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…
WTO says Trade-facilitating policies now outpacing restrictions among members
The WTO says that it’s member countries introduced more trade-facilitating measures than trade-restricting measures on goods, between mid-October 2023 and mid-May 2024. It’s Director-General, Dr Ngozi Okonjo-Iweala, said : ” It’s an important signal of members’ commitment to keep trade flowing despite the current geopolitical uncertainty.” WTO, in its latest Trade Monitoring Update issued on…
Emzor Sees Pharmaceuticals Drug Imports Falling by 70%
Emzor Pharmaceuticals Industrial Limited, says that the trend of manufacturing only 30 percent and importing 70 percent of drugs by pharmaceutical companies in the country , will soon end. Funke Asiru, the company’s Director of Strategy, anticipated this development in the industry, following the federal government’s recent executive order which introduced zero tariffs, excise duties and value-added…
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…
Nestlé Professional Empowers 1,900 Food Vendors
Participants in the workshop were operators of canteens, grillers, ‘Maishais’, and bukas.
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…
WTO/ FIFA Cotton Four Countries Project Enters $12bn Mobilisation Stage
▪︎ WTO DG, Ngozi Okonjo-Iweala UNIDO, WTO, ITC, Africa Finance Corporation (AFC) and International Islamic Trade Finance Corporation (ITFC), have begun mobilizing $12 billion to support the development of a sustainable cotton industry in the Cotton Four countries (Benin, Burkina Faso, Chad, Mali – or “C4”) and Côte d’Ivoire. The project, tagged ‘Partnership for Cotton…