Nigeria became the 53rd country to join the African Continental Free Trade Area on Sunday after President Muhammadu Buhari signed the AfCFTA Agreement in Niamey, Niger Republic. The Republic of Benin also joined the group, bringing to 54, the total of African countries out of 55 that had endorsed the AfCFTA agreement. Only Eritrea is…
The National Insurance Commission will soon introduce a revised insurance distribution channel, which will replace the State Insurance Policy that was cancelled. The new policy may involve the issuing of new distribution licences to non-insurance bodies, who would be able to sell insurance to every part of the country, according to information obtained from the…
The European Union and the ECOWAS Commission have developed standards for the certification of some major products to boost the level of international trade. The five priority products selected by the member states are water, cashew nuts, vegetable oil, cement and fish. The certification programme, funded by the EU, is being implemented by the United…
The Nigerian Export Promotion Council has unveiled its service charter that would raise the expectations and define the standard of service to be provided to customers and members of staff. The move is part of the strategies to stimulate improvements and reforms in the way businesses would be conducted in the export promotion agency The…
Foreign direct investment in Nigeria, Africa’s top oil producer, plunged by 43 per cent to $2bn, according to a United Nations report. Reuters reported recently that investors were put off by a dispute between the government and South African telecom giant MTN over repatriated profits. Banks HSBC and UBS both closed representative offices there in…
Industrial zones in 10 states of the federation recorded impressive performance and showed strong growth potential in the first quarter of the year, according to data from the Manufacturers Association of Nigeria. The states were listed as Oyo, Ondo, Osun, Ekiti, Rivers, Kwara, Kogi, Lagos, Ogun and Kano. The zones that recorded above average performance…
The Federal Government has concluded plans to introduce cargo delivery by rail to the Kaduna Inland Dry Port. Mr. Tahir Idris, Director, Special Duties, Nigerian Shippers Council (NSC) said in statement in Abuja recently, that the inauguration was scheduled to hold on May 7, at the facility’s premises in Kakuri, Kaduna State. Idris said in…
In order to encourage more innovations in the payment system, the Central Bank of Nigeria, is putting in place a Collateral Management Regime to regulate the activities of Fintech firms and startups in the country. The Director, Payments System Management Department, Sam Okojere, who represented the Governor of the CBN, Godwin Emefiele, disclosed this in…
The Federal Government will release a new gas pricing template before May 29, to address what it describes as ‘unreasonable tariffs’ imposed by gas distributors on natural gas used by commercial consumers in the manufacturing sector. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, during an interactive session on National Gas Policy and…
Nigeria will have to spot opportunities for development in the age of technology or be left behind. This view was shared by experts in Lagos during the Nigerian-American Chamber of Commerce April Business Luncheon which held on 25th April, 2019 at the Lagos Oriental Hotel, Victoria Island, Lagos. “Since the fourth Industrial revolution builds on digital…