Category: Economy

Nasarawa lawmaker disburses N20m to 130 constituents, inaugurates scholarship c’ttee

Scholarship
By Awayi Kuje
Obi (Nasarawa State) June 30, 2024 (NAN) The Minority Leader of the Nasarawa House of Assembly,  Luka Iliya Zhekaba, on Sunday, disbursed N20 million as palliative to 130 members of his constituency.

In a speech at the event held at Duduguru, Obi Local Government Area (LGA), Zhekaba said that the gesture was intended to cushion the effect of the prevailing economic hardship in the country.

He also hoped that the cash gift would help to improve the people’s standard of living.

The lawmaker, representing Obi 2 State Constituency, also inaugurated a committee “to fashion out the modalities for the disbursement of scholarships to students” in his constituency.

He said: “Everybody knows what is going on in the country today.

“We know the prevailing economic situation in the country today.

“Whoever says that it is well in the country, he did not tell the truth.

“I organised this programme in order to distribute palliative to cushion the harsh effect of the prevailing economic situation in the country,” he said.

Zhekaba, a PDP chieftain, said that some people got N100,000, while others got N50,000.

He promised to continue to implement measures that would help to ensure improved standard of living in the constituency.

He said: “I will continue to do my best for my people by keying into different policies and programmes that will have direct bearing on your lives.

“What I am after is to ensure better and improved standard of living for the people of my constituency.”

The lawmaker urged those, who have yet to benefit from his gesture, to be patient, saying that he would sustain his people-oriented programmes.

He thanked his constituents for their continued support and urged them not to rest on their oars.

He further admonished the constituency and other parts of the state to “continue to live in unity, peace and tolerate one another, irrespective of our differences and political affiliations”.

The News Agency of Nigeria (NAN) reports that the event was attended by the Speaker of the House, Mr Danladi Jatau, other members and PDP chieftains in the constituency.

In a brief remark, Jatau commended Zhekaba for giving out cash as palliative to the people of his constituency.

He said that the gesture would not only improve the standard of living of the beneficiaries but also boost the socio-economic activities of the constituency.

“I want to appreciate Hon. Luka Iliya Zhekaba for what he has been doing for the people of his constituency.

“Hon. Zhekaba is an outspoken and hard working member.

“He is up and doing in ensuring the development of his constituency and state at large,” the speaker said.

Also, the PDP Chairman Obi LGA, Mr Jeremiah Joseph, and PDP Duglu Ward Chairman, Mr Augustine Agwale, thanked the lawmaker for always coming to the aid of his people.

They said that they were proud of his quality representation of his constituency in the House.

They assured him of their support to succeed at all times. (NAN)(www.nannews.ng)

AKW/USO
Edited by Sam Oditah

Customs

By Aisha Cole

Lagos, June 30, 2024 (NAN) Some maritime experts have said that the establishment of Customs Trade Modernisation Project (CTMP) would enable Nigeria to become a shipping hub for west and central Africa.

The experts made the assertion in separate interviews with the News Agency of Nigeria (NAN) in Lagos on Sunday.

The President, Women in Maritime Africa (WIMArrica), Mrs Rollens Macfoy, said that the establishment of the CTMP would make Nigeria a port of origin and destination.

She said that the trade volume of cargo would increase and the CTMP operation would also reduce the time of doing business at Nigerian ports.

Also, the President of Women in Shipping Africa, Dr Odunayo Ani, said that the establishment of CTMP would allow customs to clear cargo in less than an hour due to the facilities that would be installed on the project.

According to her, if the time of doing business is reduced, Nigeria will be a preferred cargo destination to other African countries and there will be more job for the youth.

Tajudeen Alao, President of the Nigerian Association of Master Mariners, said that the federal government’s Customs Trade Modernisation Project (CTMP) will stimulate quicker cargo clearance at the nation’s ports.

Alao noted that the establishment of the project will also boost Internally Generated Revenue and enhance the country’s global visibility.

He said that the world had moved beyond conventional methods of doing business, with the advancement of technology.

He said: “More than 30 years ago, when Singapore grew from a third-world country to a first-world country, the President, Mr Lee Kuan Yew, led the drive for technology awareness, and now look at where Singapore is today in terms of technology.

“So, Nigeria must make more efforts to keep abreast with technological advancements worldwide.

“The establishment of the Trade Modernisation Project would add value in terms of Internally Generated Revenue through improved customs clearance procedures.

“Consider the time when we had to carry files around; now everything is done through ICT. Nigeria must modernise, and I am glad this initiative is underway,” Alao said.

