In a decisive move to showcase Nigeria’s economic potential, the Federal Government has reaffirmed the nation’s position as Africa’s leading investment hub during the France-Nigeria Business Forum held in Paris.

This strategic declaration is to position Nigeria at the forefront of Africa’s investment landscape, leveraging its vast opportunities and dynamic market.

Addressing an esteemed gathering of French and Nigerian business leaders, policymakers, and investors, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized Nigeria’s unique advantages.
Director of Information and Public Relations, Mohammed Manga in a statement quoted Edun to have highlighted the nation’s large population and abundant investment prospects as key drivers of its prominence in Africa.

The Minister identified priority sectors ripe for investment to include, Agriculture. Renewable Energy, Technology and Creative Industries

He also underscored government initiatives designed to attract investors, such as tax holidays, duty waivers, and the development of Special Economic Zones (SEZs).

Mr. Edun reaffirmed Nigeria’s commitment to enhancing regulatory frameworks to create a conducive environment for both foreign and local investments.

As Nigeria continued to demonstrate its readiness to attract global capital and forge strategic partnerships, the France-Nigeria Business Forum has served as a vital platform for deepening economic ties between the two nations.

With its abundant natural resources, expansive market, and entrepreneurial spirit, Nigeria is well-positioned to become Africa’s premier investment destination.

In a renewed push for economic growth and job creation, the Federal Government has pledged unwavering support to Micro, Small, and Medium Enterprises (MSMEs) through the FGN Loan Scheme.
The initiative, aimed at integrating the informal sector into the mainstream economy, seeks to accelerate development and reduce unemployment across the nation.

Speaking at the Media Activation/Townhall Meeting held in Lagos, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, underscored the vital role of MSMEs as the backbone of Nigeria’s economy.
Represented by Alhaji Ahmed Gazali, Director of the Youth Enterprise with Innovation in Nigeria (You-WIN), Edun acknowledged the challenges faced by small businesses, including limited access to capital, skill shortages, and inadequate power supply.
Director of Information and Public Relations, Mohammed Manga in a statement quoted the Minister to have outlined key interventions by the Bola Ahmed Tinubu-led administration, to include Presidential Conditional Grant Scheme that Provides single-digit loans to MSMEs, MSME Intervention Program that Delivers financial support to boost small enterprises, Casual Jobs Scheme that Creates employment in 10 SME clusters nationwide and the National Youth Unemployment Benefits Program that offers social welfare to the unemployed and self-employed.
“With the right support, MSMEs can thrive and significantly contribute to Nigeria’s economic growth and development,” Edun said, reaffirming the government’s commitment to sustainable development.

Efforts to enhance the ease of doing business were also highlighted, including the automation of the Import Duty Exemption Certificate (IDEC) process, harmonization of tax laws, and unification of exchange rate regimes.

The FGN Loan Scheme exemplifies the Federal Government’s dedication to empowering MSMEs, fostering innovation, and driving the nation toward a brighter economic future.

The Federation Account Allocation Committee (FAAC) has distributed a total of N1.411 trillion to the federal, state, and local governments for October 2024.
This was announced at FAAC’s November meeting held in Bauchi, chaired by the Accountant General of the Federation, Dr. Mrs. Oluwatoyin S. Madein.
Director of Information and Public Relations, Mohammed Manga in a statement issued on Wednesday indicated that the disbursed amount was drawn from a gross total revenue of N2.668 trillion, comprising Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED).

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED, the Federal Government received N433.021b, the States received N490.696b, the Local Government Councils got N355.621b , while the Oil Producing States received N132.404b as Derivation, (13% of Mineral Revenue).

The sum of N97.517b was given for the cost of collection, while N1.159trn was allocated for Transfers Intervention and Refunds.

The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of October 2024, was N668.291b as against N583.676b distributed in the preceding month, resulting in an increase of N84.616b.

From that amount, the sum of N26.732b was allocated for the cost of collection and the sum of N19.247b given for Transfers, Intervention and Refunds. The remaining sum of N622.312b was distributed to the three tiers of government, of which the Federal Government got N93.347b, the States received N311.156b and Local Government Councils got N217.809b.

Accordingly, the Gross Statutory Revenue of N1.336trn received for the month was higher than the sum of N1.043trn received in the previous month by N293.009b. From the stated amount, the sum of N70.072b was allocated for the cost of collection and a total sum of N1.060trn for Transfers, Intervention and Refunds.

The remaining balance of  N206.319b was distributed as follows to the three tiers of government: Federal Government got the sum of N77.562b, States received N39.341b, the sum of N30.330b was allocated to LGCs and N59.086b was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N17.824b from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.567b , States got N8.555b, Local Government Councils received N5.989 Billion, while N0.713b was allocated for Cost of Collection.

The Communique also disclosed the sum of N646.000b from Exchange Difference, which was shared as follows: Federal Government received N259.545b, States got N131.644b, the sum of N101.493 Billion was allocated to Local Government Councils, N73.318b was given for Derivation (13% of Mineral Revenue), while the sum of N80.000b was allocated to Transfers, Interventions and Refunds.

Oil and Royalty, Excise Duty, Value Added Tax (VAT) Import Duty, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased significantly, while, Electronic Money Transfer Levy ( EMTL) and CET Levies decreased considerably.

According to the Communique, the total revenue distributable for the current month of October 2024, was drawn from Statutory Revenue of N206.319 Billion, Value Added Tax (VAT) of N622.312b, N17.111b from Electronic Money Transfer Levy (EMTL), and N566.000b from Exchange Difference, bringing the total distributable amount for the month to N1.411trn