Business Planning

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Business Planning General News Investment

Economy will be private sector-led if elected – Tinubu

Lagos, Jan. 13, 2023 – Bola Tinubu, the Presidential Candidate of All Progressives Congress (APC),  has promised that the Nigerian economy will be private sector-driven if elected. Tinubu made the promise on Friday in Lagos while presenting his economic plan before the organised private sector under the aegis of the Nigerian Economic Summit Group (NESG). Tinubu stressed the need to end the fuel subsidy regime, insisting that it has overstayed.  “My core belief is that the private sector must be the prime driver of economic progress. However, the government establishes the …

Business Planning General News

Nigeria lost N3trn through non-compliance with VAT Act in 2022

Lagos, Jan 10, 2023 – Ben Akabueze, the Director General in the Budget Office of the Federation, says Nigeria lost over N3 trillion  in 2022 through the non-compliance with the Value Added Tax Act. Akabueze said this during an interview on ARISE TV on Tuesday. he attributed the loss to loopholes exploited by foreign shipping companies doing business in Nigeria, but were not remitting tax to government. “Some of the new budget expenditure are normally not in the regular annual budget. “We have the N553 billion the National Assembly missed …

Business Planning General News Oil and Gas

2023 Budget benchmarked on $75 per barrel oil price – official

Abuja, Dec. 29, 2022 – The 2023 federal budget is predicated on $75 per barrel benchmark against the $70 dollars per barrel proposed in the budget estimate presented by President Mohammadu Buhari. The National Assembly, however, retained other parameters of 1.69 million barrels of oil production per day, N435.57 to the US dollar exchange rate, 3.75 per cent GDP growth rate and 17.16 per cent inflation rate. The size of the budget was also increased by the National Assembly from the N20.51 trillion to N21.82 trillion proposed by the president. …

Business Planning General News Money market

FG seeks Senate’s approval to restructure debts

Abuja, Dec. 22, 2022 – President Muhammadu Buhari has written to the Senate for approval to restructure N23.7tn Ways and Means advances given to the Federal Government by the Central Bank of Nigeria. The President made the request in a letter read in Senate Plenary on Wednesday. He said Ways and Means are advances from the CBN to the federal government for emergency funding of delayed receipt of fiscal deficit. ” The ways and means advance by the central bank of Nigeria, to the federal government has been a funding …

Business Planning General News

Inflation rises to 21.47%

Nigeria’s inflation rate rose to 21.47 per cent in November due increased food demand in the festive season. The National Bureau of Statistics’ “Consumer Price Index” for November 2022 released on Thursday, said the figure was 0.38 per cent higher than the 21.09 per cent recorded in October 2022. “In November 2022, on a year–on–year basis, the headline inflation rate was 21.47 per cent. “This was 6.07 per cent points higher compared to the rate recorded in November 2021 which was 15.40 per cent. “This means that in the month …

Business Planning General News

Sanwo-Olu commends small-scale businesses for resilience

Lagos, Nov. 30, 2022 – The Lagos State Governor, Mr Babajide Sanwo-Olu,  has commended the resilience of small and medium scale entrepreneurs despite the harsh business environment Sanwo-Olu, who was represented by the state Commissioner for Commerce, Industry and Co-operatives, Mrs Lola Akande, gave the commendation at the closing ceremony of the 2022 Lagos International Trade Fair held yesterday. He commended the exceptional will-power of participants, especially the small and medium entrepreneurs, whose level of participation at the annual exhibition had remained very strong.” Sanwo-Olu said that the realities of the …

Business Planning General News

Research coy predicts higher 2.7% GDP growth for Nigeria in 2022

Lagos, Nov. 30, 2022 – United Capital Research, a Nigerian research firm, has predicted a 2.7 GDP growth rate for Nigeria in 2022. The research firm gave this projection in its economic outlook for the year, a copy of which was made available to the Global Business News in Lagos on Wednesday. It also predicted that the last quarter of 2022 will record a GDP growth rate of 2.0 percent, describing the 2.3 percent real GDP recorded in the third quarter of 2022 as the eighth consecutive high GDP growth rate …

Business Planning Money market

Nigeria’s GDP declines by 1.78% in Q3 2022

Abuja, Nov. 25, 2025 – Nigeria ‘s Gross Domestic Product (GDP) dropped by 1.78 percent in the third quarter of 2022 from its level in the corresponding period in 2021. The GDP grew by 2.25 percent in real terms in third quarter of 2022 against the 4.03 growth rate recorded in the third quarter of of 2021. The Nigerian Bureau of Statistics (NBS) gave the statistics on its website. It attributed the decline to the base effects of the recession and the challenging conditions that impeded productive activities. The GDP …