22nd Nigerian Economic Summit Kicks Off In Abuja

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Investors Hub The major U.S. index futures are pointing to a higher opening on Tuesday, with stocks likely to extend the upward trend seen in recent sessions. The markets may benefit from recent upward momentum, which has helped the major averages close higher for three consecutive sessions. The recent advance by stocks comes despite lingering concerns about a global trade war as tariffs on billions of dollars of U.S. and Chinese goods are set to take effect later this week. Signs of continued strength in the U.S. economy despite the ongoing trade disputes may be inspiring traders to pick

By Adedapo Adesanya Delta State has said the development of a blue economy in Nigeria will attract huge investment to the state in the areas of seaports, tourism, rail and road development, airport, agriculture, oil and gas, housing, among others. This is ahead of the Nigeria Blue Economy Stakeholders Conference in Lagos between January 25 and 27, 2022. The event is organized by Alfe City Institution and will bring together the primary stakeholders of a prospective Nigerian Blue Economy, including the nine littoral states, the Ministries and agencies that would be involved in the management of the new sector. Confirming

By Modupe Gbadeyanka The Nigerian Senate has suspended former leader of the Senate, Mr Ali Ndume from Borno State, for a period of six month. Mr Ndume was suspended from the red chamber on Wednesday after the Senate Committee on Ethics and Privileges chaired by Mr Sam Anyanwu submitted its report today. The Borno lawmaker was suspended after he raised a Point of Order last week calling attention of his colleagues to allegations of importing a vehicle worth over N290 million into the country without paying the right duty by the Senate President, Mr Buhari Saraki, and certificate forgery against

By Kester Kenn Klomegah The inaugural AtomExpo Awards Event was held during the 10th annual International Forum AtomExpo-2018 in Sochi on May 14, 2018. It was the first award ceremony for prize-winners and the prestigious awards were aimed at celebrating excellence in the global nuclear industry, and in particular, the guests and participants celebrated companies that significantly contributed to the development of peaceful nuclear technologies for the benefit of mankind. It was very competitive as a total of fifty-one (51) companies submitted their applications for the competition representing 22 countries: Austria, Belarus, Belgium, Bolivia, Brazil, United Kingdom, Hungary, Ghana, Germany,

By Investors Hub European stocks are holding steady on Wednesday as firmer commodity prices and some solid earnings updates helped investors shrug off North Korea’s threat to scrap a historic summit next month between its leader Kim Jong Un and U.S. President Donald Trump. While the German DAX Index has risen by 0.3 percent, the U.K.?s FTSE 100 Index and the French CAC 40 Index are both up by 0.1 percent. Burberry has rallied after the British luxury fashion house announced another share buyback after reporting full-year adjusted operating profits above analyst estimates. Software company Micro Focus International has also

By Dipo Olowookere Governor Nyesom Wike of Rivers State has been advised by entertainers in Nigeria to give support to local content. Giving this charge was the president of Coalition of Nigeria Entertainers (CONE), Mr Kenule Nwiya, also known as Bishop of comedy. Mr Nwiya, who recently praised the Governor for helping with medical bills of a veteran musician, spoke on a radio show on the forthcoming golden jubilee event of Rivers State. In an interview with Rhythm FM, Mr Nwiya encouraged the planning committee to work together with CONE to promote and grow local content in the state. “I

By Dipo Olowookere Federal government has been identified as the major cause of the slow economic growth rate in Nigeria despite emerging out of recession in 2017. According to analysts at United Capital Research, the fiscal authorities are not currently moving at the same pace with the monetary authority, which is the Central Bank of Nigeria (CBN). In a report published on Wednesday, August 7, 2019, United Capital Research noted that since coming out of recession, Nigeria, the largest economy in Africa, has continued to struggle to record an economic growth rate that is above her population growth. It said

By Adedapo Adesanya  Thursday was a different ball game at the Investors window for the Naira as it depreciated by 48 Kobo against the US Dollar to trade at N363.31 from N362.83/$ it was traded on Wednesday. This was caused by the huge pressure the local came under at the segment as reflected in the daily market turnover yesterday, which continued to rise. Data gathered by Business Post from the FMDQ indicated that the investors window recorded a total turnover of $334 million during the session as against the $302 million worth of transactions recorded on Wednesday. At another segment