It is an almost trivial assertion to state that political imperatives and economic necessities often contradict each other. Central banks reside at the intersection of politics and economics and are therefore potential arenas of conflict between the preferences of politicians and what is considered prudent macroeconomic policy by appointed technocrats.
Investors’ interest and confidence in the Nigerian economy is surging, Minister of State for Finance, Dr. Yerima Lawan Ngama has disclosed. Citing 14 million hits and download of data from the website of the Nigerian Federal Office of Statistics, FOS, as a pointer, the minister observed too, that the percentage of non-filers in Nigeria of companies income tax regime declined from 54 per cent to 46 per cent last year.
NAN: Some financial experts have expressed divergent views on the Federal Government’s stance that the country was still solvent enough to take more loans to develop the economy. Nigeria’s total debt stock now stands at N8.7 trillion out of which N6.85 trillion is the domestic debt stock.
The value of equities listed on the Nigerian Stock Exchange, NSE, appreciated by N284.53 billion last week occasioned by impressive first quarter financial reports released by various companies.
Foreign investors took $2.74 billion out of Nigeria in the first three months of 2013. This was indicated by the Central Bank of Nigeria (CBN) in its economic report for the first quarter of 2013. According to the report, foreign exchange outflow from the economy in the first was $6.54 billion.
Intel Corporation last week charged the University of Lagos, UNILAG students to learn how to create their tomorrow, today by adopting the usage of computer technology in every aspect of their academic and social activities.
Egyptian officials have given firm assurances that necessary precautions have been taken to ensure the safety of the 700 delegates before, during and after the 40th African Insurance organisation national assembly/conference. The Chairman of the Local Organising Committee, LOC and also the chairman of Insurance Federation of Egypt, Mr. Abdel Raouf Kotb speaks on the safety and well being of Nigerians, and other delegates in this interview.
For Nigerian farmers, a new revolution is in the offing as the Bank of Agriculture (BOA) and Cellulant of Kenya sign a deal to provide mobile banking services to Nigerian farmers in a fresh push for financial inclusion among the rural populace.
“Nigerian economic statistics reveal a puzzling contrast between rapid economic growth and quite minimal welfare improvements for much of the population. Annual growth rates that averaged over seven percent in official data during the last decade place Nigeria among the fastest growing economies in the world”. World Bank Report.
Despite 66.7 percent decline in its profit after tax for the year ended 31st December, 2013, the board of directors, MRS Oil Nigeria plc said they are prepared to pay N23.34 kobo dividend to shareholders for their investment in the company.
As argument on the proposed Non-Tobacco Smoking Bill before the Lagos State House of Assembly continues to gather steam, British American Tobacco of Nigeria, BATN, and other stakeholders have said that it will lend its support to any balanced regulation that seeks to reduce the impact of smoking on public health.
Cisco last week said it has discovered that as organizations in Nigeria face the ever-growing challenge of managing the growth of mobile devices and business applications across multiple networks, majority of the businesses are finding it difficult to address issues that are enabling innovation and agility.
The federal government will take every necessary step that will enhance the ease of registration of property in the country.
Standard Chartered Nigeria said it had launched a product which will offer total banking convenience to SME customers to better manage their accounts and process payroll online in the comfort of their offices.
The Debt Management Office (DMO) has said that Nigeria’s Medium Term Debt Management Strategy would help reduce rate of growth of public debts to ensure sustainability. The Director General, Dr Abraham Nwankwo, made this known while briefing newsmen on the importance of the strategy in Abuja.
Managing Director, Central Securities Clearing System (CSCS), Mr Kyari Abba-Bukar, has said that the capital market has created access to funds for infrastructure development through the sale of bonds and equities.
Former Nigeria’s President ,Olusegun Obasanjo, took the 40 percent cassava flour inclusion in bread to Tanzania recently as he urged the Tanzania President to promote the use of cassava in confectioneries in his country to transform agriculture.
…As FG, States, LGs share N721.505bn in April
The Minister of State for Finance, Mr. Yerima Ngama, has said that the country’s Excess Crude Account (ECA) has dropped to $5.27billion. He made this known after the monthly Federal Accounts Allocation Committee(FAAC) meeting in Abuja.
The recent imposition of 35 percent duty on importation of Crude Palm Oil, CPO, into the country by the federal government is beginning to take a toll on associated food industries, as they have started to experience acute shortages in supply of the product, industry stakeholders have said.
Caverton Helicopters has told the House of Representative Committee on Aviation, and its counterpart on Justice that they had no management contract with Rivers State government to operate its aircraft and consequently could not have been under pressure to disown it over the aircraft.
*Say they amount to inducement *Five banks donate N232.65m to FRC in 2012
Shareholders have expressed displeasure over the increasing level of financial donations by corporate organisations to various government and regulatory agencies in the country, calling on the federal government and the National Assembly to put a stop to the practice.
Former Prime Minister of Canada, The Rt. Hon. Joe Clark, has described Nigeria as a country with a rapidly developing economy and Canada’s largest economic partner in sub-Saharan Africa, saying it is time his country and Nigeria forged a “new partnership”.
Federal Government is set to change its trade policy before the end of the year, from the present Free on Board (FOB) to Cost, Insurance and Freight (CIF) which most countries across the world use because of its economic benefits.
New Nation, a grass-roots empowerment project, is set to float student loan scheme in Nigeria by June 2013, as obtainable in developing countries like America.
In spite of the massive potentials of the solid minerals sector in the country, it contributes only marginally to the nation’s Gross Domestic Product (GDP) due to an incoherent policy framework and lack of political will. The President of the Progressive Miners Association of Nigeria, Mr. Sunny Ekosin, in this interview, says that the nation can earn over a trillion naira and create two million jobs between now and 2015 if President Jonathan sets up a Presidential Committee on Solid Minerals to give the sector a push.
Inadequate infrastructure has been severally identified as the biggest challenge to Nigeria’s economic development. Addressing this challenge requires billions of naira, which is beyond what the budget of the three tiers of government can provide, hence the public private partnership approach to solving the infrastructural challenge.
The Central Bank of Nigeria, CBN, has accredited two companies – Superflux International Ltd and Tripple Gee and Company Plc as authorised printers of cheques and other security paper instruments, thereby delisting 13 firms with the exclusion of foreign printing firms.
The management of Mutual Benefits Assurance Plc have lauded the introduction of the ‘no premium, no cover’ policy by the National Insurance Commission, NAICOM, saying that it will impact positively on the insurance sector.
Messrs. Olumide Thompson and Aniche Phil-Ebosie are two young Nigerians who left juicy positions in the corporate world to follow their passion in renewable energy and waste management because according to the duo, renewable energy is the future. They came together to establish Midori Environmental Solutions, a Lagos-based environmental company which focuses on transforming waste to value. They spoke with Financial Vanguard in Lagos recently