Economy
Senate Tasks Customs to Reduce Checkpoints for Flow of Goods
By Adedapo Adesanya
The Senate has asked the Nigeria Customs Service (NCS) to reduce the number of checkpoints at border communities to aid the free flow of goods.
This was part of recommendations at Tuesday’s plenary which followed the suggestions of an ad hoc committee, four months after setting up the committee to probe the alleged misuse of firearms.
It proposed that erring personnel who misuse their firearms at the nation’s borders should be punished.
Presenting the report at the parliament yesterday, the Chairman of the Committee, Mr Francis Fadahunsi, said the comptrollers at the Idiroko and Katsina borders should be replaced with new ones.
“[The] federal government should direct the comptroller-general of customs and other heads of security agencies to reduce the multiple checkpoints mounted in border communities,” Mr Fadahunsi said.
“It will aid the free flow of goods in and around the communities to the main town and around the markets in the border communities,” the lawmaker added.
The upper chamber of the National Assembly specifically asked the federal government to direct the Comptroller General of Customs, Mr Bashir Adewale, to reduce the multiple checkpoints in Katsina State to enable the free flow of goods in and out of the communities.
The Senate also adopted the recommendation that the Customs boss redeploy the controllers of Katsina and adopt modern technology in discharging its mandate.
“The Comptroller General of Customs should investigate and review the alleged issuance of unofficial receipts to traders and non-traders in Jibia and Mai’adua, Katsina State by officials of Customs and other security agencies.
“This act has caused untold hardship to people living in these communities, as moving of goods (farm produce) across major markets and even to Katsina town and other neighbouring states is a herculean task.
“The Comptroller General of Customs should redeploy the Comptrollers of Kastina/Kaduna and Idiroko Area Commands, and appoint replacements who should establish a good community engagement programme.
“This will create a healthy relationship, and make the customs realize its mandate without being insensitive to the yearnings and aspirations of the people of the communities in the state.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited bounced back to the green territory on Tuesday with a 0.03 per cent growth amid a bearish market sentiment.
Data showed that the bourse finished with 24 price gainers and 29 price losers, representing a negative market breadth index and weak investor sentiment.
This was due to the persistent cautious trading by the market participants because of the global trade war between the United States and China.
Business Post reports that the banking space was down yesterday by 0.11 per cent as a result of profit-taking activities by investors, though this did not affect the general outcome of Customs Street because of the gains recorded by the others.
The consumer goods index appreciated by 0.72 per cent, and the insurance counter improved by 0.15 per cent, while the energy, industrial goods and commodity sectors closed flat.
At the close of business, the All-Share Index (ASI) chalked up 30.40 points to settle at 104,560.02 points compared with the previous day’s 104,529.62 points and the market capitalisation grew by N19 billion to N65.704 trillion from N65.685 trillion.
Abbey Mortgage Bank gained 9.94 per cent to sell for N7.41, Unilever Nigeria appreciated by 9.65 per cent to N38.05, Learn Africa jumped by 8.33 per cent to N3.25, Secure Electronic Technology surged by 7.41 per cent to 58 Kobo, and Consolidated Hallmark advanced by 7.27 per cent to N2.95.
On the flip side, Northern Nigeria Flour Mills declined by 9.97 per cent to N79.00, The Initiates fell by 9.57 per cent to N4.25, Caverton descended by 9.06 per cent to N2.31, Guinea Insurance depreciated by 8.70 per cent to 63 Kobo, and NGX Group lost 8.56 per cent to quote at N31.50.
The activity log was mixed yesterday as the trading value went up by 3.81 per cent, while the trading volume and the number of deals went down by 13.87 per cent and 9.29 per cent apiece.
A total of 368.8 million shares valued at N10.9 billion were traded in 13,228 deals during the session versus the 428.2 million shares worth N10.5 billion transacted in 14,583 deals on Monday.
Fidelity Bank was the most active stock of the day with a turnover of 47.4 million units worth N867.0 million, Access Holdings traded 28.1 million units for N592.2 million, Zenith Bank sold 23.1 million units valued at N1.2 billion, UBA exchanged 22.0 million units worth N690.5 million, and FCMB transacted 20.8 million units valued at N185.1 million.
By Adedapo Adesanya
Oil prices fell slightly on Tuesday as investors weighed US President Donald Trump’s tariffs and tried to figure out how much the US-China trade war could reduce global economic growth and oil demand.
During the session, Brent crude futures declined by 21 cents or 0.3 per cent to $64.67 per barrel and the US West Texas Intermediate (WTI) crude futures dropped 20 cents or 0.3 per cent to settle at $61.33 per barrel.
The on and off US trade policies have created uncertainty for global oil markets and has led to many analysts changing their outlook.
