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Industry

Using taskforce to implement ERGP’ll lead to duplication of duties, confusion, failure—Expert

Udoma, Buhari, Adeosun

As soon as the Minister of Budget and National Planning, Senator Udo Udoma, said the newly launched Economic Recovery and Growth Plan (ERGP) would be driven by a task force to be constituted by the Federal Government, an economist, Mr. Salau Ibrahim has cautioned the plan, saying it will lead to confusion and eventual collapse of the plan’s target. He ...

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Momentary weakening of Naira shows it cannot be stable by only CBN’s intervention–Expert

economy issues

Ever since the Central Bank of Nigeria (CBN) started its almost daily intervention in forex liquidity, many pundits have continued to argue that the practice remained cosmetic and may not do the magic of forex stability. The naira weakened to 410 per dollar against the United States currency on Tuesday, down from 405/dollar recorded on Monday. This was despite the ...

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FG deepens boost for tomato production with new production policy

Tomato Plant

Barely one month after the Dangote Tomato factory resumed operations in Kano, the Federal Government on Tuesday announced a new policy for tomatoes to drive massive investments in the sub sector. The new policy is designed to grow the production by way of improving the value chain and attract more investments. Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, ...

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Dangote explains deepening investments in agricultural sector

Dangote

Leading industrialist and President of Dangote Group, Aliko Dangote said the new initiatives of Dangote Group in the agricultural sector would have a major impact on the economy within a very short time. Responding to media chat shortly after celebrating his 60th birthday with the closing gong of the Nigerian Stock Exchange (NSE), he said the group’s plan for the ...

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Customs set to issue licenses to new Bonded Vehicles Terminals

Nimasa photo

In keeping with its new drive to grow ease of doing business and seamless revenue build up, the Nigeria Customs Service (NCS) has given signals of increasing the number of Bonded Vehicles Terminals to ease congestions at ports. Service spokesman, Joseph Attah said the new move is to create ease in the automobile business and increase commercial activities by giving ...

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Again, Dangote restates confidence on economy, marks 60th birthday today in Lekki

President of Dangote Group, Aliko Dangote, has once again reconfirmed his belief in Nigeria economic potential, saying it remains unshaken. Already, President Muhammadu Buhari felicitated with Africa’s richest man and philanthropist on his 60th birthday yesterday (Monday). The business mogul told a group of businessmen in his office in Lagos that his passion for the workability of Nigeria’s economy had ...

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Don’t import rice in free trade zones but ports, CG of Customs warns operators

NCS logo

To limit chances of abuse of privilege using their facilities, the Comptroller-General of Nigeria Customs Service (NCS), Col. Hameed Ali (rtd), has banned rice import in trade free zones, insisting that rice imports remain at seaports. Public Relations Officer of the service, Mr. Joseph Attah, in a statement explained that the restriction became necessary because some operators were allegedly taking ...

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Africa racing against time as deadline for Continental Free Trade Area ends this year

Au logo

The deadline for attaining the Continental Free Trade Area (CFTA) in Africa is end of this year, 2017, and negotiators appear to be working against time to achieve some of the timelines. Though negotiators agree to liberalise tariff lines towards achieving CFTA, logistics and lack of effective comparative advantage in terms of offerings by nations have been seen to be ...

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Lagos plans to deepen mortgage housing delivery, injects N1bn to revive LBIC

Gov Ambode

As part of new drives to encourage seamless home ownership, the Lagos State Government has agreed to inject the sum of N1bn into the Lagos Building Investment Company (LBIC). The target is to enable the hitherto dormant agency to meet the minimum capital required by the law to remain in operation as a primary mortgage bank. Managing Director and Chief ...

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Non-oil exports may continue in limbo as far as current forex policy remains unchanged—LCCI

Muda Yusuf, LCCI boss

Barely less than one week the Lagos Chamber of Commerce and Industry (LCCI) hailed the federal government’s in recovering the ailing economy, the same body has turned around to say that the current foreign exchange policy is detrimental to non-oil exports and has led to sharp practices and corruption in the export documentation process. In a statement issued by the ...

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