Business News in Brief

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.

Oil prices steady, on track for large weekly gain

Oil prices steadied on Friday and were on track for strong weekly gains as support from a surprise draw in U.S. inventories and possible action from OPEC and its allies to extend output cuts outweighed broader economic concerns.

Brent crude LCOc1 was down 11 cents at $61.56 by 1205 GMT but the benchmark was set for a weekly gain of about 3.5%. West Texas Intermediate (WTI) crude CLc1 was down 12 cents at $56.11 and on track for a gain of more than 4% over the week, VON reports.

Nigeria to revisit bilateral investment agreements with Brazil –Minister

The Minister of Industry, Trade and Investment, Mr Richard Adebayo, says Nigeria will revisit pending bilateral investment agreements with Brazil.

Adebayo, in a statement signed by a Deputy Director in the ministry, Mr Ibrahim Haruna, in Abuja, said that Nigeria had a long history of bilateral relationship with Brazil.

The statement was issued after the Minister received a delegation from the Brazilian Embassy, led by Mr Ricardo Guerra de Araujo, the Brazilian Ambassador and Mr Jackson Lima, Deputy Head of Mission in Nigeria, in his office.

Oil price gains on prospect of U.S interest rate cut

Oil prices rose on Monday as the prospect of an expected interest rate cut by the U.S. Federal Reserve overshadowed pessimism over U.S.-China trade talks and forecasts of slower global economic growth.

Brent crude futures LCOc1 were up 21 cents at 63.67 dollars a barrel by noon after hitting a session low of 62.92 dollars.

U.S. West Texas Intermediate crude CLc1 was up by 58 cents at 56.78 dollars a barrel after touching a low of 55.91 dollars.

Lafarge Africa shareholders approve sales subsidiary for $316m

Shareholders of Lafarge Africa Plc on Monday unanimously approved the proposed sale of Lafarge South Africa Holding Limited (LSAH) to LafargeHolcim Group for 316.2 million dollars.

They gave the approval at the company’s 60th Annual General Meeting (AGM) in Lagos.

Speaking at the meeting, Mr Mobolaji Balogun, the company’s Chairman, said that LSAH sale would be beneficiary to all shareholders.

Balogun said that the sale would enhance the shareholders’ value in Lafarge Africa, which according to him is of utmost importance to the board.

Trade deal: China says U.S. tariffs must be removed

Existing U.S. tariffs will have to be removed if there is to be a trade deal between Beijing and Washington, China’s commerce ministry said on Thursday.

The leaders of the two countries agreed last weekend to relaunch trade talks that had stalled in May after U.S. officials accused China of pulling back from commitments made in the text of a pact negotiators had said was nearly finished.

Trade teams from both countries are in contact, commerce ministry spokesman Gao Feng told a regular media briefing.

IGR: 36 states, FCT generate ₦1.1tr in 2018

The Chairman, Joint Tax Board (JTB), Mr Tunde Fowler, said on Monday that the Internally Generated Revenue (IGR) of the 36 states and Federal Capital Territory rose from N800 billion in 2016 to N1.16 trillion in 2018.

Fowler made this known at the Go-Live Ceremony for the New National Tax Identification Number (TIN) Registration System in Abuja, Nigeria’s capital.

He said the IGR in all the states of the federation grew by more than 46.1 percent within the period under review.