VenturesNow

Nigerian Customs intercepts N924m worth of contraband in 3 months

Published

1 year ago

November 12, 2023

The Western Marine Command of the Nigerian Customs said it intercepted different contrabands worth N924 million between August and October.

According to a statement released by the command’s spokesperson, Mailafiya Magaji, the command seized 17 sacks containing 1,199 parcels of cannabis sativa weighing a total of 663.5 kg from the Sanki Beach Axis and the Moba Waterways.

The command also seized 1,257 bags of foreign parboiled rice worth N50 million in duty-paid value and 66,000 225 mg tramadol capsules, as well as 3,750 liters of premium motor spirit, during two separate operations in October

“It is noteworthy that in August 2023, the command seized 103 sacks containing 8,240 parcels of cannabis sativa, which were promptly handed over to the National Drug Law Enforcement Agency.

“The cumulative value of the ten seizures conducted by the command from August to October amounts to N924m,” he stated.

The Customs Area Controller, Odaudu Salefu explained that the general public must respect and adhere to government fiscal policies, prohibitions, and restrictions.

According to him, “These measures are in place to safeguard national security, foster economic growth, and contribute to the overall progress of Nigeria.’’

Nigeria has been in the spotlight for different border policies in its attempt to manage imports and exports and align with its economic goals. During the last administration, a border closure for over two years was announced, specifically targeted at boosting agricultural local production.

Experts have argued that high import tariffs and customs duties have not yielded the expected results, discouraging “foreign taste” and boosting local production mainly because of the state of local manufacturing.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

2 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”