Business
Okonjo-Iweala urges Nigeria to begin fossil fuel transition, pledges WTO’s trade assistance
Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, has expressed the WTO’s willingness to assist the country in surmounting its trade challenges, boost its economy and increase its global share of commerce.
She also spoke on ARISE TV and urged Nigeria to begin to transit from fossil fuel as the world is moving to cleaner energy.
Okonjo-Iweala, on a visit to the country, said agriculture could also boost Nigeria’s share of African trade, currently at about 19 per cent.
She urged the country to exploit the huge potential in the African Continental Free Trade Agreement (AfCFTA) to increase its share of the world trade, stressing that Nigeria’s 0.33 per cent share of global trade is poor.
President Muhammadu Buhari, who received her at the Presidential Villa, Abuja on Monday, attributed her emergence as WTO DG to her past record of performance locally and internationally.
Speaking during separate visits to the Minister of Industry, Trade and Investment, Chief Adeniyi Adebayo, and his Finance, Budget and National Planning counterpart, Mrs. Zainab Ahmed, Okonjo-Iweala expressed WTO’s willingness to assist the country in surmounting limitations to trade in order to increase its global share of commerce.
To achieve that, the former minister for the Economy and Minister of Finance called for value addition to Nigeria’s huge agricultural products for export.
Speaking during separate visits to the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo and his Finance, Budget and National Planning counterpart, Mrs. Zainab Ahmed, the WTO DG said, “Nigeria’s share in world trade is 0.33 per cent. This is a very small fraction of what we could do. Our share in African trade is 19 per cent, a little bit higher and below our share of Africa GDP, which is almost a quarter of Africa’s GDP.
“What this means is that we can either look at it negatively or say it is a small portion of what world trade is, or we can turn it around and say it is a glass half full, optimistic side, and say that there is potential for us to do much more. That’s the message I want to convey to the country and Mr. President.
“This means we must step up our action on the economy. We must strive to do better and harder in several ways. The reason we are concerned about that is our youth. Majority of our population are young people who are looking for jobs.”
She added that trade could be instrumental to job creation and economic growth with value addition to products and good logistics to deliver trade.
Okonjo-Iweala further lamented that Nigeria currently ranks 103 out of 167 counties in terms of logistics.
Commending Nigeria for signing on to AfCFTA, the former minister noted that Nigeria accounts for 19 per cent of Africa’s trade, adding that the country could do much better.
The WTO DG called on Nigeria to urgently transit from fossil fuel to renewable energy, saying, “Before we know it, everywhere will be electric cars. So, not only because of trade, but it’s existential for us as a country that we begin to think about what we have.”
She also urged Nigerians not to despair over the current difficulties, adding that the focus should be to identify those areas where there was potential and turn the economy in that direction.
On the fossil fuel transition, she said, “The fact that fossil fuels are being phased out in the world as every country is announcing that as from 2025, 2030, 3040, they would no longer allow the use of fossil fuels; they would not allow cars that burn petrol and is all moving to electric cars and renewables.
“This is huge for the Nigerian economy. It means we’ve to begin thinking of the transition now. Gas is our transition fuel. Some of us are trying to argue for a little more time for countries that depend on gas to have a transition period.
“But it’s inevitably, the way the world is going, we’ve to transition out. And what does that mean? That means we’ve to start thinking what other sectors of the economy are going to bring in revenue to enable us to support imports and exports and create jobs because we’re very dependent on the oil and gas sector now.”
She said her visit was to thank the Federal Government and all Nigerians for the overwhelming support they gave her without which she would not have emerged as the WTO DG as well as to sort out where the organisation could support investments.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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