Connect with us

Business

FG Licences Eight Free Zones To Boost Revenue

Published

on

Indication has emerged that the Federal Government has licensed Eight Free Zones in the country to operate in order to boost government’s revenue generation.
Speaking to The Tide in Port Harcourt on Friday, a Senior Liaison Officer of the Nigeria Export Processing Zones Authority (NEPZA) Mr. Lawal Bashorun, said the newly Licensed Free Zones will help to fast-track revenue generation and enhance efficiency of the Free Zones authority.
Bashorun said he was in Port Harcourt on assessement of the operational guidelines of the Onne Oil and Gas Free Zone Authority with a view to setting proper operational guideline for the newly licensed free zones.
He said the newly Licensed Free Zones have started to attract investments already, stressing that these Free Zones will provide solid foundation for a stronger economy and greatly improve the standard of living of Nigerians.
Bashorun said the federal government approved the establishment of the new Free Zones based in the methodology and operational guidelines put in place for assessing the Free Zones authority.
He said the newly Licensed Free Zones include, the Centenary City Free Zone specifically approved for business and Tourism Destination, Ogogoro Industrial Park Lagos, for Oil and gas-related activities, Nigeria International Commerce City, Lagos, Badagry Creek Industrial Park Lagos.
Others are Nigeria Aviation handling Company (NAHCO) Free Zone Lagos, Dangote Refinery/Petro-Chemical park Lagos, Lekki Deep Sea Port currently under Lagos Free Trade Zone Lagos, Samsung Heavy Industries and Mega Construction Integrated under the management of LADOL and Free Zone.
The NEPZA official said the agency is seeking the views of stakeholders  on the appropriateness of establishing Kogi Industrial Park to accommodate the Kogi Automotive Industrial Cluster.
Bashorun said NEPZA is discussing with the federal government for the establishment of another Free Zone in Cross Rivers.
He explained that foreign partners are ready to invest in the Free Zones especially Japan’s government which has proposed to help develop an Authomative Council in Calabar in conjunction with major stakeholders.
He enjoined Nigerians to support stakeholders in the authomative council for the much needed revenue generation to be realizable.

General Manager, Bayelsa CSDA, Eve O. Oboro (left) with Head of Operations CDDS - Piu, Mr. Samuel Dabipisimaka (right) at the two days workshop and training for LGRC/Desk Officers organized by Rivers State Ministry of Chieftaincy and Community Affairs in collaboration with SEEFOR Rivers State Community Driven Development Social (CDDS) Piu at Ministry of Justices.

General Manager, Bayelsa CSDA, Eve O. Oboro (left) with Head of Operations CDDS – Piu, Mr. Samuel Dabipisimaka (right) at the two days workshop and training for LGRC/Desk Officers organized by Rivers State Ministry of Chieftaincy and Community Affairs in collaboration with SEEFOR Rivers State Community Driven Development Social (CDDS) Piu at Ministry of Justices.

Print Friendly, PDF & Email
Continue Reading

Business

NSE Begins Week On Negative Note, Loses N19.49bn

Published

on

The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian  Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.

Print Friendly, PDF & Email
Continue Reading

Business

… Introduces TIES To Boost  Business Loan

Published

on

The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.

Print Friendly, PDF & Email
Continue Reading

Business

CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions

Published

on

The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.

Print Friendly, PDF & Email
Continue Reading

Trending