World Bank: Nigeria’s economy living on borrowed time

Adetunji Oredipe, a senior agriculture economist with the World Bank, says Nigeria’s position as one of the largest food importers in the world has put the economy in a dangerous position. Speaking on Thursday at the Agriculture Summit Africa sponsored by Sterling Bank, Oredipe said Nigeria is living on borrowed time. According to the economist,[...]

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Buhari justifies forex and Food Importation Restrictions

President Muhammadu Buhari says the directive to the Central Bank of Nigeria to stop providing foreign exchange for food importation was to improve agricultural production and attain full food security. Malam Garba Shehu, the President’s spokesman in a statement, said Buhari stated this when he hosted All Progressives Congress (APC) governors to Eid-el-Kabir lunch 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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CBN encourages other Banks to Support Farmers who can export Raw Materials

The Central Bank of Nigeria (CBN) has directed banks to commence funding for small holder farmers and companies producing five products under its export facilitation initiative (EFI). The five products are palm oil, cashew, cocoa, sesame see and shea. In a circular, the apex bank said EFI was part of government’s efforts to develop the[...]

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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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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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