The National Institute of Credit Administration has said the availability of loans with low interest rates and flexible repayment terms will boost the profitability of Small and Medium scale Enterprises. In a statement made available to our correspondent on Sunday, the Chief Executive Officer of NICA, Prof. Chris Onalo, said a business-friendly loan would encourage intending and existing entrepreneurs to borrow to start new businesses and expand existing ones. He stated, “It is difficult for businesses to break even with high-interest rate loans because the SMEs have other high operating costs, which will make repayment a challenge to them. To…
Author: Temitope N.
The Senate has warned the executive against increasing the budget size through a supplementary budget, advising the government to use the excess savings that are expected to be made from the recent depreciation of the naira to fund deficit. This came against the backdrop of the depreciation of the local currency against the United States dollar from N900/$r to over 1,500/$, following a series of moves by the Central Bank of Nigeria to unify the parallel and official market exchange rates of the naira. The National Assembly had in December moved the 2024 budget benchmark exchange rate from N750/dollar sent…
Stakeholders in the housing sector have called for a review of the 2024 housing budget to meet up with current realities. In an exclusive interview with The Infostride News, the Executive Secretary of the Association of Housing Corporation of Nigeria said the review of the 2024 budget projection was inevitable. He said, “Between January and now, so many things have changed in the economy. The exchange rate has gone up beyond every projection initiated at the beginning of the year as a parameter for budget preparation. With a sudden rise in the exchange rate, which has surpassed the initial figure used…
Environment experts have recommended the restoration of forest habitats to mitigate the current heat wave emanating from climate change. The experts spoke on the back of the current heat wave that has added credence to the fight against global warming and climate change. The Executive Director of the Global Initiative for Food Security and Ecosystem Preservation, Michael David, said the heat wave is a function of the drying up of streams and rivers. He urged Nigerians to plant more trees and restore forest habitats in homes to mitigate climate change. “To address the impact of heat wave and the drying…
Notore Chemical Industries has announced the appointment of Femi Agbaje as the new chairman of its board of directors. The appointment comes more than three years after former Nigerian Head of State, Yakubu Gowon, retired from the company’s board on January 28, 2021. According to a statement filed with the Nigerian Exchange Limited, the Group Chief Legal Officer/Company Secretary, Otivbo Saleh, said that the appointment will be until the completion of the company’s private placement transaction. Part of the statement read, Notore Chemical Industries Plc (“Notore” or “the Company”) hereby notifies the Nigerian Exchange Limited and the investing public of…
Peter Obi, the Labour Party’s Presidential Candidate in the 2023 general election, has criticized the Accountant General of the Federation for conducting a workshop for State Commissioners of Finance in London while Nigerians face economic hardship. In a statement on Saturday, Obi noted that the Accountant General of the Federation’s office demonstrates a lack of sensitivity to the country’s troubling situation through this action. The past governor of Anambra State asserted that Nigerians should come together to disavow and decry such wasteful activities. Writing on his X handle Obi said “Nigerians must vehemently denounce and condemn the decision of Nigeria’s Accountant-General’s…
Ned Nwoko, the senator for Delta North senatorial district, has disclosed that he receives more than N1 billion for constituency projects. Nwoko, during a recent interview, mentioned that the allocation of resources to senators often varies based on the magnitude of their constituency projects, indicating that it’s not uncommon for some, including himself, to receive larger amounts. This revelation is coming amid the recent controversy of budget padding alleged by Senator Abdul Ningi of the 2024 budget with an extra N3.7 trillion, a fund not tied to any extra project. While the Red Chamber has denied any wrongdoing, some senators have come…
Niger’s junta has with immediate effect revoked all military agreements that facilitated the stationing of U.S. Department of Defense’s military and civilian staff on its territory. This was shared in a statement by Colonel Amadou Abdramane, the spokesperson for the junta in a broadcast on Saturday. This decision comes after a recent visit from U.S. officials, headed by Assistant Secretary of State for African Affairs Molly Phee and General Michael Langley, the commander of U.S. Africa Command, earlier this week. Abdramane, addressing the nation on television, criticized the U.S. delegation for not adhering to diplomatic protocol, noting that Niger was…
Some business owners have called on President Bola Ahmed Tinubu to address the issue of multiple taxation challenges facing Small and Medium Scale Enterprises in the country. According to a statement made available to our correspondent on Wednesday, the call was made at the 11th edition of Inspiring Change Conference 2024 with the theme ‘Enormous possibilities: Navigating uncertainty with confidence’ held in Lagos recently. The stakeholders lamented that aside from contending with the challenges arising from the current unfavourable economic conditions, they were also being subjected to heavy taxation capable of grinding their businesses to a halt. They also tasked…
The President and Chairman of the Council of the Chartered Institute of Taxation of Nigeria, Mr Samuel Agbeluyi, has charged new licensed tax practitioners to uphold ethical standards while discharging their duties. Agbeluyi made the call during the presentation of practising licence certificates on Wednesday in Lagos State. He said, “I urge all of you to consistently demonstrate the highest levels of ethical standards and professionalism expected of licensed tax practitioners. It is important to remember that your actions going forward have a significant impact, not only on your practice but also on the profession and the institute as a…
