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Economy Archives - Business Journal
October 13, 2019
₦5tn AMCON Debt: Finance Minister, BPP, ICPC Join Recovery Campaign
The Minister of Finance, Mrs. Zainab Shamsuna Ahmed has charged the management of Asset Management Corporation of Nigeria (AMCON) led by Mr. Ahmed Kuru, Managing Director/Chief Executive Officer to do everything with the powers of its newly amended Act to recover the huge debt owed the Corporation by a few individuals and organisations in the country.
October 1, 2019
Africa’s Reinsurers Concerned about Lower Profitability, Uncertain Economic Outlook
The mood among Africa’s reinsurance executives has become more bearish as declining rates and rising claims weigh on the profitability of the African reinsurance markets with a current premium volume of roughly US$ 7.5 billion. While Africa’s economies are still recovering from the commodity crisis of 2016, which highlighted the continent’s vulnerability to external shocks,
- By : Business Journal
- Economy
September 24, 2019
‘Nigeria’s Company Income Tax Amongst Highest in the World’–Oyedele
Nigeria has one of the highest company income tax rates globally which is a disincentive for business growth, Tax leader, PwC Nigeria, Taiwo Oyedele has said. He spoke on Saturday at the Finance Correspondents Association of Nigeria, FICAN annual workshop themed “Unlocking Opportunities in Nigeria’s Non-Oil Sector.” According to Oyedele, Nigeria is in the top 10 in
- By : Business Journal
- Economy
September 15, 2019
NEXIM, Heritage Bank CEOs for FICAN Workshop on Non-Oil Sector
The Managing Directors of Heritage Bank Limited and Nigerian Export-Import Bank (NEXIM) Limited have all confirmed their attendance at the forthcoming Finance Correspondents Association of Nigeria (FICAN) Annual workshop holding in Lagos. The event, slated for Saturday September 21 at Golden Tulip Hotel, FESTAC Town Lagos, will have the Managing Director, NEXIM, Abubakar Bello deliver the keynote speech while
September 8, 2019
Debt Pile Looms Over Africa’s Fragile Economic Recovery
Africa’s pace of economic growth is set to pick up this year but the recovery remains patchy and debt levels are soaring, adding urgency to the continent’s drive to boost trade, experts told the World Economic Forum on Africa. There are clear bright spots. Five of the world’s fastest-growing economies – Ghana, Ethiopia, Senegal, Côte
- By : Business Journal
- Economy
September 3, 2019
‘Nigeria Faces Huge Revenue Challenge Amidst Escalating Debt Costs’ –– BudgIT
Nigeria might be facing another financial crisis as a result of government failing revenues, BudgIT has warned. In an analysis of the federal government 2018 budget performance, released on September 2, 2019, the civic-tech organization points out that the government spent a sum of N7.51tn based on total revenue of N3.86tn, creating a deficit of
- By : Business Journal
- Economy
September 2, 2019
FOR THE RECORD: CITN Commends FIRS over Tax Collection
Revenue derivable in Nigeria can broadly be categorized under Oil and Non-Oil revenue. The Nigerian economy had for many years been dependent upon revenues derived from Oil and Gas hence the infamous economic meltdown led to the decline in the revenue generated from petroleum resource from the early 2000 till date. Following the recession that
August 30, 2019
Financial Inclusion: FG Targets 36.6m Nigerians with Micro Financial Plans
Following plans to meet its financial inclusion target, the Federal Government has restated its desire to capture over 36.6 million Nigerian adults, representing 36.8 per cent of the working population through the micro segment of insurance and pension sectors. The figure includes self-employed Nigerians that are yet to officially embrace any form of financial services
August 28, 2019
Japan to Support 50m Tonnes Rice Production in Africa
The Sasakawa Association will work with the Japan International Corporation Agency (JICA) to help double rice production to 50 million tonnes in Africa by 2030. Japanese Prime Minister Shinzo Abe made the announcement at the Sasakawa Africa Association (SAA) symposium held on Wednesday during TICAD7. “Japanese technology can play a key role in innovation which
August 27, 2019
G7 Supports Women in Africa Initiative with $251m
French President Emmanuel Macron and G7 leaders on Sunday approved a package totalling $251 million in support of the African Development Bank’s AFAWA initiative to support women entrepreneurs in Africa. “I am particularly proud, as the current G7 president, that the programme we are supporting today, the AFAWA initiative, comes from an African organisation, the
- By : Business Journal
- Economy
August 7, 2019
Nigeria May Lose LNG Market to Benin Republic
With a population of less than 12 million and a GDP of $10.35billion in 2018, Benin is often overshadowed by its massive neighbour, Nigeria. Yet as African countries try to revitalize their energy sector, bring in private capital and develop gas-to-power, it is in West Africa and Benin that observers should look for positive developments.
August 5, 2019
AMCON Takes Over 2 Firms in N3.6bn Debt Saga
Following the order of Hon. Justice B.F.M. Nyako of the Federal High Court Asset Management Corporation of Nigeria (AMCON) has taken over Bao Yao Futurlex Iron & Steel Company Limited in Abuja and Bao Yao Huan Jian Iron & Steel, Calabar, Cross River State. The order therefore mandates AMCON to take over all the assets of Bao Yao
July 17, 2019
Sustained Sell-offs Drag Equities Market… ASI Down 56bps
The downward trend in the equities market continued following price depreciation in GUARANTY (-1.0%), DANGCEM (-0.3%) and UBN (-3.7%). Consequently, ASI dipped 56bps to 28,043.32 points while YTD loss worsened to -10.8%. Similarly investors lost N77.0bn, pulling down market capitalisation to N13.67tn. Activity level improved as volume and value traded rose by 12.5% and 116.0% to 243.7m units and N3.9bn respectively. The top traded
July 12, 2019
Nigeria to be Major Player at Africa Investment Forum 2019
Nigeria will feature significantly in the 2019 Africa Investment Forum scheduled to take place in Johannesburg, South Africa this November, business leaders and government heard at a roadshow event held in the capital Abuja. Following the hugely successful inaugural edition held last year, the African Development Bank’s innovative investment marketplace set up to accelerate investment
