Category: Trade and Commerce

FG Issues Traders One Month Ultimatum To Crash Prices Or…

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The Federal Competition and Consumer Protection Commission (FCCPC), has given one-month moratorium to traders and other market stakeholders involved in exploitative pricing to crash the prices of goods. The newly appointed Executive Vice Chairman of the FCCPC, Mr Tunji Bello, said this at a one-day stakeholders engagement on exploitative pricing on Thursday in Abuja. According…

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Trade and Commerce

FCCPC To RegulatePrice Racketeering, Engage Market Associations

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The Federal Competition and Consumer Protection Commission (FCCPC) has announced plans to engage market leaders and other stakeholders in the supply and distribution chain to address unfair pricing practices amidst rising inflation. This was disclosed in a statement by the Commission’s Executive Vice Chairman/Chief Executive Officer, Tunji Bello on Monday, August 12. The commission claimed…

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Trade and Commerce

NNPC Gets Presidential Order To Sell Crude Oil To Dangote In Naira

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President Bola Tinubu has directed the Nigerian National Petroleum Company Limited (NNPCL) to sell crude oil to Dangote Refinery and other upcoming refineries in Naira. The Special Adviser to President Tinubu on Information and Strategy, Bayo Onanuga, made this known in a statement via X. According to him, Tinubu’s decision was aimed at ensuring the…

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Finance and Economy, Trade and Commerce

Refinery: Dangote Declares “I Got No FG Incentive, Paid $100 Million For Land “

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Chairman of Dangote Group and Africa’s richest man, Aliko Dangote, has declared that the Federal Government did not give him any incentive to build his $20 billion refinery located at the Lekki Free Trade Zone.He further stated that he paid $100 million for the land the refinery sits on. Dangote disclosed this on Saturday when…

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Finance and Economy, Trade and Commerce

Dangote Condemns CBN’s Interest Rate, Urgess FG To Protect Existing Businesses

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The Chairman of Dangote Group, Aliko Dangote, has condemned the increase of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN). Dangote at the Banquet Hall of the State House, Abuja, during the opening session of a three-day summit organised by the Manufacturers Association of Nigeria (MAN), on Tuesday. He…

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Finance and Economy, Trade and Commerce

IPMAN Raises Alarm Over ‘Illegal’ Customs’ Seizures

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The leadership of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Adamawa State has expressed frustration over the alleged harassment and molestation of its members by the Nigeria Customs Service’s (NCS’s) anti-smuggling unit operating under the code name, Operation Whirlwind. The state’s IPMAN Chairman, Alhaji Dahiru Buba, who alleged this during a press conference…

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Trade and Commerce

Presidency Describes Document On Suspension Of Import Duties On Food, Drugs Unofficial

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The Presidency has described as ‘unofficial’ documents doing the rounds that it was planning to suspend import duties on food and drugs. The disclosure is coming as two fiscal policy documents are being circulated as one emanating from the presidency’s plan for making a provision for an N5.4trn petrol subsidy for 2024 and that it…

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Finance and Economy, Trade and Commerce

Dangote Refinery To Procure 24m Barrels Of Crude Oil From US — REPORT

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With Agency Reports LAGOS(Nigeria) Dangote Refinery will buy at least 24 million barrels of US crude over the next year as it ramps up its processing capabilities. A report by Bloomberg revealed that the $20 billion refinery has issued a term tender for the purchase of 2 million barrels a month of West Texas Intermediate…

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News, Trade and Commerce

Fulani Leaders To Halt Sales of Livestocks Across Nigeria Over Insecurities

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Following what they described as challenges faced by pastoralists, Leaders of the Fulanis in Nigeria have issued a stern warning, threatening to stop the sales of livestock nationwide if their concerns are not addressed. This was central in a Communique issued at the end of the Fulbe National Security Summit, organised by the Miyetti Allah…

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Trade and Commerce

Niger Republic Prevents Entry 72hrs After Nigeria Opens It’s Side of Katsina, Jigawa Borders

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Days after the reopening of the Nigeria-Niger Republic land and air borders by the Federal Government of Nigeria, Nigerien authorities have not said anything, even as they maintained their entry points closed. Nigeria announced the reopening of its borders with Niger Republic on March 13, 2024. While security operatives like the Nigeria Customs Service (NCS)…

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Diplomacy and International Relations, Trade and Commerce