Data made available by the National Bureau of Statistics (NBS) shows that the country's gross domestic product (GDP) grew by 2.28% in the third quarter of 2019.This is 0.17 percentage points higher than the 2.12% revised GDP growth recorded in the second quarter.The previous Q2 GDP figure released by the NBS was 1.94%.According to the GDP report released by the [...]
Nasir el-Rufai, governor of Kaduna state, has been appointed as the head of the ad-hoc committee that will review the ownership of the electricity distribution companies (DisCos).The decision was reached on Thursday at the meeting of the national economic council (NEC).Emeka Ihedioha, governor of Imo state, announced the committee's decision after the meeting saying the National Council on Privatisation and [...]
The senate has approved the request by President Muhammadu Buhari to increase value added tax (VAT) from 5 percent to 7.5 percent.The senate approved the request after Solomon Olamilekan, chairman of the finance committee, presented a report on a bill entitled 'Nigeria tax and fiscal law'.In September, the federal executive council (FEC) approved an increase in VAT and sent a [...]
The Debt Management Office (DMO) says its N150 billion bond auction on Wednesday, November 20, was oversubscribed by 168.23%.The bonds were offered N150 billion from three instruments; five-year, 10-year and 30-year bonds for N50 billion each.A statement issued by DMO explained that the total subscriptions received through competitive bids for the instruments at the auction were N252.35 billion.It said that [...]
The senate committee on public accounts has asked some ministries and agencies to submit reports of their audited accounts in seven days.Speaking with journalists at the national assembly on Wednesday, Matthew Urhoghide, chairman of the committee, said some MDAs have failed to provide information on the funds they received from the federation account and how they were spent.Urhoghide said according [...]
James Quincey, the global chief executive officer of Coca-Cola, says his company is looking to expand its business in Nigeria and other African countries as these countries have been identified as its future growth drivers.During a recent visit to Nigeria with his extended leadership team, Quincey said Africa presents a vast opportunity in driving the beverage company’s growth strategy over [...]
Rabiu Umar, group chief commercial officer at Dangote Industries, has been sworn in as member of the Pearl Awards board.The Pearl Awards, which is in its 25th year, rewards "operational excellence and outstanding performance" in the nation’s capital market.Umar is a certified ISO auditor, graduate of the Harvard Business School and certified financial analyst.The induction, which took place at Lead [...]
Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), says 40% of African countries are in debt distress.Describing Africa as a continent of opportunities and one with many troubles, Georgieva said the focus is to help countries have sound macro-economic policies, improve the investment climate and show it to the rest of the world."Africa is a continent of opportunities [...]
John Mahama, former president of Ghana, has appealed to the Nigerian government to open up her land borders so that economic activities can resume in West Africa.Mahama made the plea while delivering the 7th-anniversary lecture, investiture into The Realnews Hall of Fame and the unveiling of a book: 'Pathways to Political and Economic Development of Africa in Lagos'.He said the [...]
The Asset Management Corporation of Nigeria (AMCON) has taken over some properties belonging to Ademola Seriki, a former minister of state for defence, for debts totalling N1 billion.TheCable understands that the affected properties include those located at No. 1a & 1b, Jalupon Close, Surulere, Lagos and another at No. 4, Djibouti Crescent, a high-brow area of Wuse 2, Abuja.Chuka Austine [...]
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