Index to Nigerian Newspapers

The Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria (CBN) to remove controls that make it difficult for BDCs to compete for the $20 billion annual forex inflows through diaspora remittances. It also lamented Nigeria's rising import bill and called on the Federal Government to deploy measures to tackle the challenge. The official exchange rate at the Investors and Exporters (I&E) window depreciated by 6.03% to close the year at N435/$1, while a 22.8% depreciation was recorded at the parallel market to close at N565/$1. Inflation-linked devaluations are damaging and government should allow economic reasoning to outplay political tendencies.

The Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria (CBN) to remove controls that make it difficult for BDCs to compete for the $20 billion annual forex inflows through diaspora remittances. It also lamented Nigeria's rising import bill and called on the Federal Government to deploy measures to tackle the challenge. The official exchange rate at the Investors and Exporters (I&E) window depreciated by 6.03% to close the year at N435/$1, while a 22.8% depreciation was recorded at the parallel market to close at N565/$1. Inflation-linked devaluations are damaging and government should allow economic reasoning to outplay political tendencies.

In a bid to achieve Africa’s target of $450 billion income through export, AFEX has signed a Memorandum of Understanding with Ghana Commodities Exchange (GCX), to boost  cross border commodity trading ecosystem across Nigeria and Ghana.

The MoU signing, took  yesterday place in Abuja.

Speaking at the ceremony the Chief Executive, Ghana Commodities Exchange, Mrs. Tucci Ivowi, said “Since 2017, the GCX has been committed to improving the livelihood of smallholder farmers, and this partnership with AFEX is an extension of our commitment to drive transformative change in the agriculture sector. This is significant step towards realising our shared vision of seamless market integration in Africa’s commodity trading space, and together, we will not only enhance commodities trading and market infrastructure, but also empower farmers and traders through capacity building.” 

The  President/Chief Executive, AFEX Nigeria, Akinyinka Akintunde, expressed hope that the partnership would intensify export development and diversification.

He said  exchange wants to work with the exchange  to  promote regional integration and trade competitiveness. He emphasised “We at AFEX are elated to announce this momentous MoU signing, which reflects our resolute commitment to revolutionize the agricultural landscape. Through this strategic partnership, we will set new benchmarks in quality standards, and fortify market infrastructure. Our joint efforts will not only amplify market liquidity but also empower stakeholders and unlock value for Nigeria and Ghana’s value chain.”

Avanti Communications has been named the market-leading high-throughput satellite capacity partner in sub-Saharan Africa for the second year running.

A statement said the results from the 20th edition of the NSR Satellite Capacity Supply and Demand Analysis reported that Avanti’s market share was now more than two times its nearest competitor.

“NSR’s annual report is one of the satellite industry’s most trusted and comprehensive sources for satellite capacity analysis, offering insight into key market developments and dynamics,” it stated. 

According to the statement, Avanti had made a significant commitment to Africa. The company has ambitions to accelerate growth across the region through local partnerships and the rollout of connectivity solutions; connecting rural communities and improving network resiliency for critical communications infrastructure is central to this strategy.

It said till date, Avanti had connected more than 1,000 villages and schools across Africa, providing services in Nigeria, Kenya, South Africa, Tanzania, Ghana, Angola, Côte d’Ivoire, Cameroon, and South Sudan.

Bolt has secured a 628 million euro investment round to expand its operations and accelerate the transition from owned cars to shared mobility in cities. The round was led by Sequoia Capital and Fidelity Management and Research Company LLC, with participation from Whale Rock, Owl Rock, D1, G Squared, Tekne, Ghisallo, and others.

14 days after Daily Trust reported that the naira has been devalued but the story was denied by the Central Bank of Nigeria (CBN), the apex bank on Wednesday announced changes to the Nigerian Foreign Exchange (FX) Market. This has triggered the abolishment of all segments and collapsed into the Investors and Exporters (I&E) Window, thereby confirming what the Daily Trust reported, which it stood by since the report went public and challenged CBN to prove otherwise.

The current move has seen the naira slump to a record low of 29% to N664 per dollar at the close of business in Lagos, according to FMDQ, a local exchange operator, in what is the biggest decline since devaluation in 2016.

The Central Bank of Nigeria (CBN) is partnering Digcey Technologies to upscale eNaira’s adoption. 

The collaboration promises a new phase of financial empowerment and modernisation through Central Bank Digital Currencies (CBDCs) while deepening financial inclusion drive with eNaira.

The partnership highlights the commitment of CBN to lead Nigeria into a future where digital transactions are pivotal.

