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,…
The Enugu state government has said it hopes to achieve a $30bn economic growth in eight years with its partnership with the Nigeria Indonesia Trade and Investment. It said the vision is underscored by a commitment to inclusive economic growth, sector competitiveness, and sustainable development. “The administration’s economic transformation plan is comprehensive, focusing on boosting…
The Permanent Representative of Nigeria to the United Nations (UN), Amb. Tijjani Muhammad-Bande, says Nigeria will continue to champion global tax cooperation discourse at the ongoing 78th session of UN General Assembly (UNGA). The Nigerian delegation had, during the 77th session of UNGA, presented a historic resolution entitled “Promotion of Inclusive and effective International Tax…
President Bola Ahmed Tinubu and President of the United Arab Emirates, Mohamed bin Zayed Al Nahyan, on Monday in Abu Dhabi, have finalized a historic agreement, which has resulted in the immediate cessation of the visa ban placed on Nigerian travelers. Furthermore, by this historic agreement, both Etihad Airlines and Emirates Airlines are to immediately…
I crude strengthened above $85 per barrel on Monday, hovering at the highest levels in over nine months, underpinned by expectations that OPEC+ leaders would extend measures to keep oil supplies tight. Russian Deputy Prime Minister Alexander Novak said on Thursday that Russia agreed with its OPEC partners on the parameters for continued export cuts….
Federal Inland Revenue Service, FIRS, has issued a five-month ultimatum to international shipping lines in Nigeria to comply with the tax obligations imposed by extant tax laws. Executive Chairman of FIRS, Muhammad Nami, in a statement on Monday said The Service observed that many international shipping lines have not complied with the tax obligations despite…
