Category: Economy

Food inflation: Customs to smoke out food hoarders

Inflation

By Martha Agas

Abuja, June 19, 2024(NAN) The Nigeria Customs Service (NCS), is determined to smoke out food hoarders as part of its contribution to checking inflation, its Comptroller-General (C-G), Adewale Adeniyi, has stated.   

“The service will continue to work tirelessly to ensure that the business of food hoarders is unprofitable,” Adeniyi declared in Abuja on Wednesday at a media briefing on achievements in the past one year.

He said that the NCS recorded 1,744 cases of rice and grains seizures valued at N4.4billion, in the efforts to curb smuggling. 

“These concerted efforts underscore the NCS’ commitment to protecting society and ensuring national security,’’ he said.

 He said that in the past one year, one of the leading policy measures it implemented was the transition from the repealed Customs and Excise Act of 2004 to the newly signed Nigeria Customs Service Act of 2023.

He explained that the new act strengthened the modernisation of NCS operations and promoted innovation within the service.

The C-G emphasised that the new act also formed the basis for several trade facilitation measures currently being pursued by NCS, including the recent transition from Fast Track 2.0 to the Authorised Economic Operators (AEO) concept.

 He highlighted that the Advanced Ruling system, which also originated from the act, represented a significant advancement in aligning NCS operations with global best practices.

“This initiative is now at an advanced stage of implementation,’’ he said.

He added that Time Release Study was also inaugurated in February to identify and address bottlenecks in the clearance process aimed at easing trade facilitation.

The C-G further noted that it decongested ports and reopened previously inaccessible access roads. 

“In response to the need for dedicated terminals to process export goods, the NCS command at the Port of Lilypond was designated to handle export transactions.  

 “Other targeted measures to jointly facilitate trade and enhance revenue collection by the service include implementation of the presidential approval to decongest the ports area and improve logistics around the port in line with the Nigeria Customs Service Act 2023.

“NCS also commenced 24-hour clearance at the Port of Tincan Island, Lagos, in line with the Presidential Directive to enforce 48- hour clearance of goods,’’ he said.

According to the customs boss, NCS also implemented measures to address national security concerns which include strengthening and reinforcing the Federal Operating Units to pursue, intercept, arrest and dismantle smuggling networks.

He said that new frontiers of interagency cooperation were established with the Federal Road Safety Corps (FRSC), finalising arrangements to integrate both systems to minimise the registration of smuggled vehicles.

“The service also commenced engagement with critical stakeholders like the Health Federation of Nigeria (HFN), with the support of the Federal Ministry of Finance, to facilitate the clearance of medical goods.

“This collaboration aims to ultimately reduce challenges and costs, making these services more affordable for Nigerians and specifically targeting the Presidential Priority Areas on healthcare,’’ he said.

He said that NCS was recently ranked by the Presidential Enabling Business Environment Council (PEBEC) among the top five Ministries, Departments, and Agencies (MDAs).

The assessment was conducted among 36 MDAs, with NCS achieving a perfect score of 100 per cent, marking 81.5 per cent increase from its previous average scores of 18.45 per cent between 2020 and 2022, and 18.53 per cent in 2023. (NAN)(www.nannews.ng)

MAA/AMM

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Edited by Abiemwense Moru

Average 5kg cooking gas price stood at N7,418.45 in May- NBS
Gas
By Okeoghene Akubuike
Abuja, June 19, 2024 (NAN) The average price of 5kg cooking gas increased from N6,521.58 recorded in April 2024 to N7,418.45 in May 2024, according to the National Bureau of Statistics (NBS).

This is contained in the Bureau’s “Cooking Gas Price Watch’’ for May 2024 released on Wednesday in Abuja.

The report said the May price represented a 13.75 per cent increase, compared to what was obtained in April 2024.

The NBS said the average price of 5kg cooking gas increased on a year-on-year basis by 70.12 per cent from N4,360.69 recorded in May 2023 to N7,418.45 in May 2024.

On state profile analysis, the report showed that Benue recorded the highest average price at N8,012.03 , followed by Enugu at NN7,926.21, and Ondo at N7,857.53.

It said on the other hand, Yobe recorded the lowest price at N5,842.31 followed by Jigawa and Katsina at N6,521.81, respectively.

Analysis by zone showed that the South-East recorded the highest average retail price of 5kg cooking gas at N7,680.87 , followed by the South-West at N6,593.93.

“The North-East recorded the lowest average retail price at N7,071.84,” the NBS said.

Also, the NBS said the average retail price for refilling a 12.5kg cooking gas declined by 0.07 per cent on a month-on-month basis from N15,637.74 in April 2024 to N15,627.40 in May 2024.

