The United States International Development Finance Corporation says it has invested $530m in Nigeria’s agriculture, financial institutions, critical infrastructure and health projects.
 
 The Regional Director for Africa at DFC, Vibhuti Jain, made this known on Wednesday while speaking at a virtual conference on available US project financing opportunities for Nigerian companies organised by the American Business Council.
 
 She said the development bank was increasing its focus on lower-income countries like Nigeria and had $29.5bn in total active commitments in countries where it operates. According to her, the bank plans to double this investment to reach $60bn…
 
More details through:
https://punchng.com/us-development-bank-invests-530m-in-nigerian-projects/

Commodity exports from Nigeria to China, India, Spain, Netherlands, and South Africa in the first quarter of this year hit $4.92bn (N1.87tn), the National Bureau of Statistics has said.
 
The NBS disclosed this in its Commodity Price Indices Terms of Trade report released on Thursday. Petroleum products stood out as the most exported commodities in the first quarter of this year. The major import into Nigeria came from India during the review period, with a monetary value of N637.5bn.
 
Export trade to India was dominated by crude oil valued at N526.9bn, followed by natural gas worth N91.3bn, and sesame seeds of N7.97bn…
 
More details through:
https://punchng.com/nigerias-exports-to-china-india-others-hit-n1-87tn/

The United States Census Bureau (USCB) has disclosed that Nigeria recorded a total of $7.79 billion in trade with the United States in the last four months.  In its latest data, the bureau stated that the total U.S. export to Nigeria was $3.18 billion, while imports from Nigeria stood at $4.61 billion.
 
It also revealed that in spite of the COVID-19 pandemic outbreak, Nigeria's passenger vehicle imports rose by 8.08 percent to $220.51 million compared to last year.
 
According to the data, United States imports from Nigeria fell 47.14 percent through the first four months of the year as exports to Nigeria decreased by 4.35 percent.
 
The U.S. bureau said that in January 2020, the United States exported $186.9 million worth of goods to Nigeria, while $177 million goods received by Lagos ports and other seaports, respectively…
 
More details through:
https://www.sunnewsonline.com/nigeria-records-7-79bn-in-trade-with-us/
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Importers of used vehicles and spare parts have shifted to the United States as imports hit $471 million (N179.4 billion) between 2018 and 2019. The import was 42.6 percent of the total vehicles and parts brought into the country during the period. The United States Census Bureau (USCB) report revealed that most of the vehicles imported from the United States into Nigeria were Japanese brands with Toyota at the top of the chart, while Hyundai and Kia have established themselves as serious competitors.
 
Although vehicles and related components are not on the Central Bank of Nigeria (CBN)'s a list of 42 products not eligible for foreign exchange, but in 2018, USCB report noted that the United States exported over $134 million worth of vehicle parts and accessories to Nigeria, including fuel and oil additives, as well as auto body repair products.
 
Within the period, a total of N417.66 billion used vehicles were shipped into the country between March 2018 and 2019. This is coming as the launch of the Automotive Industry Development Plan (NAIDP) 2014 has not achieved the purpose for which it was established, even though the Nigerian Automotive Council (NAC) has licensed 35 companies to produce cars under the NAIDP, yet the number of locally assembled units remains very low. Just last week, ten vessels laden with 4,287 units of used vehicles arrived at Tincan Port…
 
More details through:
https://www.newtelegraphng.com/nigeria-u-s-trade-in-used-vehicles-hit-n179bn/

The Lagos State Free Trade Zone has exported goods worth $30 million. Also, it has attracted investments worth $250million to its new industrial cum residential development aimed at boosting economic activities and jobs.
 
The Commissioner for Commerce, Industry, and Cooperatives, Dr. Lola Akande made this known at the ministerial press briefing to commemorate Governor Babajide Sanwo-Olu administration.
 
Already, 24 firms with the capacity to employ about 2,050 employees in the first phase of their operations, are berthed in the industrial cum residential development zone, in Alaro City, Epe Division of the state…
 
More details through:
https://thenationonlineng.net/lagos-free-trade-zone-exports-30m-goods/

With COVID-19 affecting supply chains and disrupting trade and global investment flows, the 3rd ministerial meeting of the United Kingdom-Nigeria Economic Development Forum (EDF) has underscored the priority of both governments to keeping the flow of bilateral trade going and maintain existing investments throughout the crisis as much as possible.
 
