Nigeria’s President, Bola Tinubu, recently engaged in a high-level meeting with the South Korean Special Envoy, Mr. Won Hee-Ryong. This diplomatic rendezvous aimed to explore avenues for rapidly expanding trade and investment ties between the two nations. The meeting, held at the State House in Abuja, was a continuation of productive discussions initiated during the…
The federal government is setting its sights on corporate Nigeria, aiming for a collective gross operating profit of N9.3 trillion by 2024, with the hope of generating N3 trillion in company income tax revenue, a substantial leap from the N1.9 trillion budgeted for 2023. In the Medium Term Expenditure Framework recently released, the government laid…
The Acting Chairman of the Federal Inland Revenue Service (FIRS) emphasised that Nigeria’s economic stability hinges on the nation’s fiscal policy. He made these remarks during a retreat on tax reforms and fiscal policy organised by the Senate and NILDS in Ikot Ekpene, Akwa Ibom State. In his role as the Acting Chairman of FIRS,…
Step aside, change is coming to the Bank of Industry (BOI) as President Bola Tinubu announces the appointment of Dr. Olasupo Olusi as the new Managing Director and Chief Executive Officer. In a statement released by the presidential spokesman, Ajuri Ngelale, it was revealed that this appointment marks the start of a four-year term for…
The naira’s exchange rate against the dollar hit an unprecedented low of N999/$1 during trading on October 19, 2023, leaving financial markets in shock and disarray. The alarming data emerged from intraday trading statistics provided by the Financial Markets Dealers Quotations (FMDQ), the official marketplace for forex transactions through the Nigerian Autonomous Foreign Exchange Market…
Caledonia Mining Corp (CALq.L) is setting its sights on a glittering prize in Zimbabwe. The company is exploring ways to secure $250 million in funding, a crucial step toward transforming its Bilboes project into what could become Zimbabwe’s largest gold mine. With ownership of the Blanket gold mine in Zimbabwe under its belt, Caledonia is…
The African Development Bank Group, in collaboration with the African Guarantee Fund, recently presented a compelling case for the transformative power of enhancing women’s financial inclusion on Nigeria’s economy. The distinguished audience included senior Nigerian government and banking leaders, along with representatives from AFAWA donor countries, including the Netherlands, France, and Italy. The occasion marked…
Fuel prices in the Republic of Congo have surged by 25% in October, leading to significant public backlash. This increase comes after a similar rise in January, and the cost of gasoline has also seen a 25% spike since July. The Congolese government cites recommendations made by the International Monetary Fund (IMF) in 2019 as…
During the third Belt and Road Forum for International Cooperation in Beijing, Nigerian Vice President Kashim Shettima met with Chinese President Xi Jinping. Their discussions revolved around the decade-long Belt and Road cooperation between China and Africa. Xi Jinping highlighted numerous collaboration projects in Nigeria, encompassing sectors such as railways, ports, power stations, telecommunication networks,…
The Nigerian Communications Commission has taken a transformative step by granting 25 Mobile Virtual Network Operator (MVNO) licenses, reshaping the mobile telecommunications landscape in the country. Previously dominated by major players including MTN, Globacom, Airtel, and 9Mobile, Nigeria’s mobile sector is preparing to accommodate nearly 30 new challengers. But this isn’t just about expanding options;…