The latest Global Trade Update published by UN Trade and Development (UNCTAD) reports that Global trade is set to reach a record $33 trillion by the end of 2024. The reports indicate that the $1 trillion increase reflecting 3.3% annual growth, highlights resilience in global trade despite persistent challenges. Said the reports: “Robust growth in services trade,…
(Business Day) The shutdown of textile companies across Nigeria has weakened Nigeria’s cotton production, pushing the crop into near-oblivion. Cotton is a critical plant-based raw material for textiles, with others being jute, hemp and sisal. Nigeria produces about 51,000 metric tons of cotton from over 300,000 tons in 1980s. The low cotton production is attributed…
The Deputy Chairman, House of Representatives’ Committee on Finance, Honourable Saidu Abdul, has called for periodic assessments of progress being made in the development of Nigeria’s sugar industry targets under the Phase II of the Nigeria Sugar Master Plan (NSMP). Hon Abdul made the call in response to the declaration of 2025 as the Year…
The Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN) is lamenting that the industry is in a worse position now than before the Federal Government’s executive order on pharmaceutical inputs that temporarily suspends VAT payments for two years. Oluwatosin Jolayemi, the Chairman of the PMG-MAN / Managing Director of Daily Need Group, who…
Standards Organisation of Nigeria (SON) has appointed Mrs Talatu K. Ethan as its new Director, Public Relations. In a statement signed by the management with the reference number SON/CHQ/PR/P&REP/ and dated 06 6th December, 2024, said that Mrs. Talatu Ethan succeeds Mrs. Foluso Bolaji, who has since assumed duties as the Director, Human Resource Management…
Cadbury Nigeria Plc, a subsidiary of Mondelez International, has reaffirmed its commitment to doing business in the country, despite the current challenging operating environment. The company’s top brands in Nigeria are Bournvita, Hot Chocolate 3 in 1, TomTom, Buttermint, and Clorets chewing gum. In a statement, Oyeyimika Adeboye, MD/ CEO, said: “We are not insulated…
On Thursday, November 5, 2024, as early as 8 am, the staff of the Federal Inland Revenue Service (FIRS) assembled at the agency’s headquarters at Sokode Crescent, Wuse Zone 5, Abuja. The gathering wasn’t for protest or strike but to appreciate their Chairman – Zacch Adedeji, for his numerous welfare packages for them since he…
▪︎Export N20.48trn ▪︎ Import N14.67trn The National Bureau of Statistics (NBS) said Nigeria recorded N5.81 trillion trade surplus in the third quarter of 2024 (Q3’24).This represents a 298 per cent year-on-year (YoY) increase in trade surplus from N1.3 trillion recorded in Q3’23. NBS disclosed this today in its foreign trade in goods statistics for Q3…
International Maritime Organization (IMO) has joined States of the African Alliance for Electronic Commerce (AACE) to support work on ‘The Role of Single Windows and Digitalization in Boosting African Trade. The members of AAEC are: Burkina Faso, Cameroon, Djibouti, Cote d’Ivoire, Gabon, Mauritius, Kenya, Libya, Morocco, Madagascar, Mali, Mozambique, Nigeria, Republic of Congo, Senegal and the WAEMU…
The Manufacturers Association of Nigeria (MAN) says that the manufacturing industry and not the services sector is essential for driving real economic growths . Segun Ajayi-Kadir, the Director-General of MAN, affirmed this in reaction to the NBS GDP reports for the third quarter of 2024 in which the Services sector dominated the composition of the…
