With increasing global demand for chocolate and cocoa prices soaring due to the worst supply shortage in four decades, Nigeria is looking to boost local cocoa production to capitalize on this opportunity.
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China's growing demand for Nigerian goods is deepening trade relations between the two nations. Last year, trade volumes between Nigeria and China reached almost 23 billion U.S. dollars, marking a significant shift in the rising economic ties.
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In a bid to alleviate the country's over-dependence on imports, which has contributed to the devaluation of the Naira against the U.S. dollar, the Nigerian government is championing the consumption of domestically produced goods. However, this initiative faces challenges, with the Manufacturers Association of Nigeria citing the closure of over 700 companies and distress among 300 others due to various hurdles.
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Nigeria intends to seek membership in the BRICS organization after carrying out necessary measures within its state, according to Yusuf Tuggar, the Foreign Minister of Nigeria, who said this in an interview with RIA Novosti.
The head of Nigeria's Foreign Ministry arrived in Moscow for an official visit on Wednesday.
"We have this intention. As I've already mentioned, Nigeria has a democratic system with deliberative elements. Therefore, before taking such measures, we usually carry out active interaction with various interest groups and different internal bodies," said Tuggar.
The minister noted the significance of the presence of Nigeria's Vice President, Kashim Shettima, at the most recent BRICS summit in South Africa.
"We are extremely interested in this, and we look forward to this," stressed the Nigerian Foreign Minister.
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The country's petroleum ministry says the ban will increase the amount of cooking gas for the domestic market, which will automatically reduce the price of the product.
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Data from the Chinese Customs Authority shows bilateral trade between Nigeria and China has reached 23 billion U.S. dollars in 2023. Experts forecast trade volumes between the two sides to accelerate in the years ahead as they deepen their relations.
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The West Africa Specialty Coffee Association notes a surge in global demand for Nigerian coffee, especially in countries like Japan and Canada. While current revenues hover around $2 billion, the association projects that with governmental support, Nigeria could further tap into the sector's potential.
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Leather sector players in Africa’s largest economy say the industry remains untapped despite its huge economic potential. They are calling on the government’s support.
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Dubai International Chamber recently opened its seventh office in Nigeria. The wider oil-rich Gulf region is seeking to leverage its unique geography with sound investment opportunities in the region.
In an attempt to diversify Nigeria’s economy away from oil, the government wants to position the country to reap the gains from shrimp exports. However, local fishermen and experts say the country’s industry needs to overcome several challenges, including high fuel costs, technical issues, and a significant knowledge gap.
Rice farmers say the decision will hurt profits and negatively impact their livelihoods.
Nigeria's President Bola Tinubu held talks with South African President Cyril Ramaphosa in New York, seeking to advance economic cooperation between the two largest economies in Africa, his spokesperson said on Monday.
The two African leaders met ahead of the United Nations General Assembly that is scheduled to start this week, they said in a joint statement.
"We can collaborate in a mutually beneficial way that enriches our populations," Tinubu said, adding that both countries can cooperate in the mining and telecommunications industries to help "deliver jobs".
Tinubu has embarked on Nigeria's boldest reforms in decades, scrapping a popular but expensive petrol subsidy and lifting foreign exchange trading curbs. He has pledged to revive an economy struggling with record debt, anaemic growth and double-digit inflation.
President Ramaphosa hailed Tinubu's "brave" economic reforms and pledged that South Africa will explore greater partnership with Nigeria.
"We are two major economies on our continent, and it is important that we deepen economic ties, particularly in light of the African Continental Free Trade Agreement," Ramaphosa said .
"We would love to see Nigeria and South Africa working closely together on a number of issues because whenever we join hands, we have made an impact globally through those joint positions," he said.
Tinubu also urged South Africa to join Nigeria in a call for reforms of global finance institutions to help Africa combat rising poverty and economic woes.
"We must join hands and agree that International Finance Institutions require reform as Africa is not to be a ground for economic scavenging any longer, but it is a place with gifted people that is ready for investment and cooperation," Tinubu said.
Tinubu, attending his first U.N. General Assembly as Nigeria's president, is also scheduled to meet U.S. President Joe Biden and executives from Microsoft, Meta and Exxon Mobil in New York in a drive to mobilize global capital to develop infrastructure.
