Federal Government issues revised guidelines for Export Expansion Grant scheme
The Federal Government of Nigeria (FGN), vide the Nigerian Export Promotion Council (NEPC), recently issued the revised guidelines for operation of the Export Expansion Grant scheme (hereinafter referred to as “EEG” or “the Scheme”). This move follows the decision of the FGN to reintroduce the Scheme, which had been suspended since 2013.
PENCOM issues guidelines on withdrawals from voluntary contributions
The National Pension Commission (PENCOM) on 16 November 2017 issued a Circular to all Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) communicating new guidelines on withdrawals from voluntary pension contributions (VC). The new guideline, effective 1 December 2017, mandates compliance with the procedures by all licensed PFAs/PFCs or face sanctions from PENCOM.
Federal Government of Nigeria’s 2018 Budget
President Muhammadu Buhari presented the 2018 Budget of the Federal Government of Nigeria (FGN) to a joint session of the National Assembly on Tuesday, 7 November 2017. The Budget, tagged Budget of Consolidation, is aimed at ensuring growth and stability as Nigeria recovers from a period of economic recession. The President had earlier submitted the Medium Term Expenditure Framework and Fiscal Strategy Paper for 2018 to 2020 (MTEF/FSP) to the National Assembly for approval. Explore the full details of our take on the budget here. Download an infographic on the budget here .
NIPC launches compendium of investment incentives in Nigeria
Nigeria Investment Promotion Commission (NIPC) in collaboration with Federal Inland Revenue Service (FIRS), on Friday, 3 November 2017, published the first edition of the Compendium of Investment Incentives in Nigeria (the Compendium).
The latest business competitiveness ranking: How close is Nigeria to the Promised Land?
It is heartwarming to read the latest doing business report of the World Bank and Nigeria’s giant leap to 145th among 190 economies on the ease of doing business. Nigeria gained 24 places on the latest ranking, an improvement on the prior year’s ranking of 169, and exceeded the short term target of 20-place movement. According to the Report, Nigeria, alongside El Salvador, India, Malawi, Brunei Darussalam, Kosovo, Uzbekistan, Thailand, Zambia and Djibouti are the top 10 most improved countries on the ease of doing business index.
Nigeria gains momentum on ease of doing business
The World Bank Group (World Bank) on Tuesday, 31 October 2017, published its 2018 Doing Business Report (the Report) in which Nigeria is now ranked 145th among 190 economies on the ease of doing business index. Nigeria gained 24 places on the latest ranking, an improvement on the prior year’s ranking of 170.