Business Tips

Nigeria-Russian Economic Relationship: Chamber of Commerce adopts New Strategies

The Abuja Chamber of Commerce and Industry (ACCI) on Monday unveiled new strategies and innovative ways to deepen Nigeria-Russian economic relationship.

The ACCI President, Adetokunbo Kayode, said this in Abuja at the Nigeria-Russian Business Forum.

He said the 2-day forum would be used to revive the old economic ties that had existed between the two countries.

Invest in Human Capital, UK Agency tells Nigeria

The UK Department for International Development (DFID) has advised Nigeria government to invest in its human capital, if it must attain it greatness.

Debbie Palmer, Head of DFID Nigeria, gave the advice in her remark at the opening ceremony of an induction of new and returning governors, organised by the NGF Secretariat on Monday in Abuja, the News Agency of Nigeria reports.

Palmer said that the Nigeria population had always being a hug asset and path to its greatness.

AfDB attracts $38.7b investment to Africa

The President of Africa Development Bank (AfDB), Dr. Akinwunmi Adesina, has revealed that the African Investment Forum facilitated by the bank in 2018 succeeded in mobilizing $38.7 billion of investments for African.

Adesina reported that of the amount, about $7.1 billion would be invested in Nigeria.

After a meeting with President Muhammadu Buhari on Tuesday, he told journalists that the bank was in the period of general capital increase to put Africa in different perspective.

Nigeria seeks private investors for aircraft leasing venture

Nigeria plans to set up an aircraft leasing company to help domestic and African carriers obtain new planes and is seeking private partners for the venture, the government said on Monday.

Most airlines in Nigeria want to expand their fleets, but high financing costs and currency risks have hampered growth. Nigerian airlines’ revenues are in naira, while most of their costs are in U.S. dollars.

The government said in a statement the new company would initially lease aircraft from international lessors and sub-lease them to domestic operators, Reuters reports.

Sweden to strengthen ties with Nigeria on digital economy

Some Swedish firms, businesses and universities will strengthen their partnership with Nigeria on Information Communication Technology (ICT) and digital economy.

Stephan Tillander, the Charge D’Affair, Embassy of Sweden in Nigeria, said this when he spoke with State House correspondents after leading a Swedish business delegation to a closed door meeting with Vice President Yemi Osinbajo, the Voice of Nigeria reports.

Ease of doing business: Nigeria’s rank moves up

The Nigerian Ministry of Information says, the country has moved twenty-four points up in the global ranking of ease of doing business.

The Minister of Information Lai Mohammed stated this in Abuja while defending the Ministry’s 2019 budget before the House of Representatives Committee on Information and Culture, Voice of Nigeria reports.

He said that the development was a result of the Ministry’s advocacy and enlightenment programmes in and around the world.

Micro Pension Plan to reduce old age poverty 85%

The National Pension Commission (PenCom) says that the inauguration of the Micro Pension Plan (MPP) would ensure a significant 85 percent reduction in old age poverty in Nigeria.

PenCom’s Director-General, Aisha Dahir-Umar, said this at the official inauguration of the plan in Abuja, Nigeria’s capital city.

Dahir-Umar added that the launch of the plan was a first time window of opportunity opened to self-employed Nigerians and those working in the informal sector to participate and enjoy benefits in the Contributory Pension Scheme (CPS).

No more FOREX for textiles, garments import –CBN Governor

Textiles and garments imports have joined the FOREX restriction list of the Central Bank of Nigeria, the Governor, Godwin Emefiele, announced in Abuja on Tuesday.

Emefiele made the announcement during a meeting with textile industry stakeholders and added that the policy would take effect immediately, the News Agency of Nigeria reports.

Nigeria spends an estimated $4billion on imported textiles yearly.

Emefiele said that the restriction would rejuvenate the textile industry in Nigeria and ensure that the needed growth was actualised.

Tax defaulters: FIRS seeks police help

The Chairman Federal Inland Revenue Service (FIRS), Babatunde Fowler, has said that the service, in collaboration with other stakeholders like the Nigeria Police Force, will go after wealthy tax defaulters in 2019.

Fowler, who said this yesterday in Abuja when the Acting Inspector-General of Police, Mohammed Abubakar Adamu paid a courtesy visit to the Revenue House also disclosed  that the Service had realised  N23 billion for its closer look at the books of over 45, 000 tax defaulters, each of which had over N100 million as turnover in their accounts.

Nigeria partners Lebanon on Diaspora investment

Nigeria and Lebanon are in the process of increasing the investment potentials of their Diaspora for the development of both countries.

The Lebanese Ambassador to Nigeria, Ambassador Houssam Diak said this when he paid a working visit to the Senior Special Assistant to the President on Foreign Affairs and Diaspora, Honourable Abike Dabiri-Erewa, in Abuja.

Ambassador Diak said his country and Nigeria would collaborate on how to explore the potentials of their Diaspora for the growth and development of both countries.