Economy

FG to Boost Trade in Africa via Shipping Cost Reduction

Published

6 years ago

28/08/2019

By Adedapo Adesanya

The Nigerian Government has reiterated its commitment to boosting trade on the African continent through the collaborative effort of reducing the cost of shipping.

This was disclosed at the Sub-Regional Summit on Unfair Shipping Surcharges and High Local Shipping Charges at the Ports of West and Central Africa in Abuja on Monday,

According to the Minister of Transportation, Mr Rotimi Amaechi, who represented the Vice President, Mr Yemi Osibanjo, Federal Government was aware of the disturbing cost of transportation of goods through the ports in the sub-region due to freight rates and arbitrarily imposed surcharges.

He said that government through the Nigerian Shippers’ Council (NSC) had put in place machinery to address some of these challenges posed by the high cost of doing business in the country.

He also added that the government was equally mindful that member-states of the Union of African Shippers Council (UASC) were concerned about the lack of consultation, timing and structure of these surcharges.

It was disclosed that the aim of the summit was to adopt a common position on how to reduce the incidences of unfair surcharges and related issues.

“There is a need for West and Central African countries to come together and adopt common political-diplomatic and operational strategies that will positively impact on the economy of the sub-region.

“This can be done through the constitution of a standing group of experts to represent the sub-region and engage ship owners on surcharges and related issues.

“Nigeria will not hesitate to take appropriate measures including legislation to check these unfair trade practices.

“And I affirm the commitment of the government to adopt the resolutions reached this meeting and our determination to implement them to reduce the cost of doing business, boost trade and develop the sub-region,” he said.

The minister then reiterated the need for the UASC member states to collaborate to check activities of shipping lines servicing the ports in the sub-region.

Amaechi also stressed the need for a direct consultation with the shipowners rather than the use of third parties to reduce cost.

“The Federal Government through the NSC has been using its influence in the Global Shippers’ Forum (GSF) to resolve cases affecting Nigeria’s trading interest,” Amaechi said.

Also speaking at the event, Mr Hassan Bello, the Executive Secretary of NSC, while reiterating the importance of collaboration between UASC member states, said NSC had been engaging Nigeria’s shipping lines on the reduction of shipping charges.

According to him, the reduction in cost is the responsibility of all stakeholders including the government in ensuring the provision of modern, efficient, integrated and connected transport infrastructure.

“It is also important that the government encourages transparent processes and procedures and generally ensure that an efficient, a competitive and friendly environment is created.

“It is important to state that in the long run, arbitrary and unilateral increase in charges will not benefit operations or general procedures in our countries.

“Transport should be appropriately priced with the aim of providing balance and equilibrium,’’ Mr Bello added.

Economy

Customs Street Chalks up 0.12% on Santa Claus Rally

Published

4 hours ago

25/12/2025

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.

Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.

In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.

Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.

Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.

On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.

Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.

Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.

Economy

Yuletide: Rite Foods Reiterates Commitment to Quality, Innovation

Published

5 hours ago

25/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.

In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.

Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.

“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.

He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.

Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.

“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”

Economy

Naira Appreciates to N1,443/$1 at Official FX Market

Published

5 hours ago

25/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.

Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.

At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.

Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.

This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.

Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.

Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.

As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.

The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.

Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.