REDUCTION OF IMPORT AND EXPORT DOCUMENTATION REQUIREMENTS
Following the Federal Government's on-going efforts to improve the ease of doing business in Nigeria, His Excellency, Prof. Yemi Osinbajo, SAN, Vice President of the Federal Republic of Nigeria and Chairman, Presidential Enabling Business Environment Council (PEBEC), recently approved the reduction in the number of documents required... [PDF]
REVISED EXPORT GUIDELINES FOR NON-OIL EXPORT
Any person intending to export non-oil Products out of Nigeria shall in the first instance, process the Nigerian Export Proceeds Form (Form NXP or any other form so prescribed) through an Authorized Dealer Bank irrespective of the value and whether or not payment is involved. Read More» or download [PDF]
REVISED EXPORT GUIDELINES FOR OIL AND GAS EXPORTS
Any person intending to export oil and gas and related products out of Nigeria shall, in the first instance, process the Nigerian Export Proceeds Form (Form NXP and any other form so prescribed) through an Authorized Dealer Bank irrespective of the value and whether or not payment is involved. Read More» or download [PDF]
REVISED IMPORT GUIDELINES, PROCEDURES AND DOCUMENTATION REQUIREMENTS UNDER THE DESTINATION INSPECTION SCHEME IN NIGERIA
Pursuant to the Federal Government’s decision for a seamless transfer of the Destination Inspection Scheme for imports from the Scanning Service Providers (SSPs) to the Nigeria Customs Service (NCS) with effect from 1st December 2013, robust guidelines, procedures and documentation regime shall be enthroned to enhance the integrity of the system. Read More» or download [PDF]
NIGERIA URGES IsDB TO SUPPORT THE IMPLEMENTATION OF ERGP
The Federal Government has urged the Islamic Development Bank (IsDB) to do more for Nigeria by supporting the implementation of the country's Economic Recovery and Growth Plan (ERGP) and the delivery of signature infrastructure to meet the development aspirations of Nigerians.Read More»
NIGERIA TO SERVE AS IsDB REGIONAL HUB FOR AFRICA
Nigeria may become the regional operational hub of the 43-year old Islamic Development Bank (IsDB) in Africa, as the development finance institution is considering a proposal to expand its existing country gateway office in Abuja to serve as a key regional office. Read More»
FG BANS MDAs FROM TRANSACTING BUSINESS WITH UNREGISTERED FIRMS
The Federal Government has banned Ministries, Departments and Agencies (MDAs) from transacting business with companies and other corporate bodies that were not duly registered by the Corporate Affairs Commission. Read More»
FG: CAPITAL RELEASES EXCEED N1.2 TRILLION IN 2016
As the 2016 budget closes, Federal Ministry of Finance has released details of the N1.2 trillion capital releases made. In line with Government’s increased focus on capital expenditure, the following releases were made. Read More»
NIGERIA READY FOR BUSINESS: JAPANESE FIRMS URGED TO SET UP MANUFACTURING PLANTS IN NIGERIA
Minister of Finance, Mrs. Kemi Adeosun has told a Japanese Trade and Investment Mission to Nigeria that the country is open and ready to continue to do business with the rest of the world and urged the big Japanese companies to invest in the country by setting up manufacturing plants, instead of shipping-in finished products. Read More»
FEC APPROVES US$250m SOFT LOAN TO PROVIDE BASIC SERVICES TO 14 MILLION PEOPLE
The Federal Executive Council on Wednesday approved a US$150 million soft loan from African Development Bank (AfDB) and US$100 million from African Development Finance (ADF) for Rural Water Supply and Sanitation Initiative (RWSSI) as well as a Grant of five million Euro to finance Inclusive Basic Service Delivery and Livelihood Empowerment Integrated Programme in five states of the North East. Read More»
FG INAUGURATED COMMITTEE ON PENSION LIABILITIES
An inter-ministerial committee to review all pension liabilities of the Federal Government and come up with strategies to offset such liabilities has been inaugurated by the Minister of Finance, Mrs. Kemi Adeosun, who chairs the Committee. Read More»
APPROVAL OF THE REVISED NATIONAL TAX POLICY BY THE FEDERAL EXECUTIVE COUNCIL
OPEN DATA FOR AFRICA INITIATIVE
Link to Open Data For Africa Initiative External
ADEOSUN HOLDS FIRST FACEBOOK LIVE SESSION: ASSURES CONTINUITY OF ‘YOUWIN’ PROGRAMME
- Written by Administrator2
The Minister of Finance, Mrs Kemi Adeosun, held her first-ever Facebook Live session on Tuesday, April 4, 2017. The 23-minute event, filmed at the Ministry of Finance headquarters in Abuja, and broadcast live through her Facebook page, reached an audience of more than 130,000 persons within the first hour.
The Minister kicked off the Facebook Live interaction with an overview on developments in the Nigerian economy over the past few months, highlighting the Finance Ministry’s work in supporting SMEs, creating jobs, improving transparency, cutting the cost of governance, and boosting Government revenues.
Acknowledging the challenges the Nigerian economy faced recently due to low oil prices, the Minister said: "the good news is that we are working through the issues one by one, and trying to ensure that as we rebuild the economy, we get away from the boom and bust cycle of the past -- we want to build an economy where, whether oil price is high or low, there's sustainable growth for Nigeria and for Nigerians."
The Federal Government, she said, is doing this by investing heavily in infrastructure and working to create an enabling environment for businesses. One evidence of this renewed focus is the fact that the Ministry of Finance has so far released a Trillion Naira for infrastructure projects in the 2016 budget; a level of infrastructure investment unprecedented in Nigeria's history.
Responding to a Facebook question about the YouWiN! Entrepreneurship program, Mrs Adeosun explained that the Buhari administration has no plans to scrap it. According to her, the Federal Government has reviewed the scheme and repositioned it as YouWiN!Connect, which focuses on continuous enterprise education and skills building. As part of the restructuring, the Minister noted that YouWiN!Connect now publishes weekly editorials in four national newspapers. She added that the principles of YouWiN!Connect would be incorporated into university curricula across Nigeria.
The Minister also revealed that efforts are on-going to improve payroll assurance through continuous audit and migration of Ministries, Departments and Agencies to the IPPIS Platform.
On the Federal Government's Whistleblowing Policy, the Minister said it was introduced not only to recover stolen funds but to also serve as a deterrent against corrupt practices. “Just last week, a whistleblower made claims of long-term fraud and funds misappropriation in YouWiN!,” she disclosed, adding that the Government was now investigating those claims with a view to taking appropriate action.
Speaking on the take-off of the newly-licensed Development Bank of Nigeria (DBN), the Minister noted that it was established to provide access to funding, specifically for Small and Medium Enterprises (SMEs). According to her, even though SMEs account for over 45% of all businesses in Nigeria, less than 10% of them are able to present collateral to access bank loans. “DBN affords young people access to loans for doing business cheaply and conveniently,” she said.
While answering a question on the economic recession, she said: "We got into recession because, for the last 10 years, even when the oil price was extremely high, and we were borrowing, our reserves were decreasing. We didn't have enough of a productive economy. The only real thing that was happening and creating growth was the oil price, and as soon as the oil price went down, growth disappeared. What we are trying to do now is to reset the economy, so that we are not so dependent on oil."
The session ended with Mrs Adeosun expressing appreciation to viewers and participants, assuring them that she would continue to actively engage on social media, through her Facebook and Twitter accounts: Twitter.com/HMKemiAdeosun, Facebook.com/HMKemiAdeosun.
The full Facebook live video is available to view on http://bit.ly/AskHMFinance