TRADE AND INVESTMENT

The Nigeria Employers’ Consultative Association (NECA) has recommended economic policy options that would restore the tottering Nigerian economy to the path of stable growth. These options included a stable and highly predictable revenue stream, growth-focused monetary and fiscal policies, a secure and business-friendly environment, and a legal, regulatory and legislative system amongst others. It also noted that now was the ripe moment for Nigeria to launch a major paradigm shift in its economic philosophy in order to be in a position to contain the adverse impact of the projected global economic recession in 2023, adding that there is a need to design a long-term funding mechanism for tertiary education rather than the call for the increase of TETFUND from the current 2.5 percent t...

To prevent the collapse of the manufacturing sector, job losses and more suffering for Nigerians at the bottom of the economic ladder, the world’s leading management and financial consultancy, PricewaterhouseCoopers, PwC, has called on the Federal Government to improve the tough operating environment in the country before imposing the proposed 20 percent excise tax on soft drinks. Commenting on the existing tax load on the beverages sector and the proposed new tax, Fiscal Policy Partner and Africa Tax Leader at PwC, Taiwo Oyedele, also said that the World Bank, IMF or the ECOWAS committee recommendations notwithstanding, the government should consider the poor and the implication of the policy on the economy. He stated: “We know the government needs money because it does not have eno...

The government has in the past solicited funds for the development of infrastructures. The World Bank says Nigeria would need 300 years to fill its infrastructure gap at its current pace of development. The World Bank recently assessed Nigeria’s capacity to build the kind of infrastructure the country is currently seeking funding for. The assessment shows that Nigeria’s current level of infrastructure is low, and it would take quite a lot to get it to where it needs to be. It also noted that there is a huge discrepancy between the country’s level of borrowing and its infrastructure. The Nigerian government has in the past justified its borrowing expenditure by asserting that the funds would be used to build state-of-the-art infrastructures. Last month, the president of the coun...

The Central Bank of Nigeria (CBN) has revealed that non-oil export receipts stand at about $2.5 billion so far. This was even as the apex bank urged deposit money banks (DMBs) to maintain their banking ratios and take suitable measures to mitigate any potential risks. The Governor, of CBN, Godwin Emefiele, disclosed this during the recent CIBN dinner held in Lagos. Stating the bank’s outlook and policy thrust for 2023, Emefiele said the CBN is of the view that the short-term outlook of the Nigerian economy remains good while adding that in the coming years, its monetary policy will remain focused on the objectives of price, monetary, and exchange rate stability. He noted that based on the expectation of robust non-oil performance, and barring any unforeseen shocks, the GDP growth ...

The National Bureau of Statistics (NBS), said that prices of selected food items as well as kerosene used by households for cooking as an alternative to a gas saw a significant jump in October. This is according to the NBS Selected Food Prices Watch Report for October, released in Abuja on Wednesday. The report said that the average price of 1kg onion bulb on a year-on-year basis, increased by 32.56 per cent from N306.07 recorded in Oct. 2021 to N405.72 in Oct. 2022. Similarly, the average retail price of Household Kerosene (HHK) paid by consumers in October was N1, 041.05 per litre. “While on a month-on-month basis, 1 kg of onion bulb increased to N405.72 in Oct. 2022 from N397.18 recorded in Sept. 2022, indicating a 2.15 per cent increase,’’ the report said. The report showed...

The National Bureau of Statistics, NBS yesterday said that 133 million (63 percent) Nigerians are suffering from multidimensional poverty, with children constituting more than half of the poor people in the country. This means that two (2) out of every three (3) Nigerians are poor and experience just over one-quarter of all possible deprivations in terms of health, education, living standards, and work and shocks. The NBS disclosed this in the 2022 Multidimensional Poverty Index, MPI,   Report launched on Thursday in Abuja. The MPI  is the result of the 2022 Multidimensional Poverty Index (MPI) Survey carried out by NBS and development partners. The survey was a collaborative effort between the National Bureau of Statistics (NBS), the National Social Safety-Nets Coordinating Office (...

The Federal Government through a recently approved policy has banned the export of raw gold, gemstones and other mineral deposits. He said the policy known as the “Down Stream Mineral Policy” was approved to avert the mistakes made in the oil and gas sector. He said the enabling environment had been created for stakeholders in the mines and steel sector to add value to mineral deposits before exporting. He said, “if you mine and you cannot process it yourself, you can sell it off to processors in Nigeria. “These processors would either buy it off you totally or process and resell or they can process and return it to you. “So that is the policy in Nigeria now because we do not want to lose jobs or wealth to other countries.” Adegbite said that when he came into office in 2...

By: Nwanma Ogidi   …  Wins Most Active Women MSMES In The Export Value Chain Winners have emerged at the maiden edition of the Nigerian Export Promotion Council (NEPC) Awards held in Lagos. Gum Arabic Company of Nigeria wins the Nigerian Export Promotion Council award, for the non-oil export award for Most Active Women MSMEs in the Export Value Chain. The Nigerian Export Promotion Council (NEPC) Award is designed to encourage and stimulate hard work, innovation and overall high quality in non-oil export promotion in Nigeria. The 2022 maiden edition of the NEPC award, recognized the Gum Arabic Company of Nigeria among other outstanding non-oil exporters that have significantly contributed to the growth of the non-oil export in Nigeria. The Gum Arabic Company of Nigeri...

The United Nations Development Programme (UNDP) has said the economic programme of the federal government to lift 100 million Nigerians out of multifaceted poverty by 2025 is still possible. This was stated in the UN Multidimensional Poverty Index (MPI) released on Monday to mark the International Day for the Eradication of Poverty celebrated annually on October 17. According to the UN, the MPI was jointly examined by the UNDP and the Oxford Poverty and Human Development Initiative (OPHI) at the University of Oxford. The study revealed that notwithstanding the recession in Nigeria, poverty can be reduced, while innovative approaches to measuring the problems will enable the government to identify the appropriate support. The report measured poverty through its indicators; start...

The National Bureau of Statistics, NBS says 63% of persons living in Nigeria (133 million people) are multidimensionally poor. This is contained in its extensive national measure of multidimensional poverty launched on Thursday in Abuja. The Federal Government of Nigeria through the National Bureau of Statistics Thursday launched the report which is the results of the 2022 Multidimensional Poverty Index (MPI) Survey carried out by NBS and development partners. This survey was a collaborative effort between the National Bureau of Statistics (NBS), the National Social Safety-Nets Coordinating Office (NASSCO), the United Nations Development Programme (UNDP), the United Nations Children’s Fund (UNICEF), and the Oxford Poverty and Human Development Initiative (OPHI). According to th...