Nigeria to Review Existing Trade Agreements at G20 Summit

Image

By Modupe Gbadeyanka

The Minister of Industry, Trade and Investment, Mrs Doris Uzoka-Anite, has disclosed that Nigeria would review existing trade agreements at the Group of Twenty (G20) Summit taking in India.

The top 20 economies of the world will gather in New Delhi, India between September 9 and 10, 2023. Nigeria is not a member of the group, but was invited by the Indian Prime Minister, Narendra Modi, to be on the sidelines of the event.

President Bola Tinubu is leading the Nigerian delegation to the Summit. He and members of his team will participate in and deliver keynote addresses at both the Nigeria-India Presidential Roundtable and the Nigeria-India Business Conference.

The Minister of Trade, in a statement issued over the weekend by her Media Adviser, Mr Oladapo Sofowora, said the country would also “sign more trade partnerships with other countries who intend to partner with Nigeria.”

She noted that the team would address foreign investors on the ease of doing business in Nigeria to create employment opportunities and also contribute to the economy with other assistance the Nigerian government has in stock for them.

Mrs Uzoka-Anite promised to use her expertise and background as a seasoned investment banker to strengthen bilateral, economic, trade, and investment partnerships for mutual benefits and also attract and canvass more investment opportunities to Nigeria.

Others going to India with Mr Tinubu are the Minister of Foreign Affairs, Mr Yusuf Tuggar; the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; the Minister of Communications, Innovation, and Digital Economy, Mr Bosun Tijani; Africa’s richest man, Mr Aliko Dangote; and his friend, Mr Tony Elumelu, among others.

Share
Related Stories
Image
23-February-2024

Naira Falls at NAFEX, Parallel Market as Govt Battles Speculators

By Adedapo Adesanya Despite the unconventional approaches to ease the free fall of the Naira, its value weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, February 22 by 1.9 per cent or N28.73 to close at N1,571.31/$1 compared with the N1,542.58/$1 it was transacted in the midweek session. The domestic currency suffered the loss despite the supply of foreign exchange (FX) improving by 11.7 per cent or $20.11 million to $192.25 million from Wednesday’s $172.14 million. However, the local currency appreciated against the Pound Sterling in the official market yesterday by N142.83

Image
22-February-2024

NPPAN Targets $10bn Contribution to Nigeria’s GDP via Palm Biomass

By Adedapo Adesanya The federal government will sign a Memorandum of Understanding (MoU) with the Malaysian government to develop palm biomass in the country as part of efforts to utilise one of the undertapped farm produces in the country. Mr Alphosus Inyang, President of the National Palm Produce Association of Nigeria (NPPAN), made this disclosure, saying palm biomass is a multi-billion dollar economy. “Biomass simply means agricultural waste and we are talking about turning waste into wealth,’’ he said in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja. The president said NPPAN was working with

Image
23-February-2024

FAAC Disburses N1.2trn to FG, States, Councils for February Allocation

By Aduragbemi Omiyale About N1.2 trillion, precisely N1.149 trillion, has been disbursed to the federal, state and local councils as their allocation for February 2024. The money was part of the revenue generated by the nation in January 2024. A total of N2.068 trillion was generated last month by Nigeria, but N1.149 trillion was shared, comprising distributable statutory revenue of N463.079 billion, Value Added Tax (VAT) of N391.787 billion, Electronic Money Transfer Levy (EMTL) of N15.922 billion, and Exchange Difference revenue of N279.028 billion. A communiqué issued after the end of the Federation Account Allocation Committee (FAAC) meeting held yesterday

Image
22-February-2024

Lagos Plans Daily Free Meal for Residents, Markets for Cheap Food Items

By Modupe Gbadeyanka About 1,500 residents of Lagos State will have access to one free meal per day to cushion the effect of the economic hardship in the country, Governor Babajide Sanwo-Olu has declared. Mr Sanwo-Olu, while answering questions from journalists during a media chat on Thursday, said his administration would establish at least 42 Sunday Markets across the metropolis for cheap food items, though the commencement of this initiative is yet to be revealed. There has been a pocket of demonstrations across the country over the rising hunger in Nigeria as a result of high inflation and the devaluation

More Stories
Image
27-September-2018

FG, States LGs Share N741.8b Generated in August

By Modupe Gbadeyanka The sum of N741.843 billion generated as revenue in the month of August 2018 has been shared among the three tiers of government. A communiqué issued by the Technical Sub -Committee of the Federation Accounts Allocation Committee (FAAC) at the end of its September meeting disclosed that the money was disbursed to Federal, States and Local Government Areas of the federation. According to the communiqué, the gross statutory revenue received during the month was N627.139 billion, higher than the N609.975 billion received in the previous month by N17.164 billion. Similarly, the total distributable revenue of N741.843 billion,

