Nigeria Can Stop $600m Annual Sugar Importation – NACETEM
NACETEM is currently awaiting the Federal Executive Council approval on some of its innovative policies including commercialisation of some research outputs
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Nigeria fourth Contributor to intra-Africa trade – Report
The Afreximbank’s Africa Trade Report 2024, titled ‘Climate Implications of the AfCFTA Implementation,’ ranked Nigeria as the top fourth contributor to intra-Africa trade, following South Africa, Cote d’Ivoire and Egypt for 2023. In the report, Nigeria’s intra-Africa trade decreased in 2023 by 2.1 percent to $8 billion from $8.2 billion in the previous year. “This…
Manufacturing top major drivers of N41trn Lagos economy
▪︎ Lagos Governor, Babajide Sanwo-Olu The manufacturing and transportation sectors topped the major drivers of Lagos State’s economy which has grown from N27 trillion to N41 trillion in recent years. This is disclosed by the State’s Commissioner for Commerce, Cooperatives, Trade and Industry, Mrs Folasade Ambrose-Medebem. Ambrose-Medebem made the remarks on Tuesday, at the 9th…
LCCI Commends FG for Establishment of PECC
▪︎ President Bola Tinubu, PECC Chairman. The Lagos Chamber of Commerce and Industry (LCCI) has commended the federal government for the establishment of the Presidential Economic Coordinating Committee (PECC), which is tasked with turning around the economic conditions and repositioning the economy for growth, industrialisation, job creation, and revenue generation. The LCCI also said availability…
Brewery industry’s choking over high cost of raw materials
The brewery industry is now facing severe cost pressure as prices of local raw materials rise astronomically undermining their backward integration strategy. Industry stakeholders said the cost pressures coming from sorghum, wheat and others would remain elevated, driven by the impact of rising inflation, insecurity across agricultural belts in the country as well as other…
FG Exempts Electricity, Gas Companies From Withholding Tax
▪︎ Wale Edun The Federal Government has categorised all electricity companies, including the Generation and Distribution Companies (GenCos and DisCos), as those exempted from the payment of Withholding Tax in the country. This was contained in the new Withholding Tax regulation document signed by the Minister of Finance, Wale Edun. The new Withholding Tax regulation…
Pharmaceutical Manufacturers Applaud Tariffs Removal on Pharma Imports
The President of the Pharmaceutical Society of Nigeria (PSN), Prof Cyril Usifoh, has conveyed the gratitude of the operators in the sector, to President Bola Tinubu for haven granted zero tariffs, excise duties and VAT specified on pharmaceuticals, machineries, equipment and raw materials. In a statement, Prof said that the tariffs removal will encourage local…
ECOWAS set to unveil single currency ECO
▪︎ECOWAS Office, Abuja . Finance Ministers and Central Bank Governors from the 15 Economic Community of West African States, have advanced plans to launch the single currency initiative, known as the ECO. The ECO is envisioned to propel economic growth and development throughout the West African sub-region, received Nigeria’s endorsement. The single currency is part…
Nigeria Missing Out On $110bn Global Bitumen Market – Senate
▪︎Dele Alake The Senate is worried about Nigeria missing out of the $110 billion bitumen global market. The apex legislative Chamber, through its Committee on Solid Minerals, made the revelation on the $110 billion global bitumen market during public hearing on a bill seeking for an Act to establish Bitumen Development Commission. The public hearing…
Zedcrest Acquires RMB Nigeria Stockbrokers Ltd
We are thrilled to welcome RMB Nigeria Stockbrokers Limited into the Zedcrest family,” said Adedayo Amzat, CEO, Zedcrest Group.