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Proposed Global Minimum Corporate Tax Rate Gathers More Support
President Biden’s proposal of a 15% global minimum corporate tax rate has garnered support from 130 countries and jurisdictions including China and India. The move represents the largest overhaul of the global tax system in more than a century and has the potential to curb tax avoidance by corporations that move their operations to countries…
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Angola To Commence Light Rail Project In 2022
The Angolan government’s new surface metro project in its megacity Luanda is proof that it is taking seriously the United Nation’s recommendation on implementing urban infrastructures that are environmentally friendly. The United Nations had in recent times asked that countries look toward implementing solutions for sustainable urban growth that focuses on making mobility more environmentally…
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10 Richest Countries Vs 10 Poorest Countries In The World
Declared a global emergency in 2020, the Covid-19 pandemic did not only have a detrimental effect on global healthcare systems but the global economy was also affected badly, with countries having to flatten the virus spread curve by shutting down nearly all its revenue-creating sectors. Over a year down the line, the world economy is…
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External Reserves Losses $178m In March
The Central Bank of Nigeria has revealed that the country’s foreign reserves has lost $178m as at the end of March 2021. The reserves which stood at $34.99bn as of the end of March 1, dropped to $34.82bn as of the end of March 31 2021. In February, the reserves fell from $36.19bn as of…
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Expert: How Nigeria GDP Could Hit $1.5 Trillion In 2030
According to Bismarck Rewane, foremost economist, Nigeria could attain $1.5trn Gross Domestic Product (GDP) by 2030, if it attracts both domestic and international capital to achieve a gross domestic product level. Rewane, the Chief Executive Officer of Financial Derivatives Company, said achieving this level will lead to an accelerated, sustainable and inclusive growth for the…
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Lego Sales Surged 21% During The Pandemic
New reports reveal that the sale of Lego sets surged last year as more children stayed home during global pandemic lockdowns. The privately-held Danish company said its net profit rose 19 percent to 9.9 billion kroner ($1.6bn) as sales jumped 21 percent. Its presence grew in its 12 largest markets during the pandemic as families…
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In 10yrs, Nigeria Unemployment Grew By Over 400 percent
According to data collected from the National Bureau of Statistics, the unemployment rate of Nigeria has grown by 445 percent in the last 10 years. While the nation still combats economic instabilities within the year in view, the expectation by different governments to reduce unemployment has failed as the data obtained shows a steady increase…
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The US Records 1.9% Rise In Trade Deficit Despite Trade War With China
The Biden’s administration has recorded a commendable win as new reports details the record-breaking rise in goods importation in January that pushed the trade deficit 1.9 percent higher despite Covid-19. The gap between imported goods and exported goods rose to $68.2bn from $67bn in December, the US Department of Commerce reported Friday. Exports rose 1…
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Ivory Coast Moves To Boost Tourism Sector Despite The Pandemic
Despite the global pandemic, Ivory Coast has been able to raise 5.8 billion euros ($6.4 billion) for the proposed development of its tourism sector. With the money raised, the Ivorian government plans to renovate certain emblematic buildings, build many hotels on the coast and inland, several wildlife, water and amusement parks, a marina in Abidjan,…
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UK To Offer Help To 1.4M Firms Repaying Covid Loans
Chancellor of the Exchequer, Rishi Sunak has announced that small firms would get more time to repay state-backed loans taken out to help survive the coronavirus lockdown. The changes include giving companies an option to extend the length of the loan from six to ten years under a “pay-as-you-grow” initiative. Sunak said the move was…