Business News in Brief

Nigeria signs 28 investment agreements in 26 years –Ministry

The Ministry of Industry, Trade and Investment said Nigeria signed no fewer than 28 Investment Promotion and Protection Agreements (IPPAs) between 1990 and 2016, news agency Voice of Nigeria reports.

Tthe Director, Investment Promotion Department of the ministry, Mrs Abimbola Arodudu, said this on Friday in Abuja at a two-day workshop on Federal-State Strategy on Investment Promotion for Rural Development.

COVID-19: Nigeria to suspend all International flights into the country

The Nigerian government says it will close the Murtala Muhammed Airport Lagos and  Nnamdi Azikiwe International Airport Abuja, from Monday 23rd March for a period of one month following COVID-19 pandemic.

The Director General of Nigeria Civil Aviation Authority (NCAA), Captain Musa Nuhu, stated that all other International Airports like Aminu Kano Porthacourt and Akanu Ibiam Enugu would also remain closed to all international flights except emergency and essential flights.

He, however, said that all domestic flights would maintain their normal flight schedule.

Coronavirus: SEC harps on quick economic diversification

The Securities and Exchange Commission (SEC) says the current COVID-19 pandemic calls for urgent diversification of the nation’s economy.

The Commission’s Acting Director-General, Ms Mary Uduk, stated this at the Capital Market Correspondents of Nigeria (CAMCAN) forum, sponsored by the commission in Lagos.

Uduk, represented by Mr Okey Umeano, SEC Head, Office of the Chief Economist, said the present consequences of COVID-19 was a wake up call for Nigeria to truly and quickly diversify its economy.

'Ban on fish importation to save Nigeria over $1b'

The Treasurer, National Fish Association of Nigeria (NFAN), Mr Chibunna Ubawuike, says plans by the Federal Government to ban fish importation will save the country over $1billion US dollars.

Ubawuike, who made the disclosure in an interview with the News Agency of Nigeria in Abuja, said the association was prepared to work with the Federal Government to actualise the ban.

According to him, the ban will not only save Nigeria the excess of one billion dollars but create opportunities for local fish farmers and other stakeholders in the value chain to thrive.

Nigeria/China currency swap: Manufacturers Association calls for structured policies

The Manufacturers Association of Nigeria (MAN) has called for structured fiscal policies to ensure that the Nigeria-China currency swap agreement truly benefits the manufacturing sector and the Nigerian economy.


MAN made the call in an economic report detailing the implications and benefits of the currency swap agreement made available to newsmen on Thursday in Lagos.


British Airways, FAAN dispute over flight diversion

The British Airways’ (BA) alleged unauthorized flight diversion from Lagos to Ghana has caused a rift between the carrier and the Federal Airports Authority of Nigeria (FAAN).

The flight diversion has led to accusations and counter-accusations between the duo over landing condition (safety) of the Murtala Muhammed International Airport.

The Lagos bound flight was diverted to Kotoko International Airport in Accra. According to BA, the decision was prompted by a temporary closure of the runway at Lagos airport.

Bankers Committee Flags off Advocacy for Passage of Nigerian Ports and Harbour Bill

...First published September 27, 2016

As part of renewed focus on supporting SMEs within the manufacturing and trade industry, as well as attracting foreign investors into a viable investment environment, the Federal Government is engaging private sector stakeholders to collaboratively revise key initiatives within the Economic Plan.

Nigerian Immigration to introduce 72 new categories of Visa

The Nigeria Immigration Service says the new Visa on arrival policy of the Nigerian government will not be a threat to national security as well as employment opportunities, as it is set to introduce and categorize72 different types Visa protocols to ensure security and success of the new policy.

The Comptroller General of Immigration, Mohammed Babandede made the statement at the passing out parade of 509 upgraded staff of the agency to executive grade at the Kano training School.

Nigeria Customs Service generates ₦1.002tr revenue

The Nigeria Customs Service (NCS) has generated revenue of about N1.002 trillion from January to September 2019.

This is according to data from the Department of Research and Statistics and confirmed by the NCS’s public relations office indicated that the revenue was generated from 32 commands.

The statistics showed that the service recorded the highest revenue of N123.6 billion in the month of July followed by N118.6 billion realised in May.

The data also revealed that the lowest revenue was recorded in the month of February with N86.3 billion.