The Centre for the Promotion of Private Enterprise (CPPE), one of Nigeria’s private sector advocacy groups, has described the recent decision by the Central Bank of Nigeria (CBN) to increase the Customs Exchange rate from N783 to N952/$1 as undesirable for the economy, warning that it will worsen the already prohibitive production and operating costs […]
Manufacturing
CBN Extends Letters Of Credit Issuance, Form M & NXP Registration Timeline
The Central Bank of Nigeria (CBN) has extended the timeline for the issuance of Letters of Credit from 24 hours to five working days as foreign exchange (FX) scarcity continues to constrain business activities nationwide Also, the apex bank extended the timeline for the registration of Form M and NXP from 24 hours to two […]
FG Raises Exchange Rate For Cargo Clearance Amid FX Crisis
The Federal Government has, through the Central Bank of Nigeria, reviewed upward the official exchange rate of the Naira for cargo clearance from N783/$ to N952/$. The latest policy came barely three weeks after the rate was adjusted from N757/$1 to N783/$1, representing a 3.4 per cent increase. Our correspondent noted that on Thursday, the […]
Idahosa Elected LCCI President, As Chamber’s Revenue Hits N646.95Mn
The Lagos Chamber of Commerce and Industry (LCCI) on Thursday announced a change in its board with the election of Gabriel Idahosa as President and Chairman of the Council. The Chamber’s Director General, Dr. Chinyere Almona, who made the disclosure during the Chamber’s 135th Annual General Meeting (AGM) in Lagos, said that Idahosa’s appointment was […]
Africa Accounts For Only 3% Of $25.3Trn Global Trade – AfDB
President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has disclosed that Africa accounts for just three percent of the total $25.3 trillion global trade with most of the economies highly vulnerable to commodity price volatility. Adesina, who made remark while speaking on sustainable trade and energy mix at the Sustainable Trade Africa Conference […]
2024 Budgetary Proposals Inadequate For Nigeria’s Devt Needs – Budget Office
The Director-General of the Budget Office of the Federation, Ben Akabueze, has said that the N27.5 trillion proposed as 2024 budget estimates now before the National Assembly is too small to meet Nigeria’s needs According to him, the fiscal proposals are just to make the government to ties its expenditures to accruable earnings in the […]
NNPC Seals Two Gas Pacts At COP28
The Nigerian National Petroleum Company Limited (NNPCL) has signed two gas deals covering a floating liquefied natural gas deal and a small-scale LNG deal at the ongoing COP28 in Dubai, United Arab Emirate (UAE) According to the company, the deals were both for Domestic, and International Markets. There is an Agreement on 421 Tonnes Per […]
FIRS Waives Penalties, Interests On Outstanding Tax Liabilities For Firms
The Federal Inland Revenue Service (FIRS) at the weekend stated that it had granted taxpayers full waiver on accumulated penalties and interests for outstanding tax liabilities, thereby giving succor to the affected enterprises amid recent policy-induced fiscal whirlwinds across the economy. The Chairman of the revenue agency, Dr. Zacch Adedeji, made the disclosure in a […]
FG, International Donors To Raise $200Mn For MSMEs
The Federal Government in collaboration with International philanthropic organisations have partnered to raise $200 million to support the nation’s Micro, Small and Medium Enterprises (MSMEs) with the attendant positive potential for job creation in the country. The Senior Special Assistant to the President on MSMEs and Job Creation in the Office of the Vice President, […]
AfDB Member-Countries Endorse Framework For Africa’s Inclusive Devt
To reaffirm its commitment to collaborate with its 54 regional member-countries to support and implement projects and programmes for inclusive development in Africa, the African Development Bank (AfDB) last week hosted a ‘High-level Member-States Engagement Framework Workshop’ in Abidjan, Cote D’Ivoire. The event featured nearly 100 ministry of Foreign Affairs’ directors of protocol and Bank […]