trade

Nigerian Kemi Badenoch Reappointed Trade Minister By Sunak

Nigerian Kemi Badenoch Reappointed Trade Minister By Sunak

October 26, 2022 4:20 am

British Prime Minister, Rishi Sunak on Tuesday confirmed the re-appointment of British lawmaker, Kemi Badenoch as trade minister and also given the role of equalities minister. 

Recall that Badenoch was one of the biggest supporters of Sunak in the most recent race to replace an outgoing leader, Liz Truss. She was also a contender earlier this year in a Conservative Party leadership contest to replace then-Prime Minister Boris Johnson.

Read Also: Intrigues As Rishi Sunak Declares Bid To Become Next UK PM

Africa Daily News, New York recalls that Sunak had just on Sunday announced that he will run to …

India-Nigeria Trade Volume Hits $13.9bn

January 25, 2020 5:15 pm

Mr Abhay Thakur, the High Commissioner of India to Nigeria, said the trade volume between India and Nigeria increased to 13.9 billion US.dollars in 2018-2019.

Thakur said this at the 70th anniversary of India’s Republic and 60th year of formal diplomatic relations between India and Nigeria on Friday in Abuja.

He said that India and Nigeria had long standing relations based on mutual respects that predate independence of the two countries.

According to him, 2019 witness several milestones in the cooperation between the two countries.

”We held the first-ever bilateral Consular Dialogue and the first-ever Joint Trade Committee, both co-chaired …

Abule-Egba: Nigerians Trade Blames Over NNPC Explosion

January 20, 2020 5:34 am
A cross section of Nigerians have blamed the Lagos government over the explosion of a Nigerian National Petroleum Corporation (NNPC) pipeline at Ile Epo axis (near Abule Egba), Alimosho Local Government Area of Lagos State.

The National Emergency Management Agency (NEMA) on Sunday said that two bodies had been recovered from the explosion site.

The raging fire caused panic among the residents of Abule Egba, Ile Epo and Ekoro Road due to the thick smoke which oozed out from the explosion scene.

Mr Ibrahim Farinloye, Acting Coordinator, Lagos Territorial Office, NEMA, Farinloye said that several buildings and articulated vehicles were

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US-China ‘Phase One’ Trade Deal To Be Signed January 15

January 1, 2020 2:57 pm

A partial new US-China trade agreement will be signed in the middle of next month, US President Donald Trump said Tuesday, announcing that he will also then travel to China for continued talks.

Trump’s tweet, sent moments before Wall Street opened for the year’s final trading day, set a calendar date for an event that had hung in uncertainty in recent weeks as details remained scant.

Washington and Beijing earlier this month announced a “Phase One” trade deal, de-escalating their nearly two-year trade war as Trump reduced or canceled some tariffs while Beijing promised to adopt trade reforms and …

Trump Says Had ‘Very Good Talk’ With Xi On Trade Deal

December 20, 2019 4:02 pm

US President Donald Trump said Friday he’d had a “very good talk” with his Chinese counterpart Xi Jinping on a partial resolution of the countries’ huge trade war.

Trump tweeted that China “already started large scale” increases in purchases of US farm goods, in line with the deal. However, he did not give a date for when the so-called “phase one” agreement will actually be signed.

“Formal signing being arranged,” he said.

Read Also: Students Defiant As Uni Charter Cuts Freedom Of Thought

The “phase one” is a partial resolution that is expected to see China boost imports of US …

US, Mexico, Canada To Sign Deal Finalizing Trade Agreement

December 10, 2019 3:35 pm

The United States, Mexico and Canada will sign an “initial deal” Tuesday finalizing the USMCA trade agreement, Mexican President Andres Manuel Lopez Obrador said.

“There is an initial deal between the governments,” the leftist leader told his daily news conference, as negotiators from the three countries prepared to meet in Mexico City.

“Today it will be signed by… the three countries’ negotiators.”

Lopez Obrador was due to chair a meeting of top officials from the three countries at the presidential palace at 1800 GMT.

