Business
Nigeria’s New Trade, Investment Policies To Further Attract local, global manufacturers
Nigeria has fine – tuned its trade and investment policies to further boost both local and foreign direct investments (fdi).
Dr. Evelyn Ngige, the Permanent Secretary, Federal Ministry of Industry, Trade and Investment (FMITI) discloses this during the
stakeholder’s sensitisation workshop in Abuja.
She said that the new policies which will be sustained for the next five years ( 2023 – 2027), have been approved for implementation by the Federal Government.
” The maiden Nigeria Investment Policy (NINP) and Trade Policy (NTP) documents marked the beginning of a new era in Nigeria’s investment climate of our country,” she said.
Represented by the Director, Policy, Planning, Research and Strategies in the ministry, Mr. Babagana Alkal, the Permanent Secretary explained that the NInP focuses on three pillars, namely: investment promotion, investment facilitation, and sustainable development, with the objectives to develop the investment policy framework, especially fast-tracking the process of Nigeria’s economic diversification, improving investment
The policy also seeks to improve investors’ experience and confidence through ensuring compliance with global best practices, while generating inclusive domestic growth for employment generation and wealth creation.
On her part, the Director, Investment Promotion Department, Federal Ministry of Industry, Trade and Investment, Mrs. Gertrude Orji, said the approval came at a time when the country is making concerted efforts to achieve economic recovery and growth.
“You are all aware that before now, Nigeria did not have a single comprehensive document on Investment policy, all that was in place were Investment related laws and regulations of MDAs and agencies.
“In 2018, the immediate past Honourable Minister of Industry, Trade and Investment, having realized the need for the country to have a holistic and link-based Investment policy document, approved that the Department of Investment Promotion should develop a detailed and sustainable investment policy that will provide a comprehensive roadmap for boosting domestic, regional and international investment in Nigeria,” she said.
She also explained that the process of reviewing the 2002 Trade Policy of Nigeria began in 2011, having realized the need to align with the current trend of the global and domestic economy.
She said the workshop therefore seeks to sensitize stakeholders and the general public on these two policies and their implications for the trade and investment environment in Nigeria.
Also, Dr. Ezra Yakusak, the CEO , Nigerian Export Promotion Council (NEPC), told the stakeholders that an effective investment policy plays a crucial role in promoting export growth by creating a conducive environment for both domestic and foreign direct investment (FDI).
He said these elements were critical catalysts that propels economic development which the new policy seeks to achieve.
He added, “We at the NEPC will support any policy or instrument that will positively change the trade trajectory of the nation and bring about foreign exchange earnings, job creation and economic diversification.”
Business
Obi Sees Something Good in Tinubu’s “Naira Float Policy ‘
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The presidential candidate of the National Democratic Congress (NDC) for the 2027 election, Peter Obi, has said he would retain President Bola Ahmed Tinubu’s naira float policy if elected president.
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The Central Bank of Nigeria removed restrictions at the Investors and Exporters foreign exchange window, allowing the naira to trade more freely against the dollar and other major currencies
Obi made the disclosure in a public statement on air, emphasising that his administration would seek to strengthen the currency by prioritising productivity and increasing economic output rather than reversing the floating exchange-rate framework.
Asked to identify one policy of the Tinubu administration he would keep if elected, Obi said, “There’s one – the floating of the Naira. I’m not going to defend it. But I’m going to put productivity to make it more valuable to the people.”
His position means he would maintain the floating exchange-rate system while seeking to change the economic conditions that determine the strength and value of the naira.
Business
Dangote Refinery Buys 16m Barrels Of Nigerian Crude For October
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
Dangote Refinery has bought at least 16 million barrels of Nigerian crude oil for delivery in October.
Reuters reported that the 16 million barrels comprise monthly crude allocations from the Nigerian National Petroleum Company and additional volumes purchased through a tender.
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
The increased crude purchases highlight the refinery’s rising demand for feedstock as it expands operations and moves closer to operating at a larger share of its installed capacity.
Business
Brent crude slid to around $106 per barrel
Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.
Brent crude slid to around $106 per barrel on Friday in a likely technical correction, but was still set to end the week sharply higher as the escalating conflict between the US and Iran fueled concerns over prolonged disruptions to global energy supplies.
Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.
Meanwhile, Iranian leaders are reportedly determined to continue fighting despite mounting economic costs, viewing the conflict as an existential threat.
They also claim that Tehran has managed to rebuild its missile capabilities and could intensify attacks on US and Gulf assets if Washington escalates its own strikes.
Fighting has intensified over the past two weeks, with the US targeting Iranian oil tankers while Iran launched missiles at US warships and tankers in the Persian Gulf, as well as American assets in neighboring countries.
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