Category: Business

Nigeria, WTO chart path for Trade-Led growth ,inclusive development

Emporium Reporters

By Bola Bakare   In a significant step towards boosting Nigeria’s economic prospects, the Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, on Monday met with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at his office in Abuja to advance a shared agenda for trade-led growth, investment, and inclusive development.   During the meeting, Edun underscored Nigeria’s recent macroeconomic gains, citing a stronger naira, easing inflation, and ratings upgrades from Fitch and Moody’s as critical foundations for sustained growth. He highlighted…

Nigeria Customs Service begins Stakeholder engagement on review of Licensing Renewal Fees

Lukman Laleye Babalola

The Nigeria Customs Service (NCS) has opened consultations with industry stakeholders on its planned review of licensing renewal fees for Licensed Customs Agents, in a move aimed at boosting professionalism, regulatory compliance, and operational efficiency in the freight forwarding sector. The initiative, which aligned with Sections 103 to 107 of the Nigeria Customs Service Act, 2023, was unveiled during a high-level engagement held at the NCS Headquarters, Abuja, on Thursday, August 7, 2025. The meeting was attended by executives of the Association of Nigerian Licensed Customs Agents (ANLCA), the National…

Nigeria Customs hosts Stakeholders’ Forum on AEO Migration, reaffirms Commitment to Trade Reform

Lukman Laleye Babalola

In a decisive step toward strengthening trade facilitation and enhancing supply chain security, the Nigeria Customs Service (NCS) has convened a high-level Stakeholders’ Engagement Forum to officially sensitize the trading community on the migration from the Fast Track Scheme to the globally recognized Authorized Economic Operator (AEO) Programme.   The forum, held on Tuesday, August 6, 2025, at BON Hotel, Ikeja, Lagos, brought together critical stakeholders, including senior Customs officers, representatives of Ministries, Departments and Agencies (MDAs), development partners, members of the organized private sector, and captains of industry.  …

Nigeria, Benin sign landmark Trade framework to boost Cross-Border Commerce …As Customs CG Adeniyi pledges seamless Border Operations

Lukman Laleye Babalola

Nigeria and the Republic of Benin have agreed on a comprehensive trade framework aimed at enhancing cross-border commerce, dismantling trade barriers, and deepening regional economic integration in West Africa. The agreement was reached during a high-level bilateral meeting held at the Ministère de l’Économie et des Finances, Cotonou, bringing together senior officials, customs chiefs, and trade experts from both nations. Nigeria’s Minister of Industry, Trade, and Investment, Mrs. Jumoke Oduwole, described the agreement as a “bold step forward” in aligning both countries’ economic interests and strengthening sub-regional trade ties. “This…

Nigeria Customs launches Renewable Energy Handbook, boosts EU-Germany-GIZ collaboration

Lukman Laleye Babalola

The Nigeria Customs Service (NCS) has launched a Handbook on Import and Export Procedures for Renewable Energy Equipment, in a move to simplify trade processes and enhance compliance in Nigeria’s fast-growing clean energy sector.   The official launch, which took place on Tuesday , July 29, 2025, at the Customs Headquarters in Abuja, was the result of a strategic partnership involving the European Union (EU), the German Embassy, and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). Comptroller-General of Customs, Bashir Adewale Adeniyi, described the document as a “living guide” that…

CAC moves to strike off defaulting Companies from Register over Non-Compliance

Lukman Laleye Babalola

The Corporate Affairs Commission (CAC) has announced its intention to delist companies that have failed to comply with provisions of the Companies and Allied Matters Act (CAMA) 2020, in a renewed enforcement effort aimed at sanitizing the nation’s corporate space. According to a public notice published on Tuesday, July 29, 2025, the Commission revealed that the names of affected companies, which are now slated for removal from the Register, have been published on its official website. The CAC urged the general public and business stakeholders to verify the list online.…

Customs issues 21-Day Ultimatum to Importers Over ₦379.6bn Temporary Admission Permit defaults

Lukman Laleye Babalola

The Nigeria Customs Service (NCS) has issued a 21-day grace period to importers who have defaulted on the conditions of their Temporary Admission Permits (TAP), warned of imminent enforcement actions for non-compliance.   Announcing this in a statement on Friday, Assistant Comptroller Abdullahi Maiwada, the National Public Relations Officer, said the ultimatum effective from Monday, July 28, 2025 offered affected importers a final window to regularise their status by either applying for a valid extension, re-exporting the goods under Customs supervision, or converting the items to home use with the…

Nigeria, Egypt strengthen Economic Ties as 30 Top Egyptian firms explore Investment Opportunities

Lukman Laleye Babalola

Nigeria and Egypt have taken bold steps to enhance economic, trade, and diplomatic cooperation as a delegation of over 30 top Egyptian CEOs arrived in Nigeria to explore strategic investment opportunities. The high-level meeting held in Abuja brought together Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and his Egyptian counterpart, H.E. Dr. Badr Abdelatty. The talks focused on fostering stronger ties in agriculture, energy, mining, pharmaceuticals, ICT, and other critical sectors. Ambassador Tuggar noted that Egypt’s participation demonstrates a deep interest in supporting Nigeria’s development and unlocking mutual benefits…

CAC debunks claims on AI Portal challenges, reaffirms commitment to seamless service delivery

Lukman Laleye Babalola

The Corporate Affairs Commission (CAC) has dismissed recent media reports alleging poor service delivery and technical inefficiencies on its newly deployed Artificial Intelligence-powered registration portal.   In a statement issued on Sunday, 20th July 2025, and signed by the Commission’s Management, the CAC described the report published by Premium Times on 19th July 2025 titled “Lawyers decry CAC’s AI portal, cite challenges” as misleading and filled with unfounded claims capable of distorting public perception.   The Commission clarified that contrary to the claims, it has made significant strides in enhancing…

Nigeria, Belarus sign Customs Cooperation deal to boost Trade and Economic integration

Lukman Laleye Babalola

The Nigeria Customs Service (NCS) has taken another decisive step in its international engagement strategy with the signing of a bilateral Memorandum of Understanding (MoU) on Cooperation and Mutual Assistance in Customs Matters with the Republic of Belarus.   The agreement was concluded on Friday, June 27, 2025, as a key side event during the ongoing 145th/146th Sessions of the Customs Co-operation Council at the World Customs Organization (WCO) Headquarters in Brussels, Belgium.   The MoU was formally signed by the Comptroller-General of Customs, Bashir Adewale Adeniyi, on behalf of…