Business Planning

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Otti pledges to make Abia hub for fertiliser production

Umuahia, June 12, 2022 – Alex Otti, the Abia State Governor, has promised to make the state a hub for organic fertiliser production in Nigeria. Otti made the promise on Tuesday while receiving a group of Turkish investors who are willing set up organic fertiliser production plants in the state. He said he would do the all the needful to ensure the group achieve its objective, adding that there were enough raw materials in the state. “For us in Abia, we are very open for business. You know that when …

Unemployment is critical issue in Africa – AfDB President

Nairobi, May 31, 2024 – Dr Akinwumi Adesina, the President, African Development Bank (AfDB), says an increase in the Gross Domestic Product (GDP) must translate to job creation for youths to ensure growth on the continent. Adesina said this at a presentation on the African Economic Outlook held on the sidelines of the ongoing 2024 Annual Meetings in Nairobi. The AfDB president dismissed the pursuit of GDP growth, adding that the quality and impact of growth on job creation are paramount. “We have to ensure that our growth also gives …

Amendment of CBN Laws: CIS, ASHON express concerns

Lagos, May 28, 2024 – Stakeholders in the capital market have voiced reservations over the proposed amendments to the Central Bank of Nigeria (CBN) Act No. 7 of 2007, warning of potential adverse economic consequences. The Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) have raised concerns that the bill could undermine the independence of the Central Bank of Nigeria (CBN). The legislation, which has passed its second reading and is scheduled for a public hearing on May 30th, seeks to modify the …

India to emerge global economic superpower

 New Delhi (India), May 24, 2024 – While the risk of global recession has receded, concerns of inflation are still there which re-ignites the risks of global financial stability. International organisations and rating agencies have predicted further slow-down in global growth this year. Downside risks include an escalation of the recent conflict in the Middle East, financial stress, persistent inflation and slowdown in international trade. A potential debt crisis is looming over the global economic landscape. The International Monetary Fund’s (IMF’s) Global Debt Monitor reported total global debt, private plus …

Original contractors of Ajaokuta Steel Mill ready to return to site – minister

Abuja, May 23, 2024 – The federal government has secured the agreement of the original builders of Ajaokuta Steel Mill to return to site and complete the project. Shaibu Audu, the Minister of Steel Development, disclosed this on Thursday at the Ministerial Briefing on one year anniversary of President Bola Tinubu. He said the contractors were ready to put down $2 billion needed to fund the project which has been in comatose in the last 40 years. “We have initiated a discussion with the original builders of the steel plant to …

Retain MPR at 24.75% – experts advise CBN

Abuja, May 20, 2024 – Some experts have advised the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to retain the Monetary Policy Rate (MPR) at 24.75 per cent. The MPR is the nominal anchor of lending rates in the banking sector. The experts, who gave the advice in separate interviews in Abuja on Monday, spoke against the backdrop of the MPC meeting holding on Monday and Tuesday. Prof. Ken Ife, an economist, said that the seeming success of aggressive tightening in the last two meetings might …

Nigeria’s credit outlook upgrade by Fitch an indication of transparency

Abuja, May 17, 2024 – Vice President Sheu Shettima says the recent upgrade of Nigeria’s credit outlook by Fitch, a global credit agency, is a indication of increasing confidence in the nation’s economy by the global community. Fitch recently upgraded Nigeria’s credit outlook to positive. Shettima made the observation on Thursday during the 141st meeting of the National Economic Council (NEC) at the Presidential Villa, Abuja. “There is no doubt that this government has demonstrated transparency in its financial dealings and projections. “Therefore, it is not surprising that just a …

Shettima presides over NEC meeting

Abuja, May 16, 2024 -Vice President Kashim Shettima is presiding over the 141st meeting of the National Economic Council (NEC) holding at the State House, Abuja. The council advises the federal government on economic matters. It comprises of the state governors, the Central Bank governor, the Minister of Finance and other stakeholders. The last meeting discussed the issue of state police, among others. (GBN)

Biden unveils historic wave of tariffs on ‘strategic’ Chinese imports

Washington D.C., May 15, 2025 – The White House formally unveiled a sweeping array of new tariffs on Chinese goods Tuesday that will raise duties on $18 billion in Chinese imports. The long-awaited announcement will touch an array of sectors, with steel to semiconductors to medical products feeling new duties as soon as this year. Electric vehicles are a key focus of the announcement, with duties there set to quadruple in 2024 from 25% to 100%. The actions also notably do not include the lowering of more than $300 billion …

FG to exempt 95% of informal sector operators from taxes

Abuja, May 13, 2024 – The federal government is planning to exempt 95 percent of Nigerians in the informal sector from taxes.   Taiwo Oyedele, the Chairman of Presidential Fiscal Policy and Tax Reforms Committee (PFPTRC), said this in Abuja at the weekend while speaking to journalists at the end of a retreat organized of the PFPTRC. He said the move was to alleviate the burden of multiple taxation on small businesses and low-income individuals. Oyedele said those earning between ₦25 million and less per annum should be expected from …