Business

New N404.97/$1 import duty rate disliked by importers and agents

Importers in the country will pay a higher tariff, as the Federal Government, through the Central Bank of Nigeria (CBN), has adopted a higher exchange rate band of N381 to N404.97 to calculate and pay import duty. Stakeholders believe that the situation would trigger higher prices for goods and escalate already high inflation in the …

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Michael Sangster: To create and develop jobs, local content is vital

The Nigerian oil industry has been characterised as crucial to creating jobs and developing the nation. As Mr Michael Sangster of TotalEnergies pointed out at the Nigerian International Petroleum Summit, NIPS, in Abuja, this warranted. The International Oil Companies, IOC, were more likely to make significant contributions to the country due to the local content …

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NIPOST to increase regulations on logistics and courier services

Nigerian Postal Services (NIPOST) Postmaster-General, Dr Ismail Adewusi, has said that the organisation intends to step up its inspection and regulation mandate of logistics and courier companies to improve performance. He claims that the postal service has a legal obligation to control and monitor the actions of logistics and courier companies in the country. Mr …

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CBN: We will empower farmers to cultivate 80,000 hectares of cotton

Godwin Emefiele, the Governor of CBN, says the bank intends to empower the cultivation of 80,000 hectares of cotton by the end of 2021. According to the central bank, the farmers will produce approximately 120,000 metric tonnes of produce per hectare at a yield of 1.5 metric tons. During a series of tweets posted on …

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Shoprite Holdings Limited acquired by Ketron Investment Limited

Shoprite Holdings Limited was acquired by Ketron Investment Limited, a Nigerian company owned by a group of local investors led by Persianas Investment Ltd. Shoprite, Africa’s largest food retailer, has completed its exit from Nigeria 16 years after opening its first store. Shoprite is transitioning from an ownership model to a franchise model, Ketron said …

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Nasarawa government signs MOU with FMN for sugar production

A Memorandum of Understanding (MoU) between Nasarawa State government and Flour Mills Nigeria (FMN) to establish a sugar company in the Toto Local Government Area (LGA) of the state has formally reached an agreement. The deal was signed at the Nasarawa State Government Lodge in Asokoro, Abuja, on Friday. The governor of Nasarawa State, Abdullahi …

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President Muhammadu Buhari of Nigeria

Buhari seeks Senate approval for a new external loan of $6.18 billion

President Muhammadu Buhari of Nigeria has asked the national assembly to approve a $6 billion loan request. The president’s request is part of a 2021 budget proposal for external borrowing. Nigeria will raise approximately $6.183 billion through multilateral and bilateral tenders and the international capital market, Buhari stated. “I wish to bring to the attention …

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President Muhammadu Buhari of Nigeria
The Lagos Chamber of Commerce & Industry

LCCI: 18.12% inflation in Nigeria too high

The Lagos Chamber of Commerce and Industry (LCCI) has slammed Nigeria’s current inflation rate of 18.12%, calling it “very extremely high.” Following the National Bureau of Statistics’ April inflation rate reports, the Director-General, Dr Muda Yusuf, spoke with the News Agency of Nigeria (NAN) on Tuesday in Lagos (NBS). According to Yusuf, the country’s inflation …

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The Lagos Chamber of Commerce & Industry
Central Bank of Nigeria

CBN erases exchange rate as Naira falls

The Nigerian naira depreciated against the dollar. The Central Bank of Nigeria removed the exchange rate from its website on Friday, considered the government’s official rate for nearly a year. The CBN’s decision has raised questions regarding the currency’s depreciation, which has been quite persistent due to the decline in government revenues and foreign exchange. …

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Central Bank of Nigeria
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