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Containers clearing cost jumps by 67%, vehicle parts’ prices soar

Freight charges in the nation’s seaports have jumped by 67 per cent, resulting in increases in prices of vehicle spare parts, AM Business has learnt. In separate interviews with our correspondent in Lagos, freight forwarders said they used to pay around N600, 000 to clear a 40-foot container loaded with used vehicles’ spare parts, but […]

agencyreport
16th May 2022
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Agribusiness

Avert disruption in wheat value chain, analysts task FG

Local industry analysts have called on the Federal Government to take a swift and deliberate action to cushion the effects of the disruptions in the global wheat market on Nigeria’s wheat value chain. The call was made in a recently published review of the global wheat market, following the war between two top wheat exporting […]

agencyreport
16th May 2022
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365 Views

Pension remittances: 20 firms default, pay N211.5m penalty

News

73% of workers under contributory pension below 40 years – PenCom

The National Pension Commission has said that 73 per cent of contributors under the Contributory Pension Scheme are below 40 years of age. It said in its ‘Age and gender distribution’ report for the fourth quarter of 2021 that this showed that the CPS had an increasing sustainability level. PenCom’s report, however, showed that male […]

agencyreport
16th May 2022
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Ports and Airports

Tin-Can port is collapsing, says NPA

The Nigerian Ports Authority has said that Tin Can Island port is collapsing, saying that more attention should be focused more on rehabilitating the quay walls of the port. Speaking over the weekend, the Managing Director of NPA, Mr. Mohammed Bello-Koko, said that the agency had taken a holistic review of the decaying parts of […]

agencyreport
16th May 2022
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434 Views

Economy

Nigeria spends 86% of revenue on debt servicing, South Africa pays 20%

Nigeria spent 86 per cent of its revenue on servicing debt in 2021, but South Africa spent only 20 per cent of its receipts on the same purpose, according to findings. According to thebuhari’s 2021 Article IV estimates, Africa’s most populous nation spent 85.5 per cent of its revenue on servicing the debt in 2021. […]

agencyreport
16th May 2022
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281 Views

FG to end fuel subsidy in 2023 - Minister

Insurance

FG backs insurers on compulsory policies

The Federal Government has assured insurers that it will ensure compliance with compulsory policies in the country. The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, said this during the 50th anniversary and commissioning of the new Insurers House of the Nigerian Insurers Association in Lagos on Thursday. The event was attended by […]

agencyreport
16th May 2022
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319 Views

Ports and Airports

Foreigners control 90% of local freight forwarding business – ANLCA

The acting National President of the Association of Nigerian Licensed Customs Agents, Kayode Farinto, has lamented that foreigners have taken over 90 per cent of freight forwarding jobs in Nigeria. He also said that the association had drafted a bill through its legal adviser on the need to indigenise Nigeria Customs Service brokerage. Farinto, who […]

agencyreport
15th May 2022
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281 Views

New naira'll make ransom payment difficult - CBN

Banking

Banking sector remains resilient, says CBN

The Nigerian banking sector remained resilient in February, according to a report released by the Central Bank of Nigeria. The CBN disclosed that a member of the Monetary Policy Committee, Festus Adenikinju, said this at the last meeting of the MPC. He said, “The report on banking system stability showed that the banking system remains […]

agencyreport
15th May 2022
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370 Views

World Bank punishes Nigerian firms, individuals for corruption

Economy

Commodity prices’ll remain high in Nigeria, others – World Bank

The World Bank has said that the war in Ukraine has dealt a major shock to commodity markets, altering global patterns of trade, production, and consumption in ways that will keep prices at historically high levels through the end of 2024. The World Bank said this in its latest Commodity Markets Outlook report. According to […]

agencyreport
15th May 2022
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226 Views

News

FG ‘reaches’ agreement with ASUU, says strike ends soon

The Federal Government has expressed optimism that the decisions reached in its three-part meeting with university-based unions would yield fruits next week. The Head, Press and Public Relations in the Ministry of Labour and Employment, Mr Olajide Oshundun, in a statement on Friday, said some agreements had been reached between the government and the unions. […]

agencyreport
14th May 2022
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245 Views

Oil and Gas

Nigeria’s oil production falls over poor maintenance -World Bank

The World Bank has said that Nigeria’s oil production declined in 2021 due to a lack of maintenance and the loss of infrastructure efficiency. It added that Nigeria was yet to benefit from increasing oil prices as a result of declining oil production and fuel subsidy. The Washington-based bank said this in a new report […]

agencyreport
14th May 2022
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250 Views

Economy

Workers in formal sector earn N159tn in four years – NBS

Employees in Nigeria’s formal sector earned N159.01tn from 2018 to 2021, according to data from the National Bureau of Statistics. The statistics body revealed this in its ‘Nigerian Gross Domestic Product Report’ released on Thursday. According to the NBS, the total compensation of employees in the nation, based on the GDP and expenditure at current […]

agencyreport
14th May 2022
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436 Views

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Containers clearing cost jumps by 67%, vehicle parts’ prices soar

Avert disruption in wheat value chain, analysts task FG

73% of workers under contributory pension below 40 years – PenCom

Tin-Can port is collapsing, says NPA

Nigeria spends 86% of revenue on debt servicing, South Africa pays 20%

FG backs insurers on compulsory policies

Foreigners control 90% of local freight forwarding business – ANLCA

Banking sector remains resilient, says CBN

Commodity prices’ll remain high in Nigeria, others – World Bank

FG ‘reaches’ agreement with ASUU, says strike ends soon

Nigeria’s oil production falls over poor maintenance -World Bank

Workers in formal sector earn N159tn in four years – NBS

Global FDI hits $1.6trn in 2025 as Nigeria’s.

Etihad Airways to resume flight operations in Nigeria

Nigeria secures $155m clean energy investments

New Nigerian High Commissioner to India assumes office

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