LAGOS AUGUST 13TH (NEWSRANGERS)-Nigerian importers have continued to further hit in losses running into billions of naira on their cargoes trapped at Benin Republic borders. Daily Sun learnt that the situation forced some importers to pay additional costs to reroute the goods via Togo port to Nigeria. Last month, the government of the Republic of Benin…
LAGOS AUGUST 11TH (NEWSRANGERS)-The world’s richest Black man, Aliko Dangote, could add more than $2.5 billion to his net worth depending on the terms of the sale of a 20 percent share of his oil refinery. Reuters reported last week Nigeria’s government has approved its state oil firm the Nigerian National Petroleum Corporation (NNPC), to…
LAGOS AUGUST 10TH (NEWSRANGERS)-Having witnessed its worst recession in half a century in 2020, Africa’s economy is forecast to grow at a healthy pace of 3.8% in 2021 driven by rising global demand as restrictions are eased, untapped market opportunities, a rebound in commodity prices and a rise in oil prices. Leading data and analytics…
LAGOS AUGUST 10TH (NEWSRANGERS)-In Africa, chartering vessels and processing ocean freight can be challenging. The sector is largely inefficient and fragmented. Merchants also struggle to access finance to perform cross-border trade in the continent. A couple of digital freight companies are tackling this problem, like Nigerian-based MVX. The company today is announcing its $1.3 million…
LAGOS AUGUST 2ND (NEWSRANGERS)-One person has been shot and three vehicles burnt after officials of the Nigeria Customs Service and residents of Ayetoro in the Yewa North Local Government Area of Ogun State engaged in a violent clash. The incident which occured on Friday evening led to the burning of three Customs vehicles and shooting…
LAGOS JULY 29TH (NEWSRANGERS)-The naira fell slightly to the dollar at the parallel market few hours after the Central Bank of Nigeria on Tuesday announced the discontinuity of forex supplies to the Bureau de Change Operators in the country. The CBN Governor, Godwin Emefiele, announced the end of forex sales and new licence approval after…
LAGOS JULY 29TH (NEWSRANGERS)-Nigeria’s central bank is halting dollar sales to exchange bureaus, saying they have become conduits for graft and illicit flows of money. “It is a huge hemorrhage on our scarce foreign exchange reserves and it cannot continue,” the bank’s governor, Godwin Emefiele, said on Tuesday. The decision by the central bank, which…
LAGOS JULY 27TH (NEWSRANGERS)-It’s almost two months since the Nigerian Government shutdown Twitter operation in the country, and findings show that Nigerians have lost more than Jack Dorsey, founder of the tech firm. On June 5, the Federal Government announced that Twitter’s services will no longer be allowed within the territory of the country, a…
