Business News

Business and economic news from Nigeria and around the world.

Foreign Stock markets,Zenith Bank Plc. announces notice of board meeting, closed period, Nigeria’s Stock Market, Investors cash in with N1.2 trillion at Nigeria’s stock market for the month of May.

Many Nigerians are trooping into foreign stock markets

April 12, 2020

The bearish trend that is being witnessed in the Nigerian Equity market is a reflection of Nigeria's current economic woes,...

Finding Balance: GTB’s impeccable gains versus its notable losses, GTB donates medical facility for COVID-19, GTBank, others have begun fulfilling pledges towards fight against Covid-19 (coronavirus), COVID-19: GTBank suspends loan repayment for small businesses, GTBank Releases Q1 2020 Unaudited Results…….. Reports Profit Before Tax of ₦58.2Billion

Business News

GTBank suspends loan repayment plan for SMEs

by Fakoyejo Olalekan

April 11, 2020

Guaranty Trust Bank (GTBank) has placed a hold on loan repayment for small businesses operating in Nigeria due to the Coronavirus...

investors, Bulls gain momentum, as stimulus package lifts global financial markets, Bulls boost global financial market, gold hits 7 years high, Dangote, Tier-1 banks lead the bulls to close Nigerian stock market green

Business News

Bulls boost global financial markets as gold hits 7-year high

by Olumide Adesina

April 11, 2020

At the currency exchange rate under the investors and exporters (I&E) window, the naira dropped slightly to close at 386.8.

FG foreign reserves Nigeria Yemi-Osinbajo, FG negotiates with Governors on bail-out fund, as NEC approves 100 billion for NLTP, bail-out fund States Governors, FG earns N28.6 trillion from VAT, others , Ease of doing Business: States must partner with Federal Government – Osinbajo , AfCFTA: Nigeria’s financial footprints to be extended across Africa – Osinbajo , FG seeks partnership with National Council of Registered Insurance Brokers, here’s why , Osinbajo says FG’s investment to take advantage of Africa’s $200bn tourism potential is massive, Pres. Buhari’s plan to tax US tech companies might provoke US trade war https://www.yemiosinbajo.ng/vps-lecture-at-the-national-defence-college-course-28-lecture-event/ https://punchng.com/digital-firms-to-pay-tax-under-new-finance-act-osinbajo-2/ https://www.nytimes.com/2020/01/31/business/economy/digital-tax-oecd.html Nigeria at risk of trade war with United States as the Nigerian Government says it will impose taxes on technology companies like Facebook, Google, and other digital companies that have been escaping tax payment in Nigeria due to their lack of presence within the country. The US has threatened tariffs on imports from countries that impose such digital taxes. The tech companies with heavy revenue footprint in Nigeria now have their backs against the wall because President Muhammadu Buhari-led administration want to tax them to grow Nigeria’s revenue; which has led to the development of the Finance Act. The Finance Act is the solution of President Buhari to the revenue problem which the Finance Minister, Ahmad Zainab, said Nigeria has. The Nigerian government is looking to grow its revenue through taxes, and one of such is the digital tax which Vice President, Yemi Osinbajo, said will commence despite the threat of the US which is aimed at protecting the silicon companies. No more back door operation: Facebook, Google, Amazon, YouTube and many more digital businesses have a sizeable market in Nigeria, but don’t have a physical structure for their operations; this has cost Nigeria tax revenue. These companies are known to prefer situating their companies in tax havens where taxes are low compared to other African and European countries. Ireland and Bermuda are some of the tax havens for these multinational companies. But according to Osinbajo, the period of making gains from their operation in Nigeria without paying tax is over. Osinbajo, while speaking at The National Defence College, Course 28 Lecture Event, said that, “Let me also briefly mention the new provisions on Taxation of Digital Economy and Non-Resident Companies. This is a very important aspect of our taxation policy. Before the Finance Act, only companies that had a physical presence or a fixed base in Nigeria could be taxed. “So, most digital companies, I mean any of the big technology companies, or multi-national digital companies, that did not have physical offices in Nigeria, made significant income from Nigeria from online activities, such as advertising, movie streaming, online gaming and e-commerce from subscribers in Nigeria, but paid no taxes whatsoever because they did not have a physical base in Nigeria. So now we are no longer relying on the fixed base or physical address criterion.” He added that, “Under the Finance Act, once you have a Significant Economic Presence (SEP) in Nigeria, you are liable to tax. Whether you are a resident here or you are not resident as a company, as long as your economic presence is significant, you are liable to tax. If you are streaming online, advertising using Google adverts, whether you are resident here or not, you are now subject to tax. “So, non-residents who previously had no fixed base and no Nigerian tax liability will now be liable to tax based on the SEP criterion. The Minister of Finance is empowered to issue a regulation defining what Significant Economic Presence means. So, she just defines the scope of what we will be looking out for in terms of Significant Economic Presence.” Osinbajo explained. Nigeria is not alone in this crusade: Nigeria is not the only country trying to tax these technology companies. The European Union have also been coming after them for taxes. The EU is also stating that if the technology companies are making economic gains through their operation despite the lack of physical presence in several European countries, then the tech conglomerates should be taxed. This has led to review of tax laws by the EU. According to a report by New York Times, new rules to tax these multinational companies are being discussed by about 130 countries through the Organization for Economic Cooperation and Development. The review has become necessary as digital economy begins to open new revenue sources. Should Nigeria tread carefully? The United States has threated to hit any country imposing taxes on the technology companies - which are mostly American – with tariffs on import. This put Nigeria at a rather impossible position, as the country is not economically strong enough to enter a trade war or go on a tit for tat battle with the US. According to Q3 report, the US is the fifth biggest export destination for Nigeria, having imported N322.2 billion (6.28%) goods from Nigeria, with crude oil constituting N329.8 billion. Although, the US is behind Ghana, India, Netherlands and Spain, it doesn’t change the significance of the US market to the Nigerian economy. Meanwhile, Nigeria’s top import sources include the U.S, accounting for N747 billion in H1 2019. Franch had moved to tax the online businesses but have now delayed the plan this year after a meeting with the US; the US has also paused its tariff threat against France. Britain is also one of the digital tax drivers. With such threat hanging over the digital tax, it’s unlikely Nigeria will go ahead taxing these technology companies, as US feels such tax is discriminatory against US firms, and have suggested these companies be allowed to decide if they want to operate with the new tax standards., FG will provide succor for daily wage earners as lockdown continues – Osinbajo

