News

JUST IN: Customs Increases Import Duty Rate By 43 Percent

Published

2 years ago

February 2, 2024

Editor

The Central Bank of Nigeria, CBN, has approved an increase in the import duty rate by 43 percent.

Recall that the exchange rate for duty collection is usually determined by the CBN.

Importers and stakeholders in trading woke up on Friday to find the increase in the exchange rate, which before now was set at N951.842 per $1 as of December 2024, taken up to N1356.42.

Reacting to the development, Chief Executive Officer of the Center for the Promotion of Private Enterprises, CPPE, Dr. Muda Yusuf, expressed shock at the development, saying that the increase will further worsen the already bad economic situation.

Yusuf wondered if anybody was advising the Governor of the CBN on the implications of these actions.

He said, “I am shocked at the development, I mean with all these suffering, with all these costs, we have not recovered from the unification of the exchange rate they just did, now another increase in duty.

“This increase will definitely affect every area of our economic life, already; we recorded a drop in the volume of import last year, so you imagine what will happen with this increment.

“The sharp depreciation and the increment of import duty will no doubt affect the volume of trade because the cost of import is going to increase significantly and this will affect practically all the key components of cost.

“That is the cost of transportation, the cost of shipment, the cost of clearing and this will slow down the velocity and the tempo of activities in the maritime sector. And that tempo has already reduced anyway and it further reduces.”

He warned against the upward review of the exchange rate for the computation of import duty, adding that it would be devastating for both the economy and the citizens.

Speaking in a similar vein, former Executive Secretary of the Nigerian Shippers Council, Mr. Hassan Bello, said that the velocity of the exchange rate is affecting every sector of the economy, adding that the country needs to export more than import.

He said, “As the Naira further depreciates against the Dollar, we will have less importation.”

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

4 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

4 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

6 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.