Author: Ogochukwu Ndubuisi

FOB: Nigeria Customs Cancels Imports Declaration The Nigeria Customs Service (NCS) has annulled import declarations following the suspension of the four percent Free-on-Board (FOB) charge on imports. NCS spokesperson Abdullahi Maiwada announced the decision in a statement on Monday in Abuja. Maiwada explained that all import declarations made during the initial implementation period of the directive had been cancelled. NCS had suspended the four per cent charge on February 11. The charge is calculated based on the value of imported goods, including transportation expenses up to the port of loading. The announcement had been met with criticism from experts and…

Naira Trades Mixed as Official Rate Exceeds Black Market Quote The naira appreciated faster in the black market, compared to the rate at which the local currency has been recalibrating in the official window. Exchange rates diverged as the local currency raced towards the unification target, with the official rate trading above the black market quote.  In 2025, the naira has continued to trade stable versus the US dollar and other foreign currencies, thanks to the Central Bank of Nigeria’s (CBN) aggressive intervention in the foreign exchange markets. Rather than its usual focus on the official market, the CBN has…

Ecobank, Code 14 Partner to Teach Coding Ecobank Nigeria, a subsidiary of Ecobank Group, has partnered with Code 14 Labs to expand access to coding education for children across Nigeria. Mr Austin Osokpor, Head of Corporate Communications at Ecobank, announced the partnership in a statement on Sunday. The initiative leverages Code 14 Labs’ interactive coding workbooks, including “Andrew Teaches”, and its teacher network to offer affordable annual training and proficiency certification to students. As part of the collaboration, Ecobank will utilise its extensive operational network across Africa to provide nationwide and pan-African access to coding education. Code 14 Labs will…

Nigeria to Cancel Visa-on-Arrival Policy The Federal Government of Nigeria (FG) has announced plans to cancel its Visa-on-Arrival policy and introduce landing and exit cards, which prospective visitors will pre-fill before coming into the country. The Minister of Interior, Dr Olubunmi Tunji-Ojo, announced this on Friday in Abuja during the closing ceremony of a weeklong capacity-building training organised for personnel of the Nigeria Immigration Service (NIS). The training was on Advanced Passenger Information/Passenger Name Record API/PNR Data in National Security and Law Enforcement. FG had in 2020 unveiled the Visa-on-Arrival policy, a class of short-stay visa issued at the point…

May & Baker Targets N41bn Revenue in 2025  The pharmaceutical giant, May & Baker Nigeria Plc, says it is targeting a revenue of N41 billion before the end of 2025. The Managing Director of the company, Mr Patrick Ajah, made this known at the company’s 2025 Customer Forum on Thursday night in Lagos. While delivering his welcome speech, Ajah said the company in the last four years, had been able to grow its revenue generation by 47 per cent. He said the company started with N9.3 billion in 2020 to close at N28.9 billion in December 2024. Ajah, who appreciated…

Nigeria Woos China to Advance Economic Diversification Agenda The Federal Government on Thursday, called for deeper bilateral cooperation with China towards advancing Nigeria’s economic diversification agenda. The Minister of State for Foreign Affairs, Amb. Bianca Odumegwu-Ojukwu called for the cooperation in a statement following the visit of the Chinese Ambassador to Nigeria, Yu Dunham to the Ministry. In the statement by Magnus Eze, the minister’s Special Assistant on Communication and New Media, Odumegwu-Ojukwu described China as one of Nigeria’s largest trade partners, saying the two countries have a long history of economic cooperation. According to her, Nigeria is hopeful that…

Moroccan Ambassador Seeks Partnership with Abuja The Moroccan Ambassador to Nigeria, Moha Tagma, has sought partnership between Rabat, the Moroccan Capital City and Nigeria’s Federal Capital City, Abuja. Tagma sought the partnership when he visited the Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, in Abuja on Thursday. He said that the citizens of Morocco living in Abuja have considered themselves citizens of Abuja, describing it as very beautiful and one of the best capital cities in Africa. “As you know, for many years now, our relationship is very, very excellent, and we want to develop this relationship…

CPPE Lauds CBN Rate Pause, Seeks Future Reductions The Centre for the Promotion of Private Enterprise (CPPE) has commended the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) for pausing rate hikes. Dr Muda Yusuf, the Chief Executive Officer of CPPE, gave the commendation in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos.He, however, called for future reductions and expressed reservations regarding the Cash Reserve Ratio (CRR) rates. Yusuf said that the CBN’s decision to pause rates aligned with the centre’s expectations. “This is within the context of the fact that, given…

NDIC Auctions Defunct Heritage Bank’s Assets The Nigeria Deposit Insurance Corporation (NDIC) said that it has successfully and transparently auctioned the defunct Heritage Bank’s assets which included landed properties and chattels . Its Managing Director, Bello Hassan, made the disclosure during the corporation’s special day at the ongoing 46th Kaduna International Trade Fair, Kaduna. He said that the auction was in line with its statutory mandate under Section 62 (1)(d) of the NDIC Act, 2023. “The proceeds from the ongoing sales would be applied towards settling depositors with balances above the insured limit of N5 million, with additional payments to…

Naira Rises to N1,494 as FX Market Remains Liquid The naira rallied further in the foreign exchange market as the supply side became heavier versus total amount of US dollar logged for foreign transactions. Spot FX rate appreciated by 1.04% to N1,494.03 per US dollar in the official window, according to data obtained from the FMDQ platform. The local currency has been relatively stable as foreign investors confidence in the financial market improved due to FX reform that ended capital control era, and allow for liberalisation. On Thursday, the Nigerian Foreign Exchange Market (NFEM) maintained relative stability, supported by successive…