IN THE NEWS

Daily Watch – FG removes duties on same-owner transfers, Palm import rises as border closure bites

Data from Malaysian Palm Oil Council has shown that the country's Crude Palm Oil export to Nigeria increased by 18.4 percent last year. The rise is even as Africa's largest economy closed its borders with its neighbours. The report showed that Nigeria's CPO import from Malaysia increased to 286,964 metric tons in 2019 from 242, 388MT in 2018, up by 44,576MT on a year-on-year basis. The Nigerian government shut its borders in August 2019 in a bid to tackle smuggling and boost local production of agricultural produce in the country. Similarly, to protect the country’s palm oil industry and spur the industry growth, the FG had directed a 35 percent tariff; 10 percent duty and 25 percent levy, on palm oil imports into the country while crude palm oil is also listed on the FG 41 items restricted from forex access. Despite the policies, oil palm imports into the country are still on the rise owing to the huge demand-supply gap. Experts estimated Nigeria’s annual palm oil output at 900,000-1.3 million MT. Import is estimated at over N500 billion annually. With national demand of 2.1 million MT, the supply gap is around 800,000MT. Chinese companies have begun to walk away ...
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NEWS

Daily Watch – FDI gets the fall, Rice gets the rise

Nigeria’s foreign exchange reserves fell below $40 billion for the ...
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Daily Watch – Air Peace boss in legal hot water, October revenue target missed

Nigeria has agreed to pay the $200 million security deposit ...
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Daily Watch – Senate approves new finance law, New oil licensing for next year

The Nigerian government has announced a fresh €500 million loan ...
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Daily Watch – Subsidy gulps ₦19.37 per litre, NSE to start trading derivatives next year

The Nigerian Stock Exchange plans to introduce trading in financial ...
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Daily Watch – Retailers abandon POS terminals, Access gets new boss

An investigation by The Punch newspaper has shown that many ...
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Daily Watch – Inflation rises, Nigerian brewer gets Belgian boost

Data from the NBS showed Monday that Nigeria's annual inflation ...
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Daily Watch – INEC staff go missing in Kogi, Supreme Court gives reasons for Presidential verdict

On Friday the Supreme Court said all allegations raised by ...
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Daily Watch – Nigeria to set up border force with Benin and Niger, Jack Ma arrives Nigeria

Vice President Yemi Osinbajo on Thursday received Jack Ma, the ...
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Daily Watch – Senator seeks textiles import ban, CBN advances ₦610.4bn loans to farmers

The International Air Transport Association has asked the Nigerian government ...
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Daily Watch – Petrol scarcity hits border towns, Senate pushes hate speech law

Nigeria's Senate has introduced a bill seeking to establish an ...
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Daily Watch – China threatens Mambilla Power, CFA Franc on last legs

US-based index provider, Morgan Stanley Capital International has deleted First ...
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Daily Watch – Customs takes control of border petrol, Sale of individual t-bills stopped

The CBN has ordered financial institutions to stop the sale ...
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Daily Watch – Interswitch acquires 60% stake in eClat, Foreign investment in equities rises to $9.48bn

Data obtained from the Securities and Exchange Commission showed that ...
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Daily Watch – Shipowners want tariff on new vessels suspended, Ndukwe leaves Access Bank

Data from the CBN indicates that the country spent $1.09 ...
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Daily Watch – Oil contract law amended, FG gives more conditions for border reopening

The FG has said that goods coming into the country ...
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Daily Watch – Border closure gets January extension, Emefiele suggests two years

President Buhari has approved the extension of Nigeria's border closure ...
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Daily Watch – NCC licenses 20 new ISPs, Nigeria asks for American help

MTN Nigeria has deactivated 600,000 active subscribers in compliance with ...
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Daily Watch – 4+4 affirmed, Chevron mulls Nigeria exit

The Supreme Court has dismissed the appeal filed by the ...
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Daily Watch – Arik Air to become national carrier, MTN gives the courts some homework

The Nigerian government says it is making out plans on ...
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Daily Watch – Emefiele lists conditions for border reopening, States toe different minimum wage path

The consequential increments in the implementation of the ₦30,000 Minimum ...
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Daily Watch – Nigeria avoids international debt markets, Miyetti Allah apologises to Benue

A report from the NNPC has shown that the combined ...
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Daily Watch – Petrol subsidy rises by ₦58.6bn in one month, Nigeria loses $14bn to tax evasion annually – FIRS

Nigeria loses about $14 billion to tax evasion annually, chairman ...
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