The Organisation of the Petroleum Exporting Countries (OPEC) cut its 2025 global oil demand growth forecast on Monday for the first time since December, citing the impact of data received for the first quarter and trade tariffs announced by the US.
The cartel said world oil demand would rise by 1.30 million barrels per day in 2025 and by 1.28 million barrels per day in 2026. Both forecasts are down 150,000 barrels per day from last month’s figures.
The International Energy Agency (IEA) followed with its projection that global oil demand in 2025 will grow at its slowest rate for five years due to worries about economic growth from President Trump’s trade tariffs.
The agency said world oil demand this year would rise by 730,000 barrels per day, a sharp cut from 1.03 million barrels per day expected last month.
The reduction is larger than a cut made on Monday by OPEC by 150,000 barrels per day.
In its first look at 2026, the IEA predicted a further slowdown in demand growth to 690,000 barrels per day, due to a fragile economic backdrop and growing penetration of electric vehicles.
In China, economic challenges and a shift towards electric vehicles are tempering oil growth prospects in the world’s second-largest consumer, which had driven rises in oil consumption for years.
Reuters also reported that bank executives in the US warned consumer spending faces huge risks if the upheaval sparked by President Trump’s trade policy persists.
The country’s import prices unexpectedly fell in March, pulled down by decreasing costs for energy products, the latest indication that inflation was subsiding before President Trump’s sweeping tariffs came into effect.
There are worries the tariff policies could boost inflation, making it difficult for the US Federal Reserve to reduce interest rates.
Normally, central banks use higher interest rates to combat rising inflation, which boosts consumer costs and can reduce economic growth and demand for energy.
The American Petroleum Institute (API) estimated that crude oil inventories in the US rose by 2.4 million barrels for the week ending April 11. Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
By Adedapo Adesanya
The Nigerian government has officially gazetted and transmitted the ECOWAS Schedule of Tariff Offers for Trade in Goods under the African Continental Free Trade Area (AfCFTA) to the AfCFTA Secretariat.
The move came ahead of the 16th meeting of the AfCFTA Council of Ministers (COM), which is being held today in Kinshasa, Democratic Republic of Congo (DRC).
The development marked a crucial milestone in regional trade integration amid the current global trade war initiated by the United States President Donald Trump.
Nigeria became the 23rd AfCFTA state party to gazette its Provisional Schedule of Tariff Concessions (PSTCs).
The Minister of Industry, Trade, and Investment, Mrs Jumoke Oduwole, while announcing the development on her official X handle, said the manufacturing and agriculture sectors in Nigeria are poised to see improvements because of this actions.
She said AfCFTA would trigger a 73 per cent growth in tarde volume in the agriculture and fishing sectors, adding that prices of items should begin to see a downtrend as a result because of competition.
“Stronger sectors, stronger Nigeria,” she noted in a statement issued by the Director for Press and Public Relations in her ministry, Mr Adebayo Thomas.
The Minister further said the milestone would enable Nigerian exporters leverage preferential tariff access across African markets, positioning the country as a key player in regional and global trade, stressing that the gazetting and transmission of tariffs to the secretariat signified the country’s readiness for trade under the agreement.
Mrs Oduwole said the development underscored Nigeria’s dedication to leveraging Africa’s single market for economic transformation.
The AfCFTA agreement establishes zero duties on 90 per cent of tariff lines for trade in goods, enhancing Nigeria’s market competitiveness and expanding trade opportunities across Africa.
Essentially, Nigerian goods are now competitively positioned in the African market, ensuring greater business access and profitability.
President Bola Tinubu signed the ECOWAS Schedule of Tariff Offers, which reinforces the country’s commitment to regional trade expansion, strengthening its role in shaping the future of intra-African trade and boosting export competitiveness under the AfCFTA framework.
Furthermore, it enables the seamless shipment of goods to and from Nigeria, unlocking new opportunities for businesses, manufacturers, and exporters.
The gazetting of the schedule of tariff concessions was expected to yield significant benefits, including boosting economic growth and job creation by reducing trade barriers, strengthening regional integration and trade relations through enhanced economic ties, and supporting Nigerian SMEs by lowering costs and encouraging market expansion.
Nigeria’s commitment to AfCFTA implementation makes it an attractive destination for foreign and intra-African investment, reinforcing its role as a trade hub in West Africa.
The gazetting announcement follows the AfCFTA digital trade mandate announced in February in Addis Ababa, where President Tinubu received a personal commendation for his work on digital trade, further reinforcing the country’s commitment to regional and continental trade integration.
The statement added that as a digital trade co-champion, the country was advancing seamless trade facilitation and cross-border commerce, ensuring businesses, especially SMEs, can fully benefit from the AfCFTA framework.
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