By Felix Onuah, Reuters
Nigeria plans to set up the Nigerian Solid Minerals Corporation, a state-backed company to help attract investments into the extraction of gold, coal, iron-ore, bitumen, lead, limestone and baryte, a minister said on Sunday.
"The proposed corporation will seek and secure partnership investment agreements with big multinational companies worldwide to leverage on the attractive investment-friendly regime operating in the country to secure massive foreign direct investment for the mining sector," Solid Minerals Minister Dele Alake said in a statement.
Nigeria wants mining to play a much bigger role in its economy by expanding its mineral extraction sector to diversify away from an overreliance on oil exploration.
Alake did not give a timeframe for when the new company would be set up. Existing enterprises - the National Iron-Ore Company and the Bitumen Concessioning Programme - will be reviewed to fit into the new company while a mines police force will be active from October to detect illegal mining, he said.
President Bola Tinubu has embarked on the country's boldest reforms in decades to try to improve Nigeria's investment climate and draw foreign investors to Africa's biggest economy.
Tinubu inherited a struggling economy with record debt, shortages of foreign exchange and fuel, a weak naira currency, inflation at a near two-decade high, skeletal power supplies and falling oil production due to years of underinvestment, crude-oil theft and pipeline vandalism.
His administration has said it will seek to promote investments rather than rely on borrowing to create jobs.
Tinubu plans to attend the forthcoming G20 summit to promote foreign investment in Nigeria and mobilize global capital to develop infrastructure.
The new corporation will engage local financial institutions, which have shied away from the mining sector in the past due to a long gestation period for projects, to promote investment, Alake said.
By Camillus Eboh, Reuters
Since the announcement of a border closure in July, several cargo trucks carrying goods to Nigeria from Niger, Chad and Mali have been stuck at various border points in the country’s northern region. Traders say they are losing millions of dollars in income.
Experts say the decline in Nigeria’s foreign exchange reserve levels was expected as Nigeria’s import consumption far outweighs its production and exports.
Nigeria's federal revenue agency said on Monday it had partnered with a traders association to collect value added tax (VAT) from millions of informal traders, part of a push to widen the tax base by President Bola Tinubu's government.
Africa's largest economy has embarked on its boldest reform agenda in decades, including the removal of a popular petrol subsidy and restrictions on foreign exchange trading, a gamble by Tinubu to try boost sluggish growth.
Nigeria has one of the lowest tax collection rates in the world at around 10.8% of GDP, according to the Federal Inland Revenue Service (FIRS). Only 47% of this year's budget will come from revenues and the rest from borrowing.
The FIRS said in a statement that it was partnering with the Market Traders Association of Nigeria (MATAN) to collect and remit VAT from its members, especially those in the informal sector, using a digital platform.
It said the partnership would help "curb the activities of touts, miscreants and self-imposed tax collectors involved in illegal tax collection in Nigeria's market spaces."
MATAN says it has more than 40 million traders, mostly in the informal sector where a majority of Nigerians earn a living.
The revenue agency said MATAN members will receive identity cards with tax identification numbers and a digital platform would track their turnover for tax purposes.
By MacDonald Dzirutwe, Reuters
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The West African nation has for years relied on imports to get over 90 percent of its wheat supply, however, the conflict in Ukraine has caused disruptions, leading to a price surge as it affected the wheat supply chain negatively.
Beginning June 1, Nigerians will have to pay a little more for imported goods, alcoholic beverages, tobacco, single-use plastics, and telecommunication services. And imported vehicles, whether new or used, will be subject to an import adjustment tax of 2 or 4 percent.
Nigeria's poultry industry is now worth more than 6.5 billion U.S. dollars thanks to increased investments in the sector. Authorities are seeking to ride on the successes of the poultry industry to drive earnings and boost employment.
Nigeria is looking to increase earnings from the export of cashews to 500 million U.S. dollars this year. The sector is said to have a potential of generating up to 1 billion U.S. dollars by 2030. However, experts say the government needs to ensure it explores all the potential of the cashew market if it is to achieve its goal.
