Manufactured Goods Imports Surge by 139% to N5.74trn The importation of manufactured goods into Nigeria surged astronomically by 139 per cent, year-on-year (YoY), to N5.4 trillion in the first quarter of 2024 (Q1’24) from N2.40 trillion in the corresponding period of 2023 (Q1’23). Stakeholders have attributed...

Report Reveals Real Estate Sector Paid N70bn VAT In Five Years   Value Added Tax (VAT) generated from the construction and real estate sector rose by 124 per cent from N10bn in 2018 to N22.45bn in 2022. An analysis of the National Bureau of Statistics’ quarterly VAT...

Capital Importation Drops By 48% - CBN   Capital importation into the country for the production and manufacturing sector crashed by 48.42 per cent in 2022. Economic Confidential observed that foreign investments in manufacturing businesses in the country fell from $100.97m in January 2022 to $52.08m in...

Nigeria To Earn N6trn Yearly From Fuel Subsidy Removal, Says CPPE     The removal of fuel subsidy would unlock a minimum of N6 trillion in revenue into the federation account annually. This was disclosed by an economic think tank, the Centre for the Promotion of Private Enterprise...

"Nigeria’s Corporate Tax Rate, Global Highest"   The Centre for the Promotion of Private Enterprises (CPPE) has called for the review of Nigeria’s tax laws, saying that the corporate tax at about 34 percent represents the highest globally. The firm noted that the current tax regime stifles...

FG Spent N1trn On Steel Imports In Nine Months Federal Government has spent $1.038 trillion on iron and steel imports in the last nine months. In a similar fashion, the Federal Government pumped N21.3 billion into the moribund Ajaokuta Steel Complex between 2016 and early 2022. The...