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 – NNPC gets new boss, Medview goes to London

President Muhammadu Buhari has approved the appointment of Dr. Emmanuel ...
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Daily Watch – Buhari asks Planning Commission to prioritise capital expenditure, Modular building arrives Nigeria

The Presidency has announced that President Muhammadu Buhari aims to ...
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Daily Watch – Import waivers causing harm, Cement production to ramp up

Some of the tax incentives offered to encourage Foreign Direct ...
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Daily watch – Eni looking to leave Nigeria, Dangote gets American training

Eni SpA, Italy’s largest oil company is considering selling part ...
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Daily watch – Refineries coming back online, Reps to force multinationals to list on Exchange

The Port Harcourt and Warri refineries have started preliminary production ...
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Daily Watch – Customs moves against rice importers as CBN makes cash available to farmers

The Nigeria Customs Service has sealed the warehouses and business ...
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Daily Watch – Foreign debt rises, Insurance industry grows

Nigeria's foreign debt for half-year 2015 has risen by 10%, ...
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Daily Watch – State loans to be restructured, Gold refinery coming up

The Central Bank of Nigeria (CBN) has approved a restructuring ...
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Daily Watch

US$2.67 billion of fresh capital flowed into Nigeria's economy in ...
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Manufacturers in the Food, Beverage, and Tobacco industry are warning ...
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Telecom companies operating in Nigeria are seeing an upsurge in ...
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Daily Watch

Global ratings firm Standard & Poor's has said Nigeria cannot ...
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Daily Watch

A deal was reached between negotiators representing six world powers, ...
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Daily Watch

President Muhammadu Buhari on Monday, instructed the NNPC to review ...
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The Department of Petroleum Resources has blamed the unending scarcity ...
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The naira fell to a new low of 235 to ...
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Daily Watch

Deposit Money Banks (DMBs) in Nigeria reported 10,612 fraud cases ...
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Daily Watch

The naira continued to slide yesterday, reaching a new low ...
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Daily Watch

Former vice president, Namadi Sambo, has come under fire because ...
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Analysts at Standard Chartered are pointing to a probable doubling ...
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Daily Watch

The Central Bank of Nigeria has imposed more restrictions on ...
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Daily Watch

Public anger over the size of pecuniary benefits of Nigeria’s ...
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