Category Archives: Export

Nigeria’s oil exports threatened as Aiteo shuts pipeline

Exports of Nigeria’s Bonny Light crude have been under force majeure following the closure of the Nembe Creek Trunk Line, one of the major crude oil transportation channels used for export.

The NCTL, which is 100 kilometres long and has a capacity of 150,000 barrels per day at Nembe Creek, evacuates crude to the Bonny Crude Oil Terminal.

NEPZA to revoke licences of dormant zones

The Acting Managing Director, Nigeria Exports Processing Zones Authority (NEPZA), Terhemba Nongo, on Wednesday threatened to revoke the licences of inactive Free Trade Zone (FTZ) in the country.

Nongo, who issued the threat during a media chat in Abuja, insisted that every inactive licenced free zone in the country should be revoked.

Nigeria’s Sesame Seed Export Value to Hit N120bn Annually – Report

A report by Agusto & Co has revealed that Nigeria’s sesame seed export value to Asia and Europe has potential value of one N120 billion per annum.

The pan-African credit rating agency put the value of Nigeria’s export of the crop as at fourth quarter 2018 at N30 billion.

Nigeria records N8.6tn merchandise trade in Q2 –NBS

Exports of various types of products dominated Nigeria’s trade structure as the country’s merchandise trade hits N8.6tn in the second quarter of this year, figures released by the National Bureau of Statistics have revealed.

The NBS in its second quarter merchandise trade report which was released on Thursday said the second quarter trade of N8.6tn was 4.4 per cent higher than the first quarter figure of N8.24tn.

Niger Republic Bans Rice Export To Nigeria

The Government of Niger Republic has banned the export of rice into Nigeria.

The ban follows President Muhammadu Buhari’s directive for the closure of Nigeria’s border with neighbouring countries to curtail the activities of smugglers.

Shippers Council saves Importers, Exporters N2.3b

Exploring alternative dispute resolution options for shippers and other stakeholders in the maritime industry has fetched the Nigerian Shippers’ Council (NSC) N2.3billion. It was saved from complainants who approached it for any discrepancy in their business transaction. The NSC said this amount is exclusive of money recovered in foreign currencies.

Its Deputy Director, Complaints Unit,  Mr. Moses Fadipe, who spoke in Lagos at the weekend, said the unit is yearly inundated with over 500 complaints. However, he said, only tenable complaints are attended to while others are left aside but not without educating and enlightening the complainants.

NEPC, UN partner to simplify export trade

The Nigeria Export Promotion Council (NEPC) has set up measures to ease trade procedures across the world.

The Executive Director/CEO of NEPC, Olusegun Awolowo, made this known at a round table meeting with the United Nations Centre for Trade Facilitation (UNCTF) which held in Abuja yesterday.

Osinbajo Advocates Export of Agriculture Produce to Improve Living Standard In Nigeria

The vice president made this known at a two-day Agriculture Summit Africa organsied by Sterling Bank with the theme: “Agriculture your piece of the Trillion Dollar Economy“ in Abuja.

Osinbajo, who was represented by the Minister of State for Agriculture and Rural Development (FMARD), Mr Mustapha Baba, said there was need for everyone to get involved in agriculture, saying it would be recognised as a business.

Nigeria’s Crude Oil Exports to China Hit 3m Barrels

Nigeria’s crude oil exports to China have received a boost with a Very Large Crude Carrier (VLCC) of Nigerian crude seen bound for China, marking the Asian country’s biggest month of buying from Nigeria in years.

Reuters reported that a VLCC, Athenian Success, was bound for Lanshan after loading Akpo and Egina grades in the last few days.

The nearly 3 million barrels of Nigerian exports to China in the last 30 days was the highest since 2015.

AfCFTA: Afreximbank okays $500m for manufacturers

The African Export-Import Bank (Afreximbank) has approved a $500 million facility to enable Nigerian manufacturers take full advantage of the opportunities offered by the African Continental Free Trade Agreement (AfCFTA).