Trending
- Under President Lula, Brazil rekindles trade ties with Africa
- A huge task awaits Kamau Thugge at the Central Bank of Kenya
- Forget GMOs, human action is fueling world hunger
- East African border towns a pain point for informal women traders
- BoT implements tough measures to curb inflation in Tanzania
- Kenyan manufacturers raise concerns on the Finance Bill 2023
- Leveling the Financial Playing Field for Africa
- In Tanzania, smallholder farmers reaping big from Mercantile Exchange
Nigeria
- At the beginning of February, Nigerians started complaining that commercial banks could not supply individuals with Nigeria’s physical fiat currency.
- The currency situation in Nigeria escalated to an all out crisis this week when an impending deadline for the ban of the use of old notes.
- The Supreme Court on Wednesday, suspended the deadline to ease the tension that has been building up exacerbated by heated campaigns and a looming fuel crisis.
In the middle of intense campaigns that will see three main presidential candidates battle it out in Nigeria’s 2023 election, the country is experiencing a shortage of the new Naira notes that threatens to take centre-stage before the West African nation goes to the polls from 25 February.
All Progress Party (APC) candidate Bola Tinibu, People’s Democratic Party (PDP) Atiku Abubakar and outsider Peter Obi of Labour Party are considered the front runners to take over from outgoing …
Some have wondered whether Obi will manage to upset the status quo that has defined Nigerian politics since 1999. However, great support for Obi has been borne of the young generation’s apparent frustration with Nigeria’s political class.
More specific, many people view the presidential candidates from the two major political parties, APC and PDP, as representatives of status quo politics that have left Nigeria on the brink of economic shutdown.
In the run-up to Nigeria’s presidential elections in 2023, the electorate confronts the challenges of soaring inflation, a plummeting currency, and prevalent insecurity. Crude oil, Nigeria’s economic backbone, has seen its production slump to multi-decade lows. Moreover, the government has seen its debt service exceed the earned revenue in the first quarter of 2022.…
There is still plenty to accomplish. Even after a year, the PIA is still in a transitional period, with committees deliberating its practical implications. One seasoned Nigerian expert questioned how much the NNPC would change due to its transition into a limited liability corporation. Still, post-PIA data suggests that Nigeria’s oil and gas industry may be moving in the right direction.…
- Cross River State has invited investors into various sectors of its economy, as part of plans to grow its economic development
- The southern Nigerian state also has several opportunities in the green economy, mostly in agribusiness
- Cross River State also offers opportunities in the blue economy, including at the port, as well as shipping
The government of Cross River State has invited investors into various sectors of its economy, as part of plans to grow its economic development.
The CEA of Cross River State Francis Ntamu told The Exchange Africa exclusively that there were several opportunities including in the green and blue economies.
The southern Nigerian state also has several opportunities in the green economy, mostly in agribusiness.
“We have rich tropical rain forests and endangered species of butterflies which have been of keen interest to environmentalists,” Ntamu said, adding that such an environment is ideal for investors interested in …
The former Federal Inland Revenue Service (FIRS) chairman, Babatunde Fowler, announced Nigeria’s decision to tax digital transactions in 2019. The new legislation dubbed The Finance Act (2021) was signed on December 31, 2021.
A section on Nigeria’s Finance Act focuses on capturing value from non-resident technology companies and calls them to act as VAT collectors for digital goods and services traded within Nigeria. The minister for finance, budget and national planning, Zainab Ahmed, said during the presentation of the 2022 budget that the taxable digital platforms include apps, high-frequency trading, electronic data storage, online advertising, and several others.
In addition, Meta had already issued a notice on December 9, 2021, before releasing the new financial regulation, saying that Meta ads in Nigeria would be subject to a value-added tax (VAT) at the applicable local tax rate. The VAT applies to advertisers whose “Sold to” country on their business or personal …
- The evolution has allured intensive participation in the lending sector, stimulating the growth of the Nigeria Domestic Credit by 16.2 per cent year on year as of December 2021.
- There is no lending limit for the MFBs, and the Central Bank of Nigeria charges N400,000 to N500,000 for their registration. Operations are limited to Lagos State.
- The Money Lenders license is issued and regulated by the money lenders laws of the 36 states in Nigeria.
The business of lending in Nigeria has metamorphosized from the traditional system to a more digitally enabled flexible system for a faster and more convenient process.
The evolution has allured intensive participation in the lending sector, stimulating the growth of the Nigeria Domestic Credit by 16.2 per cent year on year as of December 2021.
The present state of the Nigerian economy, the need to expand for companies and businesses, and the insatiable desire for …
Recently, many Nigerians trading on the Binance platform complained about initiating or completing transactions.
Some of the affected persons have taken to social media calling out crypto for “targeting Africans, especially Nigerians”, as their accounts have been suspended for reasons oblivious to them.
Some users say that they have been told to contact the Federal Bureau of Investigation (FBI) and New York Police Department to resolve transactions issues, a situation they claim to be absurd.…
Buhari said that the rice pyramids would aid efforts to reduce the price of rice in Nigeria. He expressed his expectations for other agricultural organizations to join the Central Bank of Nigeria (CBN)-funded Anchor Borrowers’ Programme (ABP) that supports Buhari’s drive for food sufficiency.
Speaking at the event Central Bank’s governor, Godwin Emefiele, said that CBN collaboration with RIFAN increased the national output of rice to over 9 million metric tonnes in 2021, up from about 5.4 metric tonnes in 2015.
Productivity per hectare of smallholder farmers has also increased from 2.4 metric tonnes to about five metric tonnes over the same period.…
