Economy

Nigeria loses $10bn to illicit financial flows ― ICPC

BY DEJI OGUNSOLA The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says Nigeria accounts for 20 per cent or 10 billion dollars (N3.8 trillion) of the estimated 50 billion dollars that Africa loses to Illicit Financial Flows (IFFs). Chairman of ICPC, Prof. Bolaji Owasanoye, said this during a virtual meeting to review a …

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NAFDAC DG URGES MSMES TO LEVERAGE ON AFCFTA TO EXPAND MARKET FRONTIERS

BY-DEJI OGUNSOLA Director-General, National Agency for Food and Drug Administration and Control (NAFDAC), Prof Mojisola Adeyeye, says Nigeria’s participation in the Africa Continental Free Trade Area Agreement will usher in huge economic benefits, including a $2.5 trillion dollar Gross Domestic Product. Adeyeye stated this to Micro, Small and Medium Enterprises in the country, in a …

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BUHARI DIRECTS FIRS TO ENSURE TAX PAYMENT BY FOREIGN, LOCAL FIRMS.

BY-DEJI OGUNSOLA President Muhammadu Buhari today in Abuja directed the federal inland revenue services and related government agencies to plug all revenue leakages by ensuring strict compliance of tax payments by foreign companies operating in Nigeria. Buhari spoke virtually at the first national tax dialogue held at the conference hall of the state house, through …

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CBN Lists Business Activities Eligible For N75bn Youth Investment Fund

THE Central Bank of Nigeria (CBN) has revealed main business activities and sectors in the Nigerian economy that are eligible to access its N75 billion Youth Investment Fund. They are: technology/innovation; agriculture and related value chain; green economy and renewable energy sector; manufacturing, hospitality/tourism; construction and logistics and supply chain. Others are healthcare value chain, …

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SON certifies 21 manufacturers in FCT

The Standards Organisation of Nigeria (SON) ) has certified 13 manufacturers in the Federal Capital Territory (FCT) for maintaining consistency in the quality of their products. SON FCT Coordinator, Mr Gambo Dimka, said this at the organisation’s “Mandatory Conformity Assessment Programme (MANCAP) certificate presentation on Wednesday in Abuja. Dimka congratulated the manufacturers for embracing standards …

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CBN Approves N200bn, Housing Loan, Targets 900,000 Low- Income Earners, Children

By Tolulope Kadiri The Central Bank of Nigeria (CBN) has okayed N200 billion as mortgage finance loan to Family Homes Fund (FHF) targeted at low-income earners.  A statement on the apex bank’s website, Tuesday, indicated that the money will be used to build 300,000 homes in all states and the Federal Capital Territory (FCT) and …

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Arik Air Workers Embark On Strike Action

Daniel Ojukwu Operations of Arik Air were on Monday shut down by the aviation unions over alleged non-payment of staff salaries since April. They claimed that the non-payment started after the company placed 90 per cent of the workforce on compulsory leave and other “anti-labour practices”. The unions included the National Union of Air Transport …

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APC Dismisses PDP’s Criticism Of PMS Deregulation

Daniel Ojukwu The All Progressives Congress has reacted to comments made by the National Chairman of the Peoples Democratic Party, Uche Secondus, condemning the decision of President Muhammadu Buhari to deregulate the Premium Motor Sport sector. While addressing party supporters who thronged the PDP Legacy House, Abuja, on Wednesday, Secondus lamented the increase in petrol …

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