With a shared mission to empower and educate the polity about CBDCs, Daily Sun learned that the alliance intends to foster understanding and accessibility to eNaira. Information from the firm said Digcey Technologies is dedicated to transforming finance by promoting awareness and comprehension of digital currencies with focus to scaling the eNaira sales. A co-founder of Digcey, Mr. Elvis Ajai, who spoke to Daily Sun described the eNaira as a transacting currency which time has come.

Nigeria's 11 Electricity Distribution Companies (DisCos) have insisted that billing of end-users by estimation is normal and follows necessary methodology. However, the NERC's Key Operational and Financial Data of the Nigerian Electricity Supply Industry (NESI) for January 2019 to September 2021 showed that of the 12,784,685 registered energy customers as at September 2021, only 4, 772,906 (37.33%) had been metered. The Association of Nigerian Electricity Distributors (ANED) said DisCos were not forcing their marketers to 'extort' customers and give them bills that do not reflect their electricity consumption in an effort to improve revenue. ANED's Executive Director for Research and Advocacy, Sunday Oduntan, said the companies were only concerned with market 'receivables', which is the money owed to the DisCo for a service already rendered. DisCos set commercial, operations, technical and customer service targets for their staff, which are specific and based on what has been consumed. Distribution transformers are metered to show the value of electricity passed through them, and customers are allowed to contest their billing. NERC's Methodology for Estimated Billing Regulations 2012 (Estimated Billing Methodology Regulation) was introduced in 2012 to ensure energy consumed is paid for and to ensure DisCos do not issue arbitrary electricity bills. Oduntan asked customers to promptly report electricity workers demanding bribe, noting that Nigerians must help the market fish out bad eggs.

The bullish trading experienced in recent times on the Nigerian Exchange Limited slowed this past week, recording a gain of N8bn for investors.

With market capitalisation ending at N35.994tn previous Friday, trading activities kicked off on a positive note on the NGX, appreciating to N35.539tn on Monday.

It went higher to N35.932tn on Tuesday, but suffered a continuous decline in the next three trading sessions, following the announcement of an increase in the Monetary Policy Rate to 18.50 per cent, to end at N35.402 on Friday.

The NGX All-Share Index and Market capitalisation appreciated slightly by 0.02 per cent.

Similarly, all other indices finished higher except for NGX Main Board, NGX CG, NGX Banking, NGX Insurance, NGX AFR. Bank Value, NGX AFR. Div. Yield, NGX MERI Value, NGX Consumer Goods and NGX Industrial Goods Indices which depreciated by 0.16 per cent, 0.90 per cent 2.21 per cent, 1.60 per cent, 2.20 per cent, 1.78 per cent, 0.65 per cent, 2.36 per cent and 0.31 per cent respectively, while the NGX ASeM and NGX Sovereign Bond Indices closed flat.

A total turnover of 2.854 billion shares worth N37.645bn in 41,547 deals was traded last week by investors on the floor of the NGX, in contrast to a total of 4.182 billion shares valued at N99.048bn that exchanged hands in previous week in 41,446 deals. The Financial Services Industry (measured by volume) led the activity chart with 1.936 billion shares valued at N27.704bn traded in 20,839 deals; contributing 67.84 per cent and 73.59 per cent to the total equity turnover volume and value.

Farmers under the auspices of Wheat Farmers, Processors and Marketers Association of Nigeria said they have identified 77,000 hectares of farmland for dry season wheat cultivation.

The President of the Association Wing Comdr Shuaibu Hamza (Rtd) stated this recently during a meeting of Commodity Association Presidents in Abuja.

He said that already, there are over 20,000 farmers who are on standby for government to support in terms of inputs, finance, and security to begin cultivation this coming dry season. Hamza said Nigerian wheat production suffered serious setback when farmers were convinced to abandon the country’s local varieties of wheat when the colonialist arrived. He, however, said that current efforts by designated research institutes have developed four different varieties of wheat which have been tried in many locations and the results were satisfactory.

