The Pension Fund Operators Association of Nigeria has signed deal with Nigeria’s leading commodities exchange platform, AFEX, as part of the efforts to deepen liquidity in the commodities market. In a statement issued on Thursday, AFEX said that the challenges in Nigeria’s commodity markets were exacerbated by a shortage of financial market players, which limits…
Wildlife trade: Customs intercepts N680mn animal parts in waterways The Nigeria Customs Service, Eastern Marine Command, has made a significant breakthrough in combatting illicit wildlife trade by intercepting a substantial quantity of pangolin scales, elephant tusks, and sacks of used secondhand shoes. Showcasing the seizures on Tuesday, 24th of October 2023, in Port Harcourt Rivers…
Fidelity, Afrexim Banks sign $40mn cocoa export deal Fidelity Bank, a Nigerian deposit money bank, has signed a tripartite $40 million pre-export finance facility with AFREXIM Bank in favour of JohnVents Industries. The loan deal was signed at the second edition of the Fidelity International Trade and Creative Connect (FITCC) holding in Houston, Texas, United…
Nigerian coffee exporters eye $2bn revenue in three years Key players in Nigeria’s coffee segment are optimistic that the industry has the potential to earn $2bn in the next two to three years. This buoyant outlook is underpinned by the growing demand for coffee emanating from developed economies, a trend that industry insiders are keen…
UK court quashes P&ID’s $11bn damages suit against Nigeria Judge Robin Knowles of the Business and Property Court in London on Monday ruled in favour of Nigeria in a $11 billion suit between the federal government of Nigeria and Process & Industrial Developments (P&ID) Ltd. Nigeria managed to reverse an $11 billion damages ruling on…
Report projects $1trn export revenue for Nigeria, others by 2035 Financial institution, Standard Chartered Plc, has said that the total exports from Africa will reach about $952bn by 2035 with the potential of being boosted further by about 29 per cent due to the African Continental Free Trade Agreement, AfCFTA. When fully implemented, AfCFTA, an…
CBN lifts forex restrictions on importation of rice, cement, other 41 items Eight years after, the Central Bank of Nigeria (CBN) on Thursday announced lift of the foreign exchange restrictions it placed on the importation of 43 items, bringing to an end one of precarious trade policies of the immediate past President Muhammadu Buhari administration….
The German Ambassador to Nigeria, Annett Günther, on Thursday, said both country’s trade volumes hit €3bn in 2022. Günther stated this at a press conference on Thursday. She said Germany’s main exports to Nigeria are “Machines at 28 per cent; food products at 20 per cent; and chemical products at 19 per cent while Nigeria’s…
More pains for importers as Greece removes Nigeria from charter Nigerian importers may face increased importation costs with the removal of Nigeria from the standard charter party contract by Greece. The development was due to the unfavourable business environment in the country. In a chat with the PUNCH in Lagos on Monday, the President of…
THE Organisation of Oil Petroleum Exporting Countries, OPEC, Wednesday, Insepected the production data of member states and allies as oil prices dropped by 8 per cent to $89.36 per barrel, from the $97.17 per barrel recorded last week. The organization, which reviewed the data at the just-concluded 50th Meeting of the Joint Ministerial Monitoring Committee,…
