Import

Fish Importation In Nigeria

fish importation in Nigeria

Fish Importation In Nigeria is about a 2.4million metric tonnes annually and this is taking a toll on the country’s foreign exchange reserves, the Federal Government lamented on Monday. Speaking to journalists on the sidelines of the Internal Coordination Meeting of Implementation of Fisheries Governance Project Phase Two in Abuja, the Minister of Agriculture and Rural Development, Mohammed Mahmood, said Nigeria’s annual fish demand was 3.6 million metric tonnes, but only 1.2MMT was produced domestically. Mahmood, who was represented by the Director, Fisheries, and Aquaculture, Federal Ministry of Agriculture and Rural Development, Ime Umoh, said, “Nigeria is a very large country and...

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China Imports To Nigeria Rise By 183.91%

china Imports to Nigeria Rises

China is responsible for most of the imports into Nigeria reported by the National Bureau of Statistics data on foreign trade. In the five quarters under review, China was the number one nation in the top 10 countries. Nigeria’s imports from China rose by 183.91 percent from N530.98bn in the first quarter of 2018 to N1.51tn in Q1 2022. While China is responsible for the bulk of the nation’s imports, export to China is negligible according to available data. The country was missing from the nation’s top 10 export destinations in Q1 2018 – Q1 2020, and Q1 2022. Only in Q1...

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FG implements cooking gas imports tax, price jumps by 100%

LPG

The Federal Government has implemented a 7.5 per cent tax on imported Liquefied Petroleum Gas, popularly called cooking gas, as the cost of the commodity leap by over 100 per cent within a period of eight months. It was gathered on Sunday that the government implemented the VAT on LPG imports about three weeks ago and some dealers were also mandated to pay the tax for commodities imported several months ago. Operators told our correspondent that Nigeria imports about 70 per cent of the commodity, while the rest was mainly supplied by the Nigeria Liquefied Natural Gas company. It was also gathered that...

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Experts worry as rice imports increase by 200MT

rice

Agricultural experts have expressed concern over the increase in rice imports into the country despite interventions in the value chain by the Central Bank of Nigeria through its Anchor Borrowers Programme. Speaking at the ongoing 44th National Council on Agriculture and Rural Development in Abuja, industry experts observed that it was becoming tough to guarantee food security in Nigeria following widespread insecurity across the country. Delivering a presentation at the council, a professor of agricultural economics and policy as well as Chair, Infrastructure, Nigeria Zero Hunger Forum, Gbolagade Ayoola, said findings showed that Nigeria imported about 200MT of rice in 2020. He said...

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Customs propose ban on vehicles above seven years

Customs propose ban on vehicles above seven years

The House of Representatives’ Committee on Customs and Excise has proposed a revenue target of N1.56tn for the Nigeria Customs Service in 2021, up from the original N1.4tn proposition. The amount was set for the NCS in 2020 before the outbreak of the coronavirus pandemic that led to a downward review of the target to N1.3tn. The committee resolved to jerk up the figure at a budget defence session held with the Controller-General of the NCS, Col. Hameed Ali (retd.), in Abuja on Tuesday. Ali, however, decried that the African Continental Free Trade Area and the World Trade Organisation agreements entered into by...

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