<< Back             Poser >> India turns to Nigeria, other African countries for Soybeans By Cynthia Alo, with Agency report India has turned to Nigeria and other African countries for soybean imports after soaring domestic prices forced Indian traders to cancel soymeal export contracts for the first time since 2021. According to a Reuters report, Indian traders cancelled about 25,000 metric tons of soymeal export contracts and secured about 80,000 metric tons of soybean imports from African countries following a sharp rise in local prices. The development is expected to create export opportunities for Nigeria and other African countries producing non-genetically modified, non-GM soybeans, which India permits for import. Reuters reported that India’s soybean purchases are allowing African exporters to sell the commodity at a premium above global benchmark prices. Founder of agricultural goods exporter Suraj Impex, Vinod Jain, said India was no longer receiving fresh soymeal export orders because of elevated prices. Reuters quoted Jain as saying that the situation had prompted traders to increase soybean imports from African countries. He projected that India’s soybean imports could rise to a record 800,000 metric tons by September 2026, compared to just about 2,000 metric tons imported in the previous year, according to data compiled by the Soybean Processors Association of India. India only permits imports of non-GM soybeans, limiting sourcing options to a few African countries including Nigeria, Benin, Niger and Togo. Vanguard Business News	Nigeria’s economic recalibration good for business — Jumia CEO By Etop Ekanem  Chief Executive Officer of Jumia Group, Francis Dufay, has offered a perspective that placed Nigeria not at the margins of risk, but at the centre of reform, growth and stability. Speaking during a panel on emerging markets, at the Sohn Conference in New York, Dufay described the period between 2021 and 2024 as […] Dangote Refinery reduces petrol price to N1,250/litre Dangote Refinery has reduced the gantry price of petrol, to N1,250 per litre from N1,275 per litre, representing a two per cent decrease. Over 100 imported vegetable oil brands dominating local market despite ban — Ikoro ….Accuses Customs, NAFDAC, SON of enforcement failure By Cynthia Alo Despite the retention of vegetable oil on the Federal Government’s prohibition list under the 2026 fiscal policy measures, the National Chairman of the Vegetable/Edible Oil Producers Association of Nigeria (VEOPAN), Okey Ikoro, said the local market is still dominated by more than 100 imported oil brands, […] India turns to Nigeria, other African countries for Soybeans By Cynthia Alo, with Agency report India has turned to Nigeria and other African countries for soybean imports after soaring domestic prices forced Indian traders to cancel soymeal export contracts for the first time since 2021. According to a Reuters report, Indian traders cancelled about 25,000 metric tons of soymeal export contracts and secured about 80,000 […]  ITAS implementation will not introduce new taxes – GRA assures businesses  Mr Anthony Kwasi Sarpong The Commissioner-General of the Ghana Revenue Authority (GRA), has assured the business community that the introduction of the Integrated Tax Administration System (ITAS) will not lead to the imposition of new taxes. CBN unveils new FX guidelines, approves cash movement of $50,000 By Emma Ujah,  Abuja Bureau Chief The Central Bank of Nigeria (CBN) has issued fresh Foreign Exchange Guidelines which provides that an individual can move cash of up to $50,000, but must be declared at the point of exit. The bank also retained the earlier provision for the movement or import of cash of up to […]