The government of Ghana has taken exception to the government of the Federal Republic of Nigeria’s description of Accra’s laws regarding retail trade as “outrageous”. Ready to export? Inaugural Women's Global Trade Empowerment Forum: Expanding Trade in North America & Beyond Inaugural Women's Global Trade Empowerment Forum: Expanding Trade in North America & Beyond For two consecutive quarters, Nigeria's trade balance has been in the deficit. U.S. goods and services trade with Nigeria totaled an estimated $11.3 billion in 2018. Wanted - Sesame Seeds. Regional trade development remains a priority. Learn how the U.S. Commercial Service is helping companies achieve success! NIPOST increased the new licence fees for Municipal operators to N1 million, and annual renewals fees to 40 per cent of new licence fees at N400,000.00 a year.All licence renewal fees are pegged at 40 per cent of fees per zone, among other regulations. FDI slumpsIn June, the United Nations Conference on Trade and Development (UNCTAD) disclosed that Foreign Direct Investment (FDI) into Nigeria declined by 48.2 per cent to $3.3 billion in 2019 from $6.4 billion in 2018.
Leading categories include: cocoa beans ($15 million), tea, including herb ($8 million), tree nuts ($6 million), feeds & fodders ($6 million), and spices ($4 million).The U.S. goods trade deficit with Nigeria was $2.9 billion in 2018, a 39.9% decrease ($1.9 billion) over 2017.U.S. Ready to export? The rapid growth of petroleum as an export commodity reversed the trend between 1966 and 1977. goods exports to Nigeria in 2018 were $2.7 billion, up 23.6% ($513 million) from 2017 but down 34.5% from 2008.The top export categories (2-digit HS) in 2018 were: vehicles ($854 million), machinery ($374 million), mineral fuels ($326 million), cereals (wheat) ($227 million), and aircraft ($185 million).U.S. These and numerous other factors culminate in the inability of Nigerian produce to be competitive in the export market.Twelve months afterwards, a number of the problems persist.According to the report, FDI flows to Nigeria declined due to a slowdown in investment in the oil and gas industry.There were projections that the COVID-19 pandemic would severely curtail foreign investment in Africa in 2020. Regional integration partnership between Nigeria and other African countries and institutions such as AfDB is also evidence of how Nigeria is growing in its African role. The US – Nigeria Trade Council is dedicated to strengthening and enriching the vehicle of investment and trade between the United States of America and Nigeria… Become A Member USATIGS 2019: U.S.-AFRICA TRADE & INVESTMENT GLOBAL SUMMIT, ATLANTA, GA, USA >>SEPT 26-28, 2019 Take advantage of our menu of virtual export promotion services. According to Customs, the ban was necessary to stop the smuggling of the products across the borders to neighbouring countries.Again, many companies have stopped exporting through the land border due to the closure of the border.For logistics concerns, quite a number also find it difficult to move their goods through the sea, hence, stifling trade between Nigerian indigenous traders and their counterparts in other West African countries.In July, Vice President Yemi Osinbajo noted that business reforms triggered by the Presidential Enabling Business Environment Council (PEBEC) are an opportunity to significantly boost local and foreign investments in the country.He noted that as a result of the work of PEBEC, the World Bank has praised the economic direction of the Buhari administration and ranked the country higher in its annual Ease of Doing Business Rankings.Last October, three months after Mr Adebayo assumed office, the World Bank listed Nigeria among the economies with the most notable improvement in the Ease of Doing Business. No improvement has been witnessed in this area in recent time.Get the latest in African news delivered straight to your inboxTo complete the process, please follow the instructions in the email we just sent you.There was a problem processing your submission. On August 21, 2019, President Muhammadu Buhari appointed Niyi Adebayo, a former governor of Ekiti State, as Minister of Trade and Investment.He succeeded Okechukwu Enelamah, his predecessor in that office.Mr Adebayo had the mandate to lead the promotion of government's policies of Ease of Doing Business, job creation, poverty eradication and industrialisation.The minister was also expected to implement policies and programmes to improve standardisation of bilateral trade agreements, stimulating growth of domestic Micro, Small and Medium Enterprises, MSMEs and renewed roadmap to increase Nigeria's Foreign Direct Investment, FDIs.When Mr Adebayo assumed office, there were a number of challenges bedeviling the trade and investment environment such as multiple taxation, high cost of power supply, difficulty with access to loan, poor infrastructure, high cost of doing business, among others.
Nigeria Trade Statistics including exports and imports by partner and products, tariffs and relevant development indicators. According to the report, FDI flows to Nigeria declined due to a slowdown in investment in the oil and gas industry. Gain market insight and solidify your Indo-Pacific business strategy at the largest annual U.S. Government-led trade mission and business forum. Our international experts provide market intelligence and business connections. Nigeria Trade Info Portal Friday, November 4, 2016. Learn how the U.S. Commercial Service is helping companies achieve success! Our international experts provide market intelligence and business connections. AllAfrica is a voice of, by and about Africa - aggregating, producing and distributing 900 news and information items daily from over 140 African news organizations and our own reporters to an African and global public. With the implementation of the United States-Mexico-Canada Agreement (USMCA), this dynamic six-part series provides a truly unique opportunity to gain the tools, skills, and networks to build an export strategy and develop business connections.


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