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Category: Commerce

  • Chinese Retail Giant, Temu faces prosecution in Germany

    Chinese Retail Giant, Temu faces prosecution in Germany

    Germany’s competition watchdog has initiated proceedings against the Whaleco Technology Limited group, which is behind the Chinese online retail giant Temu.

    It said that conditions for traders on Temu’s platform and the company’s treatment of suppliers are to be reviewed, a statement from the Federal Cartel Office said on Wednesday.

    “We are investigating the suspicion that Temu could be imposing unauthorised conditions on the pricing of retailers on the German marketplace,” said Andreas Mundt, the authority’s president.

    “Such requirements could constitute significant restrictions of competition and ultimately also result in price increases on other sales channels,” he added.

    Temu is one of the largest online retailers in Germany.

    Several million people in the European Union shop on the platform.

    In July, the European Commission released preliminary findings of a probe into Temu, finding the company is violating EU laws by not doing enough to tackle the sale of illegal products on its platform. 

  • FG inaugurates Intra-African Air Cargo Corridor with 50% discount

    FG inaugurates Intra-African Air Cargo Corridor with 50% discount

    The Ministry of Industry, Trade and Investment, in collaboration with United Nations Development Programme (UNDP) and Uganda Airlines, have inaugurated the Nigeria-East/Southern Africa Air Cargo Corridor with 50 per cent discount.

    The Minister, Dr Jumoke Oduwole, at the inauguration and marking of the African Day in Abuja on Sunday, said it’s a transformative export initiative under the African Continental Free Trade Area (AfCFTA) framework.

    Oduwole said the new air cargo corridor would provide Nigerian exporters with access to three key African hubs, Uganda, Kenya, and South Africa.

    She said that the air cargo rates are discounted between 50 to 75 per cent in logistics cost, including regulatory charges.

    “This initiative marks the fulfilment of a key campaign promise by President Bola Tinubu, to accelerate the diversification of Nigeria’s non-oil exports by leveraging the opportunities presented by the AfCFTA.

    “The Federal Government remains committed to supporting Nigerian businesses in scaling their exports across the continent.

    “Specifically designed to empower Nigerian enterprises particularly, Micro, Small and Medium-sized Enterprises (MSMEs).

    “This initiative enables them to expand into African markets with greater confidence, lower costs, faster delivery timelines, and reduced risk,” she said.

    The Minister said the preferential cargo rates would apply to businesses affiliated with leading national business associations.

    According to her, this includes, Nigeria Association of Small Scale Industrialists (NASSI), Nigeria Association of Small and Medium Enterprises (NASME) and Women Chamber of Commerce, Industry, Mines and Agriculture (WCCIMA), among others.

    “This will also ensure inclusive participation and coordinated implementation,” she said.

    Oduwole said the milestone followed the President’s approval and the gazetting of Nigeria’s Provisional Schedule of Tariff Concessions (PSTCs) in April.

    “With support from the UNDP Regional Bureau for Africa, the Ministry has worked to position Nigeria not just as a participant in AfCFTA, but as a leader in shaping and advancing the agreement’s implementation.

    She said participating airlines will “Operate from Lagos and Abuja, as the corridor is backed by strong government collaboration.”

    Oduwuole expressed appreciation to the Minister of Finance and the Coordinating Minister of the Economy, the Minister of Aviation, as well as the Comptroller General of the Nigeria Customs Service, and the Federal Airports Authority of Nigeria.

    She disclosed that they facilitated the success of the inauguration.

    Oduwole noted that the inaugural cargo shipment featured a diverse basket of Made-in-Nigeria products, including textiles, cosmetics, fashion accessories, and agro-processed goods.

    The Minister said that the efforts marked the beginning of a new era for Nigerian exports into African markets.

    According to her, all exporters on the historic flight were women-owned businesses.

    “These female entrepreneurs were recognised as pioneers, leading the charge in positioning Nigerian enterprises at the forefront of intra-African trade.

    “AfCFTA tariffs are now gazetted, enabling Nigerian goods to benefit from lower tariffs across African markets.

    “As we mark Africa Day, I want to especially commend and thank the indefatigable Nigerian businesses participating in this inaugural flight.

    “This Administration will continue to stand with you as you take even bigger and bolder leaps to expand Nigeria’s footprint across the continent,” she said. 

  • 36th Enugu Int’l T/Fair attracts 200 companies – Official

    36th Enugu Int’l T/Fair attracts 200 companies – Official

    The Enugu Chamber of Commerce, says it expects over 200 indigenous companies to participate at it’s forthcoming 36th Trade Fair. 

    The Chamber disclosed also that it expects participation from Chinese, Indian, Tunisian and Ghanaian companies.

    The Director-General of the Chamber, Mr. Uche Mba told newsmen in Enugu on Tuesday that about 100 indigenous companies would exhibit at the Fair.

    The week-long Fair, will kick off on April 4.

    The theme of this year’s fair is “Developing Nigeria Industrial Sector/SMEs for Economic Advancement and Global Recognition”.

    Mba said that over 120 Medium, Small and Nano Enterprises had indicated interest to exhibit their products and services at the Fair.

    He said Chinese, Indian, Tunisian, Ghanaian companies have indicated interest and working to have their stands at the fair.

    “Within the West African sub-region, the High Commissioner of Ghana sent in an official from Abuja to come and inspect the trade fair premises some days ago.

    “He was sent to make sure that it will be a good one for them and to make necessary arrangements.

    “So, for now, lots of companies within the West African sub-region have indicated interest and will be there live during the fair,’’ he said.

    Mba said that the Chamber had put strategies in place to ensure that stakeholders benefit from participation in the Fair.

    “We took a bold step for the first time in November 2024 and signed a Memorandum of Understanding with Xavier Communications, to develop a robust marketing plan and attract companies.

    “The chamber is putting finishing touches on an additional air conditioned tent, which is the biggest tent ever in the country, at the fair ground to ensure that where possible, all exhibitors would display indoors.

    “This move was in our quest to revive the glory of the Enugu International Trade Fair and give the exhibitors, participants and general public coming to the Fair a positive experience.

    “We are particularly happy that this step has proven to be in the right direction as we have been receiving streams of enquiries and interests from corporate/multinational organisations and institutions declaring interest to participate in the forthcoming fair,” he said.