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Customs slashes cargo clearance exchange rate by 1.2% amid Naira appreciation

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The Nigeria Customs Service has responded to the recent appreciation and stabilisation of the naira at the official foreign exchange (FX) market by further reducing the foreign exchange rate used for computing import duties.

On Monday, March 18, the Central Bank of Nigeria (CBN) slashed the exchange rate by 1.2 percent compared to the previous rate.

As a result, the Customs FX duty rate was revised downward from N1,612.281/$ to N1,593.41/$, as confirmed by information sourced from the official trade portal of the Nigeria Customs.

This adjustment represents a 1.2 percent reduction from the old rate and translates to a decrease of N18.871 on each dollar required to clear goods from the port.

Data obtained from the FMDQ’s Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) revealed that the naira-to-dollar exchange rate commenced at N1,602.43/$ and concluded at N1,602.75/$ on March 15. The positive performance of the naira against the dollar was observed across both official and parallel markets at the end of the previous week.

In light of these developments, importers opening Form M for importation on Monday, March 18, stand to benefit from a slight relief in import duty payments compared to those who initiated the process last Friday.

This adjustment aligns with the recent directive from the apex bank instructing Customs to utilise the exchange rate prevailing on the date of Form M submission for calculating import duties.

The revision in the Customs FX duty rate reflects ongoing efforts to mitigate the financial burden on importers and foster a conducive trading environment amidst fluctuations in the foreign exchange market.

Meanwhile, in a statement by its Director, Muda Yusuf, the Centre for the Promotion of Private Enterprise has urged the apex bank to peg the customs exchange rate at N1,000 per USD to halt recurring rate changes.

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Nigeria to host 2025 NADPA conference

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By Blessing Emmanuel

Nigeria has been unanimously selected to host the 10th edition of the Network of African Data Protection Authorities’ (NADPA-RADPA) Conference and Annual General Meeting.

This was announced after the country made a bid made by the country’s representative, the Nigeria Data Protection Commission (NDPC) at the just concluded 9th NADPA Annual General Meeting held in Nairobi, Kenya.

Led by the National Commissioner/CEO, Dr. Vincent Olatunji, NDPC emerged as the frontrunner among the 23 Data Protection Authorities across Africa.

Established in Ouagadougou in 2016, NADPA-RAPDP aims to foster collaboration among its members and amplify Africa’s voice in global partnerships. Nigeria’s active engagement since joining in 2022, including its role as coordinator for the Regulatory Harmonization working group, underscores its commitment to the network’s objectives.

In a statement by Head of Media Unit at NDPC, Mr. Itunu Dosekun, the recent Nairobi conference saw an impressive turnout, with over 1500 individuals and organisations, including multinational corporations like Google, Amazon Web Services, EY, and Microsoft, alongside development partners such as the European Union and the German Corporation.

The 2025 conference in Nigeria promises to be a pivotal platform for Data Protection Authorities to convene, collaborate, and exchange insights on emerging trends and challenges in data protection and privacy. Beyond fostering economic growth through Foreign Direct Investments and boosting the tourism sector, the event will elevate Nigeria’s reputation as a hub for innovation and academic excellence.

As Nigeria prepares to welcome esteemed delegates, the conference underscores the country’s dedication to advancing data protection principles and fostering international cooperation. With a multifaceted agenda, the event is poised to drive advancement within the data protection landscape and beyond, igniting growth and fostering collaboration.

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FG unveils portal to promote ease of investments in mining sector

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The Federal Government on Tuesday unveiled a portal to facilitate the ease of investments into Nigeria’s mining sector.

The portal was unveiled by the Ministry of Solid Minerals Development in Abuja by the Minister of Solid Minerals Development, Dr Dele Alake.

Speaking, Alake said the Nigeria Mineral Resources Decision Support System (NMDSS) underscores the commitment of the federal government to expanding access of prospective investors to necessary information about Nigeria’s mineral deposits, policies guiding the mining sector and incentives for investment from anywhere in the world.

The Nigeria Mineral Resources Decision Support System (NMDSS) is a marketing strategy to enhance the ease of doing business in the solid minerals sector.

In his words: “Before, if you are a prospective foreign investor, you have to travel to Nigeria with your contingent to access required information. But with this launch today, anywhere you are in the world, with a click of a button, you can access all the information you require to make informed investment decisions about the mining sector.”

Speaking further, Dr. Alake emphasised that the support system will assist critical stakeholders in the mining sector and potential investors to garner requisite information, bringing them closer to the industry and providing answers to pertinent questions about mineral deposits and mining infrastructure amongst others.