The master mariner emphasised that without trade, growth is impossible and that creating an atmosphere conducive for trade “is essential to reap its benefits”.

Alao assured Nigerians of the tremendous benefits that would follow the establishment of the Trade Modernisation Project, adding that master mariners were upgrading themselves globally to remain relevant in the maritime industry.

NAN reports that the federal government and Trade Modernisation Project Ltd. signed a 20-year Concession Agreement on May 30, 2022, to provide best-in-class technology for the implementation of paperless customs at the Nigeria Customs operations.

The General Manager of the Trade Facilitation Project, Mr Ahmed Ogunshola, explained the numerous benefits accrued to a nation when the Customs Modernisation Project (CMP) is fully automated.

Ogunshola explained that TMP was the automation of the business processes of the Nigeria Customs Service.

He said that the project would simplify and enhance the experience of stakeholders in the trade value chain, making it easy to obtain import and export clearances, pay duties, and obtain the release of goods.

Ogunshola said that the major advantage of the project was the significant growth in the revenue profile of the federal government.

“The project will generate more than 250 billion dollars for the federal government over the life of the concession.

“The project will bring Nigeria to par with the rest of the world, in terms of deploying technology to facilitate international trade.

“The TMP project will give the economic diversification agenda of the federal government a huge boost by providing further ease of cross-border trading.

“By the time the project is fully implemented, it will cover all areas of customs activities, including duties collection, clearance operations and suppression of smuggling,” Ogunshola said.

On his part, the National Public Relations Officer of NCS, Abdullahi Maiwada, assured stakeholders of quicker clearance of cargo with the establishment of Customs Trade Modernisation Project.

Maiwada said that the concessionaire had said that the facilities would be built foolproof against cyber-attacks with the latest security network gadgets used.

He said that the customs modernisation project, which had three phases, was a 20-year concession agreement.

The customs spokesman said the Trade Modernisation Project is was the automation of the business processes of the NCS to simplify and enhance the experience of stakeholders in the trade value chain.

Maiwada said it was expected to ease export and import clearances in paying duties and obtaining releases of good. (NAN)(www.nannews.ng)

AIC/AWA

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Edited by Olawunmi Ashafa

Economy

By Lucy Ogalue

Abuja, June 30, 2024 (NAN) The Abuja Chamber of Commerce and Industry (ACCI), has urged the Federal Government and Labour Unions to prioritise the nation’s economic well-being by seeking amicable resolutions to disputes.

The President of ACCI, Emeka Obegolu, said this in an interview with the News Agency of Nigeria (NAN) in Abuja.

Obegolu was reacting to the recent strike embarked upon by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) as well as the effects  on businesses and the economy.

The NLC and TUC had on June 3, enjoined other affiliate unions on an indefinite strike.

The strike was prompted by the clamour for a new minimum wage for Nigerian workers, aimed at ameliorating effects of the country’s current economic realities attributed to harsh government policies.

The ACCI president expressed deep concern over any strike action, saying that it had detrimental effects on the economy, particularly small businesses.

“The ACCI encourages the need for constructive dialogue and negotiations to resolve disputes without resorting to strikes.

“We are urging all stakeholders to engage in open and effective communication to find sustainable solutions that protect our economy and the livelihood of millions of Nigerians.

“We understand that the ripple effects of strikes extend beyond immediate financial losses, it hinders supply chains, delays projects, and create an uncertain business environment.

“This uncertainty discourages investment and stifles economic growth, and we must stand against this,’’ Obegolu said.

According to him, strike actions pose significant challenges to economic stability and growth. They disrupt economic activities, leading to a loss of productivity, revenue, and business confidence.

The ACCI president said it mostly affected small businesses, which are our economy’s backbone. This resulted in severe financial strain and, in some cases, business closure.

He, therefore, expressed the Chamber’s readiness to facilitate discussions and provide necessary support to mitigate the adverse impacts on small businesses and the broader economy.

Similarly, an analyst, Gloria Uke, said the strike actions protesting against austerity measures and the government’s economic policies had adverse effects on the country’s economy.

Uke said while the workers demanded better wages and improved working conditions, businesses grappled with the sudden disruption to operations and supply chains.

According to her, this action is detrimental to businesses and economic growth and should be avoided as much as possible.

An economist, Thomas Geoffrey, said the strike’s impact transcended sectors, seeping into daily life and affecting everything from healthcare services to education.

