The Nigeria Customs Service has issued a 14-day ultimatum for the clearance of 905 overtime cargoes at various ports across the country. Failure to comply within the stipulated period will result in the seizure of the goods. This directive is part of efforts to decongest ports and ensure compliance with import regulations. Importers and clearing agents have been urged to expedite the clearance process to avoid losses. The Customs Service reiterated its commitment to facilitating trade while enforcing legal requirements.
Punch Newspapers (MobilePunch) At the inaugural summit themed 'Moving from Consumption to Production' held in Lagos on Saturday, speakers emphasized that innovation and execution, rather than lamentation, are the true drivers of business success in Nigeria. The event brought together entrepreneurs, policymakers, and industry leaders to discuss strategies for economic growth. Key points raised include the need for local production to reduce dependency on imports and the role of technology in scaling businesses. Attendees were encouraged to adopt proactive approaches to challenges such as funding and infrastructure deficits. The summit concluded with a call for collaborative efforts between the government and private sector to foster a conducive business environment.
Punch Newspapers (MobilePunch) Global financial markets experienced volatility as investors reacted to speculation about the US Federal Reserve’s next move on interest rates. Following hints of a potential rate cut in September 2025, stock indices in major economies saw mixed results, with the Dow Jones rising by 1.2% while European markets dipped slightly. Analysts predict a 50 basis point cut could stimulate growth but warn of inflationary risks. Federal Reserve Chairman Jerome Powell stated, 'Our decisions will remain data-driven to balance growth and inflation.' This uncertainty continues to impact currencies and commodities worldwide, including in Nigeria.