The report said the average retail price for 12.5kg cooking gas rose by 63.85 per cent on a year-on-year basis from N9,537.89 May 2023 to N15,627.40 in May 2024.

State profile analysis showed that Zamfara recorded the highest average retail price of N18,369.33, followed by Bayelsa at N17,772.21 and Abia at N17,538.02.

On the other hand, the report showed that the lowest average price was recorded in Bauchi at N13,076.43, followed by Ebonyi and Taraba at N13,788.09 and N13,860.3, respectively.

Analysis by zone showed that the South-South recorded the highest average retail price of 12.5kg cooking gas at N16,310.02 , followed by the North-West at N15,991.13.

The report said the North-East recorded the lowest price at N15,010.62(NAN) (www.nannews.ng)
OKE/VIV

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Edited by Vivian Ihechu

Kerosene price stood at N1,450.35 in May – NBS
Kerosene
By Okeoghene Akubuike
Abuja, June 19, 2024 (NAN) The National Bureau of Statistics (NBS) says the average retail price of a litre of kerosene increased from N1,439.64 recorded in April 2024 to N1,450.35 in May 2024.

The Bureau said this in its Kerosene Price Watch for May 2024, released in Abuja on Wednesday.

It said the May price of N1,450.35 represented a 0.74 per cent increase compared to what was obtained in April 2024 at N1,439.64

The report said the average price per litre of kerosene increased on a year-on-year basis by 20.26 per cent from N1,206.05 recorded in May 2023 to N1,450.35 in May 2024.

On state profile analysis, the report showed that Benue recorded the highest average price of N1,790.92, followed by Kaduna at N1,769.65 and Cross River at N1,722.94.

“On the other hand, the lowest price was recorded in Katsina at N1,230.81, followed by Kwara at N1,260.07 and Jigawa at N1,263.91.”

The NBS said the analysis further showed that the North-Central recorded the highest average retail price per litre of Kerosene at N1,534.12, followed by the South-West at N1,488.97.

It said the North-East recorded the lowest average retail price per litre of kerosene at N1,408.41.

The report said the average retail price per gallon of Kerosene paid by consumers in May 2024, was N5,196.69, indicating a 0.43 per cent increase from the N5,174.23 in April 2024.

“On a year-on-year basis, the average price per gallon of kerosene increased by 23.49 per cent from N4,208.27 recorded in May 2023.

On state profile analysis, it showed that Kano recorded the highest average retail price at N6,900.28, followed by Adamawa at N6,295.63 and Yobe at N6,140.17.

On the other hand, the report said Kwara recorded the lowest price at N4,235.42, followed by Delta and Akwa Ibom at N4,320.39 and N4,362.81, respectively.

Analysis by zone showed that the North-East recorded the highest average price per gallon of Kerosene at N5,951.06, followed by the North- West at N5,560.03
.
“The North-Central recorded the lowest average price per gallon of kerosene at N4,659.73 ,” the NBS said. (NAN)(www.nannews.ng)
OKE/VIV

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Edited by Vivian Ihechu

Petrol price increased to N769.62 in May- NBS

Petrol

By Okeoghene Akubuike

Abuja, June 19, 2024(NAN) The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased from N238.11 in May 2023 to N769.62 in May 2024.

It made the declaration in its Petrol Price Watch for May 2024 released in Abuja on Wednesday.

It stated that the May 2024 price of N769.62 represented a 223.21 per cent increase over the price of N238.11 recorded in May 2023.

“Comparing the average price value with the previous month of April, the average retail price increased by 9.75 per cent from N701.24.

“On state profiles analysis, Jigawa paid the highest average retail price of N937.50 per litre, followed by Ondo and Benue at N882.67 and N882.22, respectively.

“Conversely, Lagos, Niger and Kwara paid the lowest average retail price at N636.80, N642.16 and N645.15, respectively,’’ it stated.

Analysis by zones showed that the North-West Zone recorded the highest average retail price in May 2024 at N845.26, while the North-Central recorded the lowest price of N695.04 per litre.

The NBS also stated in its Diesel Price Watch Report for May 2024 that the average retail price was N1,403.96 per litre.

It said that the May 2024 price of N1,403.96 per litre amounted to a 66.29 per cent increase over the N844.28 per litre paid in May 2023

“On a month-on-month basis, the price increased by 0.78 per cent from the N1,415.06 per litre recorded in April 2024,’’ it added.

On state profile analysis, the report said the highest average price of diesel in May 2024 was recorded in Adamawa at N1709.00 per litre, followed by Sokoto at N1675.00 and Bauchi at N1657.92.

On the other hand, the lowest price was recorded in Niger at N1,140.20 per litre, followed by Kano at N1153.33 and Oyo at N1236.92.

