WTO: Okonjo-Iweala thanks Buhari, Nigerians – Newstrends
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WTO: Okonjo-Iweala thanks Buhari, Nigerians

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Excited by the support from Nigeria, Ngozi Okonjo-Iweala has thanked President Muhammadu Buhari and Nigerians for standing by her in her bid to become the director-general of the World Trade Organisation (WTO).

Okonjo-Iweala had beaten seven other candidates to emerge the most preferred candidate for the much-coveted office and received the backing of the US government on Friday.

Expressing her gratitude to the US, the former managing director of the World Bank also congratulated Yoo Mhung-Hee of Korea for “a hard fought campaign”.

She tweeted, “Grateful for the expression of support from the US today for DG WTO. Congratulations to Madam Yoo of Rep. Korea for a hard fought campaign.

“Thank You President Muhammadu Buhari and all Nigerians for your unflinching support. Thank you friends. Love to my family. Glory to God.”

In June 2020, President Buhari withdrew the candidacy of Yonov Frederick Agah, Nigeria’s permanent representative to the WTO, for the office of the DG.

This was faced with opposition from Egypt, but Buhari emphasised his support for the two-time minister of finance, stating that he would make calls to world leaders to support her.

“I assure you that we will do all that we can to ensure that you emerge as the Director-General of WTO, not only because you are a Nigerian, but because you are a hardworking Nigerian. You deserve this,’’ Buhari had said.

“I did the same for Dr. Akinwunmi Adesina for President of the African Development Bank. Both of you served the country under the Peoples Democratic Party (PDP). You are both highly qualified.”

Okonjo-Iweala currently chairs the Global Alliance for Vaccines and Immunization (GAVI), a public-private global health partnership with the goal of increasing access to immunisation in poor countries.

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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CBN jacks up interest rate amid soaring inflation

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CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

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