Kashifu Inuwa Abdullahi, Director-General of National Information Technology Development Agency(NITDA), has said the Nigerian start-ups attracted over $1.5 billion investments in 2021.

Abdullahi,stated this at the virtual NITDA Nigerian Innovation Ecosystem Engagement 2022, where  he also disclosed that the

attraction of over $1.5billion by Nigerian start-ups represents 35% of total investments in Africa in 2021.

He said:”It is amazing that you have succeeded in building the most investment appealing ecosystem in Africa, attracting over 1.5billion USD representing 35% of total investment in Africa in 2021.This is unprecedented, but for me, there is no passion playing small and settling for leading only in Africa, if we can compete globally.

“We have the talent, passion and energy to be reckoned with globally. I believe we can, but how? It is simple, to win in the global market, we must first win in building trust within the ecosystem.

“Today, we have a golden opportunity to achieve that. If we fail now, I don’t know when we can.”

He noted that the promotion of the indigenous content agenda of the President Muhammadu Buhari’s administration has remained one of the focal points of NITDA), calling for a more robust collaboration between the Agency and local start-ups in the country.

He said the promotion of indigenous content, which is one of the strategic pillars of the agency’s Strategic Road Map and Action Plan 2021-2024, was designed specifically to create opportunities for the development of homegrown solutions to meet the country’s needs as well as create wealth for the nation.

The Ohanaeze Youth Movement has commended the Central Bank of Nigeria (CBN) under the leadership of Dr. Godwin Emefiele, over the February 1 take-off date set for all importers and exporters to submit an electronic invoice (e-invoice) authenticated by the authorised dealer banks to the regulator.

The Ohanaeze Youth Movement, in a statement by its National Secretary, Nwada Chiamaka, said the CBN’s ‘guidelines on the introduction of e-valuation, e-invoicing for import and export in Nigeria’ released on Friday will consolidate economic growth and ease of doing business in Nigeria.

The CBN, had in a circular signed by the Director, Trade and Exchange Department, Dr. O. S. Nnaji, dated January 21, 2022 had announced the introduction of e-valuator and e-invoice, which replaces hard copy final invoice as part of the documentation required for all import and export transactions.

The statement  said: “We have taken note of the CBN’s directive to all importers and exporters to submit an electronic invoice (e-invoice) authenticated by the authorised dealer banks to the regulator.

“We note with pleasure that this is yet another step towards consolidating economic growth and ease of doing business in the country and should be lauded by all.

“We therefore call on all critical stakeholders to support this noble initiative so that the CBN can succeed in its quest to complete turnaround the nation’s economy for the better.”

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Coalition for Dialogue on Africa (CoDA) have entered into a Cooperation Agreement on the implementation of the Common African Position on Asset Recovery (CAPAR).

According to Mrs. Azuka Ogugua

Spokesperson, ICPC ,the partnership will enable the two organisations to collaborate and push for the quick recovery of assets stolen from Africa.

The Chairman of ICPC, Prof. Bolaji Owasanoye, SAN, signed the cooperation agreement on behalf of the Commission while the Executive Director of CoDA and Head of African Union-High Level Panel on Illicit Financial Flows (IFFs), Mrs. Souad Aden-Osman, signed for the organisation.

CoDA, which has been chaired by former African Presidents, is currently being chaired by former Nigerian President, Olusegun Obasanjo.

Prof. Owasanoye, who expressed the Commission’s delight in the cooperation agreement, commended the efforts of CoDA in the execution of CAPAR and recovery of stolen assets from Africa.

The ICPC boss stated that African countries had continued to lose huge proportions of their resources through illicit consignment of financial and other assets to foreign jurisdictions, thereby contributing to the underdevelopment of the continent.

“If harnessed properly, these stolen assets and resources could make huge differences in Africa’s development.

“The CAPAR is therefore a critical step in stemming and reversing illicit financial flows from Africa and for the recovery and return of assets within a contextualized historical, political, economic, and social narrative,” he stated.

Aden-Osman explained that CoDA was the special initiative of the African Union (AU) to support the implementation of CAPAR, in collaboration with the African Development Bank and other partners, following its adoption by the Assembly of African Union Heads of State and Government at its 33rd session on 9th February, 2020.

She added that the agency will provide support to ICPC in implementing CAPAR-related activities.

The Federal Inland Revenue Service (FIRS),announced that it collected N6.405 trillion last year.

This comprises iN2.008 trillion and non-oil N4.396 trillionrevenues as against a target of N6.401 trillion.

Johannes Oluwatobi Wojuola, Special Assistant to the Executive Chairman, FIRS, Media & Communication, disclosed  this in a statement.

The statement noted  that the feat was achieved in spite of the global economic challenges occasioned by the Coronavirus pandemic, as well as the disruption of business activities in 2020 by nationwide protests,

“Notwithstanding the limitations faced in 2020/2021, the Service achieved over a hundred percent of its collection target,” Executive Chairman, Muhammad Nami stated in the FIRS 2021 Performance Update signed by him.

“The FIRS, in the year 2021 collected a total of N6.405 trillion in both oil (N2.008 trillion) and non-oil (N4.396 trillion) revenues as against a target of N6.401 trillion. Companies Income Tax amounted to N1.896 trillion; Petroleum Profits Tax amounted to N2 trillion; Value Added Tax amounted to N2.07 trillion; Electronic Money Transfer Levy amounted to N114 billion; Earmarked Taxes amounted to N208.8 billion; among others.

“Non-oil sector contributed 68.64% of the total collection in the year, while oil sector’s contribution was 31.36% of total collection.

“The Service issued certificates for the sum of N147.8 billion tax credit to private investors and NNPC for road infrastructure under the Road Infrastructure Development Refurbishment Investment Tax Credit Scheme created by Executive Order No. 007 of 2019.”

According to the agency’s Spokesman, the report explained that “in line with the law, 2021 income tax revenue is a function of the outcome of business activities in 2020.

“In that year, the country entered into a second economic recession within 5 years. The recession was occasioned by 5-months of lockdown caused by the Coronavirus pandemic. To compound the economic challenges of COVID-19 pandemic, business activities were disrupted by the End-SARS protests.”

It further stated that the deployment of technological tools was a game-changer for the Service.

“Upon the coming into office of the current management, the Federal Inland Revenue Service (FIRS) began strategic administrative and operational reforms; and the implementation of new policies that would improve its capacity towards the fulfilment of its mandate.

“The deployment of a new automated tax administration system, the “TaxPro Max” in June 2021 was a game-changer. With the solution, taxpayers experienced ease of registration, reporting, payment and issuance of Tax Clearance Certificates while the Service experienced greater efficiency in the deployment of resources thereby leading to improved revenue collection.”

The FIRS stated that strong opposition to its statutory mandates by certain interests posed a major setback in the full implementation of its reforms.