First bank has recorded N147billion profit before tax in its results for the full year ended December 31, 2022. The performance represents 12.4 percent increase compared with N130.9 billion the bank achieved during same perid of 2021. The bank's profit after tax of N129.4 billion, represents 9.8% rise compared with N117.8billion and total assets of N10.1trillion, up 18.1% as against N8.5 trillion while customers' loans and advances of 3.7 trillion, up 30.5 percent as against N2.8 trillion while customers' deposits rose by 22.4% to 6.9 trillion, against N5.6 trillion the previous year. Also first bank first quarter 2023 results showed profit before tax N53.5billion, up 57 percent, compared to N34.1billion recorded in march 2022. Gross earnings stood at N245.7billion, up 44.2 per centers against N170.4billion and profit after tax of N48.0billion, up 54.8 percent from N31.0 billion recorded in March 2022   

Foreign portfolio investments in Nigerian stock market dropped by 40. 4 percent in 2021 to its lowest level in five years as the active participation of foreign investors in Nigerian market. Declined by 11 percentage points from about 34 percent of total market transactions in 2020 to about 23 per cent in 2021. The report, however, showed anmirable improvement in the overall FPI report, coordinated by the Nigerian Exchange (NGX), included transactions from nearly all custodians and capital market operators and it is widely regarded as a credible meassure of FPI trend.The report used two key indicators inflow and outflows, to gaurd foreign investors' mood and participation in the stock market and the economy.

Foreign portfolio investments in Nigerian stock market dropped by 40. 4 percent in 2021 to its lowest level in five years as the active participation of foreign investors in Nigerian market. Declined by 11 percentage points from about 34 percent of total market transactions in 2020 to about 23 per cent in 2021. The report, however, showed anmirable improvement in the overall FPI report, coordinated by the Nigerian Exchange (NGX), included transactions from nearly all custodians and capital market operators and it is widely regarded as a credible meassure of FPI trend.The report used two key indicators inflow and outflows, to gaurd foreign investors' mood and participation in the stock market and the economy.

Travellers are expressing their disappointment and frustrations as airfares continue to skyrocket, making it increasingly difficult for individuals to embark on their desired trips. The rising costs, coupled with economic uncertainties, have left many passengers in a state of dismay. The naira had fallen from N471/$ to N867/$.With this development, intending international students hoping to resume school in September, had been greatly impacted by the unpredictable fluctuations in foreign exchange rates. The prices of air tickets had skyrocketed, making it increasingly difficult for Nigerians to travel, especially when compared to neighbouring countries such as Benin and Ghana, where airfares are notably cheaper. As the exchange rate continued to rise, most foreign airlines’ funds were trapped within Nigeria.This scenario created a problematic landscape for Nigerians who depended on reasonably priced flights to go about their business. In an exclusive chat with The PUNCH in Abuja, a potential traveller, noted that although he had not yet booked his flight, He disclosed that many Nigerians had started exploring alternative options. One popular choice was to travel via the Benin Republic, where airfares were considerably cheaper.

The biting scarcity of dollars may force some airlines to shut down operation any time from now, Daily Trust can report. Though the scarcity has always crippled airline operations, it got worse recently with many airlines finding it extremely difficult to continue operations as they are unable to source for dollars to pay for aircraft maintenance.

No fewer than 10 aircraft belonging to local operators are in different maintenance, repair and overhaul (MRO) facilities abroad as they are unable to source for dollars to pay for the cost of maintenance. Daily Trust reports that an average C-check costs $1m (about N750m at N750/$) and it could be more depending on the extent of the check to be carried out on an aircraft.

Amanda Obidike is the founding Curator of the World Economic Forum (WEF) Global Shapers, Ozubulu Hub, and Executive Director of STEM Makers Africa, which aims to build an "Africa by us, for us" STEM ecosystem that prepares young talents to become more experienced for the continent's workforce. Forbes Science recognised her as the African changing the culture fabric for young talents to embrace opportunities in Science, Technology, Engineering, and Math (STEM). Amanda is a social innovator, technologist and data scientist who has been leveraging her platforms to provide leadership, strategy management and oversee the design and implementation of sustainable community projects and STEM education across the sub-region. She has been addressing the unemployment scourge, under-representation of young women and girls in STEM and the fragmented education system by training teachers and students in STEM education. She is also promoting an enabling environment for 100,000 women and increased girls' participation in STEM, while strengthening competencies, particularly in STEM and digital literacy, for youths to effectively transit from education to employment.

The United States Agency for International Development has warned Nigeria and other African countries to brace up for higher food prices, following recent developments that have temporarily halted Ukraine’s food exports to African countries.

USAID’s Deputy Administrator for Policy and Programming, Isobel Coleman, said this on Thursday at a virtual press conference.

According to her, Russia’s decision to withdraw from the Black Sea Grain Initiative had already begun to trigger higher food prices around the world.

She noted the impact of this food price hike would be more felt in developing countries that were import-dependent, and had conventionally relied on grain imports from Ukraine. 

