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 […]
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 […]
United Bank for Africa (UBA) Plc, one of Nigeria’s leading deposit money banks (DMBs) has restated its commitment to deepening intra-Africa trade to for regional self-reliance and economic development through its financing for up to US$6bn over the next three years to eligible businesses across the continent. The bank’s Deputy Managing Director, Muyiwa Akinyemi, made this […]
The Deputy Chairperson of the Intra-African Trade Fair (IATF) 2023 Advisory Council and a former President of the African Export-Import Bank (Afreximbank), Jean-Louis Ekra, has said that commitment of African leaders to the implementation of the African Continental Free Trade Area (AfCFTA) agreement can break Africa’s colonial legacy of exporting raw materials and importing finished […]
The Nigeria Customs Service (NCS) has reported the seizure of 13 trailer loads of foreign parboiled rice and 17 vehicles, among other notable items, worth N1,241,777,700 in October this year. The Service, in a statement published on its official X (formerly Twitter) account on Wednesday, quoted the Acting Comptroller of the Federal Operations Unit Zone […]
Latest Nigeria’s Purchasing Managers Index (PMI) report indicated that the index dropped to 50.2 in August, down from 51.7 in July, which showed that efforts by the government to grow the economy are yielding minimal impact with the MPI marking the lowest rate over the past five months. As expected the report is sending worrying […]
The Director General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh, has promised that the Bureau will provide technical support and knowhow to assist the Jigawa State Government to optimise its assets and identify key areas where Public Private Partnership (PPP) can make tangible impact on the state’s economy. The Director-General gave this […]
The Lagos Chamber of Commerce and Industry (LCCI) has advised the Federal Government to establish dedicated websites that will guide foreign investors and other with the relevant information about investment opportunities in Nigeria. In a statement signed by its President/Chairman of Council, Asiwaju (Dr.) Michael Olawale-Cole, the organized private sector (OPS) group maintained that doing […]
The Director-General of the Securities and Exchange Commission (SEC) Nigeria, Mr. Lamido Yuguda, has projected that given the current level of capital expenditure, it may take up to three centuries to bridge the nation’s consistently widening infrastructure gap. Yuguda, who made this forecast at the 2023 Chartered Institute of Stockbrokers (CIS) National Workshop which was […]
The Lagos Chamber of Commerce and Industry (LCCI), one of the leading organized private sector (OPS) groups in Nigeria, has charged the President Bola Tinubu-led administration to adopt prudent fiscal measures to spur the nation’s economic growth in view of the slowdown recorded in the second quarter of this year. The Chamber’s Director-General, Dr. Chinyere […]