CBN To Kick Off Interchange Fee Regime May 2017

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Adedapo Adesanya Crude oil prices traded higher on Friday, recouping much of the losses from a day earlier blamed on the strength in the Dollar as the market expects slower growth in output from the United States. The international benchmark, Brent crude futures, gained 43 cents or 0.59 per cent to trade at $73.51 per barrel, while the US benchmark, West Texas Intermediate (WTI) crude futures, went up by 0.85 per cent or 60 cents to sell at $71.64 per barrel. The bullish trend pushed crude prices to a fourth straight week of gains. This happened as the Organisation

By Modupe Gbadeyanka MCB Investment Management (MCBIM) has been appointed by the African Development Bank (AfDB) as Fund Manager for its first multi-jurisdictional Fixed Income Exchange Traded Fund (ETF) in Africa. MCBIM is a subsidiary of MCB Capital Markets. Also, the Board of Directors of the AfDB approved a seed equity capital investment of $25 million for the African Domestic Bond ETF (ADBF). The primary objective of the ADBF is to encourage bond issuance in local currencies by facilitating access to local fixed income markets for investors. The ETF will be invested in both government and corporate bonds, and will

By FBNQuest Research We again offer commentary on non-oil revenue collection because it will prove the litmus test for the FGN’s economic policy agenda and because we have an additional three months’ figures from the CBN. The data show collection of N220bn in May and N1.13trn for the first five months of the year. In both cases revenue generation is well short of what the CBN terms the 2017 monthly budget of N445bn.   When we add the said monthly oil revenue target of N450bn, we arrive at a full-year projection of N10.74trn for federally collectible receipts. These are not

By Adedapo Adesanya On Friday, the unlisted securities market further appreciated by 1.53 per cent and it was the fourth trading session the market was closing bullish. The growth reported yesterday at the NASD Over-the-Counter (OTC) Securities Exchange was buoyed by an increase in the share price of FrieslandCampina WAMCO Nigeria Plc and the Nigerian Exchange (NGX) Group Plc. Friesland appreciated by N8.5 or 6.6 per cent to close the session at N128.50 per share in contrast to N128 per share it ended the previous session, while NGX Group improved by N1.43 or 6.9 per cent to finish at N20.80

By Dipo Olowookere These are not the best of times for Nigeria’s Finance Minister, Mrs Folakemi Adeosun, getting into the news for the wrong reasons in recent times. The eloquent and brilliant Economist has been accused of forging her National Youth Service Corps (NYSC) certificate to get jobs in Nigeria, including the present one. According to Premium Times, the former Commissioner for Finance in Ogun State did not participate in the mandatory one-year scheme even after graduating before the age of 30, when she is qualified for an exemption. Mrs Adeosun graduated from the Polytechnic of East London in 1989,

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By Dipo Olowookere The Embassy of the Russian Federation and the Ministry of Education of the Federal Republic of Nigeria have invited all interested and qualified Nigerians to participate in the nomination interviews for awards for Russian governmental scholarships in 2017/2018 academic year. General criteria for eligibility, list of required documents as well as online application form are available on the web-site of the Ministry of Education of the Federal Republic of Nigeria. The Embassy said it would like to notify all applicants, that online application on the web-site of the Federal Ministry of Education is compulsory and must be

By Modupe Gbadeyanka Egyptian government has established a specialized digital forensic lab for Intellectual Property as part of its enforcement schemes of combating software piracy. The new lab, the first of its kind in the MENA region, is mainly designed to resolve business software and internet-based piracy cases. It authentically recovers data from digital devices and unearths new fraud techniques. The latest measures applied aim to enhance the investigative capabilities and ease the digital forensic evidence acquisition, analysis, and reporting. The cutting-edge techniques and latest technologies employed in the lab devise a roadmap for judges, prosecutors, and lawyers. The practiced