Coleman said, “One of the world’s largest breadbaskets is Ukraine. By doing this, Russia is increasing food prices globally. We’ve already seen how global food prices came down over time after the Black Sea Grain Initiative came into place. Since Russia has pulled out of the agreement, food prices have again been on the rise.

“This affects every country around the world, but it affects, most acutely, large import-dependent developing countries that have to spend much of their precious foreign exchange resources to purchase food to feed their population.”

The Black Sea Grain Initiative was conceived to specifically allow for commercial food and fertiliser (including ammonia) exports from three key Ukrainian ports in the Black Sea, which are Odessa, Chornomorsk, Yuzhny/Pivdennyi.

The Chief Executive Officer of Ibadan Electricity Distribution Company, Kingsley Achife, on Monday said the residential consumers in Ogun State owed the company over N67bn.

Achife urged members of the public never to cover staff of the company indulging in unwholesome practices as about 10 of such erring staff had been sacked in the last five months

He disclosed this at a community engagement held at the IBEDC headoffice, Leme, Abeokuta, for its customers within Abeokuta metropolis and Sagamu.

Achife, who was represented by the Lead Media Relations Officer, IBEDC, Ibadan, Mrs Busolami Tunwase, said consumers should to pay their debts to avoid disconnection. 

He said the company called for the engagement with the customers to seek better working relationships, and to particularly appeal to them to help in paying their debts which was now becoming a source of concern to the company.

Achife said “We have called this meeting to seek better working relationships with our customers but this we cannot do if they are not paying for the services being rendered.

“As we speak customers in Ogun State are owing us over N67bn, this is very huge and we all know that no business can survive with suffocating debt like this. So we are appealing to them to pay up before we begin to disconnect them.

The Lagos State Government has given 100 small business owners in the Alimosho Local Government Area of the state smart PoS phones to boost their businesses digitally. The Nigeria COVID-19 Action Recovery and Economic Stimulus (CARES) Program is a state-level intervention that seeks to mitigate and cushion the effects of the COVID-19 pandemic on the residents of Lagos. The programme is financed by the World Bank and is for men and women, with focus on 70% women and 30% men. It also provides credit grants, operations grants, and IT Enhancement Grants. The most important details in this text are that an Abuja doctor has revealed a unique way to permanently cure weak erection, small and shameful manhood, and infertility issues without side effects, and that Ribdo.com is giving away cash up to 500,000 naira (shared), gift items, airtime, and others on Ribdo.com social media platform. Additionally, a doctor has revealed a unique way to permanently cure weak erection, small and shameful manhood, and infertility issues without side effects, and that Ribdo.com is giving away cash up to 500,000 naira (shared) on Ribdo.com social media platform.

Against the backdrop of the $3 billion emergency loan secured by the Nigerian National Petroleum Company Limited (NNPCL) from Afreximbank last week to redeem the tumbling naira and stem volatilities around the foreign exchange market, some economic experts have called for the careful utilisation of  the money so as to create the needed impacts on the economy as envisaged. 

This was even as the noted  that the loan creates an erroneous impression of insolvency on the part of the Central Bank of Nigeria (CBN) saying it was an unhealthy signal to foreign investors.

In his submission on the matter, a financial economist and Professor of Capital Market at the Nasarawa State University Keffi, Uche Uwaleke told Daily Sun that some clarity on the loan was necessary.

“If the security for the loan are some barrels of future crude oil production, at what forward contract price was this negotiated? In view of the fact that all proceeds of crude oil sales are paid by into the federation account, this sort of swap transactions has implications for FAAC receipts meant for the three tiers of government”.  Also reacting, the Director General, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, said Nigeria was currently neck-deep in liquidity crisis at the foreign exchange market, saying that some options were on the table for the country to embrace.

The Federal Government should licence meter manufacturers to sell directly to electricity consumers to bridge the huge metering gap, as of September last year, only 4, 772,906 (37.33%) of 12,784,685 customers had been metered. The government can grant them licenses just like banks, telecommunications and insurance companies. Balogun praised the government for the successful completion of Phase Zero of the National Mass Metering Programme (NMMP) and the support given to local meter manufacturers, who are working to ensure the meters comply with the 4G network requirements.

The Securities and Exchange Commission has expressed its determination to deepen and diversify Nigeria’s capital market in a bid to create more wealth for investors and citizens as well as stimulate economic growth.

