The Nigeria Customs Service (NCS) has announced a revenue collection of N1.75 trillion for the first half of 2024, derived from total trade valued at N36 trillion during the same period. **Key Highlights:** 1. **Revenue Performance** – First half 2024 collection: N1.75 trillion – Represents 63% of annual target (N2.79 trillion) – 32% increase compared to same period in 2023 2. **Trade Volume Analysis** – Total trade value: N36 trillion (January-June 2024) – Import-export ratio: 60:40 – Top imports: Petroleum products, vehicles, machinery – Major exports: Crude oil, agricultural products 3. **Operational Efficiency** – 98% of collections through electronic platforms…
Author: Temitope N.
The Federal Government has issued a strong warning to oil refineries and industrial operators across the country regarding improper waste disposal practices. The Minister of Environment, Balarabe Lawal, delivered the caution during an environmental compliance meeting with industry stakeholders in Abuja on Tuesday. Key Points from the Warning: 1. Immediate Compliance Mandate – All refineries and industrial plants must adhere strictly to approved waste management protocols – Facilities found violating environmental regulations will face severe sanctions 2. New Monitoring Measures – Deployment of specialized surveillance teams to high-risk industrial zones – Mandatory installation of real-time effluent monitoring systems by Q1…
The Chartered Institute of Taxation of Nigeria (CITN) has called on newly inducted tax professionals to play an active role in shaping the nation’s fiscal policy direction. The charge was given during the institute’s recent induction ceremony for associate members held in Lagos. CITN President, Mr. Samuel Agbeluyi, emphasized that tax practitioners must go beyond compliance to serve as catalysts for positive change in Nigeria’s economic landscape. He tasked the 283 newly inducted members with applying their expertise to advocate for balanced tax policies that support both revenue generation and economic development. The institute outlined several key areas where tax…
Lagos, Nigeria – Thousands of e-hailing drivers across Nigeria are set to down tools next week in a coordinated strike against what they describe as unfair labor practices by ride-hailing platforms. The drivers, operating under the Amalgamated Union of App-based Transporters of Nigeria (AUATON), are demanding better pay, improved working conditions, and more transparent policies from companies like Uber, Bolt, and inDrive. Why Drivers Are Protesting The drivers’ grievances center on several key issues: Low Earnings and High Commissions Drivers say their take-home pay has dropped significantly due to increasing platform commissions, which can be as high as 25-30% per…
The Enugu State Government has announced that the concession process for Akanu Ibiam International Airport is over 70% complete, with full completion expected by the second quarter of 2025. Dr. Obi Ozor, the State Commissioner for Transportation, stated that the Federal Government, through the Ministry of Aviation, is collaborating with private sector investors to finalize the concession. Upon completion, the new operators will undertake significant upgrades, including the completion of the international terminal, cargo terminal, maintenance, repair and overhaul (MRO) facilities, construction of aircraft hangars, and extension of the existing runway. In addition to the airport concession, the Enugu State…
The Nigerian pension industry has significantly bolstered the nation’s real sector by allocating a substantial ₦5.51 trillion towards long-term financing initiatives. These investments span critical areas such as infrastructure, private equity, real estate, and subnational infrastructure projects, underscoring the industry’s pivotal role in economic development. Growth in Pension Assets The National Pension Commission (PenCom) reported a remarkable 22.65% increase in the industry’s Net Asset Value (NAV), rising from ₦18.36 trillion as of December 31, 2023, to ₦22.51 trillion by December 31, 2024. This growth is attributed to additional contributions and investment income, reflecting a robust and expanding pension sector. Strategic…
Investors on the Nigerian Exchange Limited (NGX) experienced a significant upswing on April 8, 2025, as the market rebounded from previous losses. The All-Share Index (ASI) increased by 159.86 points, representing a 0.15% growth, closing at 104,376.73 points. This positive movement added approximately ₦100 billion to the market capitalization, bringing it to ₦65.589 trillion. Key Drivers of the Market Rebound The resurgence was largely driven by renewed investor interest in banking stocks. Notable performers included Zenith Bank, FBN Holdings, and United Bank for Africa (UBA), which recorded gains of 3.3%, 3.7%, and 2.6% respectively. Sectoral Performance Despite the overall market…
Access Holdings Plc has announced a potential delay in releasing its audited financial statements for the year ending December 31, 2024, due to pending approval from the Central Bank of Nigeria (CBN). The company submitted the financial statements to the CBN for review, a prerequisite before public disclosure. Public holidays have further impacted the review process, making it unlikely for Access Holdings to meet the extended filing deadline with the Nigerian Exchange Limited (NGX). Consequently, the NGX has granted an additional extension, allowing the company to file the results on or before April 20, 2025, subject to CBN’s approval.…
The Nigerian National Petroleum Company (NNPC) Limited’s recent suspension of crude oil deliveries to the Dangote Refinery has significantly influenced Nigeria’s oil production figures, contributing to a decline in the Organization of the Petroleum Exporting Countries’ (OPEC) overall output. Background of the Suspension In October 2024, NNPC initiated a naira-for-crude arrangement, allowing local refiners, including the Dangote Refinery, to purchase crude oil using the Nigerian naira instead of U.S. dollars. This initiative aimed to bolster domestic refining capacity and reduce reliance on imported petroleum products. However, by March 2025, NNPC suspended this arrangement, citing prior commitments of its crude oil…
The United States’ recent imposition of a 14% tariff on Nigerian exports has sent ripples through the country’s trade and economic sectors, threatening up to ₦323.96 billion in non-oil exports. The tariff, announced by former U.S. President Donald Trump on April 3, is part of a broader trade policy aimed at correcting what he describes as “unfair trade imbalances” between the U.S. and its partners. Trump’s new policy applies a general 10% tariff on all U.S. imports, with increased rates for countries that impose steeper duties on American goods. Nigeria, which reportedly levies a 27% tariff on U.S. exports, has…