CBN Introduces Electronic System To Enhance Transparency In Forex Market

CBN Introduces Electronic System To Enhance Transparency In Forex Market

By Oluwakemi Kindness The Central Bank of Nigeria has announced the introduction of an Electronic Foreign Exchange Matching System aimed at transforming the country’s foreign exchange market. The new system is set to be operational in the Nigerian Foreign Exchange Market by 1 December 2024, following a two-week test run scheduled from November. The EFEMS is expected to reshape how foreign exchange transactions are conducted in the interbank market by […]

October 4, 2024 12 3

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Economy

FG Introduces New Fiscal Incentives To Boost Oil & Gas Sector

By Oluwakemi Kindness In its avowed determination towards ensuring a boost in the nation’s upstream and downstream sector, the Federal Government has introduced groundbreaking concessions aimed at revitalizing the industry. This is just as the Minister of Finance and Coordinating Minister of the Economy, Wale Edun on Wednesday unveiled two major fiscal incentives aimed at revitalizing Nigeria's oil and gas sector: They include Value Added Tax (VAT) Modification Order 2024 […]

October 3, 2024 11 3

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Economy

Federal Government Assures Stakeholders Of Collaboration To Drive Economic Growth

By Oluwakemi Kindness The Federal Government has assured that it will continue to collaborate with relevant stakeholders with a view to implementing policies, programmes, and projects that will reinvigorate the nation’s economy. The Permanent Secretary Federal Ministry of Finance, Lydia Shehu Jafiya, gave the assurance in her office in Abuja during a sensitization programme on the forth-coming implementation of Quarterly Citizens and Stakeholders Engagement. She stated that the gathering provides […]

September 20, 2024 16 6

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Economy

FG To Audit, Enforce Statutory Insurance Of All PPP Assets – ICRC

By Oluwakemi kindness The Federal Government says it would conduct an audit of all Public Private Partnership projects to ascertain their performance as well as ensure that all the projects are insured as statutorily stipulated in the Infrastructure Concession Regulatory Commission Establishment Act, 2005. Director General, Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Oseodion Ewalefoh disclosed this when he paid his first official courtesy visit to the Minister of Interior, […]

September 18, 2024 7 1

Economy

OAGF says IPPIS Data Is Safe and Secured

By Oluwakemi kindness The Office of the Accountant General of the Federation (OAGF) on Monday insisted that the Integrated Personal and Payroll Information System (IPPIS) database has not been compromised. The OAGF, which assured that employees’ personal data on the IPPIS database is safe and secured, reiterated the Federal Government's determination to maintain and operate a secure and efficient personnel and payroll system. In a statement in Abuja on Monday, […]

September 16, 2024 9

Economy

NAICOM Outlines Strategic Transformation Roadmap For Insurance Sector

Oluwakemi kindness In the face of rapid changes in the business environment and adoption of strategies to meet current realities, the National Insurance Commission NAICOM has crafted a 4-year Strategic Plan (2024 – 2027) to serve as roadmap for the industry. The 4-year Strategic Plan consists of 5 priority areas for immediate implementation which include; safeguarding policyholders and improving confidence in the Industry, strengthening it supervisory capabilities and organizational […]

September 14, 2024 10

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Economy

Inflation : Federal Government proposes temporary zero duty on food

By Oluwakemi kindness In a decisive move to combat soaring food prices and alleviate the burden of inflation on Nigerians, the Federal Government has proposed a temporary zero-duty levy on selected food imports. This strategic initiative announced by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun aims to increase food availability, reduce prices as well as provide immediate relief to citizens. According to a statement […]

September 11, 2024 13 4

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Economy

President Tinubu Appoints Dr. Mansur Muhtar as Chairman BOI Board

By Bukola Adetinuyo President Bola Tinubu has approved the appointment of new members to the Board of the Bank of Industry Limited. Dr. Mansur Muhtar has been appointed as Chairman, while Dr. Olasupo Olusi will serve as the Managing Director/Chief Executive Officer. Ifeoma Uz'Okpala was also named Executive Director, Large Enterprises, with Shekarau Omar appointed as Executive Director, Micro, Small & Medium Enterprises. Usen Effiong will take on the role […]

September 3, 2024 60 2

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Economy

CGC Adeniyi reaffirms commitment to strengthen collaboration with NLNG

By Oluwakemi kindness The Comptroller-General of Customs (CGC), Adewale Adeniyi, has reaffirmed the commitment of the Nigeria Customs Service (NCS) to collaborate with Nigeria LNG Limited to boost the Nigerian economy. This assurance was made known when a delegation from Nigeria LNG Limited, led by its Managing Director, Philip Mshelbila, paid a courtesy visit to the Comptroller-General of Customs at the Service's Headquarters in Abuja. A statement by the NSC […]

August 26, 2024 12 1