Infrastructure: Nigeria Unable To Meet Up With $127 Billion Financing Requirement

Infrastructure: Nigeria Unable To Meet Up With $127 Billion Financing Requirement

Nigeria has fallen alarmingly short on the $127billion estimated required investment to bridge the country’s infrastructure deficit. With the five-year short term plan investment of $127 billion proposed by the National Integrated Infrastructure Masterplan (NIIMP), less than 10 per cent $11.5billion (N5.5 trillion) had been budgeted for capital projects in the last four years. The NIIMP projects that Nigeria will need an average of about $25 billion yearly, or five per cent its Gross Domestic Product (GDP) for five years, to enable the nation to kick-start its infrastructure renaissance. A…

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VAT, Digital Economy Key To Unlocking Africa’s Economy – Fowler

VAT, Digital Economy Key To Unlocking Africa’s Economy – Fowler

Chairman of the Federal Inland Revenue Service, Babatunde Fowler, has advised developing countries to grow Value Added Tax and tax revenue from the digital economy to lessen dependence on revenue from natural resources. Fowler, who is also the First Vice Chairman of the United Nations International Committee of Tax Experts and Chairman, African Tax Administration Forum (ATAF), recently gave the advice in New York in an address delivered at the opening of the Meeting of the United Nations’ Economic Council (ECOSOC) on Taxation on and Digitalisation of the Economy and…

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NNPC, FG Plays Mute On $6.59 Billion Gas Contract Judgement 

NNPC, FG Plays Mute On $6.59 Billion Gas Contract Judgement 

Absence of institutional framework stalling Nigeria’s progress, say stakeholders The Ministry of Petroleum Resources, the Department of Petroleum Resources (DPR), and the Nigerian National Petroleum Corporation (NNPC), are yet to take a position after a United States court gave a $6.59 billion default decision against the Federal Government. The sanction was for the parties thwarting a gas deal involving British firm, Process & Industrial Development Limited (P&ID). The gas processing and production agreement reached between Nigeria’s Petroleum Ministry and the P&ID was halted after the British company accused Nigeria of…

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FG Invests $30 Million Into Ondo Ethanol Project

FG Invests $30 Million Into Ondo Ethanol Project

The federal government has dedicated $30 million for the Cassava Ethanol Project at Okeluse in Ose Local Government area of Ondo State. The project, which would be sited on 15, 000 hectares is between the Ondo State Government and the Nigeria National Petroleum Corporation (NNPC). The move by the federal government was disclosed by the Senior Special Assistant to Governor Oluwarotimi Akeredolu on Agriculture, Mr Akin Olotu. Olotu, spoke in Akure, Ondo State, during the dedication of five awards won by the officers of the State office of FADAMA III…

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Elumelu: ‘Nigeria’s Economy Headed In The Right Direction

Elumelu: ‘Nigeria’s Economy Headed In The Right Direction

The founder of the Tony Elumelu Foundation (TEF), Mr. Tony Elumelu, yesterday said Nigeria’s economy is headed in the right direction, describing 2016 as a terrible year for the economy. Elumelu, who said this in an interview monitored on CNN yesterday, also disclosed that his Group would in the next few weeks, close a $2.5 billion oil asset acquisition deal in the country. According to him, “things are changing in Nigeria and it appears our economic managers have finally gotten a strong grip on the economy.” The Chairman of the…

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Over 2,000 Export Containers Detained At Apapa Port

Over 2,000 Export Containers Detained At Apapa Port

Nigerian exporters and other foreign firms, who are in the habit of exporting goods underground and without documentation, have run into hitches as the Nigeria Customs Service have stopped such exports from leaving the country. The Apapa Area Command, NCS, confirmed this when it stated that about 2,000 containers laden with various items for exports had been halted  at the Lagos Ports Complex due to improper documentation. The Controller of the Command, Abubakar Bashir, who stated this, said one shipping line alone was in possession of 2,000 containers without proper…

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2018 Deficit Spending May Rise Above  N4 Trillion

2018 Deficit Spending May Rise Above  N4 Trillion

Except the Federal Government adopts a pragmatic approach to shore up its independent revenue, the fiscal deficit in the 2018 budget may widen from the appropriated sum of N1.9tn to N4.4tn, an economic report prepared by Afrinvest West Africa has revealed. The company in its ‘Nigerian Banking Sector Report’, which was launched on Monday in Abuja, predicted a revenue underperformance of 40 per cent in independent revenue of the government. It said that as a result of political distractions caused by election campaigns, the fiscal deficit might widen to up…

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FG Issues Gold Refining License To Foreign Investor

FG Issues Gold Refining License To Foreign Investor

The Federal Government on Monday announced that the country would soon commence the refining of gold as it had issued the first gold refining licence to a firm known as Kian Smith Limited. According to the Minister of Budget and National Planning, Senator Udo Udoma, the Federal Government will also commence the purchase of gold from local refiners, adding that these were outcomes of the recent Economic Recovery and Growth Plan Focus Labs. Udoma, who spoke at the ongoing 24th Nigerian Economic Summit in Abuja, said, “As an outcome of…

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Auto Makers, Dealers Believe The Long-Expected Decline Is An Eventuality

Auto Makers, Dealers Believe The Long-Expected Decline Is An Eventuality

A growing number of auto dealers around the country is seeing a noticeable drop in retail sales and customer traffic in showrooms, raising the possibility that a long-anticipated slowdown in auto sales has arrived. “We are definitely seeing business pull back,” said Scott Adams, the owner of a Toyota dealership in Lee’s Summit, Missouri, just outside Kansas City. “September was off some, but this month our car sales are down 12 percent and our truck sales are down 23 percent.” Other dealers tell CNBC they saw a significant drop in…

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CIIN Partners Nigerian Varsities On Insurance Education

CIIN Partners Nigerian Varsities On Insurance Education

The Chartered Insurance Institute of Nigeria (CIIN) has unveiled plans to deepen insurance education through the universities, as well as equipping young professionals to lift the sector to a greater height.The President of CIIN, Eddie Efekoha, who disclosed this at a media parley in Lagos, said the initiative is open to professionals between 21 and 30 years, adding that the institute had written underwriting companies to send their staff within the age bracket to attend the event, while 31 companies had so far indicated interest to participate. According to him, the institute believes…

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