Geoffrey said the strike affected the volume of foreign direct investment, increased unemployment, reduced consumer confidence, led to decreased spending, and stagnated the retail sector.

“We must, therefore, find a balance between our aspirations for better livelihoods and the need for economic stability,” Geoffrey said.

For Mr Ignatius Itodo, a businessman, strike action is an enemy of progress. It halts business activities and leads to poverty and hunger.

Itodo said the country’s hardship and suffering had caused most of his customers to buy goods on credit rather than pay for items purchased as they used to do.

He, however, drummed support for any measure that would ameliorate the sufferings of the poor masses and Nigerian workers.

Adamma Okoronkwo, a small business owner, who sells in one of the secretariat buildings, said her mini business always got caught in the crossfire during demonstrations.

Okoronkwo said her fabric shop, which was bustling with customers, was eerily quiet whenever workers were made to stay home for any reason.

She said, ” the sad implication is that it affects my available income, thus limiting my ability to adequately care for my family.

“ I do not have any other source of income except this one, so we depend on whatever profit I can make daily from this petty business.’’

Meanwhile, a taxi driver, Uche Okoro, said very few passengers were usually seen during strikes, as they affect their businesses, especially with the increased cost of petrol in the country. (NAN) (www.nannews.ng)

LCN/EEE

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Edited by Ese E. Eniola Williams

Afreximbank, WTO sign MoU to promote global trade

Trade
By Okeoghene Akubuike
Abuja, June 29, 2024(NAN) African Export-Import Bank has signed a Memorandum of Understanding (MoU) with the World Trade Organisation (WTO) to amplify the impact of their strategically aligned joint efforts of promoting global trade.

A statement issued by Vincent Musumba, Afreximbank’s Manager, Communications and Events, said the two organisations would promote global trade by leveraging Africa’s unique resource endowment.

Musumba said the MoU would allow the two organisations to pursue a collaborative framework for harmonising and coordinating their efforts towards deepening key trade development activities on the continent.

He said Afreximbank and the WTO are part of an inter-agency partnership championing transformative change in the cotton industry in Africa’s Cotton-4 plus (C4+) countries.

Musumba said the countries include Benin, Burkina Faso, Chad, Mali and Côte d’Ivoire as an observer.

“The MoU will afford the bank and the WTO Secretariat the opportunity to expand and deepen their collaboration to support the cotton sector beyond the C4+ countries.

“Their support will entail the development of local and regional value chains of cotton in Africa as well as their integration into the global value chain.”

He said another area of collaboration under the understanding would be on Trade Finance matters, addressing non-tariff barriers to trade, and the digital economy.

“Others are capacity building, the oceans’ economic and fisheries subsidies, the sports and creative economies and trading in the context of the African Continental Free Trade Agreement.”

Musumba quoted Prof. Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, who spoke at the MoU signing ceremony as saying:

“The WTO Secretariat is a natural partner to Afreximbank given our shared mandate of promoting trade and trade-related activities.

“We are already working with the Secretariat on FIFA’s C4+ Cotton Initiative, for which we have committed financing for project preparation for cotton transformation projects in Africa.

“ Formalising our relationship today signifies that we can go beyond our present collaboration to include other equally impactful interventions across key economic sectors in Africa.”

Oramah said Afreximbank recently signed a Charter with Confédération Africaine de Football (CAF) and the Rebranding Africa Forum (RAF) to build a robust sports economy.

He said the Charter would include commercialising and monetising African-made sports apparel and athleisure wear.

“This is yet another undertaking that will benefit from this MOU with the WTO Secretariat,” he said.

He quoted Dr Ngozi Okonjo-Iweala, Director-General, WTO Secretariat as saying, “the signing of this MOU is timely as it reflects some of the key priorities of many of our Members.

“ I am particularly pleased to see that it will support Members’ efforts in agriculture and food security, advance efforts to address harmful fisheries subsidies and promote cooperation on trade finance.

“ I am especially pleased that Afreximbank has committed to explore the opening of a finance window that would assist the C4+ countries on their journey to scale value addition on the continent.

“ I look forward to seeing real, on-the-ground results from this partnership,” she said.

Musumba said the C4+ countries have historically exported raw cotton for processing outside of the continent.

He said developing local industries to process and transform cotton into textile, could potentially create 500,000 jobs in the West African region.

Musumba said if harnessed well, it was expected that within the next 10 years, the C4+ countries could process up to 25 per cent of their cotton crops.

“This undertaking requires about five billion dollars in investment in production facilities and training for workers.

