Economy
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FG sets 30% processing requirement for all exported raw materials
By Kunle Sanni – The federal government is set to introduce a mandatory 30 per cent value-addition requirement on all raw materials before export, a policy officials say will mark a major turning point in Nigeria’s industrialisation drive. Minister of Innovation, Science and Technology, Kingsley Udeh, announced the plan on Friday in Abuja during a press briefing that followed a…
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Nigeria is committed to enhancing South-South economic cooperation, says Bagudu
Nigeria is committed to a deeper South-south economic cooperation, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, told his Tunisian counterpart, Mr Samir Abdelhafidh, in Abuja on Friday.Receiving senior Tunisian officials, including Mrs Achwek Snoussi and Mr Gara Nader, in his office, Bagudu stated that South-south collaboration, particularly among countries with shared aspirations, would facilitate their development and reduce…
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Tinubu inaugurates National Tax Policy Implementation Committee to drive new reforms
By Kunle Sanni – President Bola Tinubu has approved the creation of the National Tax Policy Implementation Committee (NTPIC), a new body tasked with coordinating the rollout of the administration’s recently enacted tax laws. The committee will be chaired by tax expert Joseph Tegbe, a Fellow of the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Taxation…
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Musawa urges integration of art, culture into public-sector excellence
Minister of Art, Culture, Tourism and Creative Economy, Hannatu Musa Musawa, Esq., has called for the integration of art and culture into Nigeria’s public-sector development, describing them as essential to national unity, economic growth and sustainable governance. She made the call on Thursday while addressing trainees at the 4th Legislative Mentorship Initiative (LMI) held at the National Institute for Legislative…
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World Bank urges FG to reduce import tariffs to curb inflation
The World Bank has called on the Nigerian government to urgently reduce high import tariffs and lift certain import bans as a fast-track measure to ease soaring prices and curb rising poverty. This was made known by the World Bank Country Director for Nigeria, Mathew Verghis, during an interview with Arise TV on Thursday. He warned that inflation remains dangerously…
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FCCPC caps digital lenders to 5 apps
The Federal Competition and Consumer Protection Commission (FCCPC) has moved to restrict operators to a maximum of five lending applications as digital lending sector in Nigeria faces a structural shake-up . The new guidelines, which form part of the Commission’s broader effort to sanitise the digital credit space, come with a firm compliance deadline of January 5, setting the stage…
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AfDB approves $500m loan for Nigeria’s economic reforms, energy transition
The African Development Bank Group (AFDB) has approved a $500 million loan to the Federal Government of Nigeria to finance the second phase of the Economic Governance and Energy Transition Support Programme. This was disclosed in a statement by the Bank on Wednesday after its Board of Directors met in Abidjan, Côte d’Ivoire. According to the statement, the policy-based operation…
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Nigeria highlights economic reforms, investment opportunities at Dubai summit
Nigeria showcased its economic reforms and expanding investment opportunities on Saturday at the Renewed Hope Global Summit – Dubai Edition, held at the JW Marriott Marquis Hotel. The event, themed “Nigeria and UAE Partnership: Driving Pathways to Shared Prosperity,” brought together senior government officials, international investors, policy leaders, and business executives, highlighting the nation’s commitment to international collaboration and economic…
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FG mulls recovering Dana Air’s assets to refund passengers, says Keyamo
The minister of aviation and aerospace development, Festus Keyamo disclosed that the federal government may seize Dana Air’s assets to refund passengers and travel agents whose funds remain trapped. The minister spoke on Tuesday in Abuja during the ministry’s fourth-quarter stakeholders’ engagement, themed “leveraging public feedback to drive excellence in aviation services”. Keyamo said he will also instruct the Nigeria…
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FX market turnover now $500m daily without CBN participation, says Cardoso
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso says the country’s foreign exchange (FX) market is now recording an average daily turnover of $500 million — often without the CBN having to intervene. Cardoso spoke at a press briefing after the 303rd CBN monetary policy committee (MPC) meeting in Abuja on Tuesday. He said Nigeria now…
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