Nigeria is set to benefit from a new trading scheme with the United Kingdom. This was revealed on Tuesday, 16 August 2022, when the UK’s Secretary for International Trade, Anne-Marie Trevelyan, disclosed that Nigeria will be a...
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How Nigeria’s Forex Liquidity Crisis Is Affecting Businesses
Nigeria is an import-dependent economy. Meaning Nigeria’s economy relies heavily on importing goods from other countries. For instance, about 70 percent of the medicines used in Nigeria are imported. And despite being an...
Nigeria’s Growing Non-oil Exports Hold Promise for Economy
The export of goods and services represents one of the most important sources of foreign exchange earnings for a country as it complements imports and eases the pressure on the balance of payments. Nigeria’s economy has...
Role of Entrepreneurs as Problem Solvers
Throughout history, man’s existence has been shrouded in a web of complex situations that require a critical approach to problem-solving. The ability of thinkers to proffer solutions to emerging and contemporary problems in...
What does the NNPC Reform Hold for Nigeria’s Energy Sustainability?
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...
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...