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Ghana and Nigeria have made steady progress with the integration of payment systems as part of the implementation of an integrated payment system for West African states. Ghanaweb quoted Mr. Archie Hesse, Chief Executive Officer of Ghana Interbank Payment and Settlement Systems GhIPSS), as revealing that the technical level of integration had been completed, and currently what remains is to synchronise the settlement of currency exchanges during transactions. “We are transacting in cedis, Nigeria transacts in naira. What do we do? Are we going to have a daily exchange rate between the two countries’ currencies? This is a key factor [currency settlement] to be looked at,” he said.
The final integration of West African states’ payment systems will be implemented by the end of 2022. GhIPSS is expected to introduce a scheme to link the National Switching and Processing System—gh-Link- TM—with other West African countries… More details through: https://www.newtelegraphng.com/integration-nigeria-ghana-payment-system-progresses/
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As part of its commitment to economic growth in Africa, United Kingdom’s impact investor and development finance institution (DFI), CDC Group, has listed Nigeria as one of the beneficiaries of a planned $1 billion investment in Africa during the current year.
CDC provides the much needed counter cyclical funding to local businesses and communities, as FDI continues to drop and it is committed to impact investor and DFIs, supporting the sustainable, long-term growth of businesses in South Asia and Africa. According to a report on its website, the group unveiled plans at the UK-Africa Investment Conference to expand its Africa portfolio with new investments in key markets including Nigeria, Egypt, Ethiopia, Kenya,and the continent’s harder-to-reach frontier markets where significant development gains can be made… More details through: https://www.newtelegraphng.com/nigeria-to-benefit-from-uk-groups-1bn-investment-plan/ Canadian government and businesses have expressed willingness to partner with Nigeria in achieving clean and sustainable energy solutions. Canadian High Commissioner, Nicolas Simard gave the assurance during a facility tour of Arnergy assembly line at its office in Victoria Island, Lagos.
The objective of the facility tour was to enlighten the Canadian High Commissioner on how Arnergy delivers reliable energy solutions for productive use; the products and services that power business operations and improve economic outcomes for clients… More details through: https://thenationonlineng.net/canada-to-partner-nigeria-on-sustainable-energy-solutions/ Nigeria plans to float export trading company as a major intermediary in its efforts to boost non-oil exports and support the economic diversification agenda of the government. Chief Executive Officer, Nigeria Export Promotion Council (NEPC), Mr. Segun Awolowo said the proposed export trading firm and related national aggregation centers are, among other projects, aimed at boosting export.
He said President Muhammadu Buhari had been investing in the economy despite earning less from oil, citing the N350 billion released to pay exporters’ backlog through promissory notes and the recent release of N50 billion to the NEPC to cushion the effects of the coronavirus pandemic on export businesses, among others… More details through: https://thenationonlineng.net/nigeria-to-float-export-trading-firm/ The Nigerian government spent $4.74 billion (N1.85 trillion) on food imports in 2020 after it closed the country’s land borders, the chairman of the presidential economic advisory council, Doyin Salami, has said.
Mr Salami disclosed this at the 2021 National Economic Outlook event organised by the Chartered Institute of Bankers of Nigeria on Tuesday. The programme took place virtually. Nigeria closed its land border in August 2019 to the movement of goods. The government said it planned to curb the smuggling of rice, other commodities and weapons. “Despite border closure, our national import of food amounted to N1.85 trillion between January and September, 2020, a 62 per cent increase when compared to the same period in 2019,” Mr Salami was quoted by The Nation as saying… More details through: https://www.premiumtimesng.com/news/more-news/437539-border-closure-nigeria-spent-n1-85-trn-on-food-importation-salami.html Goods traded by Nigeria with other West African countries have been ranked as the least among the country’s global trade partners.
Figures obtained from the National Bureau of Statistics’ foreign trade statistics for the third quarter of 2020 revealed that trade with Asian countries topped the list of Nigerian trade partners. Part of the report read, “During the quarter, Nigeria imported goods mainly from Asia, valued at $6.64bn (N2.59tn). “Other major imports originated from Europe, valued at N1.8tn while imports from America and Africa amounted to N746.4bn and N175.4bn respectively. “Import from Oceania stood at N532.4bn while goods valued at N12.5bn originated from ECOWAS… More details through: https://punchng.com/nigeria-imports-n2-59tn-goods-from-asia-in-three-months/ Restriction placed on trade establishments as part of measures to combat coronavirus pandemic affected wine importation into Nigeria in 2020. The country took delivery of N154.1billion ($314.6million) wine as at December 2020 from five countries as against the annual imports of $1.2billion, leading to a 63 per cent fall in import.
Data by the United States Department of Agriculture (USDA)’s Global Agricultural Information Network (GAIN) revealed that Nigeria imported $136.66million from United States. Also, United Kingdom exported $31.1 worth of wine into the country; Spain, $20.96million; Brazil, $16million and South Africa , $15.7million. However, USDA noted while spirits constituted about 30per cent of the market for alcoholic beverages in the country, beer led with 55per cent with wine making up the remaining 15per cent. The GAIN estimate noted that 75per cent of the spirits consumed in Nigeria were locally made, while imported spirits accounted for $500million of the total value of spirits consumed between 2019 and 2020… More details through: https://www.newtelegraphng.com/nigeria-wine-imports-from-u-s-spain-drop-to-n154-1bn/ Nigeria will reopen four border crossing points immediately, more than a year after closing its land frontiers to crack down on smuggling, the government said on Wednesday.
Nigeria closed its land borders last year to curb smuggling of rice and arms, which it says threatens efforts to boost local production and security, and to generate state revenues through import duties. The government at a cabinet meeting approved the reopening of Seme border to the South West, Illela and Maigatari border in the North West and Mfun in the South. The others will be reopened on December 31… More details through: https://www.reuters.com/article/idUSKBN28Q2G9 The Nigerian America Chamber of Commerce says it is planning to establish parks in states for businesses to benefit from the duty-free Africa Growth Opportunities Act of the United States government.
The President, NACC, Otunba Toyin Akomolafe, during a courtesy visit to The PUNCH head office in Ogun State on Tuesday said the parks would be a platform to create awareness of the eligible products and acceptable standards by the American government. Already, he said Osun and Imo state governments had shown interest in the parks. He described AGOA as an initiative of the United States Government to open up a preferential window of export opportunities to selected countries in Africa, including Nigeria… More details through: https://punchng.com/chamber-plans-business-parks-to-deepen-us-nigerian-trade-relations/ The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture has advised the Federal Government to get the Organised Private Sector and other stakeholders in the articulation, implementation, monitoring and evaluation of policies.
The association gave this advice in a communiqué issued on Tuesday after its 2020 4th quarter council meeting held in Port Harcourt. It said the council meeting was attended by members of chambers of commerce from across the country and was presided over by the National President of NACCIMA, Hajiya Saratu Aliyu… More details through: https://punchng.com/nigeria-imported-39bn-services-in-2019-unctad/ |
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