Trade

Showing: 11 - 20 of 37 Articles
Foreign Investment Money market Trade

Nigeria sees immediate inflow of investments from Saudi Arabia – Bagudu

Riyadh, Nov. 12, 2023 – Nigeria is seeing immediate multi-billion-dollar investment flows from Saudi Arabia after it signed an agreement with the kingdom to establish a business council that could see the middle eastern nation funding several sectors of the country. The likely beneficiary areas of investments include agriculture, oil and gas, energy, telecommunications and technologies. The two nations agreed to re-establish a Nigeria-Saudi Arabia Business Council initially proposed in 2019 by Crown Prince Mohammed bin Salman bin Abdulaziz that was exited by the government of former President Muhammadu Buhari.  …

Agriculture Trade

Ghana to borrow $400m from its Cocoa Board

Accra, Nov. 7, 2023 –  Ghana is seeking to borrow $400 million from cocoa traders to finance industry operations as it struggles to secure an annual loan from international banks amid a government debt restructuring. The Ghana Cocoa Board, the industry regulator known as Cocobod, is tapping traders including Olam Group Ltd. and Barrry Callebaut AG to pre-finance seedlings, chemicals, fertilizers and purchases of beans from farmers in the 2023-24 season, according to people familiar with the talks. The Cocobod has already raised about half of the target from the …

General News Trade

Tinubu to attend Saudi-Africa Summit in Riyadh

Abuja, Nov. 5, 2023 – President Bola Tinubu is to attend the Saudi-Africa summit and the Arab African summit scheduled for Riyadh, Saudi Arabia, on Nov.10 and Nov.11, 2023.  Ajuri Ngelale, the Presidential Spokesman, told State House Correspondents on Sunday that Tinubu’s appearance at the summits would marks fresh moves to engage Arab nations to attract businesses and attract foreign direct investments to Nigeria. “Obviously, President Tinubu is very keen on ensuring that the Federal Republic of Nigeria within the context of the continent is in a position to maximally …

Agriculture Trade

U.S. wants to improve AGOA, not just to renew it – Blinken

Johannesburg, Nov. 4, 2023 – U.S. President Joe Biden’s administration wants to work with Congress to improve the African Growth and Opportunity Act (AGOA), not just renew it without changes.  U.S. Secretary of State, Antony Blinken, said this on Friday in Johannesburg, South Africa. First launched in 2000, AGOA grants exports from qualifying African countries duty-free access to the United States – the world’s largest consumer market. “But we don’t just want to extend AGOA, we want to work with the United States Congress to make it even better,” Blinken …

Business Solutions Trade

German Chancellor to pay 3-day official visit to Nigeria

Abuja, Oct. 27, 2023 – German Chancellor Olaf Scholz is to begin an official tour of Nigeria from Oct. 29 to Oct. 30, 2023. A statement from the German Embassy said the visit would further strengthen bilateral relations between the two countries. “It is the first visit of a Head of Government to Nigeria since the inauguration of the new government. “With diplomatic relations spanning over 60 years, Germany and Nigeria have a warm and longstanding relationship. “They are natural partners as both are the strongest economy and the most …

Business Planning Investment Trade

Afreximbank, Morocco sign MoU on trade, investment promotion

Marrakech (Morocco), Oct. 16, 2023 – The African Export-Import Bank (Afreximbank) has entered into a Memorandum of Understanding (MoU) with Morocco to develop a US$1billion Morocco-Africa Trade and Investment Promotion programme. According to the terms of the MoU, the programme aims to facilitate and guide future cooperation in areas of common interest between Afreximbank, the Ministry of Economy and Finance of Morocco, other government departments, and Moroccan economic operators.    Areas of collaboration under the programme will include financing and promoting intra- and extra-African trade through the implementation of credit, risk bearing …

Trade

Kebbi State suspends mining activities

Birnin-Kebbi, Sept. 22, 2023 – Kebbi State Government has suspended mining activities in the state due to heightened insecurity reports across the state. Alhaji Yakubu Bala-Tafida, told journalists in Birnin-Kebbi on Friday that there were increasing security concerns from the mining sites, He said the decision was also due to lack of verified evidence of positive economic impact of mining activities in the state.  “Also, there is a total absence of accruable revenue in the names of ecological tax and development levy for state and local governments, respectively. “A significant …

Trade Travel

United Nigeria Airlines gets approval to operate international flights

Abuja, Sept. 10, 2023 – The United Nigeria Airlines has received approval to operate international flights to the USA, UK, UAE, Netherlands, Italy and Ireland. The airliner is a private operator in Nigeria. It received its Air Operators Certificate, in 2021.  The approval is in line with the Bilateral Air Services Agreement between Nigeria and each of the countries. The approval letter from the Ministry of Aviation and Aerospace Development, dated September 8, 2023, was signed by Director, Air Transport Management, H.T. Ejiburu “I am directed to acknowledge receipt of …

General News Investment Trade

Tinubu assures Indian investors of enormous profits in Nigeria

New Delhi, Sept. 5, 2023 – President Bola Tinubu on Tuesday assured potential Indian investors of enormous profits in Nigeria. A statement by Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, said Tinubu started meeting Indian investors within minutes of his arrival in India. “I am here to personally assure our friends and investors that there is no bottleneck that I will not break. “Nigeria will become one of the most conducive places on earth to make good profits and create lasting jobs,” Tinubu told the …

General News Trade

APC chieftain calls for port reforms to facilitate international trade

Lagos, June 9, 2023 – Mr Bola Babarinde, a former Chairman of the South African Chapter of All Progressives Congress (APC), has advised President Bola Tinubu to reform the nation’s ports to enhance ease of doing business and aid economic growth. Babarinde, in a statement in Lagos on Friday, described ease of doing business as a potent catalyst for trade facilitation and economic growth. “It is important to address a small, but important area that can help the new administration of Asiwaju Bola Ahmed Tinubu to take off with great …