presented by Governor Dapo Abiodun to the state House of Assembly on Wednesday as a key to the much-needed progress and prosperity for the people of the state. The Chairman of the Council, Chief Olu Okuboyejo, made this known during a chat with newsmen shortly…
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Market Regulation: Senate passes ISB 2024 into law
In a major boost to the operations of the Securities and Exchange Commission and the Nigerian capital market, the Senate of the Federal Republic of Nigeria has passed the Investments and Securities Bill 2024. The Investments and Securities Bill, meant to repeal the Securities and Exchange Commission (SEC) Act, scaled second reading on the floor of the Senate Wednesday. During the consideration of the…
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NCC highlights significance of designating telecoms as CNII for economic stability
The Nigerian Communications Commission (NCC) has highlighted the significance of the Federal Government’s recent designation of the telecommunications sector of the economy as one of the Critical National Information Infrastructure (CNII) in the country. Nigerian Government’s latest move has been described as “a major step” towards securing the West African country’s communications and digital infrastructure. Critical National Information Infrastructure refers…
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Google, Microsoft, others pay N2.6trn taxes in Nigeria, NITDA reveals
The National Information Technology Development Agency (NITDA) has revealed that foreign digital companies operating in the country, including Google, Microsoft, and TikTok, among others, paid a total of N2.6 trillion in taxes in the first half of this year. The Agency disclosed this in a statement issued on Tuesday by its Director of Corporate Communications & Media Relations, Mrs. Hadiza…
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JUST IN: South Africa eases visa rules for Nigerian tourists, business people
By Kunle Sanni President Cyril Ramaphosa has announced that Nigerian tourists and business travelers can now apply for visas to South Africa without submitting their passports. Speaking at the 11th session of the Nigeria-South Africa Bi-National Commission (BNC) in Cape Town on Tuesday, which was attended by President Bola Tinubu, Ramaphosa highlighted South Africa’s efforts to simplify its visa processes.…
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Tax Reform Bills: We shouldn’t allow few provisions to cause obstruction- Oyedele
The Chairman of the Presidential Tax Reform Committee Taiwo Oyedele has urged Nigerians not to allow few grey areas in the proposed tax reform bills to cause obstruction to the passage of the bills. Controversies have trailed the bills since it was sent to the National Assembly by President Bola Tinubu, with prominent northern leaders vehemently rejecting the bills on…
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DMO unveils FGN savings bonds for Dec, jerks’ interest to 18.48%
The Federal Government through the Debt Management Office (DMO), has officially launched the subscription window for the Federal Government Savings Bonds (FGN Savings Bonds) for December 2024. This initiative, aimed at fostering national investment, invites both individual and institutional investors to partake in the opportunity over a four-day period, from December 2 to December 6, 2024. This month’s bond offering…
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Nigeria issues two Eurobonds with yields over 10%
Nigeria is returning to the international capital markets for the first time in over two years with a significant Eurobond offering, aimed at funding the country’s 2024 budget deficit. The government is issuing $500 million in 6.5-year bonds, alongside a benchmark-size offering of 10-year bonds, with yields expected in the 10.125% area for the shorter-dated securities and 10.625% for the…
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