CBN: 30 Containers of Cassava from Nigeria Rejected in China

The Central Bank of Nigeria (CBN) has disclosed plans to improve its agenda to diversify the nation’s economy from the oil sector to the non-oil sector, through the launch of a set of policies, noting that it targets to achieve $12 billion in export trade by 2024.   The apex bank said it was putting[...]

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Revealed: US Dollar under threat as Strong World Economies move against the dollar

The U.S. dollar has been the world's major reserve currency for decades, but that status could come under threat as "very powerful countries" seek to undermine its importance, warned Anne Korin, from the Institute for the Analysis of Global Security. "Major movers" such as China, Russia and the European Union have a strong "motivation to de-dollarize," said Korin, co-director at[...]

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For signing AfCFTA, Nigeria will get a share of Afreximbank’s $1bn grant

The African Export-Import Bank (Afreximbank) says it is providing a grant of $1 billion to African countries to support the implementation of the African Continental Free Trade Area agreement (AfCFTA). President Muhammadu Buhari signed the agreement on Sunday at the AU summit that held in Niamey. Benedict Oramah (pictured), the president of the bank, made[...]

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Hameed Ali: Nigerian Customs generates N5.5 billion daily

The Nigeria Customs Service (NCS) says its revenue generation has increased to the region of N5.5 billion daily.     The Comptroller-General (CGC), Hameed Ali, made this known during a working visit to the headquarters of the National Association of Government Approved Freight Forwarders (NAGAFF) in Lagos.     The CGC, who was represented at[...]

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China vows to retaliate with ‘necessary countermeasures’ against Trump’s tariff hikes on $200billion-worth of Chinese goods which take effect today

China has vowed to retaliate with 'necessary countermeasures' against US tariff hikes on $200 billion worth of Chinese goods. President Donald Trump's tariff increase to 25 per cent s took effect on Friday, ratcheting up tensions between the United States and China as they pursue last-ditch talks to try to salvage a trade deal. China's commerce ministry[...]

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FG approves $3.9bn for Warri seaport

Transport Minister, Rotimi Amaechi, says the federal government has approved the construction of Warri seaport at the cost of about 3.9 billion dollars and also awarded contract for Abuja-Warri rail line. Amaechi told NAN on Tuesday in Abuja that the federal government also approved the linking of Abuja to Itakpe, Itakpe-Warri, then from Warri rail[...]

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US cuts monthly oil imports from Nigeria by almost 90%

The United States’ crude oil imports from Nigeria plunged to 539,000 barrels per day in February from 4.87 million bpd in January. The US imports of Nigerian crude have dropped in recent months, hitting almost a four-year low in February.   According to Punch.ng, the country bought 5.18 million bpd in December, down from 10.03[...]

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China devalues currency again in a ‘snub’ to Trump- ING

China has started letting the yuan weaken slightly in a pointed “snub” to U.S. President Donald Trump, Dutch bank ING said in a report. Different U.S. administrations have long claimed China derives unfair export price advantages by keeping the yuan artificially weak, a charge Beijing denies. Still, the United States has refrained from officially labeling China a “currency manipulator.” Though[...]

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Foreign direct investment soars by over 50% in three months

Nigeria’s foreign direct investment (FDI) soared by 50.75 percent between July and September 2018. According to the National Bureau of Statistics (NBS), FDI went up by $269.28 million from $261.35 million to $530.63 million in the third quarter of 2018. However, total foreign investment brought in the country declined by 48.21 percent to $2.855 billion within the period[...]

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Nigeria to resume export of hibiscus to Mexico

The Nigeria Agricultural Quarantine Service said that Nigeria would resume the export of hibiscus, popularly known as Zobo, to Mexico. Dr Vincent Isegbe, the Coordinating Director, NAQS, disclosed this in an interview with the News Agency of Nigeria on Tuesday in Abuja. He said that in 2017, Nigeria exported 1,983 containers of hibiscus to Mexico alone and[...]

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84,000 lose jobs as 16 cocoa companies go under

• 5% of cocoa’s $140b comes to Africa despite 70% of global output • Nigeria loses $100b over inability to export major produce Over 84,000 Nigerians have lost their jobs in the cocoa value chain industry while about 16 companies have folded up in the last 10 years. The National President of the Cocoa Association[...]

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NPA, China Port sign two years MoU on port development

The Nigerian Ports Authority (NPA) and Guangzhou Port Authority, China, on Tuesday signed a Memorandum of Understanding (MoU) on port development.  The MoU was signed in Abuja by Hadiza Bala Usman, managing director of NPA, and the deputy director-general of Guangzhou Port Authority, Yuan Yue, at the just concluded meeting of International Association for Ports[...]

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SON develops international standards for Garri, Beans, others.

The Standards Organization of Nigeria (SON) has developed international standards for most of the nation's staple food products such as garri, dry beans, soya beans, rice and others. The developed standards are meant to ensure that products from Nigeria meet the global benchmark, thereby forstalling a repeat of the rejection of products as it happened[...]

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