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Sunday, August 9, 2020

FG’s shut down of land borders will stimulate local auto assemblage -PAN

Peugeot Automobile Nigeria (PAN) says federal government’s sealing land borders to prevent car imports will lead to several gains in Nigeria's economy, stimulating local assemblage and creating jobs. General Manager Strategy and Marketing, PAN, Bawo Omagbese stressed this when the Chairman, House Committee on Customs,...

Nigeria central bank to clear backlog of dollar demand for importers

LAGOS, March 2  - Nigeria's central bank said on Thursday it will sell dollars via a book-building process to clear a backlog of dollar demand for companies importing machinery, airline equipment and petroleum products. Companies would be required to pay the naira equivalent for their...

Nigerian manufacturers seek incentives to implement backward integration agenda

Due to the scarcity of raw materials which was caused by the unavailability of forex. Nigerian manufacturers move to resolve to substitute importation through local production, lack of access to raw materials may have driven many manufacturers into farming and value-chain activities outside their...

OPS, MAN, CBN disagree over $2.83b disbursement claim to members

The Central Bank of Nigeria (CBN)  has disbursed $2.83 billion foreign exchange (forex) to manufacturers, but members of the Organised Private Sector (OPS), including Manufacturers’ Association of Nigeria (MAN) areclaiming that their inability to access forex has forced some members out of business.  OKWY...

Nigeria’s forex scarcity worsens as foreign food companies scramble for local grains

Food and beverage companies operating in Nigeria can no longer import grains as a result of their inability to access foreign exchange. These firms are forced to look inwards, thus making them to scramble for available grains in the market. This is said to be one...

Hope dashed for Nigeria’s textile industry revival as local entrepreneurs suffer bureaucratic bottleneck

KADUNA, Nigeria Feb 15  - Talba Goni has been trying without luck to get government funds or loans to restart a textile plant in Kaduna, the former industrial heartland in northern Nigeria, that he was running until it closed almost 15 years ago. "We were...

FG to invest N51.4bn for establishment of six special economic zones – Minister

12 February 2017, Naija247news, Abuja – The Federal Government has said that the Oil and Gas Free Zones have created 200,000 direct and indirect jobs for Nigerians in addition to attracting over $20 billion in investments to the country. A statement from the Minister of...

Tin-Can Island Port 2 Customs Command generated N835m in January-Official

The Tin-Can Island Port 2 Customs Command on Friday said that it generated N834.6million in January. Mr Godwin Andishu, the Public Relations Officer (PRO) for the command, gave the figure in an interview with the News Agency of Nigeria (NAN) in Lagos. He said that the...

Nigeria mulls reversal of EU’s ban on beans export

Plans are in top gear by the Nigeria Agricultural Quarantine Service (NAQS) to get the European Union EU lift its ban on exportation of beans from Nigeria to its member countries. The Coordinating Director of the agency, Dr. Vincent Isegbe, who disclosed this at the...

World Bank, BoI backs Nigeria’s machinery lending initiative for mining sector

World Bank and the Bank of Industry (BoI) are now actively in support of Nigeria’s initiative to secure and lend machinery to help small scale artisanal miners in mechanising and making safer their mineral exploitation and processing operations. Kayode Fayemi, minister of mines and steel...
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