Nigeria’s trade picture for Q4 2023 shows a mixed bag, according to the National Bureau of Statistics (NBS) report on Commodity Price Indices and Terms of Trade. While export prices edged up, import costs rose at a faster pace, leading to a slight decline in the overall terms of trade. “The All-commodity group export price Read More…
By Rukayat Moisemhe, News Agency of Nigeria (NAN) Some Stakeholders in the manufacturing sector say Nigeria needs a specific blueprint to critically address the impact of inflationary pressures on all economic activities in the country. According to the World Economic Forum’s Global Risks Report 2023, the world’s top current risks are energy, food, inflation, and Read More…
U.S. Trade Representative Katherine Tai expressed the United States’ intention to develop a “more useful and effective” trade programme with Africa as negotiations are currently underway to revamp a two-decade-old duty-free initiative. The African Growth and Opportunity Act (AGOA) is set to expire in September 2025. AGOA grants qualifying countries duty-free access to the U.S. Read More…
Lagos State is emerging as a strategic hub for economic growth, with Governor Babajide Sanwo-Olu reaffirming the state’s vital role in driving opportunities presented by the African Continental Free Trade Agreement (AFCFTA). Speaking at the 51st Annual General Meeting of the Manufacturers Association of Nigeria (MAN) held in Lekki, Governor Sanwo-Olu highlighted the significance of Read More…
The Lagos Chamber of Commerce and Industry (LCCI) has officially announced the forthcoming 2023 edition of the annual Lagos International Trade Fair (LITF), scheduled to run from November 3rd to November 12th. During a press conference held on Thursday in Lagos, Mr. Leye Kupoluyi, Chairman of the Trade Promotion Board at LCCI, shared exciting details Read More…
Nigeria’s overall goods trade, according to the National Bureau of Statistics (NBS), was worth N11,722.44 billion in the fourth quarter of 2022. The NBS Foreign Trade in Goods Statistics Report for Q4 2022, which was released on Friday in Abuja, supports this. According to the NBS, overall exports were N6,359.61 billion while total imports were Read More…
The Federal Government has reaffirmed its commitment to facilitating the free movement of products and persons among member countries by supporting the Abidjan-Lagos Corridor Organisation’s activities (ALCO). In a statement issued by his Special Assistant on Media and Publicity, Ebenezer Adeniyan, the Minister of State for Transportation, Prince Ademola Adegoroye, said this while receiving ALCO’s Read More…
Nigeria lamented her poor trade with Egypt, one of the continent’s two economic giants, on Monday. Malam Nura Rimi, Nigeria’s ambassador to the northern African nation, observed that despite the size of the two economies, the volume of trade between the two was little. He gave a speech in Cairo at the inaugural Nigeria-Egypt Trade Read More…
African Union (AU) Chairperson Cyril Ramaphosa and Ethiopian Prime Minister Abiy Ahmed have congratulated Africans for starting trading under the African Continental Free Trade Area (AfCFTA). Abiy tweeted: “Congratulations to our continent for the beginning of trading under AfCTA. The new frontier for Africa is indeed regional integration, where minds are open to ideas and Read More…
The African Continental Free Trade Area (AfCFTA) agreement comes into effect on January 1, 2021, but Zambia is one of the 21 countries that have not yet deposited their instruments of ratification. Zambia’s Minister of Commerce, Trade and Industry, Christopher Yaluma, disclosed at a media briefing in Lusaka on Thursday that the official launch of Read More…