Business News

FG to provide relief for daily wage earners as lockdown continues – Osinbajo

by Ruth Okwumbu-Imafidon

April 11, 2020

The Federal Government of Nigeria has expressed concern over the plight of daily wage workers due to the lockdown, and...

Military located bandits in kankara, Q1 2020 National Debt report, Buhari finally speaks on NDDC probe, urges NA to act with a sense of urgency,National Human Rights Commission,Presidency bows to pressure, agrees to demand made by EndSARS protesters, Our economy is too fragile to bear another round of lockdown-Buhari, Zarbarmari: Massacre by Boko Haram is nothing short of senseless, barbaric, gruesome and cowardly- Buhari

Business News

Fending off Recession in Nigeria: Experts Offer some Advice to Presidency

by Olumide Adesina

April 11, 2020

Nigeria is currently fighting on many fronts, battered by the sudden plunge in oil prices and the global economic slowdown...

Lagos orders removal of all unapproved street gates in the state to ease traffic, Sanwo-Olu to stop pension for former governors, deputies, #EndSARS: Judicial Panel of Inquiry and Restitution to include Lekki toll gate incident – Sanwo-Olu, Lagos approves resumption of all classes in public, private schools, Lagos takes major step towards delivery of Fourth Mainland Bridge, Lagos to construct rail line to airport terminal for international passengers, COVID-19: Lagos State to begin curfew on Sunday to disinfect metropolis, Lagos state government discharges 7 more coronavirus patients, Lagos state will reverse to full lockdown, Sanwo-Olu to virtually inaugurate projects as he presents scorecard of first year in office, Lekki regional road: Sanwo-Olu revokes land titles of Elegushi Royal family, Lagos pays N1.3 billion into the RSA of 246 retirees, Lagos State to empower 2.5 million youths in Arts and Crafts, Governor Sanwo-Olu appoints new Commissioner for Physical Planning and Urban Development

Business News

Lagos discharges 7 more coronavirus patients

by Chidinma Nwagbara

April 10, 2020

No less than 7 coronavirus patients have regained recovery and have been discharged from the Infectious Disease Hospital in Lagos state.

Gas is the new petrol - FG to Nigerian car owners, intervention fund, NCDMB, output cut, Petroleum Industry Bill to be passed by mid-2020, says Sylva, FG discovers crude oil in north, says there’s more , OPEC, non-OPEC countries to meet as Saudi, Russia price war affects Nigeria’s budget, FG considers fuel price reduction, OPEC deal: Nigeria to generate additional $2.8 billion revenue as FG reacts

Business News

OPEC Deal: Nigeria to cut oil output by 22% to 1.4mbpd

by Chike Olisah

April 10, 2020

OPEC and OPEC+ finally agreed to a historic cut in crude oil output as part of measures geared towards tackling...

NDDC, Cash transfer, President Buhari, non-oil Exports, oil revenue, export revenue, FG Waives import duties for medical supplies, Orders Customs to expedite clearing, Presidency faults report on Kyari as Buhari didn’t cancel memos, appointments approved by him

Business News

How Nigeria recorded its highest non-oil exports ever in 2019

by Nairametrics

April 10, 2020

Nigeria recorded a total export revenue of $10.4 billion in 2019, the highest since 2008 which is farthest we can...

Business News

Bike-hailing firms in talks with Lagos State to resume operations

by Fakoyejo Olalekan

April 10, 2020

Bike-hailing firms are in talks with the Lagos State Government to lift the ban and resume operation in the state.

FG will soon subsidize data – Sunday Dare

Business News

FG may soon subsidize phone data cost– Sunday Dare

by Ruth Okwumbu-Imafidon

April 10, 2020

The Federal Government is currently considering data subsidy for Nigerians, in order to cushion the impacts of the Coronavirus pandemic...

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Business News

Business and economic news from Nigeria and around the world.

Many Nigerians are trooping into foreign stock markets

GTBank suspends loan repayment plan for SMEs

Bulls boost global financial markets as gold hits 7-year high

FG to provide relief for daily wage earners as lockdown continues – Osinbajo

Fending off Recession in Nigeria: Experts Offer some Advice to Presidency

Lagos discharges 7 more coronavirus patients

OPEC Deal: Nigeria to cut oil output by 22% to 1.4mbpd

How Nigeria recorded its highest non-oil exports ever in 2019

Bike-hailing firms in talks with Lagos State to resume operations

FG may soon subsidize phone data cost– Sunday Dare

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