Attended, via video conference Tuesday last week, by Minister of Industry, Trade and Investment, Adeniyi Adebayo, and the UK's Minister for International Trade, Rt. Ranil Jayawardena, the meeting highlighted critical barriers requiring prioritised action that could boost trade between the two countries. Part of the trade-related priorities singled out for further discussion was the importance of maintaining the freedom of movement of goods and simplifying and automating import/export procedures in line with World Trade Organisation’s commitments to ease cross border trade and increase trade revenues- also boosting Nigeria’s ability to take full advantage of the Africa Continental Free Trade…
 
More details through:
https://www.sunnewsonline.com/uk-nigeria-trade-relations-remain-strong-despite-global-pandemic/
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Nigeria has realised $12.5 billion (N4.75 trillion) from export revenue between 2016 and 2019 at the nation’s seaports.
The revenue grew by 86.24 percent in the last four years from non-oil exports. In 2016, the country realised N344 billion; 2017, N629 billion; 2018, N1.1 trillion and 2019, N2.5 trillion.
 
Findings by New Telegraph revealed that between 2016 and 2017, the non-export revenue was raised by 45.32 percent from N344 billion to N629 billion, while in 2018 and 2019, the revenue grew by 56 percent from N1.1 trillion to N2.5 trillion.
 
To further boost Federal Government's revenue from non-oil exports, Nigerian Shippers' Council (NSC) said it had assisted exporters in facilitating the movement of 800 trucks of export cargoes that were stranded at Nigerian port terminals for several weeks since the outbreak of coronavirus in the country…
 
More details through:
https://www.newtelegraphng.com/nigeria-earns-n4-75trn-from-export/

Lekki Port LFTZ Enterprise Limited (LPLEL) has now received the infusion of $221,047, 248 equity funding from China Harbour Engineering Company (CHEC), one of the shareholders of the Lekki Deep Sea Port Project currently under construction at the Lagos Free Trade Zone, Ibeju Lekki.
 
This was disclosed by the Chairman of Lekki Port LFTZ Enterprise Limited, Mr. Biodun Dabiri, in Lagos at the end of the board meeting held on Tuesday via teleconferencing.
 
“I am pleased to confirm that Lekki Port has received the $221,047,248 equity funding from China Harbour Engineering Company. The payment was received on Monday, 30th March 2020”, he said…
 
More details through:
https://guardian.ng/business-services/lekki-port-receives-221-million-china-harbours-equity-infusion/
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The Federal Government has urged the Swedish Government to support Nigeria’s quest to deploy more robust broadband infrastructure in the country for economic growth and prosperity. 
 
Minister of Communications and Digital Economy, Dr. Isa Ali Pantami, who solicited the support at a dinner hosted by the Swedish Ambassador to Nigeria, Carl-Michael Grans, in Abuja on Wednesday, said Nigeria had embarked on a digital transformation journey and efforts were ongoing to ensure evacuation of the massive data capacity at landing points to hinterland. 
 
The minister, who was represented by the Executive Vice Chairman of the Nigerian Communications Commission, Prof Umar Danbatta, said the project would help in access of 10gbps in each of the 774 local governments of the country…
 
More details through:
https://www.dailytrust.com.ng/fg-seeks-swedish-govts-support-on-broadband-infrastructure.html

The Japanese Government has donated a rice mill worth over $72,000 (N26m) to the Edo State Government, as part of efforts to facilitate rice production in the state, a statement from the state government has indicated.
 
 The Japanese Ambassador to Nigeria, Yutaka Kikuta, was quoted as saying that the Godwin Obaseki-led administration had achieved a lot in the agricultural sector. Kikuta noted that the Japanese government-funded project would further enhance farmers’ income and foster socio-economic development of communities in the state…
 
More details through:
https://punchng.com/japan-constructs-n26m-rice-mill-in-edo/