The Nigeria Customs Service (NCS) has recorded a decline of 15,999 (about 5%) in the volume of Single Goods Declarations (SGDs) for imports in the first quarter of 2024. The total volume declined from 327,492 SDGs to 311,492 between Q1 2024 and Q1 2023. According to a document released by the agency and seen by Nairametrics on Wednesday, there was also a bigger decline of 91,741 (about 23%) when compared to Q1 2022. The document read: “In the First Quarter 2024, NCS processed a total of 311,492 Single Goods Declarations (SGDs) for imports, reflecting the volume of import transactions handled. “This figure…
Author: Temitope N.
The Lagos State Commissioner of Agriculture, Miss Abisola Olusanya, has said on Wednesday that the administration is working to enforce regulations on the price of food items in the State. Olusanya said this during an interview with the News Agency of Nigeria (NAN) at the event of the International Day of Forests held at the Lekki Conservation Centre in Lagos. The event, titled “Forest and Innovation: New Solutions for a Better World,” was a collaborative effort between the Lagos State Ministry of Agriculture and the Nigerian Conservation Foundation. According to her, the real issue is not the scarcity of food, but in…
According to data from the Debt Management Office (DMO), the total public debt in Nigeria is an estimated N97.34 trillion ($108.23 billion) as of December 2023. This figure was an increase of 146% from N39.56 trillion ($95.77 billion) at the end of the previous year. The major reason for the significant increase is the addition of CBN’s N20 trillion ($48 billion) in Ways and Means lending to the government and about 60% devaluation of naira. The federal and state governments owe a combination of domestic and foreign debts. Domestic debt is made up of FGN securities, treasury bills, and more recently,…
A considerable number of Nigerians have struggled to repay loans issued under the Central Bank of Nigeria (CBN) and NIRSAL Microfinance Bank’s targeted credit facility (TCF). This facility, launched in April 2020 to cushion the effects of the COVID-19 pandemic on households and SMEs, has seen over 62% remain unpaid, with N261.07 billion in defaults out of N419.42 billion disbursed as of September 30, 2023. Of the N419.42 billion disbursed, principal repayments amount to about N41.39 billion, with interest repayments standing at approximately N174.60 million. However, there is a significant outstanding amount of roughly N378.03 billion, with an overdue amount…
The African Development Bank (AfDB) has reached a $75 million loan agreement with Indorama Eleme Fertilizer and Chemicals Limited, marking a significant investment to amplify Nigeria’s fertiliser production capacity and boost its export potential. According to a statement from the AfDB, the strategic deployment of funds is earmarked for the expansion of Indorama’s fertiliser production through the addition of a third urea production line, as well as the development of a new port terminal at its Port Harcourt complex. This expansion is not just a nod to increasing the domestic supply but is designed to position Nigeria as a formidable…
The National Bureau of Statistics’ (NBS) Transport Fare Watch report for February 2024 has disclosed intriguing trends in Nigeria’s public transport fares. According to the report, commuters experienced a slight relief in intracity bus fares, which saw a 1.21% decrease from January’s average of N963.38 down to N951.76 in February. However, taking a broader perspective, the year-on-year comparison paints a starker picture with a significant 46.98% increase from the N647.54 average fare in February 2023. Shifting focus to intercity bus travel, the average fare paid by commuters also experienced a notable dip of 7.58% to N7,002.97 in February 2024 from…
Food inflation climbed to 37.92% in February 2024, according to Consumer Price Index report of the National Bureau of Statistics (NBS). This represented a 13.57% increase from the 24.35% food inflation rate recorded in February 2023. In the month-to-month analysis, February 2024’s food inflation rate was 3.79%, showing a 0.58% rise from January 2024’s rate of 3.21%. As Easter draws near, Nigerian households are facing steep prices for essential food items. A comparative analysis of staple food prices shows a significant surge from last year, with even the past month exhibiting notable increases. Here are the 10 most expensive staple foods to buy in…
The Economic Commission for Africa (ECA) forecasts that African nations will dominate world’s top 10 fastest-growing economies in 2024 and 2025. In 2024, the key economies pushing growth in Africa will include Niger, Senegal, Ivory Coast, the Democratic Republic of the Congo (DRC), and Rwanda. Adam Elhiraika, the Director of the Macroeconomics and Governance Division at ECA, stated that Africa was the fastest-growing region following East and South Asia in the developing world during 2023. He anticipates that this growth momentum will persist through 2024 and 2025. Countries fuelling Africa’s growth According to the report, significant economic expansion in Niger…
The Central Bank of Nigeria (CBN) has announced a significant inflow of over $1.5 billion into the Nigerian economy, a development that underscores the effectiveness of its monetary policy strategies. Mrs Hakama Sidi Ali, the Bank’s Acting Director of Corporate Communications Department, highlighted this achievement on Thursday, March 28, 2024, attributing the success to the CBN’s efforts to stabilize the foreign exchange market. According to a statement from the apex bank, data presented by Sidi Ali indicates that the inflows are a direct result of the CBN’s initiatives aimed at ensuring liquidity and stability within the foreign exchange market. This…
The United Arab Emirates (UAE) is considering innovative strategies such the introduction of a 10-year golden visa and 5-year silver licences to attract international businesses and investors. The proposal to introduce new regulations for trade licences in the UAE was discussed during the inaugural 2024 Economic Integration Committee. The aim is to enhance government revenue and promote sustained business operations within the UAE’s vibrant commercial landscape. Nairametrics learnt that UAE’s inspiration came from Bahrain’s successful golden license scheme, known for its ability to attract significant investments and generate employment opportunities, and is eager to replicate its achievements. Bahrain’s golden license program has already…
