The Nigerian-British Chamber of Commerce (NBCC) on Thursday, July 23, 2020, hosted its Opportunity Nigeria Conference. In his welcome speech, the President and Chairman of Council of the NBCC, Mr Kayode Falowo stated that the theme ‘‘Nigeria- Gateway to Emerging African Markets’’ was apt given the economic realities in Nigeria today, and her relationship with the UK and other countries in the world. The Conference would have been held in the UK as part of the Chamber’s 2020 Annual Trade Mission activities, to promote Trade & Investment between Nigeria & Britain.
 
Read more:
https://businessday.ng/events/article/nigeria-remains-the-investment-destination-of-choice-in-africa/

The Federal Government on Monday confirmed the release of $2.62 billion (N995.665 billion) for capital expenditure in the implementation of the 2020 revised budget.
 
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this while presenting a cheque of the N162.557 billion realized from the 2020 Sukuk issuance to the Minister of Works and Housing, Babatunde Fashola, SAN, in Abuja.
 
She said the government appropriated the sum of N1.347 trillion for capital expenditure under the revised 2020 budget, adding that with the release of the cheque to the Minister, the amount appropriated for roads projects financed by Sukuk in 2020 budget has been fully released…
 
More details through:
https://www.dailytrust.com.ng/fg-releases-n995-7bn-for-capital-projects.html
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The nation’s economy recorded a net foreign exchange inflow of $9.35bn in February. The Central Bank of Nigeria disclosed this in its February monthly report.
 
It said, “Foreign exchange flows through the economy resulted in a net inflow of $9.35bn in the review period, compared with $9.99bn and $4.58bn at end-January 2020 and end-February 2019, respectively.”
 
More details through:
https://punchng.com/net-foreign-inflow-hit-9-35bn-in-february-cbn/

Tightened borders and shift in tastes among Nigerians ramped up patronage of palm/vegetable oil, plastic packaging, and poultry products in 2019, forcing the producers to lift year-on-year job numbers in the manufacturing sector by 25 percent. Total jobs created by manufacturers in 2019 were 22,729 as against 18,203 reported in 2018, representing a 25 percent increase…
 
More details through:
https://businessday.ng/exclusives/article/palm-oil-poultry-packaging-lead-new-manufacturing-jobs/
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Nigeria’s central bank devalued the naira by 5.5% against the dollar as authorities in Africa’s biggest oil producer migrate toward a single exchange-rate system for the local currency.
 
The official rate to the greenback was pegged at 381 naira from 360, according to data on the website of FMDQ OTC Securities Exchange, the Lagos-based platform that oversees foreign-exchange trading. The central bank has not issued a statement about the weakening of the naira, and calls to the spokesman went unanswered.
 
The currency depreciation comes after Governor Godwin Emefiele earlier this year said that policymakers plan to unify its multiple exchange rates to improve the transparency of its currency-management system…
 
More details through:
https://www.bloomberg.com/news/articles/2020-07-07/nigeria-central-bank-devalues-official-exchange-rate-by-5-5?srnd=premium-africa

Business owners who register their businesses with the Corporate Affairs Commission (CAC) will no longer need to approach the Federal Inland Revenue Service (FIRS) for a tax identification number as the federal government has merged the process with business registration.
 
CAC stated this in a statement yesterday, saying that certificates of incorporation issued by the Commission would now carry TINs. “This is to inform our esteemed customers that as part of the ease of doing business initiative, certificates of incorporation of companies registered under part A of CAMA will henceforth carry tax identification numbers issued by the Federal Inland Revenue Service (FIRS),” the corporation said…
 
More details through:
https://www.vanguardngr.com/2020/06/ease-of-doing-business-fg-merges-cac-tax-id-registrations/

EFG-Hermes Holding SAE expects the Covid-19 pandemic to start easing in Africa's largest economy by September and boost investments in food and consumer-facing industries.
 
Agriculture, digital payments, health, consumer goods, and well-capitalized banks will attract new investors and customers, Kato Mukuru, head of frontier research at the Cairo-based company said in a virtual conference on Thursday. “The good thing about Covid-19 is that it has forced new sectors to come through.”
 
A lockdown by authorities in Africa's most populous country to contain the spread of coronavirus pandemic moved the nation of 200 million people away from cash to digital payments. Also, a crash in the price of crude oil, the nation's major revenue earner, intensified effort by the Government to diversify income sources by supporting investments in agriculture and processing industries…
 
More details through:
https://www.bloomberg.com/news/articles/2020-06-25/efg-hermes-sees-covid-19-pandemic-easing-in-nigeria-by-september
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Nigeria will continue to pursue exchange rate convergence around what is offered in the investors and exporters window, otherwise called nafex, the regulator said.
 
“Exchange rate unification is moving toward the nafex,” central bank governor, Godwin Emefiele said on a call with investors on Tuesday. People buying dollars from the parallel market are engaged in 'illegal business' and 'corrupt practices,' and the bank will not use the unofficial market as a base for convergence, he said.
 
“The reserve still remains above $36 billion. I would imagine it is enough to make somebody comfortable if you want to do business in Nigeria,” the governor said.
 
The local currency unit has stabilized at 388 naira to a dollar on the nafex window in the past two months, and this is expected to be sustained as oil price recovery leads to higher foreign exchange inflows for Africa's largest economy where crude exports account for about 90% of export earnings…
 
More details through:
https://www.bloomberg.com/news/articles/2020-06-23/nigeria-to-unify-exchange-rate-around-investors-window
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The success stories of some Nigerian industries like telecommunications, pensions, and cement show all hope is not lost for the country's failing sectors, according to stakeholders at a panel session at BusinessDay’s digital dialogues on Wednesday.
 
The various industry players said the right operating environment, political will, smart regulation, and full deregulation of some of the troubled sectors would not only enable them to replicate the success already enjoyed in some industries but would also create new records…
 
More details through:
https://businessday.ng/exclusives/article/cement-telecoms-pensions-successes-show-nigeria-not-a-lost-cause/
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The Passport Index by Arton Capital has declared, in this year’s rankings, that Nigeria is the joint ‘most open’ country in the world.
 
Citizens from 198 countries worldwide can now travel to Nigeria without a pre-arranged visa. Nigeria shares the top spot with 21 other countries, 13 of which are from the African continent – with more than 50% of the world’s most welcoming countries hailing from Africa.
 
Tourism presents an area of fast potential growth for the Nigerian economy and remains an essentially untapped sector. Currently, only making up around 2% of the Nigerian GDP, there are hopes that ease of access will act as a catalyst to revolutionise the way Nigeria is seen as a tourist destination.
 
The unfortunate reality remains that Nigerians are currently limited in their own ability to travel abroad, in spite of their welcoming of foreign nationals into the country. With access to only 48 countries worldwide without a pre-arranged visa, some Nigerians are now actively choosing to take advantage of dual-citizenships…
 
More details through:
https://www.sunnewsonline.com/passport-index-reveals-nigeria-as-one-of-the-easiest-countries-to-visit/
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