Author: Ogochukwu Ndubuisi

US Dollar Inflows to Nigeria’s FX Market Climbs by 53% As foreign investors’ confidence continue to rise, the volume of US dollar inflows into Nigeria saw a significant boost in January. The Central Bank of Nigeria’s (CBN) FX reforms has continued to drive foreign portfolio investors’ attention into the local economy to take advantage of elevated yield in fixed interest securities assets. In the same way, the equities market has also seen an influx of foreign interest participation amidst banking sector recapitalisation. Based on the data obtained from FMDQ, total inflows into the Nigerian Autonomous Foreign Exchange Market (NAFEM) rose…

Trump Plans 25% Tariffs on Steel, Aluminum Imports U.S. President Donald Trump plans to impose tariffs of 25 per cent on steel and aluminum imports into the United States, he said on Sunday. “Any steel coming to the United States is going to have them, 25 per cent tariff,” Trump said, according to journalists travelling with the president. When questioned about tariffs on aluminum imports, Trump replied, “25 Per cent for both.” Trump also confirmed his plan to announce further reciprocal tariffs in the coming week. He spoke of an announcement on Tuesday or Wednesday. “Very simply, if they charge…

Access CALM Fund to Convert Vehicles to CNG – FG Urges Nigerians The Presidential Compressed Natural Gas Initiative (P-CNGi), has urged Nigerians to explore the Credit Access for Light and Mobility (CALM) fund to obtain affordable loans to convert petrol cars to CNG. The P-CNGi said the CALM fund, being disbursed through the Nigerian Consumer Credit Corporation (CREDICORP) initiative, was aimed at enabling consumer credit for CNG conversions and solar energy. Mr Michael Oluwagbemi, the Programme Director/Chief Executive, P-CNGi, in an interview with the Newsmen in Abuja on Sunday, described the CREDICORP initiative as its third programme aimed at enabling…

The Securities and Exchange Commission (SEC) says it will begin sensitisation in states to help governments understand the opportunities in the capital market.

IFC Invests $50m in Lagos Free Zone to Support Nigeria’s Industrial Growth The International Finance Corporation (IFC) has announced an equity investment of 50 million dollars in the Lagos Free Zone Company (LFZ) to support Nigeria’s industrial growth and economic diversification. Dahlia Khalifa, IFC Regional Director, Central Africa and Anglophone West Africa, made this known at an official signing on Friday in Lagos. Khalifa said the investment was to support the development and expansion of Nigeria’s first deep sea port based in the Lagos Free Zone. She noted the investment was designed to address critical infrastructure gaps, attract local and…

China Opposes U.S. Moves to Sabotage Belt, Road Cooperation The Chinese government on Friday opposed the U.S. alleged sabotage of Belt and Road cooperation through the means of force. It also expressed regret over Panama’s decision not to renew the Memorandum of Understanding (MoU) on the Belt and Road Initiative (BRI). Chinese Foreign Ministry Spokesperson, Lin Jian, disclosed this at the regular virtual news conference by the ministry in Beijing, China. He spoke against the backdrop of recent announcement by Panama’s President José Mulino, reportedly saying he instructed a 90-day notice for withdrawal from Belt and Road cooperation agreement with…

N500m Subsidy: Poultry Farmers Project Drop in Egg Prices The Poultry Association of Nigeria (PAN), Lagos State chapter, has projected a drop in the price of eggs with the sustenance of the state farmers’ feed subsidy. The Chairman Poultry Association of Nigeria (PAN), Lagos State chapter, Mr Mojeed Iyiola, said this in an interview with the Newsmen on Friday in Lagos. The Lagos State Government through its N500 million Ounje Eko Farmers Subsidy Programme (Ounje Eko FSP) is empowering farmers with a 25 per cent subsidy on animal feeds (poultry and fish). The initiative is aimed at boosting local agricultural…

Trump to Cut U.S. Aid Agency Employees to Under 300 – Reports The workforce of the U.S. Agency for International Development (USAID) will be slashed to just a few hundred employees from the weekend onwards, U.S. media reported on Thursday. The Trump administration plans to reduce the agency’s staff from more than 10,000 employees worldwide to around 290, the New York Times reported, citing three sources familiar with the plans. National Public Radio (NPR) reported that U.S. Secretary of State Marco Rubio had been presented with a list of some 600 employees considered essential worldwide, but ultimately exempted fewer than…

FG Approves Kashimbila Integrated Cargo/Agro-Allied Airport Concessioning The Federal Executive Council (FEC) has approved the concession of the Kashimbila Integrated Cargo/Agro-Allied Airport in Taraba, under a Public Private Partnership (PPP) arrangement. A statement issued in Abuja on Friday by Ifeanyi Nwoko, Acting Head, Media and Publicity, Infrastructure Concession Regulatory Commission (ICRC), said that the projects were approved under the regulatory guidance of the ICRC. The statement said the project cuts across agriculture, water resources and aviation sectors. It said that on one hand, it featured the upgrade of an airstrip in Kashimbilla to a Cargo/Agro-Allied Airport. “On the other hand,…

NIS Introduces Contactless Passport Application System for Nigerians in Europe The Nigeria Immigration Service (NIS) says it will introduce its contactless passport application system in some European countries to ease the burden of passport acquisition and renewal for Nigerians resident in those countries. A statement issued in Abuja by the Service Public Relations Officer (SPRO), Mr Akinsola Akinlabi, quoted the NIS Comptroller General, Kemi Nandap as saying that the contactless passport application system will be introduced in Europe on Feb. 7 (today). Nandap said that Nigerians in the United Kingdom (UK) and Ireland would be the first beneficiaries in Europe.…