Business Economy Metro Top Story World

U.S. to build $537 million consulate in Lagos, largest U.S. consulate in the world

Reading Time: 3 minutes The United States will build a $537 million consulate in Lagos, the country’s commercial capital, as Washington strengthens economic and diplomatic relations with Africa’s most populous country. The U.S. is among the largest foreign investors and donors in Nigeria with annual trade between the two countries at over $10 billion, according to the State Department. Read More…

Business Economy Environment Top Story

Britain to raise Nigerian renewable, climate change investments

Reading Time: 2 minutes In picture above: British Minister for Africa Vicky Ford and Nigeria’s Minister of State for Power Jedy Agba react during the signing of new investments focusing on jobs and financial autonomy, in Abuja, Nigeria February 21, 2022. REUTERS/Afolabi Sotunde Britain plans to boost investments in renewable and climate change projects in Nigeria and will provide Read More…

Business Economy Oil & Gas Top Story

Akinwumi Adesina calls Dangote refinery ‘game-changing initiative’

Reading Time: 2 minutes The African Development Bank President (AfDB), Dr. Akinwumi Adesina, has described the $19.5 billion Dangote oil refinery and petrochemical plant projects as a “game-changing initiative” that will spur Africa’s development and deepen regional integration, while on a tour on Saturday of the partially bank-funded project. The complex will create 38,000 jobs during construction. According to Read More…

Business Economy Metro Top Story

Sanwo-Olu harps on regional integration for socio-economic propserity

Reading Time: 4 minutes Lagos State Governor, Mr. Babajide Sanwo-Olu, has stated that unlocking the potential of the Southwest would depend on the commitment of regional governments to stronger alliances and exploration of evidence-driven solutions for sustainable development. Speaking at the two-day Southwest Investment Promotion Agencies Conference (IPAC-1) in Ikeja, the Governor explained that the forum was informed by Read More…

Africa Business Economy Top Story World

Pan-African Payment Settlement Systems (PAPSS) makes commercial debut

Reading Time: 3 minutes A pan-African payment platform was inaugurated on Thursday by the trio of the African Union, African Export-Import Bank (Afreximbank) and the African Continental Free Trade Area (AfCFTA) secretariat. Known as the Pan-African Payment and Settlement System (PAPSS), it is a cross-border, financial market platform that enables payment transactions across Africa. It is hoped that it Read More…

Business Economy Top Story

W/Bank projects Nigeria’s growth to strengthen by 2.5% in 2022

Reading Time: 4 minutes As the global economy enters a pronounced slowdown amid fresh threats from COVID-19 variants and others, Nigeria’s growth is projected to strengthen to 2.5 per cent in 2022 and 2.8 per cent in 2023. The World Bank said this in Washington at the presentation of its January 2022 Global Economic Prospects report. According to it, Read More…

Business Economy Top Story

Inflation down to lowest in more than five years in November

Reading Time: 2 minutes It is still double-digit inflation but in November, Nigeria experienced its lowest inflation climb in more than five years. In November, eased by 0.59 percentage points to 15.40% in November. According to Simon Harry of the Nigerian Bureau of Statistics (NBS), “Inflation has continued its declining trend.” Last month, Finance Minister Zainab Ahmed said the Read More…

Business Economy Metro Top Story

VAT dispute is about fiscal federalism, says Omotoso

Reading Time: 3 minutes Open-grazing Act not intended as punishment Opponents of States’ collection of Value Added Tax, VAT, have got a reply. It will not impoverish other States and make collection cumbersome, Commissioner for Information and Strategy, Mr. Gbenga Omotoso has said. He gave this assurance while speaking today on “Your View”, a TVC current affairs programme. His Read More…

Business Economy Legal Metro Top Story

Lagos State to wait in application to join VAT appeal

Reading Time: 3 minutes The ruling has been reserved by the Abuja Division of the Court of Appeal on the application filed by Lagos State Government seeking to join an appeal by the Federal Inland Revenue Service, (FIRS) challenging the judgement of a Port Harcourt Federal High Court. On 9th August 2021, the Federal High Court had declared that Read More…