USAID has launched the Africa Trade Desk, a signature trade platform linking large US food retailers to African producers. The platform would be facilitated by Prosper Africa, a US government initiative, and is set to facilitate at least $300 million in export sales between Africa and the United States within the next 18 months. According to a Press Release from USAID, the announcement for the launch of the African Trade Desk was made during the Atlanta Phambili: A Trade & Investment Gateway to Africa & South Africa event, an event highlighting the economic relationship between the United States and Africa, with a spotlight on…
The President of the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr. Dele Oye has stated that the duties collection by the Nigeria Customs Service (NCS) should be charged in Naira rather than in another foreign currency. He stated this during an interview on Arise Tv News Night where he highlighted efforts by the Association to boost industrialisation and commented on recent policies by the government especially on the exchange rate. According to him, the federal government should walk its talk of conducting business in naira by ensuring the Nigeria customs charges duties collection in Naira…
The spouse of a detained senior official at Binance, the cryptocurrency trading platform, has reached out to the U.S. Congressional delegation in Nigeria, requesting their intervention for the release of her husband, Tigran Gambaryan. Yuki Gambaryan, spouse of the detained Tigran Gambaryan, appealed to the visiting US delegation to urge Nigerian authorities for his release, amid a sweeping government crackdown on cryptocurrency activities. Recall that Senator Cory Booker, leading a U.S. Senate delegation, met with President Bola Tinubu in Abuja earlier this week to discuss mutual interests between both countries and the state of democracy in Africa. Meanwhile, Nairametrics learned…
The Niger State Government has officially disclosed that a fleet of 200 Compressed Natural Gas (CNG) powered buses, recently acquired, will soon commence public transportation operations across the state. This announcement was made public by Abdulberqy Usman Ebbo, Special Adviser on Digital Communications to Governor Mohammed Umaru Bago of Niger State, who shared this development through his verified X account platform on Monday. Recall that this initiative follows Governor Bago’s strategic move in 2023, wherein he solidified partnerships with four distinguished companies through the signing of Memoranda of Understanding (MoUs) to procure 200 environmentally friendly CNG buses for N7 billion. This…
The exchange rate charged by the Nigerian Customs Service (NCS) for cargo clearance and import duties collection has dropped significantly from N1,572.5/$ to N1,448.38 to the USD. This is a reduction of N124.12 from the previous figure. The new figure reflects the prevailing exchange rate on the CBN’s official window. The Infostride News earlier reported the naira closing at N1431 to the USD at the close of trade last week. The exchange rate for import duties payment on the customs portal has been on a steady decline in the past two weeks mirroring the strengthening of the naira in the FX…
Vice President Kashim Shettima inaugurated a training program for the staff of the State House on Monday, focusing on the digitalization of workflow processes aimed at streamlining workflows, eradicating paper-based bureaucracy, and cultivating a tech-savvy workforce. During the training programme’s opening, Shettima, represented by Sen. Ibrahim Hadejia, Deputy Chief of Staff to the President, emphasized the President’s commitment to digitalizing key economic sectors and public services, as stated by the Vice President’s spokesperson, Stanley Nkwocha. The Vice President stated that the objective is to utilize the potential of machine learning and artificial intelligence to revolutionize the entire public service sector “can’t…
Kenya’s second-hand cloth dealers are lobbying against a proposal by France, Denmark, and Sweden to ban the export of second-hand clothes from the European Union (EU). According to Reuters, the second-hand cloth trade in Kenya employs about 2 million people and provides their livelihood hence the protest against the proposed ban by the EU. According to UN trade data, the EU exported 1.4 million tonnes of used textiles in 2022, more than twice what they exported in 2000. The three countries argued that much of these exported textiles when they cannot be resold end up as waste in their host countries…
Russia has continued to grow the number of its African partners in nuclear projects with Burkina Faso being the latest addition to the list. The West African country is set to sign a roadmap with Rosatom, A Russian state corporation that will lead to the construction of a nuclear power plant in the country. This was revealed to Sputnik, by Burkina Faso’s Minister of Energy, Mines and Quarries, Yacouba Zabré Gouba, in an interview on the sidelines of the International Forum on Nuclear Energy (Atomexpo-2024), which was held on the Russian territory of Sirius. “The establishment of this power plant will…
The Lagos State Government announced on Tuesday an expectation of unusually high rainfall for the 2024 season across the state, with a total forecast of 1936.2 mm. Mr. Tokunbo Wahab, Commissioner for the Environment and Water Resources, delivered this announcement at a press briefing on the Seasonal Climate Predictions (SCP) and their socio-economic impacts on Lagos State, held at the Ministry’s Conference Room in Alausa. According to the Commissioner, the predicted average annual rainfall for 2024 is 1936.2mm, exceeding the long-term average of 1721.48mm. The rainfall is expected to begin in the first week of April and end in the…
The Nigeria Labour Congress (NLC) has said that Nigerians want to hold the Federal Government accountable for funds injected into the textile industry in a bid to resuscitate it. The NLC President, Mr. Joe Ajaero made this known at the 13th National Delegates Conference of the National Union of Textile Garment and Tailoring of Nigeria (NUTGTWN) held in Abuja, According to him, the textile sector is key to driving economic growth and development, highlighting its historical significance as a major contributor to job creation and overall national prosperity. Reflecting on past efforts to revive the sector, he raised questions about…