Zamfara NSCDC, drivers partner to fight illegal minerals trading
License to Posses and Purchase Minerals, Evidence of Payment of Royalty, Mineral Title
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Nigeria blessed, exports 214 products in 2022 — NEPC
The Nigerian Export Promotion Council (NEPC), said that Nigeria exported a total of 214 products in 2022. The Executive Director of NEPC/CEO, Dr Ezra Yakusak said this at the Commerce and Industry Correspondents Association of Nigeria (CICAN) conference on Wednesday in Abuja. The conference has as its theme: “The Role of the Non-Oil Sector Toward…
Nigeria’s capital inflow nosedive to $1 billion in Q4, 2022
Nigeria recorded $1,060 billion capital importation in the fourth quarter 2022, the National Bureau of Statistics (NBS), reported on Wednesday. According to NBS, the Q4 figure was lower than the $2,187.63 million recorded in Q4 2021, indicating a decrease of 51.51 percent. “When compared to the preceding quarter, capital importation also fell by 8.53 percent…
China deepens influence in Nigeria as CDB named Kaduna-Kano rail financier
The Senate on Tuesday announced a new financier for the Kaduna-Kano railway modernisation project. The former financier, the China Exim Bank backed off the project making way for the China Development Bank (CDB) to take over. To this effect, the Senate harmonised the terms of the 2016-2018 Federal Government’s external borrowing plan for the project….
Sugar prices rise as producers shift attention to more profitable biofuel
Raw sugar futures in the US surged above $22.4 per pound in early April, the most in over six years, supported by expectations of higher biofuel demand and lower output from key producers, data from Trading Economic has indicated. Crude oil prices soared after OPEC+ announced a surprise output cut, encouraging sugarcane producers to allocate…
Oil prices jump after OPEC surprise output cuts
Price jump comes after news oil producers will slash output by about 1.16 million barrels per day. Saudi Arabia and other OPEC+ producers have announced plans to cut oil production [File: Vivek Prakash/Reuters] Published On 3 Apr 20233 Apr 2023 Oil prices have surged after Saudi Arabia and other OPEC+ producers announced a surprise round of…
Nigeria’s junior oil minister Timipre Sylva has resigned -sources
Nigeria’s Timipre Sylva has resigned as the country’s minister of state for petroleum to seek a new term as governor of oil-producing Bayelsa State in the southern Niger Delta, ministry and presidency sources told Reuters on Thursday. Sylva’s resignation comes at a time of political transition in Nigeria, with President Muhammadu Buhari serving his final…
Afreximbank announces $350,000 funding support for Nigeria’s inland waterway
The African Export-Import Bank (Afreximbank) in partnership has offered $350,000 to the Federal Government towards developing water transportation of goods and facilitation of intral-African trade. In a statement on Monday, Afreximbank explained: “The Charting project was made possible by the grant from Afreximbank in recognition of the importance of inland waterways transportation and by extension,…
Nigeria, Japan trade hits $10 billion annually — official
The Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Hajiya Saratu Umar, has reiterated the federal government’s effort to partner with the Japanese government to explore areas of business partnerships to deepen the investment drive of both countries. Saratu stated this yesterday when the Japanese Ambassador to Nigeria, Matsunnaga Kazuyoshi, paid a courtesy visit…
Crude oil prices nosedive on collapse of Silicon Valley Bank
WTI crude futures fell 2% to around $73 per barrel on Tuesday, closing in on the lowest level since December 12 and extending a 2.5% loss in the previous session as the collapse of Silicon Valley Bank raised concerns about a broader financial and economic crisis, triggering a selloff in risk assets. Investors also geared…