Investors Bid N808bn Worth of Treasury Bills
Investors bid N808 billion worth of one-year treasury bills in the latest auction of 9th August 2023 at a rate of 9.8% per annum. However, only N148 billion was allotted as investors continue to over-subscribe to the short-term risk-free investment. The data was obtained from the latest auction report for Nigeria’s treasury bills sold during the […]
MAN Blame Govt. Policies for Rising Inflation
The Nigerian Manufacturers Association revealed that Nigeria’s inflation challenges are related to the fallout of economic policy under President Bola Tinubu’s administration citing the removal of fuel subsidy and the unification of the exchange rate. They urged that the Nigerian Government must commit to addressing the challenges of insecurity and should deploy fiscal reforms that […]
Shettima Discusses Revival of ALSCON with Russian Firm
Russian aluminium producer Rusal revealed that discussions with the Nigerian government are underway to potentially restart the Alscon smelter in Nigeria. The smelter had been suspended a decade ago due to financial losses. Back in 2012, Alscon managed to produce 22,000 tonnes of aluminium, which accounted for 11% of its yearly production capacity. However, in […]
FG to Partner Nasarawa State on Lithium Processing
The Federal Government is set to partner with the Nasarawa State government on a lithium processing policy that would ensure that Lithium mined in the State is processed locally instead of exporting it raw. The Executive Vice Chairman and Chief Executive Officer of the National Agency for Science and Engineering Infrastructure (NASENI), Dr. Bashir Gwandu, […]
NCC Mulls Clean Energy Policies for $75.6bn Telecoms Sector
To check rising energy costs ravaging the economy from which the telecoms industry is not immune, the Nigerian Communication Commission (NCC) is on the verge of introducing policies that would encourage the sector to adopt clean and sustainable energy sources. Besides, the policy is also targeted at helping to reduce carbon emission footprint in the […]
Nigeria Ranks 7th in Global Mobile Phone Usage – NCC
The Nigerian Communications Commission (NCC) says Nigeria has ranked as the 7th country in the global usage of mobile phones and 11th in terms of internet penetration. NCC Executive Vice-Chairman, Umar Danbatta, made this known in Abuja on Thursday, at the ‘Emerging Technology Forum’ for stakeholders in the telecommunications industry. According to Danbatta, the worldwide […]
Importation Ban Created N550bn Local SIM Card Industry
Local SIM-cards manufacturing market has raked in N550 billion one year after the ban on importation of whole body SIM cards in the ICT sector, the Nigerian Communications Commission (NCC) has disclosed. Recall that the ban on importation of whole body SIM cards was announced at the maiden edition of the Nigerian Telecommunications Indigenous Content […]
NCS Accuse Officers of Aiding Freight Forwarders to Evade Duty Payment
There are indications that officers of the Nigeria Customs Service (NCS) are helping freight forwarders to evade duty payment on imported vehicles, thereby short-changing the Federal Government in revenue collection. The NCS had raised alarm over serial infractions in duty payment on fairly used vehicles (Tokunbo), noting that some freight forwarders were short-changing the Federal […]
Poor Regulatory Framework hampers Nigeria’s Maritime Sector Performance -Utomi
Renowned political economist, Prof. Pat Utomi, said the country’s maritime industry is suffering a setback due to lack of a proper regulatory framework to drive the sector to economic prosperity. Stating that the sector has not managed to realise its possibilities due to leaders and politicians, who see the sector as a meal ticket, he […]
FIRS Blames NIMASA, NPA for International Shipping Lines’ Tax Default
The Federal Inland Revenue Service (FIRS) has said most mainstream shipping companies that refuse to comply with their tax obligations get away with their actions due to poor enforcement of relevant laws by the Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Ports Authority (NPA) and other government agencies operating in the maritime sector. The […]