headlines news for the day. – First Ideas Limited

headlines news for the day.

Nigeria’s revenue problem lingers as tax reforms stall

Only Somalia and Yemen’s governments are expected to earn less money relative to their economic size than Nigeria in 2022, according to the International Monetary Fund’s (IMF) estimate. Nigeria is in bad company here with Somalia and war-torn Yemen,

Telcos’ planned 40% hike threatens digital inclusion drive

Nigeria’s digital inclusion is facing an imminent threat following a proposal by telecommunication operators to increase the price of data, SMS, and call services, according to a letter seen by BusinessDay.

Nasarawa goes all out with first investment summit

The inaugural edition of the Nasarawa Investment Summit (#NIS2022), which is themed “#DiamondintheRough – The Making of a New Investment Frontier”, is to be held this month in what the state government hopes will position it as a preferred investment destination within Nigeria

Guterres To Buhari: Combine kinetic and humanitarian efforts to defeat terrorism

Visiting Secretary-General of the United Nations (UN), Antonio Guterres, on Wednesday has stated that the federal government must pursue a combination of both Kinetic and humanitarian efforts, to defeat terrorism.

Shell reports $9.1 billion profit in Q1 2022, highest since 2008

The global oil company Shell, on Thursday, announced profits of $9.1 billion for the first quarter of 2022, the biggest since 2008. This development, according to the company’s Q1 2022 result report, is due to rising commodity prices, leading calls for oil and gas firms to pay a windfall tax to help British consumers

Ayom seeks Buhari, National Assembly’s interventions in $1.2b investment

The President/ CEO of Federal Housing Authority- KETTI Investment and Development Company, Moses Ayom, has appealed to President Muhammadu Buhari and leadership of the National Assembly, to intervene in the $1.2b Mining Investment crisis

 Customs says land importation of vehicles still banned

Few days after the Federal Government announced the reopening of four land borders, stakeholders, including clearing agents and car dealers, have predicted a 60 per cent increase in the smuggling of vehicles into the country.

The Federal Government had, last weekend, approved the reopening of Idiroko, Jibia, Kamba and Ikom land borders.

This is coming three years after the government shut down land borders due to the incessant smuggling of arms and different contraband goods.

Crude rises by 4% as EU proposes Russian oil ban

The prices of crude oil rose by four per cent on Wednesday, after the European Union unveiled plans to phase out imports of Russian oil as part of sanctions for Russia’s invasion of Ukraine.

Brent crude futures rose $3.99, or 3.8 per cent, to $108.96 a barrel by 1121 GMT. West Texas Intermediate crude futures rose $4.05, or 4 per cent, to $106.46 a barrel, Reuters reported.

The development came immediately after the European Commission, President Ursula von der Leyen, on Wednesday proposed a phased oil embargo on Russia over its war in Ukraine, as well as sanctioning Russia’s top bank, in a bid to deepen Moscow’s isolation

“Crude oil supply would be phased out within six months, and imports of refined oil products by the end of 2022.”

After spending over $8bn on Ajaokuta, Nigeria imports N837bn steel

Steelmakers are sceptical about the planned concession of Ajaokuta Steel Company Limited after Nigeria imported iron, steel, and metals valued at N837.761bn in the third and the fourth quarters of 2021.

According to the National Bureau of Statistics, Africa’s most populous nation brought in basic metals, iron, and steel products with 6000mm in width, rolled, painted, varnished, and coated with plastics within the six-month period.

The total value of basic metal products imported within the two quarters was N748.529bn, while that of iron and steel was N88.232bn.

This is happening after the Manufacturers Association of Nigeria estimated that the country had spent over $8bn on the idle steel plant so far.

NEXIM Bank Secures N10.2bn, $3.25m in Loan Recovery Drive

The Managing Director/Chief Executive, Nigerian Export-Import Bank (NEXIM), Mr. Abba Bello, has said the introduction of aggressive debt recovery and proactive loan measures had increased recoveries from N200 million in December 2016 to N10.2 billion and $3.25 million between January 2017 and February 2022.

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First Ideas Limited is an investment and financial advisory company established in 1994 to provide advisory services to high net worth individuals, trust funds, financial institutions and medium sized companies in growth sectors.

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