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Customs Generate N65.5bn from Three Commands in Q1



  • Customs Generate N65.5bn from Three Commands in Q1

The Ports and Terminal Multi-purpose Limited, Command, Lagos; Port Harcourt Area 11 Onne Command, and the Ogun Area Command of the Nigeria Customs Service generated a total of N65.5bn revenue in the first quarter of 2019.

The PTML generated N36.7bn; Onne Command generated N25.6bn while the Ogun Area Command generated N3.2bn from January to March.

Also, about 136,973,413.92 metric tonnes of non-oil goods worth N409bn were exported from the Onne Command within the period under review. Ogun Command made a total of 226 seizures with a Duty Paid Value of N439m while Onne Command recorded a total of nine seizures, with a DPV of N107m also within period under review.

PTML Customs Area Controller, Florence Dixon, attributed the volume of revenue collection to the increase in cargo throughput and strategic diligence on the part of officers and men of the service.

Dixon, who spoke through the Command Public Relations Officer, Mohammed Yakubu, said there was no option to compliance at PTML by all stakeholders.

Meanwhile, the Ogun State Area Command Controller, Michael Agbara, listed the seized items to include 83 units of vehicles, out of which 37 were fairly used, and 46 were used as means of conveyance of smuggled items. The seizures also include 12,720 of 50kg bags of foreign rice, Indian hemp, vegetable oil, motorcycles, clothing and foot wears, tyres, petrol and handbags.

Agbara said the command seized and handed over 1.8 tonnes of Indian Hemp to the Ogun State Command of National Drug Law Enforcement Agency, adding that three suspects arrested in connection with attacks on Customs operatives earlier in March 2019 at Papalanto and others who attacked the Command’s headquarters at Abeokuta were undergoing investigation.

Similarly, the Controller of Onne Command, Aliyu Saidu, said items seized by his command include nine containers comprising 57,300 pieces of machetes, vegetable oil, foreign soaps, clothing and parboiled foreign rice. He added that the machetes were imported without end-user certificates.

A statement signed by the Command Public Relations Officer, Ifeoma Ojekwu, quoted Saidu as saying the command’s overall successes were based on 100 per cent physical examination of goods and active intelligence gathering.

“Specifically, when relating the revenue collected and seizures to the operational strategies used, I am happy to inform you that the command focused mainly on intelligence-based risk profiling of our system with 100 per cent physical examination of cargo at the various terminals and sheds,” he said.

Saidu said all the seizures made by his command were propelled by various forms of infractions such as false declaration, concealment, wrong classification, import without end-user certificate and complete disregard for import and export guidelines; with intent to smuggle in illicit goods.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.


Federal Government Set to Seal $3.8bn Brass Methanol Project Deal in May 2024




The Federal Government of Nigeria is on the brink of achieving a significant milestone as it prepares to finalize the Gas Supply and Purchase Agreement (GSPA) for the $3.8 billion Brass Methanol Project.

The agreement to be signed in May 2024 marks a pivotal step in the country’s journey toward industrialization and self-sufficiency in methanol production.

The Brass Methanol Project, located in Bayelsa State, is a flagship industrial endeavor aimed at harnessing Nigeria’s abundant natural gas resources to produce methanol, a vital chemical used in various industrial processes.

With Nigeria currently reliant on imported methanol, this project holds immense promise for reducing dependency on foreign supplies and stimulating economic growth.

Upon completion, the Brass Methanol Project is expected to have a daily production capacity of 10,000 tonnes of methanol, positioning Nigeria as a major player in the global methanol market.

Furthermore, the project is projected to create up to 15,000 jobs during its construction phase, providing a significant boost to employment opportunities in the country.

The successful execution of the GSPA is essential to ensuring uninterrupted gas supply to the Brass Methanol Project.

Key stakeholders, including the Nigerian National Petroleum Company Limited and the Nigerian Content Development & Monitoring Board, are working closely to finalize the agreement and pave the way for the project’s advancement.

