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Sanwo-Olu calls for equal trade partnership between UK, Africa

…Gov Attends Investment Summit In London Lagos State Governor, Mr. Babajide Sanwo-Olu, has called for equal partnership between United Kingdom and African countries if it hoped to have genuine global development. Speaking to journalists at the sideline of the UK-Africa Investment Summit that opened in London on Monday, the Governor reaffirmed that his administration will…

Nigeria: Inflation increases 11.98% in Dec

The consumer price index, (CPI) which measures inflation increased by 11.98 percent (year-on-year) in December 2019. This is 0.13 percent points higher than the rate recorded in November 2019 (11.85) percent. Increases were recorded in all COICOP divisions that yielded the Headline index. On month-on-month basis, the Headline index increased by 0.85 percent in December…

Customs appoints NOVA Merchant Bank as duty collecting bank

In fulfilment of its commitment to constantly find new ways to serve its customers better, NOVA Merchant Bank has been appointed as a designated collecting bank for Import, Excise and other duties by the Nigeria Customs Service. This will enable the Bank handle duty payments for its clients in addition to process and issue custom…

Foreign Rice in Nigerian Markets now at 37% -Report

The interventions of the Nigerian Customs Service (NCS) through the partial border closure against smuggling and Central Bank of Nigeria (CBN) via the Anchors Borrowers Programme (ABP) on the rice sub-sector of the Nigerian economy, have drastically reduced  foreign rice  prevalence in the Nigerian markets, bringing the figure to 37%, Economic Confidential can report.  Economic…

Oil prices inch up on optimism over US-China trade deal

Oil prices regained a bit of ground at the end of the week on optimism surrounding the Phase 1 U.S.-China trade deal. At the same time, China reported some downbeat economic data that points to a slowdown. IEA: Oil market well-supplied. The global oil market dodged a bullet after the U.S. and Iran backed away…

Nigeria not ready for implementation of Eco Single Currency – Onyeama

The Minister of Foreign Affairs, Geoffrey Onyeama, says Nigeria is not yet ready for the implementation of the ECOWAS Single Currency, “Eco,” in 2020. Onyeama, who made this known on Thursday in Abuja while speaking with Journalists, explained that Nigeria’s position on the single currency was agreed by the Economic Community of West African States…

FAAC shares N716.298bn to FG, states, LGs

The Federation Accounts Allocation Committee, FAAC, has shared N716.298 billion to the three tiers of government for the month of December 2019. The Permanent Secretary, Ministry of Finance, Budget and National Planning, Alhaji Isa Dutse disclosed this while addressing newsmen on the outcome of the meeting in Abuja on Thursday. Dutse explained that the amount…

Border closure: Customs generates N7bn daily

Nigerian Customs Service currently rakes in between five and seven billion Naira on duties on imported goods into the Federal Government coffers daily, Coordinator, Joint Border Operations Drill, North Central states, Comptroller Mohammed Garba has said. He added that daily accrual of the service billion before commencement of the joint operation in August last year…

Oil traders worry over weak demand, oversupply

Oil prices erased all of the gains accrued after the U.S.-Iran clash, and prices have even fallen below levels seen prior to the Soleimani assassination. With war apparently off the table, at least for now, the market has shifted its sights back to weak demand and oversupply. The IEA and OPEC will provide updated data…

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