Business Tips

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.

Africa’s Future Promising

African Development Bank Group (AfDB) has given the assurance that the future of the continent is looking very promising.

President Akinwumi Adesina, President of the bank, declared at the lunch organised for diplomats in Abidjan.

Adesina referred to the Bank’s recent flagship publication, the African Economic Outlook 2019 which noted that the recovery in commodity prices is driving domestic demand and infrastructure investment.

AfDB invests $32m in climate fund

The African Development Bank (AfDB) has apprived $32.5 million equity investment in Climate Investor One’s Construction Equity Fund (CEF).

The amount was approved by the Board of Directors of AfDB for the CEF which is a platform that uses a unique blended finance approach, and targets the entire asset lifecycle to deliver viable renewable energy projects to the market.

Consumer Protection Council resolves 783 complaints out of 2,773 in 2018

The Consumer Protection Council (CPC) said it resolved 783 complaints out of 2,773 complaints it received between Jan. and Oct. 2018.

The council said this in a document made available to the News Agency of Nigeria by the management on Sunday in Abuja.

The council said 247 telecommunications complaints were received among which 87 were resolved in the period under review.

It said the council received 364 financial services complaints from consumers in the period and resolved 162 of the complaints.

₦100b Sukuk proceeds to construct roads across Nigeria

The Federal Government says the N100 billion Sovereign Sukuk bonds proceeds will be used to construct 642.69km roads across the nation.

Mr Babatunde Fashola, Minister of Power, Works and Housing, said this at the presentation of the N100 billion cheque by the Minister of Finance, Mrs Zainab Ahmed, in Abuja.

Fashola said that the money was shared equally among the six geo-political zones, meaning that each geo-political zone would get N16.67 billion for the number of roads to be completed in them.

Economic Growth: Expert Urges NASS to Expedite Passage of 2019 Budget

A former Executive Secretary, Chartered Institute of Bankers of Nigeria (CIBN) Dr Uju Ogubunka, has urged the National Assembly to expedite the passage of the 2019 budget in order to spur economic growth in the country.

He said accelerating the passage of the appropriation bill by the National Assembly was expedient to enable the Federal Government adequately implement its programmes.

“The Economic Recovery and Growth Plan initiative of the Federal Government will be properly implemented if the budget is passed into law in good time.

Nigeria, India to Sign Bilateral Air Services Agreement

Nigeria and India are set to sign Bilateral Air Services Agreement (BASA) before the end of January that would enable direct flights between the two countries, the Indian High Commissioner to Nigeria, Mr Abhay Thakur has said.

Thakur said this to newsmen at an event to commemorate the World Hindi Day and Pravasi Bharatiya Divas in Abuja on Wednesday night.

The high commissioner said that the BASA was part of pending agreements to be signed between both countries.