G7 countries are planning to limit exports of diamonds from Russia as punishment for the invasion of Ukraine, several diplomats at the G7 summit said on Thursday. A declaration on the diamonds is to be adopted at the G7 summit of leading industrial democracies in Hiroshima, Japan. The aim is to reduce Russia’s revenues and…
The International Monetary Fund, IMF, said efforts such as the African Continental Free Trade Area, AfCFTA, would bridge trade barriers and lift more than 50 million people out of poverty in Africa. The IMF, in its report, ‘Trade Integration in Africa: Unleashing the continent’s potential in a changing world,’ noted that the trade barrier removal…
British Prime Minister Rishi Sunak is set to sign a historic “Hiroshima Accord” on Thursday when he meets with Japan’s Prime Minister Fumio Kishida ahead of a G7 meeting, to step up defence cooperation with Japan, according to a statement from the UK government. As part of the accord, the countries will also announce the…
Nigeria Aviation Handling Company Plc (nahcoaviance), has on Wednesday started the exportation of food items to Europe under its new subsidiary, NAHCO Food and Beverages Limited. It commenced the exportation of fresh pepper after being certified by the Nigeria Agricultural Quarantine Service (NAQS) and after consultation with foreign food standards agencies. The initiative has been…
Prices of some foodstuffs, particularly tomatoes, palm oil and cassava flakes, popularly known as garri, have continued to increase in Enugu’s major markets. NAN correspondent, who conducted a market survey in Enugu on Monday, reports that the prices of foodstuffs increased significantly between April and May. A big basket of tomatoes now sells for between…
Gold held around $2,040 an ounce on Thursday, hovering near its highest levels on record as the US Federal Reserve delivered a widely expected 25 basis point rate hike but removed language from its policy statement that it “anticipates” further rate increases would be needed. However, Fed Chair Jerome Powell said that the committee’s current…
Nigeria’s food watchdog, the National Agency for Food and Drug Administration and Control, NAFDAC, said it has banned the importation of Indomie noodles into the country. The Director General of the Agency, Prof Mojisola Adeyeye, made the disclosure in a press statement Monday. This is coming on the heels of the recalling of indomie noodles…
PEBEC has achieved the delivery of over 180 reforms
Food price inflation has kept rising globally, the World Bank says in a report. It made the declaration in its latest Food Security Update report issued on Wednesday. “Information from the latest month between December 2022 and March 2023 for which food price inflation data are available shows high inflation in almost all low and…
A Delegation of the Single African Air Transport Market, Pilot Implementation Project (SAATM–PIP) on Wednesday met with officials of the Nigeria Customs Service, NCS, in Abuja, Nigeria as part of efforts towards promoting trade facilitation on the Continent. The NCS in a statement said the visit by the members of the SAATM–PIP, an initiative of…