Image
29-December-2017

It’s Criminal to Travel with Petrol in Jerry Cans—FRSC

By Dipo Olowookere Motorists have been warned against travelling with gallons of Premium Motor Spirit (PMS) tucked inside their vehicles’ booths. This warning was given on Thursday by the Commander, Ore Unit of the Federal Road Safety Corps (FRSC) in Ondo State, Mr Philip Ozonnandi. Mr Ozonnandi said carrying petrol in jerry cans was not only “very dangerous” for motorists, but was also a “great offence.” “We are aware of the fuel situation right now but it is a great offence for motorists to travel with petrol in jerry cans in their vehicles’ booths. “We are reminding motorists that the

Image
05-November-2018

DMO Opens Offer for November FGN Savings Bonds

By Modupe Gbadeyanka Subscriptions for the November 2018 offering of the Federal Government of Nigeria (FGN) Savings Bond have been opened. The exercise is being conducted by the Debt Management Officer (DMO) on behalf of the Nigerian government. The bond subscription period, according to the debt office, will run from Monday, November 5 to 12 noon of Friday, November 9, 2018, with the settlement date fixed for Wednesday, November 14, 2018. The debt office is offering two tenors; 2-year FGN Savings Bond due November 14, 2020 at 12.390 percent per annum and 3-year FGN Savings Bond due November 14, 2021

Image
12-October-2022

Court Sentences Seun Egbegbe to 7 Years Imprisonment

By Modupe Gbadeyanka A popular filmmaker and Lagos socialite, Mr Olajide Kareem, otherwise known as Seun Egbegbe, has been sentenced to seven years imprisonment by Justice Oluremi Oguntoyinbo of the Federal High Court sitting in Lagos. He was convicted by the judge after he was found guilty of one of the 44-count charges levied against him by the police. The court held that he was guilty of count 19. “Having considered the entirety of the circumstances and taking judicial notice of the allocutus, I hereby sentence the 1st Defendant (Kareem) to imprisonment for a term of seven years with hard

Image
08-December-2023

US, China Sluggish Energy Outlook Depress Oil Prices

By Adedapo Adesanya Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

Image
24-November-2018

2019: Renewed Boko Haram Attacks Mainly to Embarrass Buhari—Group

By Dipo Olowookere Amidst reactions to the recent attack on a military base in Metele, Borno State, by the Boko Haram insurgents, which led to the death of unspecified number of Nigerian soldiers, a group known as Coalition of Civil Society Groups against Terrorism in Nigeria has condemned the attack on the military base by the insurgents. In a statement issued by the group, it also called for caution, especially from politicians who are already exploiting the unfortunate incident, to score political points. In the statement issued in Lagos on Saturday and jointly signed by its Convener and Registrar, Comrade

Image
28-April-2018

321 Lagos Residents with Financial Issues Share N52.7m

By Dipo Olowookere No fewer than 321 indigent residents of Lagos State have been given the sum of N52.7 million to assist them in handling health challenges, multiple births and other unforeseen situations including road accidents and fire disasters. The money was released by the Lagos State government, through the Office of Civic Engagement. Special Adviser to the Governor on Civic Engagement, Mr Benjamin Adeyemi Olabinjo announced this during the week at the Bagauda Kaltho Press Centre, Alausa, Ikeja during the Year 2018 Ministerial Press Briefing of the Lagos State government in commemoration of the third anniversary of Governor Akinwunmi

Ad
Ad
Recent Stories
Image
23-February-2024

Applications Open for AIG Public Leaders Programme

By Aduragbemi Omiyale Eligible African public servants have been urged to submit their applications for the AIG Public Leaders Programme Cohort 4 before Tuesday, April 30, 2024. This call for entries was made by Aig-Imoukhuede Foundation and the applications are to be filed through www.aigimoukhuedefoundation.org/leaders-programme, a statement disclosed. Applicants must be working in the public sector in Africa, with a minimum of seven years of active service, at grade levels 12-17, and aged between 35-50 years at the time of application. The AIG Public Leaders Programme is tailored for senior public leaders and delivered in partnership with the Blavatnik School

Image
23-February-2024

Okpe Leaders Want Completion of Sapele Polytechnic, University in Orerokpe

By Henry Ovie The Delta State Governor, Mr Sheriff Oborevwori, has been tasked to make efforts to complete the Sapele Polytechnic, which was started by the administration of Mr Emmanuel Uduaghan. This call was made by some prominent leaders from the Okpe kingdom, who said the completion of the school and the establishment of a university in Orerokpe would assuage, “to some extent,” the people of the areas, who they said have been “historically neglected.” On Thursday, the leaders held a crucial meeting of the National Executive Council (NEC) of the Okpe Union worldwide. They commended Mr Oborevwori for responding

