Informal Trade and Impact of COVID-19 Key Features of 2020 African Trade Report

The African Trade Report, produced annually by the African Export-Import Bank (Afreximbank), will be launched on 15th December. This year’s report focuses on Informal Cross Border Trade (ICBT) and provides ground-breaking insights into the scale, composition and approaches to informal cross border trade in Africa.  It is estimated that the formalisation of informal cross border trade could potentially increase official trade numbers by between 30-50%, depending on the region. “ICBT has been a key contributor to...

Visa Openness Solutions Can Boost Africa’s Economic Recovery, the 2020 Africa Visa Openness Index Reveals

A record 54% of the continent is accessible for African visitors who no longer need a visa to travel or can get one on arrival; in 2020, The Gambia joins Seychelles and Benin in allowing visa-free access for all African travelers; 24 countries offer e-Visas reflecting 44% of the continent. The upward trend in African countries liberalizing their visa regimes and welcoming African travelers continues, according to the 2020 Africa Visa Openness Index published by the African Union...

African Development Bank, 11 leading Multilateral Development Banks, IMF launch First Joint Report On Financing the Sustainable Development Goals

The African Development Bank (www.AfDB.org) joined a group of 11 multilateral development banks (MDBs) and the International Monetary Fund (IMF) on Thursday in launching a first-ever joint report on financing the Sustainable Development Goals (SDGs). The launch took place during a virtual ceremony attended by the heads of the institutions. The report is released at the end of a critical year, with the COVID-19 pandemic threatening to reverse progress on the SDGs. In response, MDBs have collectively...

Reps Pass 2020 Finance Bill for Second Reading

On Thursday, the House of Representatives passed the Finance Bill 2020 for second reading The bill is titled, ‘A Bill for an Act to Amend the Capital Gains Tax Act, Companies Income Tax Act, Personal Income Tax Act, Tertiary Education Trust Fund (Establishment) Act, Customs and Excise Tariff, Etc. (Consolidated) Act, Value Added Tax Act, Federal Inland Revenue Services (Establishment) Act, Nigerian Export Processing Zone Act, Oil and Gas Export Free Zone Act, Fiscal Responsibility...

Ugwuanyi Presents N169.85 billion Budget of Recovery And Continued Growth For Year 2021

The Enugu State Governor, Ifeanyi Ugwuanyi, today in pursuant to section 121 of the constitution of the Federal Republic of Nigeria as amended presented the sum of one hundred and sixty-nine billion, eight hundred and forty-five million, seven hundred and fifty-eight thousand, five hundred naira only(N169, 845, 758, 500=) as 2021 budget to the state House of Assembly. Presenting the budget tagged Budget of Recovery and Continued Growth on Wednesday at the floor of the...

NCC Suspends SIM Sale, Registration for Database Audit

The Nigerian Communications Commission (NCC) has directed Mobile Network Operators to immediately suspend the sales and registration of new SIM cards in the country to allow an audit of the Subscribers Registration Database. The NCC Director of Public Affair, Dr. Ikechukwu Adinde, made this known in a statement on Wednesday, saying that it was absolutely necessary for operators to comply pending the conclusion of the audit. In his words, the Minister of Communication and Digital...

Anambra Assembly Passes 2021 Appropriation into Law

Anambra State House of Assembly has today passed the 2021 Anambra State Appropriation Bill into law. The Anambra State Appropriation Bill was presented to the Assembly by Governor Willie Obiano exactly one month and four days ago, during which occasion the members assured the governor of speedy action to ensure timely passage into law. Therefore, for many observers, this is a promise kept. A Budget size of N143, 661, 871, 651 for the services of...

FG Announces Reduction of Petrol Price to ₦162.44 Per Liter

The Federal Government has announced a reduction in the pump price of premium motor spirit, also known as petrol, from ₦168 to ₦162.44 per liter with effect from December 14. This was disclosed by the Minister of Labor and Employment, Dr. Chris Ngige, after a meeting with labor leaders which began around 9pm on Monday and ended at 1:30am on Tuesday. The product is presently dispensed at ₦168, following the decision of the Petroleum Products...

Nigeria’s Foreign Trade Bill Stands at N23.2trn -NBS

The total value of Nigeria’s merchandise trade from January to date is to N23.2 trillion, while trade in the third quarter of 2020 (Q3 2020) stood at N8.37 trillion. The National Bureau of Statistics (NBS) said this in its “Foreign Trade in Goods Statistics Q3, 2020” published on its website on Monday. According to the report, the Q3 figure represents an increase of 34.15 per cent, compared to Q2, but a decline of 8.85 per...

Strike Continues Until FG Pays Withheld Salaries – ASUU

The Academic Staff Union of Universities (ASUU) has said that the strike will continue until the Federal Government paid all the salaries of its members it withheld. The ASUU President, Professor Biodun Ogunyemi, said this on Sunday in a telephone conversation with journalists in Lagos. He said government should not expect the lecturers to resume without paying the withheld salaries. On November 27, there was a report that the union had agreed to end its...

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