Read Also: Hong Kongers Mark Half A Year Of Protest With Mammoth Rally

Initially signed in …

US Opposition Pushes Trade Court To Brink Of Collapse

December 9, 2019 2:40 pm

The World Trade Organization’s capacity to settle international disputes, a core function throughout the body’s 25-year history, is on the brink of collapse following relentless US opposition.

The appellate branch of the WTO’s Dispute Settlement Body (DSB), sometimes dubbed the supreme court of world trade, was a target of US criticism before President Donald Trump took office.

His predecessor Barack Obama’s administration began a policy of blocking the appointment of appeals judges over concerns that their rulings violated American interests.

Trump’s trade team has both extended that policy and escalated the fight.

Barring a shock breakthrough in the coming …

Tesla And Ford Trade Challenges In Macho Truck World

November 27, 2019 2:40 pm

Tesla and Ford were in a virtual stare-down on Tuesday in the macho truck world, each claiming their electric pick-up was strongest.

Dueling tough talk was exchanged on Twitter after Tesla chief executive Elon Musk posted a video of a freshly-unveiled “Cybertruck” trouncing a Ford F-150 in a tug-of-war.

The video had logged nearly 13 million views at Twitter as of early Tuesday in California, and been “retweeted” more than 110,000 times.

In the clip, a wedge-shaped Cybertruck drags an F-150 uphill, with smoke coming from the Ford’s rear wheels as it tries to go downhill.

“Better than a Ford …

AfDB Seals $250m Deal For Region’s Trade Financing

November 21, 2019 2:45 am

• Facilitates intra-Africa trade volume worth $938 million

African Development Bank (AfDB), in its push to facilitate inter and intra Africa trade, and reduction of trade financing gap on the continent sealed a new deal worth $250-million.Tagged: “Risk Participation Agreement (RPA) facility, the continent’s largest development bank courted a pan-Africa financial institution, ABSA, which has 12 footprints across the regional economies, for the realisation of the goal.

The three-year RPA facility was signed on November 12, on the sidelines of the Africa Investment Forum, through its trade finance operations.Under this three-year RPA facility, AfDB and ABSA will share default risk …

Saraki: Nigeria Accounts For 70% Trade In Gulf Of Guinea

November 17, 2019 4:53 pm

The Minister of State for Transportation, Senator Gbemisola Saraki has disclosed that Nigeria is a destination of choice in terms of maritime trade as 70 percent of the Gulf of Guinea trade takes place in Nigeria.

The minister said the country is always open to new ideas and new ways of improving services to its citizens, saying Nigeria is tackling the challenges through proactive environmental friendly policies.

She made the disclosure at a meeting with a trade mission from the Kingdom of Belgium on Friday, citing the World Bank report on Ease of Doing Business to justify the progress the …

Emefiele Violated His office, Must Resign, Face Probe - PDP

Nigeria’s Neighbours Must Obey Fair Trade Rules – Emefiele

November 7, 2019 4:22 am
  • FG restates private sector role in implementation of AfCFTA

Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, wednesday said Nigeria’s neighbours must comply with fair trade practices to avoid depriving Nigeria the benefits of African Continental Free Trade Area (AfCFTA) agreement, explaining that the country would prevent itself from becoming a dumping ground for goods that did not originate from Africa.

Emefiele, who was represented by the Lagos Branch Controller of CBN, Mr. Ekhator Atise, spoke in Lagos, at the 2019 International Trade Seminar, with the theme: ‘Non-oil Export in Nigeria, Emerging Opportunities, Financing Options and …

WTO Panel: China May Levy Over $3bn In US Trade Sanctions

WTO Panel: China May Levy Over $3bn In US Trade Sanctions

November 3, 2019 3:15 pm

A World Trade Organization (WTO) panel said on Friday that China is entitled to slap compensatory sanctions on United States imports worth $3.579bn annually.

The decision stems from the US failure to remove anti-dumping duties, but the monetary value is roughly half the total amount that China had sought.

The ruling came as the world’s two biggest economies try to clinch phase one of a trade deal.

US President Donald Trump and his negotiators are “very optimistic” about concluding it, White House adviser Larry Kudlow has said.

With the WTO announcement, a three-member WTO arbitration panel said Chinese exporters suffered

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