Alhaji Aminu Yaro, a businessman from Lagos, has given N25 million to the victims of the Nguru Market fire. Governor Buni referred to the fire tragedy as a regrettable occurrence and urged the traders to view it as a preordained act of God. Also, he stated that his administration would fully analyze the damage and assist the victims.

The Nigerian Exchange Limited (NGX) has expressed optimism that the new administration will take effective steps to address FX constraints. Chief Executive Officer Temi Popoola welcomed the International Court of Arbitration delegation to the exchange. NGX trades between $250 million and $300 million a day and has declined due to FX constraints. The ICC, with 400 million members in 170 countries, plays a critical role in advocating for the private sector and providing training and capability building to link Nigerian businesses to the global platform of the national chamber of commerce. John Denton noted that the market has sustained a bullish tilt in three consecutive trading sessions, bodes well for investors' confidence and is critical to keeping the market competitive and transparent. He also commended the NGX for its strides in innovation and technology, which aligns with the ICC objectives.

The Nigerian Exchange Limited (NGX) has expressed optimism that the new administration will take effective steps to address FX constraints. Chief Executive Officer Temi Popoola welcomed the International Court of Arbitration delegation to the exchange. NGX trades between $250 million and $300 million a day and has declined due to FX constraints. The ICC, with 400 million members in 170 countries, plays a critical role in advocating for the private sector and providing training and capability building to link Nigerian businesses to the global platform of the national chamber of commerce. John Denton noted that the market has sustained a bullish tilt in three consecutive trading sessions, bodes well for investors' confidence and is critical to keeping the market competitive and transparent. He also commended the NGX for its strides in innovation and technology, which aligns with the ICC objectives.

The Asset Management Corporation of Nigeria (AMCON) has started compiling a list of the names of persons owing the federal government around N4.4 trillion in an effort to fulfil its pledge. Some of the debtors, particularly politicians running for office in the upcoming general elections, have gotten in touch with the company to see if there is any way they can pay off their debts without appearing on the list that will be made public. Asset Management Corporation of Nigeria, however, has given the 7,912 debtors who had neglected to pay their debts to the government a one-month opportunity to do so or face being exposed and disgraced by having their identities published in the media. Muazu Elazeh, the Group Managing Director of Leadership Group Ltd.

The Asset Management Corporation of Nigeria (AMCON) has started compiling a list of the names of persons owing the federal government around N4.4 trillion in an effort to fulfil its pledge. Some of the debtors, particularly politicians running for office in the upcoming general elections, have gotten in touch with the company to see if there is any way they can pay off their debts without appearing on the list that will be made public. Asset Management Corporation of Nigeria, however, has given the 7,912 debtors who had neglected to pay their debts to the government a one-month opportunity to do so or face being exposed and disgraced by having their identities published in the media. Muazu Elazeh, the Group Managing Director of Leadership Group Ltd.

The Asset Management Corporation of Nigeria (AMCON) has started compiling a list of the names of persons owing the federal government around N4.4 trillion in an effort to fulfil its pledge. Some of the debtors, particularly politicians running for office in the upcoming general elections, have gotten in touch with the company to see if there is any way they can pay off their debts without appearing on the list that will be made public. Asset Management Corporation of Nigeria, however, has given the 7,912 debtors who had neglected to pay their debts to the government a one-month opportunity to do so or face being exposed and disgraced by having their identities published in the media. 

The World Bank Group has urged Nigeria to reduce government’s borrowing from the Central Bank if it wants to reduce the inflationary pressure on the economy. World Bank’s Lead Economist for Nigeria, Alex Sienaert, In his keynote presentation, Sienaert commended the government over its recent economic reforms, He said, “The whole agenda of tackling inflation is obviously a huge one. 

“All of these things increase the money supply and reducing that will be helpful to reduce inflation, and then replacing imports with FX restrictions with tariffs.”

According to him, the fact that petrol price had significantly increased created pressure on the economy.

He added that a variety of solutions would have to be devised in order to mobilise more revenue a way that spending would be increased to tackle the real priorities in the country

Russian President Vladimir Putin has said Russia would supply 50,000 tonnes of grains to some African countries in the next three months as part of supports to ensure food security within the continent. 

“Russia holds a 20 per cent share of the global wheat market. In the first six months of 2023, it has already exported 10 million tonnes of grain to Africa.

“Russia is ready to provide Zimbabwe, Burkina Faso, Somalia, and Eritrea with 25-50 thousand tonnes of grain each in the next three to four months and ensure its free delivery to consumers,” Putin said. 

