Forty-five years ago, the Nigerian National Petroleum Corporation (NNPC) was established to oversee the country’s crude oil, gas and petrochemical resources. NNPC also had the mandate to manage the joint venture between Nigeria...
Latest Posts
How Nigeria’s Import Restrictions Hurt Local Consumers
The Central Bank of Nigeria (CBN) currently restricts the importation of over 40 items into the country. This means that it does not provide importers with the needed foreign exchange (forex) for the importation of these items...
The Imperative of Economic Diversification
More than ever, especially in the wake of disruption in global oil prices and the economic effects of the COVID-19 pandemic, Africa’s largest economy must diversify its economy to stay afloat. In the past four decades, Nigeria...
Manufacturing is Nigeria’s Best Approach to Maximise the AfCFTA
The average manufacturing capacity of Nigeria pegged at 73.3 percent in 1981 has dropped to 55 percent in 2021. This decrease can be attributed to political instability, global economic pressures, constant government policy...
Process of Exporting Goods From Nigeria and Required Documentations
Nigeria needs to export more goods to boost its economy. From October to December 2020, Nigeria recorded its first trade deficit since 2016 when the total value of imports exceeded the total value of exports by ₦7.37 trillion...
Nigeria’s Major Trade Agreements Before the AfCFTA
Before ratifying the African Continental Free Trade Area (AfCFTA) membership in November 2020, Nigeria had signed and operated through various trade agreements spanning different timelines and economic reach. On November 11th...
Customs Modernisation Agreement; Opportunities and Challenges
In 2020, the federal government approved the $3.2bn concession deal for the automation project of the Nigeria Customs Service (NCS). But, the NCS just signed a 20-year concession agreement with a consortium, Trade Modernisation...
PAPSS; A Resolving Payment System for The African Market.
Implementing the African Continental Free Trade Area (AfCFTA) has the potential to revolutionise the continent’s economy and spur innovation. The primary goals of the AfCFTA, which has been signed by 54 African states, is to...
How Nigeria Can Attract More Foreign Direct Investments to Spur Growth
A large population of over 200 million people and an economy with projected GDP of 445.00 USD Billion in 2022, should make Nigeria an attractive investment destination in Africa. However, in the last decade, there has been a...
Why Government Must Address Barriers to Export Trade
In 2021, Nigeria’s value of total export increased by 51 percent when compared with the previous year. This came with a simultaneous rise in the export value of agricultural goods, solid minerals, and energy goods. Despite these...