Highlighting on-going efforts to sanitise the mining sector, the Minister revealed that the nefarious activities of illegal miners are being curbed by the recently unveiled mining marshals, whilst about 152 cooperatives have been formed by artisanal miners to legalise their operations, in line with his 7-point agenda.

In his remarks, the Minister of Interior, Hon. Tunji Olubunmi-Ojo lauded the transformative leadership that his solid minerals counterpart has brought to bear on the mining sector, noting that the launch of the NMDSS is a game-changer that will attract more foreign investments.

“Saudi Arabia today has non-oil industry contributing over 50 percent to her Gross Domestic Product (GDP). If Saudi Arabia can do it, Nigeria can do it, and the journey starts with the ministry of solid minerals. With a workaholic and visionary minister like Dr. Alake, working earnestly to attract the big players and also supporting local operators, the sky is the starting point. For us in the Ministry of Interior, we are there to support because a reformed mining industry is the pivot of the Renewed Hope agenda,” Hon. Olubunmi-Ojo said.

The Permanent Secretary, Ministry of Solid Minerals Development, Dr. Mary Ogbe, in her closing remarks, charged critical stakeholders in the mining sector and Nigerians at large to market the nation’s vast solid minerals potentials, stressing that reforms of the present administration are steadily repositioning the mining sector.

The Nigeria Mineral Resource Decision Support System (NMDSS) is a comprehensive software platform that serves as a one-stop shop for investors seeking credible and decisive information about Nigeria’s mineral resources, facilities and infrastructure.

The NMDSS portal can be accessed via: miningdecision.minesandsteel.gov.ng/nmrdss/.

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Media organisations to enjoy financing at single digit interest rates — Idris

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Minister of Information and National Orientation, Mohammed Idris has disclosed that President Bola Ahmed Tinubu has directed the Federal Ministry of Industry, Trade and Investment, through the Bank of Industry (BOI), to extend its single-digit interest-rate financing to media organisations in the country.

The Minister of Information and National Orientation, Mohammed Idris stated this in Abuja on Wednesday when he received members of the Independent Broadcasting Association of Nigeria (IBAN) on a courtesy visit to his office.

According to the Minister, the gesture is in keeping with the administration’s resolve to create an enabling business environment for the media to operate in Nigeria.

“Let me say that the Federal Ministry of Information and National Orientation under my leadership, as part of our five pillars, will support all media platforms in this country, whether they are public or private.

“I can tell you that the President has directed the Federal Ministry of Industry, Trade and Investment to extend financing to media organisations at single-digit interest rates. I think you need to take advantage of that,” he said.

He therefore urged the IBAN members to develop bankable proposals to access the financing facility being offered by the Federal Government.

The Minister also frowned at instances of willful violation of advertising industry payment standards, condemning the habit by some practitioners of failing to remit advertising payments to media organizations within the approved 90 days.

Idris said, henceforth, the Advertising Regulatory Commission of Nigeria (ARCON), would be mandated to ensure that all advertising revenues due to media organisations are released to them promptly.

The Minister advised the private broadcasters to key into the Compressed Natural Gas (CNG) Initiative of the Federal Government to bring down the cost of their operations through cheaper access to energy.

Idris said with the commissioning of three gas projects by the President and other initiatives of his administration, Nigeria aims to attain sufficiency in gas processing for local consumption and export.

In response to the request from IBAN regarding the resumption of the Digital Switch Over (DSO) rollout, the Minister, who expressed deep concerns over the historically slow progress of the DSO initiative, stressed the need for a renewed and vigorous approach to ensure timely completion.

He conveyed that the President has instructed the ministry to expedite the DSO project by adopting successful models from other countries that have effectively transitioned from analog to digital broadcasting.

Earlier in his remarks, the Chairman of IBAN, Alhaji Ahmed Tijjani Ramalan complained of multifaceted challenges confronting the broadcasting industry in Nigeria, and called for urgent steps to revitalize the sector to stimulate innovation and empower indigenous media owners.

“The Nigerian broadcast industry, a cornerstone of the nation’s information and entertainment landscape, faces significant challenges hindering its ability to reach its full potential. There is the urgent need to take the initiative with a design to revitalise the industry, stimulate innovation, unlock the potential media economy and empower indigenous media entities,” he said.

He identified the high cost of energy, shortage of analog frequencies, delay in the payment of advertising revenues, and unrealistic audience measurement systems as some of the challenges bedeviling the broadcasting industry.

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