Speaking on the significance of the project, Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized President Bola Tinubu’s keen interest in expediting the Brass Methanol Project.

Ekpo reaffirmed the government’s commitment to facilitating the project’s success and harnessing its potential to attract foreign direct investment and drive economic development.

The Brass Methanol Project represents a major stride toward achieving Nigeria’s industrialization goals and unlocking the full potential of its natural resources.

As the country prepares to seal the deal in May 2024, anticipation grows for the transformative impact that this landmark project will have on Nigeria’s economy and industrial landscape.

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IMF Report: Nigeria’s Inflation to Dip to 26.3% in 2024, Growth Expected at 3.3%



IMF global - Investors King

Nigeria’s economic outlook for 2024 appears cautiously optimistic with projections indicating a potential decrease in the country’s inflation rate alongside moderate economic growth.

The IMF’s revised Global Economic Outlook for 2024 highlights key forecasts for Nigeria’s economic landscape and gave insights into both inflationary trends and GDP expansion.

According to the IMF report, Nigeria’s inflation rate is projected to decline to 26.3% by the end of 2024.

This projection aligns with expectations of a gradual easing of inflationary pressures within the country, although challenges such as fuel subsidy removal and exchange rate fluctuations continue to pose significant hurdles to price stability.

In tandem with the inflation forecast, the IMF also predicts a modest economic growth rate of 3.3% for Nigeria in 2024.

This growth projection reflects a cautious optimism regarding the country’s economic recovery and resilience in the face of various internal and external challenges.

Despite the ongoing efforts to stabilize the foreign exchange market and address macroeconomic imbalances, the IMF underscores the need for continued policy reforms and prudent fiscal management to sustain growth momentum.

The IMF report provides valuable insights into Nigeria’s economic trajectory, offering policymakers, investors, and stakeholders a comprehensive understanding of the country’s macroeconomic dynamics.

While the projected decline in inflation and modest growth outlook offer reasons for cautious optimism, it remains essential for Nigerian authorities to remain vigilant and proactive in addressing underlying structural vulnerabilities and promoting inclusive economic development.

As the country navigates through a challenging economic landscape, concerted efforts towards policy coordination, investment promotion, and structural reforms will be crucial in unlocking Nigeria’s full growth potential and fostering long-term prosperity.

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South Africa’s March Inflation Hits Two-Month Low Amid Economic Uncertainty



South Africa's economy - Investors King

South Africa’s inflation rate declined to a two-month low, according to data released by Statistics South Africa.

Consumer prices rose by 5.3% year-on-year, down from 5.6% in February. While this decline may initially suggest a positive trend, analysts caution against premature optimism due to various economic factors at play.

The weakening of the South African rand against the dollar, coupled with drought conditions affecting staple crops like white corn and geopolitical tensions in the Middle East leading to rising oil prices, poses significant challenges.

These factors are expected to keep inflation relatively high and stubborn in the coming months, making policymakers hesitant to adjust borrowing costs.

Lesetja Kganyago, Governor of the South African Reserve Bank, reiterated the bank’s cautious stance on inflation pressures.

Despite the recent easing, inflation has consistently remained above the midpoint of the central bank’s target range of 3-6% since May 2021. Consequently, the bank has maintained the benchmark interest rate at 8.25% for nearly a year, aiming to anchor inflation expectations.

While some traders speculate on potential interest rate hikes, forward-rate agreements indicate a low likelihood of such a move at the upcoming monetary policy committee meeting.

The yield on 10-year bonds also saw a marginal decline following the release of the inflation data.

March’s inflation decline was mainly attributed to lower prices in miscellaneous goods and services, education, health, and housing and utilities.

However, core inflation, which excludes volatile food and energy costs, remained relatively steady at 4.9%.

Overall, South Africa’s inflation trajectory underscores the delicate balance between economic recovery and inflation containment amid ongoing global uncertainties.

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