The Managing Director/CEO of Financial Derivatives Company Limited, Mr. Bismarck Rewane has said that Nigeria has fallen from the 32nd largest economy in the world to 42nd, and that Ghana had overtaken Nigeria in Gross Domestic Product (GDP) growth. He added that in Africa, Nigeria has also descended from first to fourth in terms of wealth management and accumulation. In …

The Naira yesterday depreciated in the parallel market to N1,515 per dollar from N1,495 per dollar on Wednesday. Similarly, the Naira depreciated to N1,485.66 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,485.66 per dollar from N1,462.59 per dollar on Wednesday, indicating N23.07 depreciation for …

The Central Bank of Nigeria (CBN) released a total sum of $2.13 billion to Nigerians for importing food products in 2023, according to findings by The PUNCH. According to the quarterly statistics of the Central Bank of Nigeria, the forex release showed that there was consistent demand from foreign countries despite being touted as the food basket of Africa. This …

Cross River State government, has secured a $3.5 billion funding from the Pan-African multilateral financial institution, African Export-importbank (Afreximbank), for some of its key infrastructure projects in the state. The state governor, Senator Bassey Otu, who was in Egypt, last week for a workshop, also visited the African Export-Import Bank (Afreximbank) in Cairo to explore partnership in key infrastructure projects …

To boost the ease of doing business in the mining sector, the Federal Government has launched the Nigeria Mineral Resources Decision Support System (NMDSS). Launching the system, the Minister of Solid Minerals Development, Dr. Dele Alake said that the portal would expand access of prospective investors to critical information on Nigeria’s mineral deposits, policies guiding the mining sector and incentives …

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies. Inflation in Nigeria remains stubbornly high at 33.2 per cent, the highest in three decades, while food inflation is higher still at 40 per cent. In an interview with the Financial …

President Bola Tinubu has commended the inauguration of Nigeria’s largest lithium processing plant in Lafia, Nasarawa State, hailing it as a clear indication of the country’s attractiveness for foreign investment. He made the remarks on Friday in Abuja during a meeting with Governor Abdullahi Sule of Nasarawa State, who was accompanied by Mr. Hi Yongwei, Chairman of Avatar New Energy …

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele has said that reports he is proposing an increase in Value Added Tax (VAT) rate have been quoted out of context. At a policy exposure and impact assessment session, organised by the committee on Wednesday, Oyedele had said: “We need to adjust the VAT rate …

Nigerian companies have started to settle their overdue dollar obligations, Bloomberg reports. This follows recent reforms implemented by the Central Bank of Nigeria (CBN), which have resulted in increased liquidity within the Nigerian foreign exchange market. According to Bloomberg’s findings, major Nigerian companies such as MTN Nigeria Communications Plc, BUA Foods Plc, and Cadbury Schweppes Overseas Limited’s Nigerian arm have …

Value Added Tax (VAT) will be increased from the present 7.5 per cent, if the Federal Government accepts the position of the Presidential Committee on Fiscal Policy and Tax Reforms. At a policy exposure and impact assessment session, organised by the committee on Wednesday, its chairman, Mr. Taiwo Oyedele said: “We need to adjust the VAT rate upward. We would …