The Centre for the Promotion of Private Enterprise (CPPE) has said that Nigeria’s current tax regime is stifling investment and economic growth. Muda Yusuf, director of the organisation, made this known in a statement detailing CPPE’s economic and business environment review for 2022 and 2023 agenda for policymakers. The policy think tank said that an economy that desires job creation, economic inclusion, investment growth and poverty reduction, should have an accommodating tax regime for investors. The CPPE said: “Corporate tax in Nigeria is 30 per cent. But effective corporate tax is much more than that. There is a tertiary education…
Author: Elvis Eromosele
The Lagos State Government has re-echoed its commitment to provision of decent, habitable and conducive homes for its workforce. This is contained in a statement on Saturday by Mrs Adeola Salako, spokesperson of the Lagos State Ministry of Housing. Salako said the Permanent Secretary of the Ministry, Mr Kamar Olowoshago, said this during joint inspection of 36 home units comprising two and three bedroom home apartments at LagosHOMS Lagos State University (LASU), Ojo Campus. Olowoshago said the government was focused in its resolve to provide decent shelter for staff of its various establishments. “Housing is a paramount need and to…
As in recent years, stocks are having their moment in Nigeria. Yet the optimism that fed that trend in 2022 was unusually robust for a year in which that had enough wrecking balls to tip Nigerian stocks southward. Returning 20 per cent or N4.7 trillion at the sound of the closing bell on Lagos Customs Street on Friday, Nigeria’s main equity index had swum against the trend in the broader global stock market, where equities had shed as much as $18 trillion or over 20 per cent as of 07:00 the same day, according to the MSCI All-Country World Index…
The FATE Foundation’s 2022 Impact Report which presents a snapshot of its journey in 2022 is out. Across 20 states reaching all geopolitical zones, through its newly formed Divisions – The FATE School, The FATE Institute, and The FATE Giving, the foundation continued the delivery of its mission to foster wealth creation by promoting business and entrepreneurial development among Nigerians. In its 22nd year, FATE has now reached a cumulative number of over 230,000 aspiring and emerging Nigerian entrepreneurs of which 7,438 are graduates from its pre-incubation, incubation, growth, and accelerator programs. This year, it was able to connect over…
By Ishola Ayodele In today’s fast-paced, digitally connected world, a crisis can spread like wildfire, with the potential to do significant damage to a company’s reputation and bottom line. And when a crisis hits, one of the first things that many companies do is issue an apology in an attempt to mitigate the damage and regain the trust of their stakeholders. In November this year, a luxury Spanish label ‘Balenciaga’ released two campaigns on its website. The first campaign released on the 16th of November was a photograph of child models holding the brand’s handbags that appeared to be a…
Third-party insurance premiums for private a vehicle will go up by 300 per cent by New Year’s day, which is two days away. According to the new rate approved by the National Insurance Commission (NAICOM), a private vehicle that is presently paying an N5,000 premium for an N1 million Third Party Property Damage (TPPD) limit is now to pay N15,000 premium for a N3 million limit; N5 million limit for own goods with a premium of N20,000; while a staff bus is to pay N20,000 premium for N3 million limit. In a circular dated 22nd December 2022 and addressed to…
By Elvis Eromosele The information and communication technology (ICT) sector in Nigeria has seen significant growth and development in recent years. The National Bureau of Statistics (NBS) revealed that the sector contributed 18.44 per cent to the nation’s GDP in the second quarter of 2022. Experts argue that the country’s youth-dominated 210 million-strong population is driving demand for ICT products and services. The government has made significant efforts to promote the development of the ICT sector and increase access to ICT infrastructure and services. This has included initiatives such as the National Broadband Plan, which aims to increase broadband penetration…
Pele, the legendary Brazilian soccer player, and one of the greatest and best-known athletes in modern history, died on Thursday at the age of 82. The death of the only man to win the World Cup three times as a player was confirmed by his daughter, Kely Nascimento on Instagram. Pele had been undergoing chemotherapy on a regular basis since he had a tumour removed from his colon in September 2021. He also had difficulty walking unaided since an unsuccessful hip operation in 2012. In February 2020, on the eve of the coronavirus pandemic, his son Edinho said Pele’s ailing…
The Lagos State Government on Thursday announced Messrs CCECC-CRCCIG Consortium as the preferred bidder for the proposed Fourth Mainland bridge project. The Special Adviser to the Governor on Public Private Partnerships (PPP), Mr Ope George said at a briefing at the PPP Office in Ikeja that the project, which is a proposed PPP transport infrastructure development, would comprise the construction and operation of a greenfield tolled road and bridge with a design speed of 120 kilometres per hour, including the development of adjacent real estates. He further said that the bridge would become the second longest in Africa with three…
New HIV infections are rising in an alarming number of countries, regions and cities around the world. There were 1.5 million new HIV infections in 2021—1 million higher than the 2020 target of 500 000. To support countries in driving down new infections UNAIDS and partners have brought together HIV prevention experts and implementers from the 28 countries with the highest rates of new infections to establish why they are failing to decline at scale, to discuss solutions and to help countries set ambitious prevention targets. The 28 countries which account for three-quarters of all new HIV infections around the…