May 27, 2019

The trade body for steelmakers has rubbished claims that British Steel could be more easily saved if the UK were outside the European Union and warned that the turmoil of a no-deal Brexit could further damage the industry.

The intervention, from UK Steel’s director general, Gareth Stace, comes as the government faces a race against time to find a buyer for British Steel, which collapsed into insolvency last week, putting 5,000 jobs d...

May 22, 2019

Nigeria will sign the Africa Continental Free Trade Agreement as soon as President Muhammadu Buhari approves an impact-assessment report he asked for, the country’s trade minister said.

Nigeria is one of 29 countries yet to sign the agreement seeking to boost intra-African trade, stimulate investment and innovation. The trade deal comes into effect May 30 after 22 African countries ratified it.

“I think the president has a sense of u...

April 19, 2019

The Senate yesterday passed a new bill, which provided for penalty against gas flaring and other malpractices in the oil and gas sector.The last legislation on gas flare, the Associated Gas Re-injection Act of 1979, came into force 40 years ago, and since then there has been no review or amendment of the Act despite its devastating effect on the host communities.

One of the highlights of the new Bill is that any licensee who supplies...

March 27, 2019

The Nigeria Customs Service (NCS), Seme Command, said it generated about N1.4 billion from trade across the border in the last two months.

The Controller, Seme Command, Mohammed Uba, who disclosed this during the parade of some seized items in Seme, noted that the Command has intensified operations of the enforcement unit, and has drastically reduced smuggling activities to the barest minimum.

He listed some of the seized items to inc...

March 18, 2019

Nigeria and India are working on ways to enhance the $12 billion yearly bilateral trade between both countries in a way that would focus on investment.
Receiving the Indian High Commissioner to Nigeria, Shri Abhav Thakur, in his office, Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah in a statement, lauded the relationship between Nigeria and India but said it has become necessary to expand it beyond trade for inc...

March 8, 2019

Amidst the influx of imported tomato paste products into the Nigerian market, Dangote Tomato Factory, yesterday, resumed production four years after the facility was closed.

The Federal Government had earlier banned importation of tomato paste to encourage investments in local production and industrial utilization of local raw materials to create the multiplier effects of jobs and wealth.

But the policy has been frustrated by smuggli...

March 4, 2019

Theresa May is considering demands from Labour MPs for a parliamentary vote on the UK’s future relationship with the EU as the price for backing her Brexit deal, as she faces an uphill battle to win over Conservative Eurosceptics.

The prime minister has been told by Labour MPs that a package of greater guarantees for workers post-Brexit, due to be unveiled on Wednesday, is only enough to convince perhaps three or four more to vote fo...

February 21, 2019

Airbus is scrapping the world’s largest commercial jet, the double-decker A380 superjumbo aircraft, over low patronage by major carriers.The “painful” decision puts up to 3,500 jobs at risk over the next three years. About 200 people face job uncertainty in Britain, with thousands more across the world as the aircraft is phased out by 2021.
The move comes just 12 years after the double-decker superjet first took to the skies...

February 13, 2019

Nigeria and other African countries currently spend at least $14 billion on importation of pharmaceutical products needed in the continent, owing to lack of capacity in local products, therefore exporting needed jobs to other countries, United Nation’s Economic Commission for Africa’s (ECA) Executive Secretary, Vera Songwe, has said.

Songwe said Africa should stop exporting much-needed jobs to other continents and invest in its pharm...

February 6, 2019

Milk and tomato paste are to be added to the list of some 42 items banned from accessing foreign exchange at official rate, according to the Minister of Agriculture, Audu Ogbeh, and the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

The two officials made the pronouncement at the inauguration of a N2 billion tomato factory in Kaduna.    Only last December, the apex bank added fertiliser to the long list, citing self-suffici...

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