22

Jun

Nigeria Might Earn N462 Billion A Year Through Electronic Transfers, According To The World Bank

According to the World Bank, Nigeria is expected to earn N462 billion this year from the electronic money transfer (EMT) charge, which will serve as a steady source of revenue. The EMT levy was implemented in the Finance Act 2020, which revised the Stamp Duty Act and taps into the rise in electronic funds transfer in Nigeria, according to the bank’s research, titled “Resilience through Reforms.” The EMT levy, sometimes known as Stamp Duty, is a one-time tax of N50 on any electronic receipt or transfer of money put in any deposit money bank or financial institution on any type […]

31

May

Nigeria Is Not In Debt, According To The DMO.

Despite the detrimental impact of Nigeria’s debt profile on the economy, the Debt Management Office (DMO) maintains that the country’s debt is still manageable because it has not yet reached the IMF and World Bank’s debt sustainability thresholds. According to it, the Economic Community of West African States (ECOWAS) has set a maximum debt limit of 70% of a country’s GDP for West African countries, with Nigeria still at 21%, while the DMO has set a 40% benchmark for external debt, with Nigeria still at 8%. The domestic debt is $53.04 billion, with the federal government owing $42.1 billion and[…]

28

May

Nigeria Has The Most Startups In Africa,But Ranks Poorly Due To Difficult Environment

According to a research titled African Tech Ecosystem of the Future 2021/2022 Ranking, Nigeria boasts the most tech companies, with many of them working in the fintech industry, but the country falls short on other measures. fDi Intelligence, a specialised subsidiary of the Financial Times, collaborated with research firm Briter Bridges to produce this analysis. New waves of tech entrepreneurship are sweeping the globe, well beyond the usual hotbeds of Silicon Valley, Boston, and New York in the United States, London, and elsewhere. Africa, for example, is becoming the world’s fastest-urbanizing continent while also being one of the world’s most[…]