The Nigeria Customs Service (NCS) and the African Export-Import Bank (Afreximbank) have strengthened their strategic partnership to accelerate intra-African trade, with both institutions committing to expand trade facilitation initiatives, modernise customs administration and fast-track the implementation of the African Continental Free Trade Area (AfCFTA). The renewed commitment was reaffirmed during a working visit by the …
Nigeria’s exports to Africa surged in the first half of 2025, reaching N4.82 trillion, a 14 per cent increase from N4.21 trillion in the same period of 2024. West Africa continued to dominate as the main market, absorbing over 62 per cent of Nigeria’s continental exports. Bashir Adewale Adeniyi, Comptroller General of the Nigeria Customs …
Nigeria’s participation in the Pan-African Payment and Settlement System (PAPSS) recorded a sharp decline in the first half of 2025. The value of cross-border transactions processed through the platform fell by 53 per cent to N5.6 billion, according to the Central Bank of Nigeria’s (CBN) Financial Stability Report for June 30, 2025. The number of …
The Federal Government has declared Nigeria fully ready to trade under the preferential terms of the African Continental Free Trade Area (AfCFTA) Agreement. Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said the country has met all key requirements under the agreement. She confirmed that Nigeria has gazetted the legal instruments covering trade in …
Africa’s economic sovereignty is again under the spotlight following former President Olusegun Obasanjo’s warning against over-reliance on the International Monetary Fund (IMF) and World Bank. The ex-president’s comments, made at the Intra-Africa Trade Fair in Algeria, have sparked widespread debate, drawing reactions from economists, civil society actors, and ordinary Nigerians. “The World Bank is not …
By Esther Ososanya In a major boost for Africa’s energy sector, the African Export-Import Bank (Afreximbank) has signed a $1.35 billion financing deal with Dangote Industries Limited (DIL). The deal is part of a larger $4 billion syndicated loan to support the Dangote Refinery, Africa’s largest industrial project to date. This agreement will help refinance …
