The Senate on Thursday sought the inclusion of Nigeria in the $147 billion global bitumen market with passage for a second reading of a bill seeking the establishment of a Bitumen Development Commission. The bill was sponsored by Senator Jimoh Ibrahim (APC Ondo South). He informed the Senate that more than 80% of the resources…
The General Manager, Corporate Affairs TGI Group, Mr. Sadiq Kassim, has lamented on the nation’s high import rate of food and agricultural commodities, which currently stands at N3.3 trillion. Kassim said spending so much on importing food is unsustainable for Nigeria, especially at a time when the country is grappling to earn the much foreign…
The Nigeria Customs Service Oyo/Osun Command has generated N11,679,732,583.91 as revenue for the Federal Government in September and October 2023. Combined with the revenue collected from January to August 2023, the Command’s total collection stands at N59,087,983,670.64. Customs Area Controller, Comptroller Ben Oramalugo, who revealed this in a press briefing recently, attributed the success to…
The NNPC/Aiteo Joint venture has announced the introduction of Nembe Crude Oil Grade, a new crude oil grade into the international crude oil market. The announcement of the Nembe Crude Oil Blend, produced by Aiteo, the Operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture (JV), was made at the ongoing Argus European…
Lagos Lilypond Terminal has seen 12,438 export containers with a free onboard value of, $519m between January and September 2023, Customs said on Thursday. In a statement on Thursday by the National Public Relations Officer of the Nigeria Customs Service, Abdullahi Maiwada, the Customs Area Controller in charge of the terminal, Ajibola Odusanya, said this…
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…
