TRADE AND INVESTMENT

By: Benedict Elujoba In pursuit of a more sustainable future for humanity, the United Nations (UN) established the Sustainable Development Goals (SDGs). The collection of 17 interlinked goals that make up the SDGs has been described as a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity. The United Nations states that the achievement of the SDGs requires commitment from governments, civil society and corporations. More stakeholders (including investors, creditors, regulators, and environmental enthusiasts) continue to demand that companies become accountable and prioritize sustainability criteria in the areas of environmental, social and governance (ESG). For countries that are taking on the sustainability challenge, the...

The federal government has approved the disbursement of N375 billion as an Export Expansion Grant (EEG) for Nigerian exporters. Chief Executive Officer, Nigeria Export Promotion Council (NEPC), Dr. Ezra Yakusak said this during the ‘Export for Survival Walk’ in Abuja. He explained that the grant is aimed at boosting the capacity of exporters in the country. According to him, the approved N375 billion EEG would boost non-oil export in the country. He added that the grant is for all exporters that had applied in the past, the fund will clear the backlog from 2016 to date. According to him, NEPC has started to reap from sensitization programs targeted at improving the country’s export. “There has been an increase in the number of people who come to register as an exporter wi...

Local manufacturers under the aegis of the Manufacturers Association of Nigeria (MAN) have expressed apathy about the operating business environment, citing concerns about rising insecurity and production challenges that continue to dim the outlook for the second quarter of the year. Indeed, they charged the government to put in place a survival plan for the sector, calling for the establishment of a National Response and Sustainability Strategy. Specifically, the Chief Executive Officers of MAN member companies in the economy in the first quarter of 2022 (Q1’22) reported declined confidence in the economy as revealed in the latest Manufacturers CEO’s Confidence Index (MCCI) survey report. MCCI is quarterly research and advocacy publication of MAN, which measures changes in the pu...

...new fund will allow the company recycles up to 15,000 tonnes of plastic waste each year. Kaltani, a Nigerian startup that aims to solve Africa’s plastic waste problem through recycling, has raised $4 million in seed funding. With this funding, the company is aiming to open 20 new collection and aggregation centers across Nigeria and increase its staff strength to over 500 people. This development will augment Kaltani’s capacity substantially, allowing the company to recycle up to 15,000 tonnes of plastic waste each year. The company did not disclose the source(s) of the funding. Founded in Nigeria by Engineer Obi Charles Nnanna, Kaltani says its vision is to solve Africa’s growing plastic waste crisis by promoting the circular economy and recycling best practices. Announcing t...

The concession of the Calabar and Kano Free Trade Zones (FTZs) will accelerate Nigeria’s industrialization drive and economic development, the Minister of Industry, Trade and Investment, Adeniyi Adebayo, has said. Speaking virtually at a roadshow for the FTZs by the Bureau of Public Enterprises (BPE) and the Nigeria Export Processing Zones Authority (NEPZA), the minister bemoaned the cumulative investment earnings of about $20 billion from the zones compared to others in some African countries. He noted that 30 years after the FTZs scheme was adopted in Nigeria, cumulative investment has only stood at about $20 billion, whereas in about 30 years since the first free zone was established in the Jebel Ali area in Dubai, the UAE has emerged as the destination of choice for global trade ...

The Nigerian Shippers Council (NSC) and the Nigerian Export Promotion Council (NEPC) have agreed to address non-compliance with trade rules by exporters, a situation that is hampering non-oil exports in Nigeria. They also resolved to address head-on the challenges facing the export of non-oil products in Nigeria. Both agencies made the commitment during a courtesy call by the management of the NEPC to the Executive Secretary of the Nigerian Shippers Council (NSC), Mr. Emmanuel Jime. Jime indicated that one of the challenges of non-oil export in the country was the non-compliance with trade rules by exporters. “Non-oil compliance to trade rules is actually a problem of exporters and importers. To address this challenge, the Council will like to collaborate with the NEPC to organ...

Markets have become uncertain and volatile due to food chain supply and energy crises occasioned by geopolitical Russia’s invasion of Ukraine almost 10 weeks ago and resurgent coronavirus in China. Wheat and oil are both 50 percent more expensive than they were a year ago. For importing countries, fiscal costs of food and energy subsidies have increased; draining hard-currency growth. According to a  Business report of April 29, 2022, US personal consumption expenditure index increased by 6.6% for the year ended in March, energy costs increased by 33.9 percent, while food prices by 9.2 percent over the same period. In Nigeria, the consumer inflation rate fell in January to 15.60% from 15.63% recorded in December 2021, but increased to 15.92 percent in March from 15.70 percent in F...

Pennee’s slogan to help small businesses tip the scale and provide the financial support they need to grow has birthed the need for a small business accelerator program. To help even more businesses tip the scales in their favor, Pennee is launching the Pennee small business accelerator. The Pennee small business accelerator is a 12-week program designed to support the 100 coolest businesses in Nigeria with financial and intellectual tools to grow into the big businesses they’re designed to be. We’re looking for businesses with an innovative edge, grit, and a desire to be different from the norm. If you’re building the next big thing in business (think Reels fruit, House of Tara, Natural girls wigs, etc.) we want to speak to you. We’re looking for owners who are creative in ...

After 30 days of voting on the consumers’ value awards portal, GTCO leads the banking sector award for value for money bank service with 40% while MTN and Milo lead the tech category and beverage category with 63% and 64% respectively. With two months left to conclude the votes, consumers are responding to the call to celebrate brands based on values enjoyed by casting votes on the platform. Aside from the three categories, over 20 categories are listed for consumers to vote for or against a brand action in the marketplace based on service experience and brand encounter. In the carbonated drinks category, Cocacola takes the lead with 56% while in Cereal Kellogs leads with 86% and custard category checkers Custard leads with 66% Other categories are detergent with sunlight leading, Oriji...

The recent increase in the prices of bottled water and sachet (pure) water is attributable to the increase in the cost of production and material. This was disclosed by Favour Ogunniranye, Senior Analyst, Financial Derivatives Company, while on Channels TV’s Business Incorporated show on Thursday afternoon. She stated that manufacturers, in a bid to maximize profit as raw material input rises, are faced with the option of either increasing production volume or prices. She said that the price increase is cost-driven. She said costs of production for bottled water and pure water companies are higher because the manufacturers have had to purchase raw materials for the packaging of the products, given the increase in the price of plastics, diesel and other materials needed. “In 202...