The recovery of the Nigerian economy from recession is an indication that the various policies of government towards reflating the economy, as set out in the Economic Recovery and Growth Plan (ERGP), are yielding fruits, and confidence is returning to the Nigerian economy, the Federal Government said.

NEPZA, Customs, To Harmonise Free Trade Zones Operations

The Nigeria Export Processing Zones Authority (NEPZA) and the Nigeria Customs Service (NCS) on Tuesday proposed to establish a committee to harmonise their operations for efficient operation of Free Zones scheme. The News Agency of Nigeria (NAN) reports that the organisations made the resolution when the NEPZA management, led by its Managing Director, Mr Emmanuel Jimi, visited the NCS in Abuja.

The Naira on Tuesday appreciated against the dollar at the parallel market, News Agency of Nigeria reports. The Nigerian Naira on Tuesday, September 5, appreciated against the dollar and other international currencies, gaining N1 to exchange at N364 to the dollar, stronger than N365 posted on Friday, while the Pound Sterling and the Euro closed at N470 and N430, respectively.

The Nigerian Content Development and Monitoring Board (NCDMB) has said that it had obtained all necessary approvals to re-launch the Nigerian Content Intervention Fund (NCI Fund) with N72 billion ($200m). Mr Sibi Wabote, the Executive Secretary of the Board, disclosed this in a statement made available to newsmen in Lagos. Wabote said the fund, which would be available for lending to qualified oil and gas players, had been increased from $100m to $200m to ensure that more deserving companies would benefit.

The Minister of Power Works and Housing, Babatunde Fashola has attributed the non-improvement of electricity in the country to obsolete power distribution equipment handed over to private investors after the privatization of the sector. The Minister stated this on Wednesday while addressing State House Correspondents after the weekly Federal Executive Council (FEC) meeting.

The Nigeria Extractive Industry Transparency Initiative (NEITI) recently disclosed that the three tiers of government, the Federal, States and Local Governments have so far shared N2.788 trillion between January and June this year, a 38% increase on the N2.019 trillion shared in the first half of 2016. Out of N2.788 trillion disbursed in the first half of 2017, the Federal Government received N1.09 trillion, 36 State Governments received N923 billion while N549.8 billion went to 774 local governments in the country.

The Nigeria Customs Service has reportedly dismissed five officers suspected to have facilitated the illegal importation and eventual clearance of 661 pump action at the Tin Can Island Port, Lagos. The Public Relations Officer (PRO) of the Service, Joseph Attah who confirmed the development to newsmen stated that the five officers were found culpable in the importation of the arms, having collected bribes.

Central Bank of Nigeria (CBN) on Monday boosted the foreign exchange market by offering a total of $195m in three segments of the market. The apex bank auctioned $100m in the wholesale segment and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45million respectively.

The Nigerian National Petroleum Corporation (NNPC) has urged members of the Independent Petroleum Producers Group (IPPG) to participate in the forthcoming bid round for about 30 marginal oil fields. The Group Managing Director of the Corporation, Dr. Maikanti Baru, gave this charge when he received a delegation of IPPG led by its chairman, Engr.

Twenty-six ships laden with petroleum products, food items and other goods are expected to arrive at Apapa and Tin-Can Island ports in Lagos from Aug. 21 to Sept. 2. The Nigerian Ports Authority (NPA) stated this in its publication, `Shipping Position’, according to the News Agency of Nigeria (NAN) on Monday in Lagos.