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Tag: West African Import Information

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History made with the launch of the ACFTA

After months of delay due to the COVID-19 outbreak, the African Continental Free Trade Area was officially launched on the 1st January 2021. 

African countries have officially begun trading under the new continental free trade agreement.

The AFCFTA primary aims to being together over 1.3billion people in a $3.4 trillion economic bloc, which will be the largest free trade area since the World Trade Organisation was established. Predicted estimates forecast the free trade agreement could lift tens of millions of people out of poverty by the year 2035. The trade agreement is primary in place to boost trade among fellow African nations, as the continent has previously received low internal trade.

Backers claim that trade among fellow African nations will increase substantially and thus allowing the continent to establish its own value chains of distribution. Every African country is participating in the agreement, except from Eritrea, with a total of 54 nations involved.

Ghana’s President Nana Akufo-Addo indicated “There is a new Africa emerging with a sense of urgency and purpose and an aspiration to become self-reliant. COVID-19 has demonstrated that Africa is overly reliant on the export of primary commodities, overly reliant on global supply chains, when the global supply chains are disrupted, we know that Africa suffers.”

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Source: Aljazeera, January 2021

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Nigerian Land Boarders to Reopen Soon Says President

After much debate, President Muhammadu Buhari has announced that the Nigerian Government are considering re-opening the land boarders ‘as soon as possible’.

The land boarders have been closed since August 2019 to decrease the level of illegal food and agricultural products being smuggled into Nigeria from neighbouring countries.

President Muhammadu Buhari announced the intention via social media on Tuesday, tweeting ‘In my meeting with State Governors today I explained that the closure of Nigeria’s land borders was partly an attempt to control the smuggling in of weapons & drugs. Now that the message has sunk in with our neighbours, we’re looking into reopening the borders as soon as possible.”

Zainab Ahmed, The Minister of Finance, Budget and National Planning, revealed last month that issue had been indicated and will be brought before the President to make a final decision.

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Source: Nairametrics, December 2020

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Nigeria’s land borders to be reopened soon, minister announces

Nigeria’s land borders may be reopened soon after been closed since August 2019.

Zainab Ahmed, The Minister of Finance, Budget and National Planning, gave a announcement yesterday during a interview with the State House correspondence. Ahmed stated that the presidential committee which implemented the restrictions were pleased with the outcome and recommended the reopening of the borders.

Nigeria closed its land borders in August 2019 to halt the illegal importation of automotive products and parts into the country from neighbouring West African countries.

She indicated the committee will shortly submit a report to the President, Major General Muhammadu Buhari, and a formal announcement on the matter will be made on the matter following from his decision.

Although Ahmed stated that the committee were pleased with the regulations, she did not indicate when the report will be submitted to the president or when the land borders will be officially open.

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Source: The Punch, November 2020

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Car import levy slashed from 35% to 5%

The federal government is implementing plans to decrease the levy paid on imported cars from 35 percent to just five percent.

This is contained in the draft of the 2020 finance bill to be presented to the national assembly.

The implemented bill becomes in place once it is passed by the legislature and acknowledged by President Muhammadu Buhari.

Information of the bill shared by the president also highlights that the import duty of Tractors and motor vehicles for the transportation of goods has also been dramatically decreased from 35 percent to 10 percent.

To improve ease of doing business, the bill also proposes that software acquisition now qualifies as capital expenditure.

Zainab Ahmed, the minister of finance, budget, and national planning, had previously explained that the reduction in import duties and levies is targeted at reducing the cost of transportation.

“The reason for us is to reduce the cost of transportation which is a major driver of inflation especially food production,” she told state house correspondents on Wednesday 18th November at the federal executive council.

Last year, Hameed Ali, the comptroller-general of the Nigeria Customs Service have purposely encouraged the federal government to reduce the levy on imported cars to 10%. A tactic to decrease the importation of smuggling or importing from neighbouring countries.

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Source: The Cable, November 2020

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