March 27, 2020

The cost of shipping goods into Nigerian ports is among the highest in the world, with the figure for Apapa port costing more than thrice of that to Tema, Ghana, according to new research by SBM Intelligence.

The organisation tracked shipments to three African ports between September and November 2019 and came up with the average cost of shipping goods in from the European Union, the terminal charges on containers while they are in t...

March 16, 2020

Hand sanitizers and other anti-viral protective and hygiene products may soon be included in the list of items the Central Bank of Nigeria (CBN) has banned from accessing foreign exchange for their importation.

The CBN governor, Godwin Emefiele, announced on Wednesday in Abuja that this was part of decisions being contemplated by the bank to conserve foreign exchange and support local production of the products.

The announcement follo...

March 13, 2020

Despite a slump in the global economy as a result of the negative impact of the coronavirus pandemic, the Central bank of Nigeria (CBN) on Thursday insisted the time was not ripe for the call for the devaluation of the Naira.

Since the breakout of the deadly virus, the world economy, including that of the United States and Europe, has been unsettled, with most economic activities virtually grounded.

Crude oil prices at the internation...

March 6, 2020

The Senate has approved a $22 billion external loan requested by President Muhammadu Buhari, following an executive session that lasted for over 40 minutes.

The approval was sequel to the consideration of the report of the Senate Committee on Local and Foreign Debts.

The chairman of the committee, Clifford Ordia (PDP, Edo), read the report and recommended that the Senate approve the request.

Prior to the approval, there were arguments...

February 14, 2020

In spite of its avowed commitment to infrastructural development at the nation's airports tragedy was averted as Lagos bound foreign flights were diverted to nearby Ghana Airport due to weather condition and poor instrument landing systems (ILS) at Murtala Mohammed International Airport (MMIA).

PRNigeria confirms that some of the foreign flight diverted included British Airways (BA) from London, Delta Airlines from USA and Emirates A...

February 12, 2020

Nigeria and Ethiopia have signed a visa waiver agreement for diplomatic and official passport holders, and a Memorandum of Understanding (MoU) on Cooperation in the field of Defence.

President Muhammadu Buhari and Prime Minister Abiy Ahmed witnessed the signing of the agreement Tuesday in Addis Ababa by their Ministers of Foreign Affairs, Geoffrey Onyeama and Gedu Andargachew, respectively, during the State Visit of the Nigerian lead...

December 16, 2019

The Minister of Agriculture and Rural Development, Sabo Nanono, says the federal government is considering banning the importation of more items being produced or with the potential of being produced in Nigeria.

"Any commodity Nigeria has the potential of producing or we are currently producing will be banned from being imported.

"This is to preserve the country's foreign exchange and ensure national development," he said.

Nigeria has...

November 8, 2019

In a legally controversial move, the Nigeria Customs Service on Thursday announced the cutting of petroleum products to Nigerians living within 20 kilometres to an international border.

At least 57 borders have been short across Nigeria since August as the government intensified steps to curtail some foreign products into Nigeria.

The border closure has already started taking a toll on the nation's economy, with citizens complaining o...

November 4, 2019

President Muhammadu Buhari has approved the extension of the ongoing closure of Nigeria's borders till January 31, 2020.

The directive was announced in a memo signed and dated November 1, 2019, by Victor Dimka, the Comptroller of Customs in charge of Enforcement, Investigation and Inspectorate, and addressed to Sector Coordinators of the Joint Border Operation Drill - Sectors 1, 2, 3, and 4.

The content of the memo was published by Ch...

October 11, 2019

The Nigerian government, through its attorney-General, Abubakar Malami, says it is determined to recover over $62 billion from multi-national oil companies for 'under-payment' to the country since 1998.

Under the country's joint operating agreement, Nigeria is authorised to review the existing profit-sharing formula with its partners once crude oil prices at the international oil market rise above $20 per barrel.

But, the Minister of...

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