The Bank Directors Association of Nigeria has called for collaboration between lawmakers, regulatory authorities and the banking sector operators in the formulation and review of banking policies. According to a statement from the association, the call was made when the Chairman of the Board of Directors, Mr Mustafa Chike-Obi, led a delegation to the Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru. BDAN, in the statement signed by its Chief Executive, Adebukola Orenuga, noted that it recognised the pivotal role of regulatory bodies and legislative institutions in shaping the banking landscape. It…
EDIDIONG IKPOTO examines how property developers could take advantage of the capital market to raise construction finance In 2022, the subscribers of the ill-fated skyscraper, which collapsed on Gerrard Road, Ikoyi, Lagos, instituted legal action against the Lagos State Government for attempting to take over the property. The claimants argued that any compulsory acquisition of the property by way of forfeiture in favour of the Lagos State Government would amount to rewarding the government, making it take benefit from the negligence of one of its agencies and in complete disregard of the equitable interest of the applicants, which was worthy…
The Corporate Affairs Commission has pledged to strengthen its relationship with the Nigeria Financial Intelligence Unit to ensure Nigeria exits the Financial Action Task Force’s grey list. The Registrar-General and Chief Executive Officer of the CAC, Ishaq Magaji, stated this on Friday while receiving the Director/CEO of the NFIU, Hafsat Bakari, on a courtesy visit to the commission. In a post on its official handle on X, CAC noted that Magaji approved the immediate set-up of a joint committee with the NFIU and a dedicated desk to handle all its matters. Magaji urged the NFIU to ensure optimal utilisation of…
Economists have urged the government to tackle the challenges posed by high energy costs, and insecurity, which has slowed down food production and foreign exchange volatility, to tame the accelerating inflation in the country. The economists spoke to Saturday PUNCH on the back of the country’s inflation rate climbed higher to 31.70 per cent in February, from 29.90 per cent in January 2024, according to the latest Consumer Price Index and inflation report by the National Bureau of Statistics on Friday. Professor of Economics and Dean, College of Postgraduate Studies, Caleb University, Imota, Lagos, Segun Ajibola, said the inflation rate may not…
A Nigerian food retail firm, FoodCo Nigeria has called for government support in the early detection and treatment of breast and cervical cancer among Nigerian women. This was just as it said that the two diseases are prevalent and with high mortality rates. According to a statement on Saturday, the company’s Head of Innovation, Growth and Business Transformation, Funmi Aiyepeku, made this known during a free health workshop and medical screenings for female staff of the organisation on Friday, in commemoration of the 2024 International Women’s Day. Aiyepeku said, “Considering the numerous and competing roles they juggle as workers, homemakers,…
The number of functional oil drilling rigs across the country increased marginally to 16 in February, data from the latest March 2024 Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries has shown. Figures released by OPEC indicated that the country’s oil rigs increased from 15 in January to 16 in February, a development which industry operators described as significant for the production of crude. OPEC data showed that the country operated an average of 13, 16 and 14 oil rigs in the second, third and fourth quarters of 2023, respectively. An oil rig/platform is a large structure with…
As Nigeria aims to enhance its trade competitiveness on the global stage, analysts are emphasizing the critical role that upgrading ports and transport networks can play in achieving this goal. The country’s ports and transportation infrastructure are integral components of its trade ecosystem, and improvements in these areas have the potential to catalyze economic growth, attract investment, and streamline logistics processes. Unlocking Trade Potential Analysts assert that upgrading ports and transportation networks can unlock Nigeria’s trade potential by improving efficiency and reducing bottlenecks in the movement of goods. With enhanced infrastructure, exporters and importers can benefit from faster turnaround times,…
In a recent statement, the CEO of Autogig, a prominent automotive company, cast doubt on Nigeria’s readiness for the adoption of electric vehicles (EVs). The remarks come amidst growing global interest in sustainable transportation alternatives and calls for reducing carbon emissions. However, despite the potential benefits of EVs, concerns about infrastructure, affordability, and regulatory frameworks present significant hurdles to their widespread adoption in Nigeria. Challenges Hindering EV Adoption The CEO highlighted several key challenges that currently impede the widespread adoption of electric vehicles in Nigeria. Foremost among these challenges is the lack of adequate infrastructure to support EVs. The country’s…
In a bid to catalyze growth and enhance efficiency within the maritime sector, members of the Nigerian House of Representatives are deliberating on the establishment of a dedicated Maritime Bank. This proposed financial institution aims to address specific challenges faced by the maritime industry while unlocking its vast potential for economic development and global competitiveness. **Key Objectives:** 1. **Sector-specific Financing:** The envisioned Maritime Bank would specialize in providing tailored financial products and services to players within the maritime industry. This includes shipowners, port operators, logistics companies, and maritime service providers. 2. **Infrastructure Development:** One of the primary goals of the…
A recent delegation from the European Union (EU) and the Economic Community of West African States (ECOWAS) has expressed concerns over the relatively low Value Added Tax (VAT) rates in Nigeria. The delegation, after a comprehensive review, emphasized the need for a reevaluation of the VAT system to address potential challenges in revenue generation and align with international standards. Key Observations: 1. **Comparative Analysis:** The EU/ECOWAS delegation conducted a comparative analysis of VAT rates across regions and identified Nigeria’s rates as significantly lower than those in many comparable economies. This raises concerns about the adequacy of VAT as a revenue…