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World’s central banks offer more seats of membership to emerging markets

Written by on 20 January 2020

The Bank for International Settlements (BIS) has decided to expand its central bank membership base and to increase collaboration by inviting central banks of more emerging market economies to join its membership base and committees. Established in 1930, BIS is owned by 60 central banks, representing countries from around the world that together account for […]

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(MAN)- Manufacturers lament high cost of production, interest rate

Written by on 20 January 2020

The Manufacturers Association of Nigeria (MAN) lamented over the high cost of manufacturing in the country. It was made known that, MAN, in its “Executive summary of 2019 manufacturing outlook,’’ lamented that  manufacturing suffered as a result of many problems, although there was a slight improvement in electricity supply. The report signed by its Director-General, […]

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VAT- Private sector hits FG as Buhari signs finance bill

Written by on 14 January 2020

The law heralds a new regime of Value Added Tax rate of 7.5 per cent, up from five per cent. The Lagos Chamber of Commerce and Industry expressed worry over the increase in VAT; even it said that it was inappropriate to compel loss-making firms to pay tax, no matter how little. Director General of […]

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E-ticketing will end racketeering at train stations – Amaechi

Written by on 13 January 2020

The Minister of Transportation Rotimi Amaechi has assured that the electronic ticketing solution being proposed for the Nigerian Railway Corporation (NRC) will take effect soon. He stated this in response to widespread complaints of alleged ticket hoarding and racketeering by passengers on the Abuja-Kaduna train service. Many passengers complain on a daily basis about ticket […]

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World Bank says Nigeria’s economy to grow by 2.1% in 2020

Written by on 9 January 2020

The World Bank has predicted that Nigeria’s economy will grow by 2.1 percent in 2020, adding that growth in the West African Economic and Monetary Union is expected to stabilise at 6.4 percent. The bank in its January 2020 Global Economic Prospects predicted that Nigeria’s economy will also grow by 2.1 per cent in 2021 and […]

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Lagos-Ibadan Expressway: Expect free traffic flow, says FRSC

Written by on 7 January 2020

The Federal Road Safety Corps has said motorists plying the Lagos-Ibadan Expressway should expect free flow of traffic as contractors return to work on the Berger/Kara Bridge end of the road. The Lagos Sector Commander of the FRSC, Mr Hyginus Omeje, told our correspondent on Monday that adequate plans had been put in place to […]

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Refineries process no crude oil in three months

Written by on 30 December 2019

  Refineries under the management of the Nigerian National Petroleum Corporation stayed dormant for three consecutive months as they processed no drop of crude oil, latest report on the operations of the facilities has shown. An analysis of the consolidated operations of the refineries showed that the plants were dormant in July, August and September […]

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Petrol subsidy hits N47.5/litre as oil price rises $67.86

Written by on 27 December 2019

The subsidy on Premium Motor Spirit, popularly known as petrol, has risen to N47.5 per litre as the expected open market price of the commodity hit N180.78 on Monday, latest data from the Petroleum Products Pricing Regulatory Agency showed. Brent, the international benchmark against which Nigeria’s oil is priced, appreciated on Thursday to $67.86 per […]

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Federal Govt denounce importation of metal products

Written by on 5 December 2019

The Federal Government has expressed concern over the importation of metal products.The Permanent Secretary, Ministry of Mines and Steel Development, Dr Abdukadir Muazu, who spoke in Jos at a workshop organised for stakeholders in Plateau, Benue and Nasarawa States, said that the situation had led to major drain on the nation’s foreign exchange . He […]

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FG generates N876.09bn from VAT within nine months

Written by on 3 December 2019

The country earned a total of N876.09bn from Value Added Tax in the first nine months of this year, statistics released by the National Bureau of Statistics have revealed. The NBS in its VAT report which was released on Monday said the sum of N289.03bn was generated in the first quarter while N311.94bn and N275.11bn […]

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