Central Bank of Nigeria Commences e-invoice For Importers, Exporters

The Central Bank of Nigeria (CBN) has set the 1st February kick-off date for all importers and exporters to submit an electronic invoice (e-invoice) authenticated by the authorized dealer bank to the regulator. The CBN’s ‘Guidelines on the introduction of e-valuation, e-invoicing for import and export in Nigeria’ released Friday, directed that the e-invoice should be submitted on the Nigeria single window portal-Trade Monitoring System set up by the apex bank.

FG To Unveil Digital Post Code System

The Federal Government has completed the digitization of the analog postcode and is set to unveil the fully-fledged Post Code System by the first quarter of 2022, solving most of the "National addressing" needs of the country. The Post Master General and Chief Executive Officer of the Nigerian Postal Service (NIPOST), Dr. Ismail Adewusi disclosed this during a press conference on Tuesday in Abuja, saying the digitization of post codes will eliminate inefficiency and improve prompt delivery of information.

Osinbajo Seeks Debt Relief For Nigeria And Other African Countries

The Vice President Of Nigeria Prof. Yemi Osinbajo has urged multilateral organizations to put into consideration the responsibilities of African countries and adopt debt relief initiatives such as Debt Service Suspension Initiative and the Common Framework for Debt Treatments, this was made public by Osinnbajo while delivering an address during the virtual edition of the 2022 World Economic Forum (WEF) on 21st January 2022.

Oil Prices Hits All Time High In Nearly A Decade

The oil market started the week bullish as prices rose to a seven-year high when it hits $88.4bp on Tuesday after drone attacks, Monday near an oil depot in the United Arab Emirates (UAE) by Yemen’s Houthi rebels stoked fears across the region. Brent crude oil rose 1.9 per cent to a high of $88.13 a barrel with the West Texas Intermediate (WTI) trading at $86.9pb, the highest level since October 2014 when oil topped $115. With this surge, some analysts are of the opinion that the crude benchmarks could trade at more than $100 a barrel this year unless the supply is increased.

IMF Propose $50 billion For Nigeria, Others

The International Monetary Fund (IMF) in an effort to build resilience to the balance of payments shocks says it is proposing a $50 billion trust fund to help low and vulnerable middle-income countries. The IMF stated that amid the covid-19 pandemic it is crucial not to overlook the long-term challenge of transforming economies so as to achieve sustainable and inclusive growth. The IMF who made this disclosure via a blog post titled, ‘A New Trust to Help Countries Build Resilience and Sustainability, also Identified Climate change as a long-term challenge that threatens macro-economic stability and growth in many countries through natural disasters and disruptions to industries, job markets, and trade flows, among others.

Rice Price Set To Crash

The Rice Farmers Association of Nigeria (RIFAN) in collaboration with the Central Bank of Nigeria has revealed that plans to launch the one million bags of rice paddy stacked as pyramids in the nation's capital have been concluded. Immediately after the pyramids, the apex bank and RIFAN will allocate the rice to processors as stated by the Chairman Pyramid Sub Committee, Mr. Shehu Muazu. More so, the pyramids were enabled by the CBN's Borrowers Programme (ABP).

Governors To Meet Organized Labour Over Fuel Subsidy

The Nigerian Governors' Forum (NGF) has announced that it has resolved to meet with the organized labour unions over the removal of fuel subsidy in the country. Governor Kayode Fayemi, NGF Chairman, made the announcement during a press briefing on Thursday in Abuja, saying all the governors met and discussed issues of national importance including the Electoral Amendment Bill and the expected removal of fuel subsidy.

Buhari Visits Ogun, Commissions Landmark Projects

President Muhammadu Buhari is currently on a one-day official visit to Ogun state to commission some projects. Buhari, who dressed in flowing agbada made with the popular local “Adire” fabrics arrived at the Gateway City Gate Monument, Sagamu-Interchange-Abeokuta at 11.37 am in the company of Abiodun.

Closure of Road In Apapa

The Lagos State Government has announced the diversion at Apapa Dockyard, following the Railway project( Lagos-Ibadan) with the extension to Lagos Port at Apapa. The diversion has been revealed by the government would divert traffic flow at Apapa Dockyard Road from 6:00 pm 23rd of January till 6:00 am 24th January, 2022 for maintenance work to be done.

President Buhari Endorses Establishment Of Nigerian Diaspora Investment Trust Fund

President Muhammadu Buhari has approved the establishment of the Nigerian Diaspora Investment Trust Fund (NDITF), a private sector investment window with Nigerians in the Diaspora to support direct investments into the country.