Nigeria’s trade surplus soars 33.63% to N6.95trn in Q2’24
Post AMUGE
September 14, 2024
Onome Amuge Nigeria’s external sector performance continued to show growth in the second quarter of 2024, as the country’s foreign trade surplus increased by 33.63 percent from the previous quarter to N6.95 trillion. This improvement, combined with the surplus of N5.19 trillion recorded in the first quarter of 2024, brought the total foreign trade surplus […]
Africa moves towards one big market as AU inaugurates AfCFTA permanent secretariat
Aderemi OjekunleAugust 19, 2020
By Omobayo Azeez The ambition of African countries to make the continent one big market has just received another boost following the inauguration of the permanent secretariat for the African Continental Free Trade Area (AfCFTA) on Monday. At a ceremony to commission the permanent secretariat Ghana’s President Nana Akufo-Addo and Moussa Faki Mahamat, chairperson of […]
Donald Trump, Xi Jinping reaffirm backing for Phase 1 of US-China trade deal
Businessam StaffFebruary 7, 2020
U.S. President Donald Trump expressed confidence in China’s strength and resilience in confronting its coronavirus outbreak during a conversation with President Xi Jinping on Thursday, a White House spokesman said. The two leaders agreed to continue extensive communication and cooperation between both sides, the spokesman, Judd Deere, added. Trump and Xi also reaffirmed their commitment […]
China to halve tariffs on some US imports as virus risks grow
Businessam StaffFebruary 6, 2020
China on Thursday said it would halve additional tariffs levied against 1,717 U.S. goods last year, following the signing of a Phase 1 deal that brought a truce to a bruising trade war between the world’s two largest economies. While the announcement reciprocates the U.S. commitment under the deal, it is also seen by analysts […]
CBN targets $12 billion in export trade by 2024
Businessam StaffFebruary 6, 2020
The Central Bank of Nigeria (CBN) has disclosed plans to improve its agenda to diversify the nation’s economy from the oil sector to the non-oil sector, through the launch of a set of policies, noting that it targets to achieve $12 billion in export trade by 2024. The apex bank said it was putting everything […]
US-China to sign ‘phase one’ trade pact in early January: Mnuchin
Businessam StaffDecember 19, 2019
US Treasury Secretary Steven Mnuchin said on Friday the United States and China would sign their so-called phase one trade pact at the beginning of January, adding that it was completely finished and just undergoing a technical “scrub.” Mnuchin, speaking on CNBC, said the trade deal had already been put down on paper and translated, […]
US agrees to lower tariffs on some Chinese imports in trade deal
Businessam StaffDecember 13, 2019
The United States agreed to modify its tariffs on Chinese goods in a “significant way” under a phase one trade agreement with Beijing, while China would buy substantially more U.S. goods and services, the US Trade Representative’s office said on Friday. Under the agreement, Washington will maintain 25% tariffs on about $250 billion of Chinese […]
Nigeria accounts for 20% of India’s trade in Africa, says envoy
Businessam StaffAugust 15, 2019
Abhay Thakur, the high commissioner of India to Nigeria, has said that Nigeria alone accounted for 20 percent of India’s trade in Africa for the year ended 2018. He made this known on Thursday at the flag hoisting ceremony on the auspicious occasion of the 72nd anniversary of India’s independence at the high commission in […]
OECD projects slow global growth over trade tensions
Businessam StaffNovember 21, 2018
Trade tensions and higher interest rates are slowing the global economy, but not likely to portend sharp downturn, the Organisation for Economic Cooperation and Development (OECD) said on Wednesday, lowering its outlook for next year. The OECD forecast that global growth would slow from 3.7 percent this year to 3.5 percent in 2019 and 2020. It had […]
US-China trade talks will focus on yuan weakness, experts say
Businessam StaffAugust 20, 2018
The Chinese yuan’s weakness will be a focal point during the U.S.-China trade talks in late August, as both countries grapple with the fallout from recent fluctuations in the currency markets, analysts said. The mid-level talks will likely be about “how exactly are they going to deal with the RMB (renminbi),” said Robin Brooks, chief […]