Image
23-February-2024

HabariPay Take-on-Squad Hackathon 1.0 Produces Three Winners

By Modupe Gbadeyanka Three winners have emerged in the inaugural Take-on-Squad Hackathon 1.0 coding event organised by HabariPay Limited after intense collaboration, innovation, and problem-solving at the GTCO Training Complex, Tayo’s Plaza, Abeokuta, Ogun State, from January 18 to 20, 2024. Business Post reports that the three winning teams are Team Within, Team X, and Team Storepoint. Each team was selected based on real-world applicability, technical creativity, user experience, and teamwork. Team Storepoint, represented by Haruna Faruk and Ladipo Samuel from the University of Lagos, secured third position and a prize of N1 million. Their winning solution, Storepoint, facilitates quick

Image
23-February-2024

Group Mourns OAU’s Veterinary Technologist Olabode Olawuyi

By Modupe Gbadeyanka The Nigeria Biodiversity Conservation Alliance (NBCA) has expressed sadness over the death of the Veterinary Technologist of the Obafemi Awolowo University, Ile-Ife, Osun State, Mr Olabode Olawuyi, a few days ago. Mr Olawuyi was fatally mauled by a lion at the Zoological Garden of the institution. In a statement signed by the National President of the Nigerian Association of Zoological Gardens and Wildlife Parks (NAZAP), Mr Dipo Bali, the group said the deceased was a man who was dedicated to his job and the organisations he belonged to in his lifetime. Mr Olawuyi, apart from being a

Image
23-February-2024

NUPENG Seeks EFCC Support to Tackle Illegal Oil Bunkering

By Adedapo Adesanya Following its fight against foreign exchange speculators and hoarders, the National Union of Petroleum and Natural Gas Workers (NUPENG) has sought the collaboration of the Economic and Financial Crimes Commission (EFCC) in the fight against illegal oil bunkering in the country. The collaboration was sought when the National President of NUPENG, Mr Williams Akporeha, led members of his executive council to the corporate headquarters of the anti-graft agency on a courtesy visit. Mr Akporeha mentioned the challenges involved in the movement of petroleum products across the country and appealed to the EFCC to always come to the

Image
23-February-2024

SON Launches Facility to Test Quality of Generators, Transformers

By Adedapo Adesanya The Standards Organisation of Nigeria (SON) has inaugurated a facility to test generators and power transformers sold in the Nigerian electricity market. Speaking at the inauguration of SON Mobile Generators Testing Laboratory and Mobile Transformer Equipment on Thursday, the Director-General of the agency, Mr Ifeanyi Okeke, said it was no longer business as usual for assemblers and importers of these products. He said it was important for these products to meet the quality benchmarks, stressing that buyers must have value for their money. According to him, all information supplied on generators and transformers will be verified and

Image
23-February-2024

Port Harcourt Refinery to be Fully Operational Soon—FG

By Adedapo Adesanya  The federal government has disclosed that the Port Harcourt Refinery should become operational very soon as it has attained 80 per cent completion. The Minister of State for Labour and Employment, Mrs Nkeiruka Onyejeocha, during a tour of the facility, disclosed that the refinery would produce two million litres of Premium Motor Spirit, otherwise known as petrol, and 2.2 million litres of diesel per day upon resuming operations. In a statement by the Director of Press and Public Relations in the Federal Ministry, Mr Olajide Oshundun, it was further stated that the old plant should produce 54,000

Image
23-February-2024

Nigeria Moves to Crash Cooking Gas Price

 By Adedapo Adesanya Nigeria is considering taking a major step aimed at crashing the price of Liquefied Petroleum Gas (LPG), also known as cooking gas, to ease the sufferings of its citizens. The Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo, speaking at the opening of its Internal Stakeholders’ Workshop on Thursday in Abuja, disclosed that the government would most likely ban the exportation of the commodity to keep the price lower than its current level. Currently, prices range between N1,300 per kg to N1,400 per kg. “All LPG produced within the country will have to be domesticated and

Image
23-February-2024

How MultiChoice Empowers Nigerian Youth Through Creative Investment

As global populations age, Africa remains a bastion of youthful promise, with around 70% of the continent’s population below the age of 30. This youthful demographic can be an asset – but only if it is developed, by empowering young people through training, and by giving them a stake in the growth of their countries’ economies. Helping to develop young people’s abilities and expanding the pool of skills is also in the interests of industry and big business. Over the years, the Federal government of Nigeria embarked on youth empowerment initiatives to harness the skills and energy of Nigerian youths

Image
23-February-2024

Eva Adelaja Girls’ At 60: Old Students Donate to Orphanage, Thrill Students

By Adedapo Adesanya It has been an eventful celebration at the ongoing 6oth Anniversary of Eva Adelaja Girls’ Secondary Grammar School, Bariga, Lagos. The event was planned to celebrate the institution established by the late educator, Mrs Evangeline Adebayo Adelaja, in 1964. Particular resplendent in this celebration are the alumni of the school, the Eva Adelaja Girls’ Secondary Grammar School Old Girls’ Association, which have been on the ground to ensure that the planned activities go smoothly. The event, which kicked off with the Praise Day and Community Hymn Singing held at Chapel of Christ the Light in Alausa, Ikeja,