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FG pledges policies that’ll promote investments, trade
Evelyn Ngige, Permanent Secretary, Ministry of Industry, Trade and Investment, said that the Federal Government has promised to implement policies that would promote investments and facilitate increased foreign and domestic trade.
- FG pledges policies that’ll promote investments, trade
- Stakeholders wants FG to formulate export policy on non-oil to boost economy
- Nigeria redeems $500m Eurobond, re-affirms commitment to meeting debt service obligations
- Power sector gas debt reaches $1bn —NGA
- Oil prices rise in early trade as US inflation cools
Ngige stated this on Wednesday in Abuja during the stakeholders’ sensitization workshop on the first Nigeria Investment Policy (2023-2027) (NlnP) and Trade Policy of Nigeria (2023-2027) (TPN).
Represented by BabaGana Alkali, the Director of Policy, Planning, Research, and Statistics in the ministry, she said that both policy documents would address gaps and provide strategic frameworks for investment promotion and increased trade.
She expressed the ministry’s commitment to improving domestic investment and the business environment to position Nigeria as one of the world’s preferred investment destinations.
“The development of the first Investment Policy and the Review of the Trade Policy of Nigeria are useful outcomes of the sustained efforts of the ministry in this regard,’’ she said.
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Stakeholders wants FG to formulate export policy on non-oil to boost economy
The organised private sector has urged the Federal Government to formulate an export policy that would drive economic growth in the non-oil sector.
Segun Kadir, the Director-General, Manufacturing Association of Nigeria (MAN), made the call at the closing of the 2023 Nigeria Employer’s Summit on Wednesday in Abuja.
The Summit was organised by the Nigeria Employer’s Consultative Association (NECA) with the theme “Trade and Non-Oil Export: Changing the Narrative for Rapid National Development”.
Kadir said that policy formulation in the sector was a much-needed ingredient to drive growth in the export industry.
He said that in spite of the growth recorded in 2022, the current trade policy implemented by the government was grossly inadequate and inhibited the growth of the sector.
Nigeria redeems $500m Eurobond, re-affirms commitment to meeting debt service obligations
Nigeria on Wednesday, redeemed a 500 million dollars 10-year tenor Eurobond with the due date of July 12, 2023, a statement from the Debt management Office (DMO) revealed.
The Eurobond said it was issued in July 2013 as part of a dual-tranche one billion dollars Eurobond for a tenor of 10 years at a coupon of 6.375 percent per annum.
The DMO said that redemption of the Eurobond was a demonstration of the country’s commitment to meeting its debt service obligations.
It said that Nigeria had previously redeemed a 500 million dollars Eurobond in July 2018, another 500 million dollars Eurobond in January 2021, and a 300 million dollars Diaspora Bond in June 2022.
Power sector gas debt reaches $1bn —NGA
Gas debts of the power sector to gas suppliers in Nigeria hit $1 billion, as efforts to ascertain the final amount and find a more comfortable way of addressing this debt are ongoing, the Nigeria Gas Association said.
Added to the huge debt owed to gas suppliers by the power sector, a new gas pricing template for the power sector and gas-based industries has been developed and is currently waiting the approval of President Bola Tinubu, the Nigerian Midstream and Downstream Petroleum Regulatory Authority announced on Wednesday.
Speaking during the inauguration of the Decade of Gas Secretariat in Abuja, Ed Ubong, the secretariat’s coordinator and immediate past president of the Nigeria Gas Association, said that it was important for the government to clear the gas debts in order to help drive investors’ confidence in gas investments.
Oil prices rise in early trade as US inflation cools
Oil prices rose in early Asian trade on Thursday after U.S. inflation and economic data sparked hopes the Federal Reserve may have fewer interest rate hikes in store for the world’s biggest economy.
According to Reuters, Brent crude futures rose 6 cents to $80.17 per barrel by 0004 GMT and U.S. West Texas Intermediate crude futures were up 4 cents, or $75.79.
U.S. data on Wednesday showed consumer prices rose modestly in June, registering the smallest annual increase in more than two years. Markets expect one more interest rate rise, but oil traders hope that may be it because higher rates can slow economic growth and reduce oil demand.
