Category: West Africa
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Nigeria: Govt Approves New Tax Policy, to Raise VAT On Luxury Goods
In an effort to shore up the federal government’s revenue base, the Federal Executive Council (FEC) yesterday approved a new tax regime, just as it announced its intention to raise taxes on luxury goods. Also yesterday, the council constituted a task force to device measures to force down the prices of food in the country.…
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Nigeria: After Paying N150 Billion, Nigerian Govt Still to Pay N660 Billion to Fuel Importers – Official
The Major Oil Marketers Association of Nigeria, MOMAN, on Wednesday said Federal Government had assured of full settlement of all debts owed on importation of petroleum products. The Executive Secretary of MOMAN, Obafemi Olawore, told the News Agency of Nigeria in Lagos on Wednesday that the government had demonstrated positive disposition to defray the N660…
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Nigeria: ‘Economy Earned 97% of Its Tourism Revenue From Domestic Travel’
Nigeria generated 97% of its tourism revenue from domestic travel in 2016 while foreign travel accounted for 3% during the year in view, the Nigerian hospitality report 2017 launched by Jumia Travel, has said. Kushal Dutta, MD of Jumia Travel Nigeria ,who stated this while assessing the content of this year’s report at a press…
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Nigeria: Govt Seeks Senate’s Nod to Obtain U.S.$6.1 Billion Loan for Rail Projects
The Minister of Transportation, Rotimi Amaechi has urged the Senate to approve $6.1billion loan from China Exim Bank for the construction of Calabar-Port Harcourt, Lagos-Ibadan, Lagos-Kano rail and Lagos to Kaduna railway. The credit facility forms part of the $30billion loan the Presidency was seeking the National Assembly approval to fund critical infrastructure. Amaechi, who…
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Liberia: Monrovia Shuts Down – Mass Protest Over Economy Begins
Central Monrovia, Paynesville and their environs are unusually empty this Tuesday Morning. Marketers and local business owners have decided to close their stores and refrain from selling in a show to bring government’s attention to rising inflation and increment in tariffs and taxes which they say is killing their businesses and making life difficult. “Enough…
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Nigeria: Global Oil Output Falls By 1.07 Million Bpd in January
Following the supply cut deal by the Organisation of Petroleum Exporting Countries, OPEC, oil output of member-states is set to fall by more than 1 million barrels per day (bpd) in January. According to the report of a Reuters survey released Tuesday, the fall points to a strong start by the group in implementing its…
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Ivory Coast unrest makes cocoa grinders rethink investments
Cocoa grinders in Ivory Coast are holding off on new investments after military and social unrest this month, potentially denting government plans to boost processing of the commodity in the world’s top grower. Ivory Coast has emerged from a 2002-2011 political crisis as one the world’s fastest growing economies, attracting foreign investment into everything from…
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Nigeria: NCAA to Intensify Audit of Airlines Over Poor Financial Obligations
The Nigerian Civil Aviation Authority (NCAA), yesterday disclosed plans to further intensify surveillance and economic audit of some airlines over alleged inability to meet financial obligations. The NCAA, apex regulatory body of air travel business in the country, said the motive is not to ground any airline, but to ensure strict compliance with the standard…
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Nigeria: Cross River Set to Float Airline, Shipping Line
Determined to boost the revenue base of the state as well as decouple it from its over dependence on federal allocation, the Cross River State Government has concluded plans to float an airline as well as a shipping line. Speaking with journalists in Calabar, Governor Ben Ayade said the state was taking full advantage of…
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Nigeria court orders temporary transfer of Shell & Eni oilfield
A Nigerian court has ordered the temporary forfeiture of assets and the transfer of operations of a long-disputed oilfield owned by Shell and Eni, among others, to the federal government, court papers released on Thursday showed. The court orders will last until Nigeria’s anti-corruption agency concludes an investigation into how the current owners acquired oil…