CBN Moves To Establish  Financial Centre







Modelled after New York, London and Singapore financial powerhouses, Nigeria is to establish the Nigerian International Financial Centre (NIFC). This financial house to be established and driven by the Central Bank of Nigeria (CBN) will come on stream in the next 12 months...





Why Nigeria is in far worse economic mess- Sanusi





Former Emir of Kano, Sanusi Lamido Sanusi says Nigeria is in a far worse economic mess today because it failed to implement the right policies and instead it has, like one in a hole, kept digging and digging into a deeper hole. He also said Nigeria’s economy would, by 2023 have been dragged back 40 years to the low point it was in 1980, wiping out all the gains secured in the 35 years before 2015...



States VAT collection charts path to Nigeria’s fiscal federalism





The move by the Lagos and Rivers state governments to collect Value Added Tax (VAT) in their states could serve as a starting point in achieving true fiscal federalism in Africa’s biggest economy. Fiscal federalism demands that each level of government adequately finance its operations without recourse to the central government. But this is not the case in Nigeria...





OPEC Increases 2022 Global Oil Demand Forecast By 1mbpd





The Organisation of Petroleum Exporting Countries (OPEC) on Monday expanded its global oil demand forecast for 2022 by almost one million barrels per day (bpd), to 100.83 million bpd. This was a 4.15 million bpd increase from the 2021 figure and a steep hike from the 3.28 million bpd growth projection it made last month. Pegging its optimism of stronger pace of demand recovery on a steady economic outlook in all regions, OPEC stated that vaccination rates had continued to rise, while the COVID-19 pandemic was expected to be better managed, with economic activities and mobility expected to return to pre-pandemic levels...