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Browsing: Nigeria
Climate change is a 21st-century phenomenon that has called the attention of most governments on planet earth. In Africa, the cost of adaptation is estimated at approximately $2 billion per year in the period 2030-2100.
According to a US-based think-tank, Brookings, research finding point out that, bold climate action could deliver at least $26 trillion in global economic benefits between now and 2030. On another, it could also generate nearly 65 million new low-carbon jobs by 2030.
All these benefits safeguard Africa’s prosperous future which is filled with exciting development projects execute across the region’s vast landscape.
As far as the adoption of new climate economy models, such as phasing our fossil fuels energy structures and ushering in renewables particularly solar and wind energy—which is proving to be useful in East Africa, the role of green banks and climate funds is inevitable.
The African Development Bank (AfDB) and the Climate …
The Central Bank of Nigeria has banned all cryptocurrency transactions as of February 5th 2021 citing terrorism concerns. The central bank is of the view that cryptocurrency transactions are been used to fund terror groups.
As a result, it has ordered all banks as well as non-bank financial institutions and all other financial institutions that deal in cryptocurrencies or facilitate payment for cryptocurrencies to stop with immediate effect.
The development comes after the Central Bank issued a warning back in January cautioning against the use of cryptocurrency.
Cryptocurrencies are volatile and risky since unlike in regular banking transactions, these are transactions that are irreversible. Further still, transactions are anonymous so you do not know who you are dealing with and also, there are no regulators for cryptocurrency dealings, it is all just you and a host of other people that you do not know trading online, to call it …
Africa’s top economy and oil exporter, Nigeria is battling yet another economic hurdle, as the government disagrees with the International Monetary Fund’s (IMF)recommendations of lowering its currency that’s more than 18 per cent overvalued to ease external imbalances, according to Bloomberg News.
According to IMF February 8, 2021, press release, Nigeria has been hit quite hard by the COVID-19 pandemic, following a sharp decrease in oil prices and capital outflows, real GDP is estimated to have contracted by 3.2 per cent I 2020 amidst the pandemic-related lockdown.
Bloomberg News reported on February 8, 2021, that, Nigeria’s President Muhammadu Buhari administration sees currency pressures stemming from global outflows caused by the coronavirus pandemic and believes another depreciation would add to double-digit inflation.
The devaluation pressure from IMF is not new to Nigeria. In 2014 the Nigerian central bank devalued the naira by nearly 8 per cent and then fixed the official …
On Oct. 1, 1960, everything seemed possible for Nigeria: After nearly 80 years of colonialism under Great Britain, it was finally an independent nation.
During the newly independent nation’s earliest days, there was every reason for Nigerians to envision a bright future for themselves and their country, one in which Nigeria’s vast oil and gas reserves would deliver widespread prosperity. One of stability and growth.
Tragically, Nigeria’s story moved in a different direction. Yes, there was a brief period of economic growth, but that was followed by multiple coups, civil war, military rule, corruption, and poverty. Instead of helping everyday Nigerians, the country’s oil wealth went to an elite few in power while leaving communities, particularly those in the Niger Delta, to deal with environmental degradation and dwindling means of supporting themselves. Instead of using its oil revenue to strengthen other sectors and diversify the economy, Nigeria has made oil
The Federal Republic of Nigeria commits $29.3 million in additional capital to Shelter Afrique making it the second-largest shareholder after Kenya.
Nigeria takes the second largest shareholding after Kenya with each acquiring 14.77 per cent and 14.87 per cent respectively with the African Development Bank acquiring 14.28 per cent of the shareholding.
In additional capital contribution, the Shelter Afrique also confirmed additional funds of $6.6 from Rwanda, Uganda, Lesotho, Mali, Namibia, Togo, Zimbabwe, and Swaziland.
The Shelter Afrique’s Group Managing Director, Mr. Andrew Chimphondah praised Nigeria’s government for showing confidence in the institution and giving a stamp of approval for the organization’s financial turnaround.
“We are grateful to the Nigerian government for their continued support and the importance they have placed on affordable housing. We are especially grateful to the Honourable Minister for Works and Housing, Babatunde Fashola for demonstrating this support through honoring this significant payment. We also recognize …
Across the continent to West Africa where we find one of Africa’s largest economies, Nigeria. Here we find another railway deal gone bad, the $500 million Lagos – Ibadan railway.
In a similar manner to Kenya’s SGR debacle with China, which resulted in Kenya sinking heavily into debt that it simply cannot afford to pay and restructure, Nigeria is now finding a similar fate.
According to the country’s Director General for Nigeria’s Debt Management Office (DMO) Patience Oniha, when making a deal with China, ‘…the Chinese determine the cost of projects, give us loans tied to the projects and the projects must be executed by Chinese firms alone.’
It is alleged that not only does China force importation of even the smallest of laborers but also all the equipment and guess where they are imported from? Yes, China.
It is further argued that by so doing, China is using these …
Withholding Tax (WHT) is an advanced payment on income tax deducted directly from source by a service provider. The taxpayer could be a company or an individual and the rate of WHT ranges from 2.5% to 10%, depending on the nature of the transaction.
WHT is not a separate tax but serves as a credit against the tax liability of the taxpayer. For example, companies are required to pay Companies Income Tax (CIT) at the end of their accounting year and after their audited accounts have been filed. At the point of the assessment of their CIT liabilities, the WHT deducted from their invoices to service providers during the year would be deducted from the CIT payable for that financial year.
WHT and Non-Resident Companies
Non-resident companies are companies not incorporated in Nigeria. Under the Companies Income Tax Act (CITA), non-resident companies which have a “fixed base” in Nigeria are …
Nigeria, Africa’s largest economy which performed well in the fourth quarter of 2019, since the 2016 recession, could contract in the second quarter in 2020.
The possibility of a contraction is backed by, three gauges of business activity that pointed to difficulties the central bank face in trying to stave off a recession in Africa’s largest economy, according to information from Bloomberg News.
As Nigeria struggled to recover from a 2016 contraction is set to slow down economically, due to the lockdown rolled in to curb coronavirus spread.
According to Stanbic IBTC Bank and IHS Markit’s purchasing managers index rose slightly to 40.7 in May from 37.1 the previous month, suggesting economic conditions are worsening even as the government relaxes a lockdown in key cities to curb the spread of the virus.
READ: Nigeria records high quarterly GDP growth in the fourth quarter
However, according to Bloomberg News, Gbolahan Taiwo, …