Also at the summit, Vice President Kashim Shettima assured stakeholders that the Tinubu administration is determined to revive the Aluminium Smelter Company of Nigeria (ALSCON), particularly by engaging with key stakeholders in the industry. Shettima stated this at a meeting with the management of Russian Aluminium Company – UC RUSAL and other stakeholders in the project, on the sideline of the ongoing Russia-Africa Summit in St. Petersburg, Russia.

For the second day in a row, the equity market, yesterday, recorded gains as investors reacted to the recent unified exchange rate policy. The NGX All Share Index (ASI) and Market Capitalisation both closed in the positive by 3.13% respectively as investors made N992 billion gain.

In 11,947 deals, investors exchanged 1,296,655,522 shares worth N21bn. The NGX ASI year-to-date return was at 17.04% while market activities measured by volume traded increased by 9.28%.

As labour unions warm up for a showdown with the Federal Government this week over its removal of the petroleum subsidy, , a former Statistician-General of the federation, Dr. Yemi Kale, has warned that inflation rate may spike to 30 per cent at end of this June .

In a move to cater to the evolving needs of consumers, TGI Group, makers of Big Bull Rice have introduced Big Bull Gold, a premium milled parboiled rice in consumer-friendly pack sizes.

Consumers are pleasantly delighted as Big Bull Gold recently showed up in the market in a Gold premium pack — the colours of royalty making it the top choice for discerning consumers who seek premium rice for their rice meals.

Big Bull Gold offers great value in quality, taste, health, and affordability with a new look and feel that enhances its premium positioning, shelf presence and acceptance.

With its commitment to excellence and customer satisfaction, Big Bull Gold packaging aims to elevate the overall shopping and cooking experience for consumers.

The new consumer-friendly packaging boasts a thoughtful design that aligns and reflects Big Bull Gold’s complete benefits with the preferences and needs of modern households.

Probal Bhattacharya, Chief Marketing Officer, TGI Group, stated that the introduction of Big Bull Gold in consumer-friendly packaging reflects how the company always strives to stay ahead of the curve and anticipate the changing needs of its valued consumers.

“We are delighted to introduce Big Bull Gold in new consumer-friendly packaging. This reflects our commitment to offering the best to our customers. With premium quality at the forefront, our goal is not only to deliver top-quality rice but also an exceptional consumer experience,” he noted.

Nigeria’s effort to expand her non-oil commodities export got a boost on Tuesday with the United Kingdom (UK), slashing export tariffs on 3,000 products exported from Nigeria under the Developing Countries Trading Scheme (DCTC).

British High Commissioner to Nigeria, Mr Richard Montgomery broke the news in Abuja at the sensitisation workshop on the UK Developing Countries Trading Scheme organised in partnership with the Federal Ministry of Industry Trade and Investment and the Nigerian Export Promotion Council (NEPC).

Represented by the Deputy British high commissioner to Nigeria, Ms Gill Atkinson, said the decision was taken to depend on the trade relationship between UK and Nigeria. 

“The Developing Countries Trading Scheme (DCTS) benefits 46 counties, 31 of which are African countries, one of the most important of course is Nigeria. This new trading scheme, which came into force on 19 June and offers fast-growing economies one of the most generous sets of trading preferences of any country in the world and demonstrates the UK’s commitment to building a long-term, mutually beneficial relationship with Nigeria.

“Nigeria stands to benefit more than any country from the changes introduced by the DCTS it will see tariff reductions on over 3000 products meaning that 99% of existing Nigerian exports to the UK by value will be duty-free Tariffs which promote value addition in important non-al export sectors such as cocoa butter and paste, sesame oil among others.

“The DCTS benefits the UK as well – it reduces import costs by over £750 million per year, helping to reduce prices and increase choice for UK consumers and businesses as well,” she explained.

Stakeholders are concerned about the prevalence of fraudulent practice and online scams in the real estate business, which is more pronounced in the sector due to its capital-driven nature. To reduce the prevalence of scam, due diligence and process are needed, and certified professionals must do their job by advising customers on the pros and cons of where they intend to purchase properties and the problems they are likely to encounter. The society needs more sensitisation by the institution and government, and people should go through the right channel for scams to be reduced. The real estate market has been slow in recovering from the COVID-19 pandemic, but investment in the market is still doing well. There are some areas of the sector that were affected by the pandemic, such as residential and industrial, but the Lekki axis of Lagos is growing in terms of industrial and residential properties. The office segment performance was low, but will bounce back due to isolation and the difference between coming together to work and working from home. There is a lot of prospect in the industry because the money is there and there are lots of investment opportunities coming up in the country.