Economy

We’re Providing Environment for Investments to Thrive—Buhari

Published

8 years ago

28/02/2018

By Dipo Olowookere

The role of Dangote Group in the President Muhammadu Buhari administration’s plan for economic recovery and growth has been applauded.

Speaking while declaring the Kaduna International Trade Fair open at the weekend, the President urged the private sector operators to join hand in bolstering nation’s economy.

He described them as key to modern economic growth and development, pointing out that government was desirous of providing the enabling environment for investments to thrive.

Mr Buhari, who was represented by the Minister of Industry, Trade and Investment, Mr Ekechukwu Enelama, commended the role of the Dangote Group and private sector operators in general in creating jobs for the youth, adding that the government was partnering the private sector in its industrialization drive.

The Dangote Group was also commended for the sponsorship of the 39th edition of the Trade Fair.

The Minister took time to visit the Dangote Pavilion where he was introduced to the company’s various innovative products.

Kaduna State Governor, Mr Nasiru El-Rufai, who was represented by his Deputy, Mr Barnabas Bala Bantex, said he was impressed by the various innovative products displayed at the pavilion of the Group.

The Governor also said his administration was looking into partnering with the company on the issue of concrete road.

Speaking, Group Executive Director Stakeholders Management and Corporate Communications Engr. Ahmed Mansur said the Group was investing heavily in the agricultural sector.

Mr Mansur said very soon Nigeria will witness an exponential opening in jobs for the country’s teeming youths, as hundreds of thousands of jobs will be created by the Group.

Meanwhile, the Kaduna Chamber of Commerce Industry Mines and Agriculture (KADCCIMA) also described the Dangote Group as one of the major sponsors of the forthcoming Kaduna International Trade Fair.

The Trade Fair which opens for participants from Friday, February 26 to March 4, 2018 has as its theme as ‘Promoting Commerce, Industry and Agriculture for International Competitiveness.’

Speaking at the opening ceremony, President of KADCCIMA Mrs Muheeba Fareeda Dankaka, commended the Dangote Group for its yearly sponsorship of the event, adding that in Dangote the chamber has found a worthy partner in the development of the Nigerian economy.

She said this year’s Fair will address the issue of diversification of the Nigerian economy which has been on the front burner over the years.

According to her, on Tuesday; the Chamber will host a Business Round Table with the theme: Promoting Made In Nigeria Products for International Competitiveness.

Mr Femi Aboyede, an expert on Export is expected to deliver the lead paper. Other stakeholders that will participate in the Business Roundtable include private companies, Customs, Shippers Council and the Nigeria Export Promotion Council (NEPC), among others.

Mrs Dankaka said on Wednesday there will be a Seminar to be chaired by former President General Yakubu Gowon.

Director General of the Kaduna Chamber of Commerce Industry Mines and Agriculture (KADCCIMA) Usman Saulawa added that the relationship between the Dangote Group and KADCCIMA is helping businesses in Nigeria and beyond. He described the fair as Africa’s most famous fair and assured that it would help in deepening business relations in Africa.

A statement from the Dangote Group signed by the Chief Corporate Communications Officer, Mr Anthony Chiejina, had said the trade fair offers the Dangote Group an opportunity to display its numerous innovative products which include the recently introduced Dan-Q Seasoning, sachet sugar, salt, tomato paste and noodles, among others.

The statement urged participants to patronize the Dangote Pavilion at the Trade Fair.

Speaking at the opening ceremony also, United States Ambassador to Nigeria W. Stuart Symington said there was a need for an inclusive system to include women and youth, adding that this will help achieved the desired economic growth and development

Economy

NRS Launches Unified Tax ID System

Published

2 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.

The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.

According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.

The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.

“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.

The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.

According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.

“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.

The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.

Economy

OTC Securities Exchange Falls 1.31% as Key Stocks Decline

Published

4 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.

This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.

Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.

The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.

During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.

GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.

Economy

FX Pressure Pushes Naira Lower to N1,373/$1 at Official Market

Published

4 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.

In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.

In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.

Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.

The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.

Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.

Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.

The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.

Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.

Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.

On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.