Nigeria To Establish Stronger Petroleum Industry Regulator

Nigeria’s government plans to create a powerful energy regulator with broad oversight of the oil and gas sector, according the draft Petroleum Industry Bill (PIB).

The draft laws, posted on the Nigerian legislature’s website on April 30, are the versions intended for the Senate, the upper house of parliament.

The PIB aims to improve transparency, attract investors, stimulate growth and increase government revenues.

Dr Maikanti Baru, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), says the corporation’s downstream subsidiary, NNPC Retail Limited, now holds 14 per cent of the share of petroleum products retail business in Nigeria. Baru said this in a statement signed by the NNPC Spokesman, Mr Ndu Ughamadu in Abuja.

AFDB Embarks On First Africa Investment Forum In South Africa

The African Development Bank, AfDB has launched the Africa Investment Forum to mobilize between $600-700 billion of private equity funds yearly to develop the continent.

The maiden forum will hold in Johannesburg from November 7-9 this year.

The forum was launched based on the realization that by 2050, Africa’s growing population will tip the scales at a whopping 2 billion, with a youth of 840 million. In the process, the continent will overtake the populations of China and India combined.

African Nations At High Risk Of Economy Crippling Debt, IMF Warns

The International Monetary Fund (IMF) has cautioned that, African countries are increasingly threatened by economy crippling debt, despite overall economic growth across the continent.

The global financial institution says heavy borrowing and massive deficits are responsible for the trend, as sub-Saharan African governments increasingly tap into global debt markets.

Spurred on by massive investor demand for government bond yields, some African nations are also issuing "record levels" of foreign currency debt, pushing their countries to the brink of debt distress, the IMF said.

CBN Instructs Banks To Repay Excess Charges To Customers

The Central Bank of Nigeria (CBN) has said any bank that deducts monies illegally from a customer’s account for products and services would be forced to refund the money to the customer with interest.

Fada David, Consumer Complaints Management, Consumer Protection Department, CBN, made the statement in an interview with newsmen on Tuesday in Abuja.

Bank customers within the Federal Capital Territory, FCT, and many states have complained over excess charges by banks through Automated Teller Machine (ATM) withdrawals.

Nigeria To Begin Mass Exportation Of Fertilizer In Two Years

Chairman of Fertilizer Producers and Suppliers Association of Nigeria (FEPSAN) Mr Thomas Etuh, has said Nigeria will be in good position to export fertilizer within the next two years if current gains of the Presidential Fertilizer Initiative (PFI) are sustained.

According to Etuh, the country is currently selling the important agro input to some of Nigeria’s neighbours like Benin Republic, Chad, Cameroon and Niger Republic, a development he says, will help restore the country’s position as the food basket of the West African subregion.

The export opportunity from fertilizer, he revealed, will be made possible by the enlarged local production of fertilizer that has ramped up from a mere 500,000 metric tonnes pre-2015 to close to 2 million metric tonnes currently.

Number Of Tax Payers Rises By 5m In 1 Year – Osinbajo

Vice President Yemi Osinbajo on Wednesday in Abuja, said that over five million new taxpayers have been enrolled in the last 12 months.

Speaking at the 20th annual tax conference of the Chartered Institute of Taxation of Nigeria (CITN), Osinbajo said that the tax compliances is closely linked to good governance.

He said that tax compliance should go hand in with good governance as the head and tail of the social contract between the government and its citizens.

The Federal Government says it will spend about 2.7 billion dollars for the concession of narrow gauge rail lines in the country. The Minister of Transportation, Mr Rotimi Amaechi who disclosed this on Monday according to the News Agency of Nigeria (NAN), reports.

Oil prices rose more than 3 percent on Wednesday, hitting 3-1/2-year highs after U.S. President Trump abandoned a nuclear deal with Iran and announced the “highest level” of sanctions against the OPEC member. Ignoring pleas by allies, Trump on Tuesday pulled out of an international agreement with Iran that was agreed in late 2015, raising the risk of conflict in the Middle East and casting uncertainty over global oil supplies at a time when the crude market is already tight.

The Nigerian Government says it has simplified processes for paying taxes and obtaining Nigerian visas. The Vice President stated this at the opening event of Open Government Partnership, OGP, week in Abuja, Nigeria’s Capital. The Vice President spoke on measures put in place by the Nigerian Government to promote a transparent government.