Lagos to take advantage of AfCFTA to build capacity for economic growth

Lagos State Governor, Babajide Sanwo-Olu has said that the sustained investment in infrastructure by the state is a deliberate attempt to position its economy for more inflow of trade and economic partnership. He said Lagos would not relent in its effort to scale up necessary infrastructure to drive growth and socio-economic development. The Governor... Read More

WTO dispute settlement body meets over S/Korea complain against US anti-dumping duties

By Oludare Mayowa The World Trade Organization (WTO) dispute settlement body will meet later this Friday over complaints against the United States anti-dumping and countervailing duties on certain products and use of facts available. According to a notice of the meeting signed by the trade watchdog new director-general, Ngozi Okonjo-Iweala, the dispute settlement body... Read More

WTO expresses worries over Nigeria’s foreign exchange management

Ngozi Okonjo-Iweala, the new director-general of the World Trade Organization (WTO) said on Monday that the global trade watchdog was concerned about Nigeria’s foreign exchange management and how it had been used to support manufacturing, exports and imports. Okonjo-Iweala said some WTO members had brought complaints and that Nigeria needed to explain its foreign... Read More

President Buhari commends Okonjo-Iweala, says she earned her new position at WTO

President Muhammadu Buhari on Monday described the ascension of Nigeria’s former finance minister Ngozi Okonjo-Iweala to the position of the Director-General of the World Trade Organization (WTO) as well deserved. President Buhari who spoke while receiving the former managing director of the World Bank said despite the robust support Nigeria gave to her candidacy,... Read More

Citibank backs Bitcoin, says it could become preferred international trade currency

The United States banking group Citibank said the most popular cryptocurrency, Bitcoin was at a “tipping point” and could become the preferred currency for international trade. With the recent embrace of the likes of Tesla Inc and Mastercard Inc, bitcoin could be at the start of a “massive transformation” into the mainstream, the investment... Read More

‘Grandmother’ headline: WTO chief Okonjo-Iweala says Swiss newspaper apology is ‘important & timely’

The New Director-General of the World Trade Organisation (WTO) Ngozi Okonjo-Iweala has described as “important & timely” the apology by a Swiss newspaper over an offensive headline on the appointment of Nigeria’s former finance minister as the global trade watchdog chief. The Swiss regional daily Aargauer Zeitung caused outrage by headlining that “this grandmother will... Read More

WTO new Director-General, Okonjo-Iweala resumes, says ‘I feel ready to go’

The World Trade Organization’s (WTO) first female and first African director-general Ngozi Okonjo-Iweala began work on Monday, ending a six-month leadership void at the global trade watchdog. After a long campaign that was derailed in the late stages by ex-American President Donald Trump’s administration veto, the 66-year-old Nigerian was finally confirmed as boss last... Read More

African Exim Bank raises $1 bln support for continental free trade deal, AfCFTA

The African Export-Import Bank has mobilized $1 billion for an adjustment facility to offset revenue losses for countries that lower cross-border tariffs as part of an Africa-wide free-trade area, according to the zone’s most senior official. “We will be able to go to global capital markets and we will be able to go to... Read More

Nigeria records $1.27 bln trade deficit in Oct ~CBN

By Samuel Bankole Nigeria’s trade deficit has continued to widen as the country’s import bills are higher than its exports by $1.27 billion in the month of October 2020, the Central Bank of Nigeria (CBN) has said. While Nigeria earned a total of $2.14 billion from the export of goods and services in the... Read More

Ghana suspends implementation of new registration fee for importers, exporters

The Ghana Standards Authority (GSA) has agreed to maintain its old fees for the registration of importers. This agreement was reached after a consensus-building meeting jointly organised by the National Standards Body and the Ghana Shippers’ Authority on Thursday January 14, 2012, for industry players such as importers and exporters, traders and other members... Read More