CBN asks Banks to give 60% of their Forex to Manufacturing Firms

The Central Bank of Nigeria (CBN) has asked commercial lenders to allocate 60 percent of their foreign exchange purchases to manufacturers, in a bid to boost their ability to pay for imports and boost the economy.

Widespread dollar shortages, caused by a fall in oil revenues, have hit manufacturers' ability to import raw materials and spare parts, forcing many plants to close.

The central bank said in a circular it wanted to encourage the production of local goods by asking banks to allocate more hard currency to industrial firms.

Private Refineries: Stakeholders Seek Better Incentives for Investors

Stakeholders in the oil and gas industry have said that incentives for private refineries in the country will go a long way to boosting Nigeria's economy.

The stakeholders made this assertion during a public hearing, on a bill to provide for the licensing, regulation and incentives for petroleum refineries in Nigeria on Tuesday in Abuja.

The stakeholders at the hearing organised by the House of Representatives Committee on Petroleum Resources (Downstream), said they were in total support of any legislation that would liberalise the industry.

CBN Empowers 1,500 Youths with ₦2.5b Entrepreneurship Loan

The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has flagged-off the formal training of successful National Youth Service Corps (NYSC) members under the Youth Entrepreneurship Development Programme (YEDP).

Performing the ceremony at the NYSC orientation camp, Kubwa, Federal Capital Territory (FCT), on Thursday, June 30, 2016, Mr. Emefiele stressed the importance of small businesses to building a strong economic base that is resilient to global fluctuations.

How One Man Took on Wall Street and Won

As David and Goliath stories go, Brad Katsuyama's is a pretty good one.

The 38-year-old has taken on billions of dollars of vested interest on Wall Street, and won for the little guy.

His successes were detailed in the best-selling book Flash Boys by Michael Lewis, and apt for a tale that could read like a Hollywood movie script, Sony Pictures bought the film rights.

Brad's story started in 2002 when he began working as a stockbroker in New York for the Royal Bank of Canada, aged 24.

Artists’ Society Urges FG to Establish World Standard Museum

The Chairman, Society of Nigerian Artists (SNA), Lagos chapter, Dotun Alabi has urged the Federal Government to establish a world standard museum in the country for display of different art works.

Alabi told the News Agency of Nigeria in Lagos that ``it is a shame that a country like Nigeria is lacking world standard museum that can accommodate art works”.

``We need a very large and a very spacious edifice that can accommodate a large number of art works of various artists that people can visit and view.

Shippers Decry Dominance of Shipments, Clearance of Goods by Foreigners

The President, Shippers’ Association Lagos State, Jonathan Nicol, has said that hard times await Nigerian freight forwarders as foreign firms have taken over sourcing, shipments and clearing door-to-door contracts.

Nicol said this in an interview with the News Agency of Nigeria on Tuesday in Lagos.

According to him, a report reaching us indicates that outsourcing has taken about 75 per cent of the freight forwarders’ jobs as foreign firms take over outsourcing of raw materials for industries in Nigeria.

‘Maritime Industry Needs Skilled Manpower’

The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dakuku Peterside, has stressed the need for skilled manpower to spearhead the development of the nation’s maritime industry.

This is contained in a statement by the Head of Public Relations Department in NIMASA, Lami Tumaka, on Friday in Lagos.

The statement said that Peterside said this when he led a delegation to a meeting with the United States Commercial Service, West Gulf Maritime Association and the Texas Southern University, Houston.

Cargo Tracking Scheme to Address Anomalies at Ports

The Nigerian Shippers' Council (NSC) said on Tuesday that the International Cargo Tracking Note (ICTN) was aimed at preventing revenue leakage, under-declaration, concealment and imposition of surcharges on cargoes.

ICTN also means Advanced Cargo Declaration (ACD).

The Executive Secretary of the NSC, Mr Hassan Bello, said this in a message to a one-day Enlightenment Seminar on International Cargo Tracking Note (ICTN).

The seminar was organised by the NSC for International Freight Forwarders Association (IFFA) in Lagos.

Customs Incorporate EFCC, ICPC, Shippers' Council in Auction Exercise

The Customs Zonal Coordinator Zone `A’ of the Nigeria Customs Service (NCS), Assistant Comptroller-General Eporwei Edike, said on Friday that the service had included other government agencies in its auction exercise.

Edike stated this in an interview with the News Agency of Nigeria in Lagos on Friday.

The zonal coordinator said that the service took the measure to reform the auction exercise and make it more transparent.