How Nigeria can exploit the Fourth Industrial Revolution, by Danbatta

How Nigeria can exploit fourth industrial revolution

How Nigeria can exploit the Fourth Industrial Revolution, by Danbatta   By Olamide Onabanjo   Umar Danbatta, the executive vice chairman of the Nigerian Communications Commission (NCC) has given hints on how the country can benefit abundantly from the ongoing fourth Industrial Revolution (4IR). Danbatta gave the hint while delivering a Keynote address at the Virtual 3rd Discourse Series of The Advocaat Law Practice which held recently. The Fourth Industrial Revolution is the ongoing automation of traditional manufacturing and industrial practices, using modern smart technologies. According to the NCC boss,…

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Pantami tasks NITDA to reinforce IT projects clearance in public sector

Pantami tasks NITDA to reinforce IT projects clearance in public sector

Pantami tasks NITDA to reinforce IT projects clearance in public sector     The Minister of Communications and Digital Economy, Isa Pantami has tasked the National Information Technology Development Agency (NITDA) to reinforce clearance of Information Technology (IT) projects in the public sector. Pantami made the call during the 20th anniversary lecture and unveiling of NITDA Strategic Roadmap and Action Plan (SRAP 2021-2024) on Thursday in Abuja. He said that increased surveillance on IT projects of Ministries, Departments, and Agencies (MDAs) would go a long way in saving costs for the…

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Senate approves N216.646bn FIRS’s 2021 budget

Senate approves N216.646bn FIR’s 2021 budget

Senate approves N216.646bn FIRS’s 2021 budget     The Senate has approved N216,646,579,231.00 as 2021 budget for the Federal Inland Revenue Service (FIRS). The Senate also approved the upward review of the revenue target of FIRS from N5.076 trillion last year to N7.61 trillion this year. These resolutions of the upper chamber followed its consideration of a report by the Senate Committee on Finance. Chairman of the Committee, Senator Solomon Adeola, said FIRS targets total revenue collection of N7.61 trillion for the year as against N5.076 trillion budgeted last year,…

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Pension assets dip by N7bn

National Pension Commission

Pension assets dip by N7bn     Latest report by the National Pension Commission (PenCom) has shown that aggregate pension assets in Nigeria took a dive by N7 billion in January. Business Metrics found that the pension assets which ended December 2020 at N12.306 trillion fell by N7 billion to N12.299 trillion as of the end of January. Meanwhile, some operators have also disclosed that has ordered the Pension Funds Administrators (PFAs) to raise their shareholders’ funds from N1 billion to N5 billion. According to the commission, the total number…

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Newly approved N1.1trn loan to raise Nigeria’s public debt to N34trn

DMO: Nigeria’s debt to China’s EXIM Bank hits $3.714bn

Newly approved N1.1trn loan to raise Nigeria’s public debt to N34trn     The total debt stock for Nigeria could rise from N33 trillion to N34 trillion soon as the National Assembly approves another N1.1 trillion external loan request for the federal government. The House of Representatives yesterday approved the external loan of $1.5 billion (about N571.5 billion) and €995 million (about N528.4 billion) for the federal government while the Senate had approved the request last week. The Debt Management Office (DMO) had in March 2021 placed Nigeria’s Public debt…

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Reps charge Customs to generate extra N200bn; put total at N1.68trn

Reps Increase Customs’ Revenue Target To N1.6trn

Reps charge Customs to generate extra N200bn; put total at N1.68trn     The House of Representatives on Thursday increased the revenue target of the Nigeria Customs Service (NCS) from N1.47 trillion to N1.68 trillion as expected revenue for the 2021 fiscal year. The House also approved about N257,183,671,694.71 as budget for the NCS for this year and another N216,646,579,231 as budget for the Federal Inland Revenue Service (FIRS) for the same period. The House also approved the request from the president to borrow about $1.5 billion and Euro 995…

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Oil hits six-week high $68.47 as dollar weakens

Oil hits six-week high $68.47 as dollar weakens

Oil hits six-week high $68.47 as dollar weakens     The international oil benchmark, Brent crude, reached its highest in six weeks on Thursday as strong US economic data, a weak dollar and overall expected recovery in demand outweighed worries about the impact of increased COVID-19 cases in Brazil and India. Brent crude rose by $1.2 to $68.47 per barrel by 6:59pm Nigerian time, while the United States West Texas Intermediate rose by $1.07 to $64.93 per barrel, according to EnergyIntel. Reuters reported that oil prices had maintained an increase…

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Portfolio investments evade Nigeria as stock market posts N676.53bn turnover

Portfolio investments evade Nigeria as stock market posts N676.53bn turnover

Portfolio investments evade Nigeria as stock market posts N676.53bn turnover     The waning appetite of foreign investors in the Nigerian equities market is fast fading to insignificance with a deeper dip during the first quarter of this year, leaving their local counterparts to dominate transactions during the period. According to the latest portfolio investment data obtained from the Nigerian Exchange Limited, the stock market recorded an aggregate turnover of N676.53 billion in the quarter under review, higher by 7.92 per cent than N626.87 billion posted in the same period…

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Highcap stocks lead in N356bn gain to lift Cap to N20.652trn

Highcap stocks lead in N356bn gain to lift Cap to N20.652trn

Highcap stocks lead in N356bn gain to lift Cap to N20.652trn     Following gains recorded by most highly capitalised (highcap) stocks, transactions on the Nigerian Exchange Limited (NGX) reversed negative sentiments to close in an upbeat on Thursday as market capitalisation appreciated by N356 billion. At the close of trading, the All-Share Index (ASI) gained 679.72 absolute points, representing a growth of 1.75 per cent to close at 39,461.20 points. Similarly, the overall market capitalisation value rose by N356 billion to close at N20.652 trillion. The uptrend was driven…

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