The Minister of Finance and the Coordinating Minister of the Economy, Mr Wale Edun, has announced the integration of the Incentive Monitoring and Evaluation Platform (IMEP) into the Import Duty Exemption Certificate (IDEC) programme, thereby allowing for enhanced monitoring and evaluation of revenues from imports into the country. A statement issued by the ministry’s Director, […]
Maritime
NPA Secures $700Mn Loan For Apapa, Tin Can Ports’ Rehabilitation
The Managing Director, Nigerian Ports Authority (NPA), Mohammed Bello-Koko, on Wednesday signed the Mandate Letter to secure a $700m Citibank loan to be funded by the UK Export Finance, UKEF. The loan, if eventually formalized, will be used to fully rehabilitate the Apapa and TinCan Island Ports to enable them accommodate modern cargo handling equipment […]
Nigeria Customs’ FX Rate For Imports Drops To N1,405.46/$1
The Nigeria Customs Service (NCS) has further revised the foreign exchange (FX) rate for customs import duties and cargo clearance to N1,405.46 per dollar currently. The latest FX rate as reflected on the Service’s website represents the fifth consecutive time in the past two weeks, the rate had dropped. On March 15, the rate stood […]
CBN Raises Customs FX Clearance Rate To N1612/$1
The Central Bank of Nigeria (CBN) has increased the foreign exchange (FX rate) for clearance of goods at different import points from N1593.84/$1 to N1612.28/$1, representing N18.44 increase. The latest FX rate displayed on the Nigeria Customs Service’s (NCS’) portal indicated that the latest FX rate was introduced on Monday, March 11. According to the […]
Nigeria’s Merchandize Trade Value Up 37.2% Y-o-Y In 2023 – NBS
In 2023, Nigeria’s total foreign trade increased to N71.88 trillion from N52.38 trillion recorded in 2022, representing an increase of 37.2% year-on-year (Y-o-Y) These figures were contained in the Foreign Trade in Goods Statistics (Q4 2023) report published by the National Bureau of Statistics (NBS) on Friday, March 8, on its website. The statistics agency […]
CBN Directs Customs To Use FX Rate For Import Duty Assessment
The Central Bank of Nigeria (CBN) at the weekend announced the pegging of the duty rates to be paid by importers to the Nigerian Customs Services during goods clearance. Specifically, the apex bank in a circular signed by its Director of Trade and Exchange Department, Hassan Mahmud, and posted on its website on Friday instructed […]
NIMASA Begins Deployment Of Modular Floating Dock
The Nigerian Maritime and Safety Administration (NIMASA) has commenced moves for the deployment of the Modular Floating Dock to the operational base as part of its current efforts to enhance port operations in the country. Already, the agency has moved the Floating Dock to a jetty at the Standard Flour Mills in Apapa preparatory to […]
Cabotage: NIMASA, Dangote Group Set Up Committee To Harmonise Refinery’s Operations
Following the coming on stream of the Dangote Refinery a few weeks ago, the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Dangote Group have set up a joint committee to harmonise the operations of the refinery in line with the provisions of the Coastal and Inland Shipping Cabotage Act 2003. The initiative was […]
NPA Berths Largest Container Vessel At Lekki Deep Seaport
The Nigerian Ports Authority (NPA) on Sunday successfully berthed the largest container carrier ever at the Lekki Deep Seaport, thereby taking Nigeria’s trade facilitation a notch higher. The vessel, MAERSK EDIRNE, measuring 367m in overall length, has a breadth of 48.2m and carried a Gross Registered Tonnage GRT of 142,131metric tonnes and a Dead Weight […]
Abiodun Seeks FG’s Approval Of FTZ For Remo Economic Zone
Ogun State Governor, Prince Dapo Abiodun, has appealed to the Federal Government to approve the operation of the Remo Economic Zone as a Free Trade Zone in order to improve the state’s Gross Domestic Product (GDP) and the nation’s economic development. The governor, who made the plea when he received the Minister of Industry, Trade […]