Business News in Brief

Nigeria Customs Service generates ₦1.002tr revenue

The Nigeria Customs Service (NCS) has generated revenue of about N1.002 trillion from January to September 2019.

This is according to data from the Department of Research and Statistics and confirmed by the NCS’s public relations office indicated that the revenue was generated from 32 commands.

The statistics showed that the service recorded the highest revenue of N123.6 billion in the month of July followed by N118.6 billion realised in May.

The data also revealed that the lowest revenue was recorded in the month of February with N86.3 billion.

Oil prices steady, on track for large weekly gain

Oil prices steadied on Friday and were on track for strong weekly gains as support from a surprise draw in U.S. inventories and possible action from OPEC and its allies to extend output cuts outweighed broader economic concerns.

Brent crude LCOc1 was down 11 cents at $61.56 by 1205 GMT but the benchmark was set for a weekly gain of about 3.5%. West Texas Intermediate (WTI) crude CLc1 was down 12 cents at $56.11 and on track for a gain of more than 4% over the week, VON reports.

Nigeria to revisit bilateral investment agreements with Brazil –Minister

The Minister of Industry, Trade and Investment, Mr Richard Adebayo, says Nigeria will revisit pending bilateral investment agreements with Brazil.

Adebayo, in a statement signed by a Deputy Director in the ministry, Mr Ibrahim Haruna, in Abuja, said that Nigeria had a long history of bilateral relationship with Brazil.

The statement was issued after the Minister received a delegation from the Brazilian Embassy, led by Mr Ricardo Guerra de Araujo, the Brazilian Ambassador and Mr Jackson Lima, Deputy Head of Mission in Nigeria, in his office.

Oil price gains on prospect of U.S interest rate cut

Oil prices rose on Monday as the prospect of an expected interest rate cut by the U.S. Federal Reserve overshadowed pessimism over U.S.-China trade talks and forecasts of slower global economic growth.

Brent crude futures LCOc1 were up 21 cents at 63.67 dollars a barrel by noon after hitting a session low of 62.92 dollars.

U.S. West Texas Intermediate crude CLc1 was up by 58 cents at 56.78 dollars a barrel after touching a low of 55.91 dollars.

Lafarge Africa shareholders approve sales subsidiary for $316m

Shareholders of Lafarge Africa Plc on Monday unanimously approved the proposed sale of Lafarge South Africa Holding Limited (LSAH) to LafargeHolcim Group for 316.2 million dollars.

They gave the approval at the company’s 60th Annual General Meeting (AGM) in Lagos.

Speaking at the meeting, Mr Mobolaji Balogun, the company’s Chairman, said that LSAH sale would be beneficiary to all shareholders.

Balogun said that the sale would enhance the shareholders’ value in Lafarge Africa, which according to him is of utmost importance to the board.

Trade deal: China says U.S. tariffs must be removed

Existing U.S. tariffs will have to be removed if there is to be a trade deal between Beijing and Washington, China’s commerce ministry said on Thursday.

The leaders of the two countries agreed last weekend to relaunch trade talks that had stalled in May after U.S. officials accused China of pulling back from commitments made in the text of a pact negotiators had said was nearly finished.

Trade teams from both countries are in contact, commerce ministry spokesman Gao Feng told a regular media briefing.

IGR: 36 states, FCT generate ₦1.1tr in 2018

The Chairman, Joint Tax Board (JTB), Mr Tunde Fowler, said on Monday that the Internally Generated Revenue (IGR) of the 36 states and Federal Capital Territory rose from N800 billion in 2016 to N1.16 trillion in 2018.

Fowler made this known at the Go-Live Ceremony for the New National Tax Identification Number (TIN) Registration System in Abuja, Nigeria’s capital.

He said the IGR in all the states of the federation grew by more than 46.1 percent within the period under review.

ECOWAS single currency to be called ECO

The Authority of ECOWAS Heads of State and Government on Saturday adopted ECO as the name of the single currency to be issued in January 2020.

The leaders at their 55th Ordinary Session in Abuja endorsed the name while congratulating the Ministerial Committee on the Single Currency for the considerable progress recorded in the implementation of the revised roadmap.

Buhari’s second term: NUT seeks implementation of new minimum wage at all levels

The Nigerian Union of Teachers (NUT) has underscored the need for President Muhammadu Buhari to match words with actions on the implementation of the N30,000 new minimum wage by all tiers of government.

Mr Titus Amba, National Publicity Secretary, NUT, expressed this view in an interview with the News Agency of Nigeria on Wednesday in Abuja.

He appealed to the president to ensure total implementation of the N30,000 new minimum wage across all tiers of government, saying that it will improve the standard of living of Nigerians.

Freight Forwarders, University sign pact on manpower training

The Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) has signed a pact with the University of Lagos, South-West Nigeria, to train practising and potential freight forwarders.

The Memorandum of Understanding (MoU) brings plans by CRFFN and the University to train and certify practitioners to a climax.

The arrangement to facilitate the training to get certification of the International Association of Freight Forwarders (FIATA) has been on since the past two years.