FIRS woos foreign investors to Nigeria with attractive tax

The Federal Inland Revenue Service (FIRS), has tasked foreign investors to consider Nigeria as their first option for business considering the attractive tax incentives, reliefs and attractive end-price the country offers. Click here for more.

Non-oil sector to contribute 80% of Nigeria’s revenue in 3 years – FIRS 

The Federal Inland Revenue Service (FIRS) has stated that Nigeria’s non-oil sector would generate 80% of the country’s revenue in the next three years. According to the Head of Communications and Servicom Department, Mr Wahab Gbadamosi FRIS yesterday, the chairman of the service, Mr Tunde Fowler said so at the Nigeria-Canada Investment Summit. Click here for more.

Sell Pressure Persists As NSEASI Dips Further By -0.58%

Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.58% to close at 26,223.66 points as against -0.10% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.57%. Click here for more.

CBN stops treasury bills’ sale to individuals

The Central Bank of Nigeria has given a directive to banks and other financial institutions to stop the sale of treasury bills to individuals and small firms with effect from November 29. Some bank officials who disclosed this to The PUNCH said only big corporate organisations would be allowed to do treasury bills investments. Click here for more.

SEC Kicks Against Single-Asset Class Investment

The acting Director-General, SEC, Ms Mary Uduk, while speaking at a one-day enlightenment programme for the Nigerian Army Ordinance School, Ojo Cantonment, Lagos, urged investors to diversify their investment portfolio in order to mitigate risks. Click here for more.

Nigeria’s Neighbours Must Obey Fair Trade Rules – Emefiele

Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, wednesday said Nigeria’s neighbours must comply with fair trade practices to avoid depriving Nigeria the benefits of African Continental Free Trade Area (AfCFTA) agreement. Click here for more.

Dangote refinery will decrease Africa’s crude export to 5.4m in 2025 – OPEC

The coming of Dangote refinery is expected to reduce Africa’s crude export to 5.4 million barrel per day in 2025, says an outlook report by Organisation of Petroleum Exporting Countries (OPEC). In its closely-watched annual World Oil Outlook (WOO), the Middle East-dominated producer group said significant additions are also expected in Africa. Click here for more.

Total to sell stake in Nigerian oil block

Total Group is seeking to sell its 12.5 per cent stake in a major deepwater oilfield off the coast of Nigeria, industry and banking sources said, in an effort to adjust the energy company’s Africa portfolio amid a broad expansion. Click here for more.

Oil: International oil companies scale down on Nigeria operations

In a recent publication, Reuters reported that Chevron – Nigeriaís third-largest oil producer is looking to sell-off a number of its oil assets in the country as the company wants to focus on growing its US shale output. This is in line with moves by the company’s top rivals, Exxon Mobil and Shell, to dispose of some of their Nigerian oilfields. Click here for more.

Oil worth $42bn stolen in 10 years – NEITI 

Crude oil and refined products worth $41.9bn were stolen from Nigeria in the last 10 years, the Nigeria Extractive Industries Initiative has said. NEITI also urged the government to embrace oil fingerprinting technology, comprehensive metering. Click here for more.

South Africa Makes Headway in $100 Billion Investment Drive

South African President Cyril Ramaphosa said his administration is on track to lure $100 billion in new investment within five years, with more than $16 billion already committed and many more projects in the pipeline. Click here for more.