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Car imports hit 42.5% rise as FG slashes

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Nigeria, India commerce volume hit $14b in 2022

Nigeria and the Republic of India conducted $14.95 billion worth of commerce in 2022. At the 74th Republic Day of India, in Abuja, the Indian High Commissioner to Nigeria, Gangadharan Balasubramanian, revealed this. According to Balasubramanian, between 2021 and 2022, India bought ten and a half billion dollars’ worth of oil from Nigeria. According to […]

Business

Why tech firms are laying off staff

Oluwanifemi Ojo     From last year, tech giants have embarked on job cuts, and the question of every employee will likely be who’s next to announce downsizing after the likes of Twitter, Spotify, and Microsoft among others.   Since the year began, world’s leading tech companies have been announcing the laying off of staff. […]

News

How Southerners paid more for kerosene in Dec 2022 – Report

  Bisola David The National Bureau of Statistics has said that according to information on its website, it has been discovered that Nigerians in the southeast of the country paid the highest kerosene prices in December 2022. The Punch also reported that Nigerians in the South East region spent an average of N1,203.95 per litre […]

News

‘FG committed to creation of Ekiti free trade zone’

The Federal Government has reiterated its commitment to establishing a free trade zone in Nigeria. According to The PUNCH, this was disclosed by the Managing Director of the Nigeria Export Processing Zone Authority, Prof. Adesoji Adesugba, during a courtesy visit to the state governor, Biodun Oyebanji in Ado-Ekiti, the state capital, on Thursday. Adesugba said […]

How VIN affected vehicle importation - Customs
Business featured

How VIN affected vehicle importation – Customs

The Nigeria Customs Service has said that the implementation of the Vehicles Identification Number for clearing imported vehicles resulted in a 40% decrease in imported vehicles in 2022 through its Ports & Terminal Multipurpose Limited Command. The acting Assistant Comptroller General and the command’s outgoing Controller, Suleiman Bomai, said this while outlining the command’s actions […]

Senate ask CBN to extend deadline of new naira note
Banking

Extend old, new naira deadline, NLC urges CBN

Wilson Adekumola     President of the Nigeria Labour Congress, Comrade Ayuba Wabba, on Thursday, has urged the Governor of Central Bank of Nigeria, Godwin Emefiele to extend the date for the expiration of old naira notes adding that it would affect the lives of people in the rural areas.   Comrade Wabba made this […]

Economy

Encourage local production, Femi Adesina urges Nigerians

Wilson Adekumola     The Special Adviser on Media to the President, Femi Adesina, has urged consumers to patronise locally produced goods, especially in the agricultural sector.   He stated that more citizens will be financially encouraged when locally manufactured goods are patronized.   He made this call at a one-day seminar/exhibition organised by Zakclair […]

IATA welcomes Somalia airspace upgrade to 'Class A'
Aviation featured Transportation

IATA welcomes Somalia airspace upgrade to ‘Class A’

The International Air Transport Association has commended Somalia for upgrading of its airspace and the surrounding area to ‘Class A’. This comes after air traffic control services in the African country resumed operations after a 30-year interruption on January 26, 2023. Approximately 300 airlines, or 83% of worldwide aviation traffic, are represented by IATA. The […]

News

Duty hike: Used vehicle imports drops 40%

    The Nigeria Customs Service’s Ports & Terminal Multipurpose Limited Command, has disclosed that the introduction of Vehicle Identification Numbers for processing imported automobiles resulted in a 40% decline in imported vehicles in 2022. According to The PUNCH, this was disclosed by the outgoing Controller of the command, acting Assistant Comptroller General, Suleiman Bomai, […]

Buhari unveils SDG financing framework
Agribusiness

Buhari hails AfDB, others for $538m agric fund

  The President, Major General Muhammadu Buhari (retd.), on Wednesday applauded the provision of $538.05m by the African Development Bank, the Islamic Development Bank, and the International Fund for Agricultural Development. According to The PUNCH, the funds were donated for the first phase of the Special Agro-Industrial Processing Zones for Nigeria programme. This came after […]

Ports and Airports

Ondo, Benin sea ports get steering committee

Juliet Buna     The Federal Ministry of Transportation has inaugurated a Project Steering Committee for the proposed Ondo Deep Sea and Benin River Ports.   The inauguration was performed by the Permanent Secretary of the Ministry of Transportation, Dr. Magdalene Ajani, in Abuja.   A statement signed by the Director of Press & PR, […]

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