“Which in turn calls for capacity building, access to finance for businesses, and improved infrastructure”.(NAN)(www.nannews.ng)

OKE/VIV

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Edited by Vivian Ihechu

Regulations

By Yusuf Yunus

Lagos, June 29, 2024 (NAN) The Federal Competition and Consumer Protection Commission (FCCPC) has reiterated its commitment to protecting consumers, promoting fair competition, and ensuring the safety of products in the market.

Its Acting Executive Chairman, Dr Adamu Abdullahi, gave the assurance in an interview with newsmen after a surveillance exercise by the commission at some steel companies in Lagos State and Ogun on Friday.

The companies include African Foundries, Monarch Steel Mill Ltd., and Kam Steel Integrated Company, all on Ikorodu-Sagamu Expressway.

The FCCPC boss said that intelligence and surveillance reports obtained by the commission indicated that certain companies were involved in anti-competitive behaviour.

“This is why we decided to visit three of these companies to examine their operations and review their records, as well as analyse ten of their products.

“We aim to identify any false, misleading, and deceptive practices that could harm consumers,” he stated.

He said that one major concern noted was the discrepancy in product specifications.

“For instance, consumers purchasing 12mm rods often receive 10mm rods instead, which contributes to the building collapses we frequently witness.

“Ensuring the safety of our people is a core responsibility, and these deceptive practices are unacceptable,” said Abdullahi.

He stressed the need for thorough inspections and transparency.

“We are looking at their processes to determine if any corners are being cut. If we find evidence of such practices, we will apply the full extent of the law,” he added.

Abdullahi, also said that the companies visited cooperated with the commission’s officials by providing information needed during the surveillance exercises.

He said, “So far, they have been very cooperative. They consulted their lawyers, who advised them to comply with our investigation, and they have provided us with the required information.”

On collaboration with relevant industry bodies, he said that FCCPC had been working with the Steel Manufacturing Association, the Manufacturing Association of Nigeria, and the Standards Organisation of Nigeria, among others.

He also said that the Council for the Regulation of Engineering in Nigeria (COREN) had provided technical advice, ensuring the commision was guided by industry standards.

Addressing the timeline for the investigation, he explained, “The duration depends on the volume of information gathered.

“Some investigations have taken longer due to the sheer amount of data involved.

“We assure you that we will work diligently to conclude as quickly as possible and publish our findings.”

Regarding market impact and potential punitive measures, he noted that sanctions depend on the nature of the offence and would be on strictly adhering to the guidelines set out in the FCCPC Act.

(NAN)(www.nannews.ng)

YO/AWA
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Edited by Olawunmi Ashafa

Clergy urge KDSG to establish Ministry for Cooperatives

Ports

By Aisha Cole
Lagos, June 28, 2024 (NAN) The  Nigerian Shippers’ Council (NSC) has launched the operational manual for inland dry port projects.

The launching took place in Jos on Thursday.

The Executive Secretary and Chief Executive Officer of NSC, Mr Akutah Pius, made this known in a statement he issued on Friday.

He said that the council had played a pivotal role in ensuring the development of inland dry ports across designated locations in the country.

He said that the  Jos Inland Dry in Heipang was one of the dry port projects being facilitated by the NSC to bring shipping facilities to shippers in the hinterlands.

“It is also to create employment opportunities for citizens and accrue substantial revenue to the government,” he said.

He said that, with concerted efforts of the host state government and other key players, the Jos Inland Dry Port project would soon become a reality.

According to him, the Jos Inland Dry Port is strategically located to serve not only the host state but also  neighbouring states.

He noted that the Plateau State Investment and Property Development Company had acquired Jos Inland Dry Port from Duncan Maritime Services Ltd. in 2022.

He said that with the new development, the new concessionaires and the host state government would drive the project.

Pius quoted  Plateau Gov. Caleb Murtfwang as describing the launching of the Inland Dry Port as a milestone, considering the economic potential of the state.

Pius also quoted Plateau Commissioner for Commerce, Mr Musa Sule, as describing Nigerian Shippers’ Council as a key partner in the development of the port project.

He also quoted the Coordinator, North Central Zone of the council, Alhaji Ahmed Umar, as saying that  the launching of the operational manual was to adequately guide stakeholders and operators on how best to use  inland dry ports.

He equally  quoted the President of Plateau State Shippers Association, Hajia Aisa Bashir, as giving the assurance of the  association’s readiness to enlighten shippers on the operational manual. (NAN)

AIC/IGO

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Edited by Ijeoma Popoola