In addition, the analysis by zones showed that the North-East Zone had the highest price of N1,605.91 per litre, while the South-West recorded the lowest price at N1,303.60 per litre. (NAN) (www.nannews.ng)

OKE/VIV

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Edited by Vivian Ihechu

Business
By Lucy Ogalue
Abuja, June 19, 2024 (NAN) The Presidential Enabling Business Environment Council (PEBEC), says it has concluded its 120-day Regulatory Reform Accelerator Action Plan, which will significantly improve Nigeria’s business environment.

The Special Adviser to the President on Ease of Doing Business, Jumoke Oduwole, said the reforms concentrated on eight key indicators, including reviewing and updating service level agreements.

Oduwole said others are transparency reforms, efficiency reforms, entry and exit (Airport) reforms, port operations reforms, national single window project facilitation, agro-export reforms, and manufacturing for export reforms.

The News Agency of Nigeria (NAN) reports that the initiative is a 90-day programme, which started on Feb. 20 and terminated on May 20.

NAN also reports that the Vice President and Chair of PEBEC, Kassim Shettima, granted a 30-day extension period to enable Ministries, Departments and Agencies (MDAS) to intensify their reform efforts.

According to Oduwole, this is due to the sub-optimal performance of Ministries, MDAs and the sluggish completion of reform.

The extension period ends at midnight on June 19.

“These reforms operationalise earlier codified provisions in the Business Facilitation Act 2022 and directly impact the productivity and competitiveness of Nigeria’s economy.

“With the success of this final sprint, vice-president Shettima is set to host the inaugural PEBEC Townhall Meeting on June 28.

“This is where the results of the Accelerator and deepening the PEBEC’s regulatory reform mandate will be discussed.”

She said the successful implementation of these reforms marks a significant step towards making Nigeria a more business-friendly environment.

According to Oduwole, the event will bring together PEBEC Members, heads of over 50 federal government agencies and their reform teams, representatives of the organised private sector, and other stakeholders.

”PEBEC was established in July 2016 to oversee interventions to enhance Nigeria’s business climate. The council is crucial to President Bola Tinubu’s 8-point renewed hope agenda,” she said.

She said the third cohort of the council, inaugurated in November 2023, comprises 24 members from various levels and arms of government.

Oduwole said with these reforms, PEBEC aims to elevate Nigeria’s global business rankings, attract foreign investments, and drive sustainable economic growth. (NAN) (www.nannews.ng)
LCN/DE/EEE

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Edited by Dorcas Jonah/Ese E. Eniola Williams

Customs records 74 % revenue growth in one year

Revenue

By Martha Agas

Abuja, June 19, 2024 (NAN) The Nigeria Customs Service (NCS), says it has recorded 74 per cent increase in revenue growth in the last one year.

The Comptroller General (C-G) of the service, Adewale Adeniyi, stated this on Wednesday in Abuja, during a Press briefing on NCS’ achievements in the last one year.

Adeniyi said that the service recorded a total revenue collection of N4.49 Trillion between June 2023 and May 2024, compared to the N2.58 trillion collected during the corresponding period of the previous year.

“This achievement was underpinned by a sustained increase of 70.13 per cent in average monthly revenue collection, compared to the previous year.

“ NCS recorded an average monthly revenue collection of N343 billion, compared to the N202 billion monthly average.

“ Notably, there was a substantial 122.35 per cent increase in revenue collection during the first quarter of 2024, compared to the same period in the previous year,” he said.

The C-G said these giant strides recorded were as a result of the service’s various strategic initiatives, which included the collection of N15 billon by the Revenue Review Performance Recovery exercise.

He explained that N2.79 billion was realised from the 90-day window for the regularisation of documents of uncustomed vehicles.

The News Agency of Nigeria (NAN), reports that the NCS in March, granted a 90-day grace period for payment of import duties on improperly imported vehicles, as part of its commitment to facilitating compliance.

He added that N1.5 billion was realised from the decongestion of 1,705 overtime containers and 981 vehicles from the port.

“It is also worthy of note that on June 13, 2024, NCS recorded a daily All-Time-High of N58.5 billion in revenue collection,“ he said.

Adeniyi also noted that the NCS’ anti-smuggling efforts in the last year resulted in 63 seizures related to animal and wild life products, valued at N566 million, and seven seizures of arms and ammuition made through the ports and borders.

“ In terms of illicit drugs, a combined total of 127 cases involving narcotics and pharmaceutical products, valued at over N6 billion, were seized.

“The Service also recorded 724 seizures of 2.93 million litres of PMS (Premium Motor Spirit), that wad being attempted to be smuggled out of the country,“ he said.

He explained that the illegal dealings in petroleum products had remained an issue of great concern to relevant stakeholders, adding however, that the Operation Whirlwind would continue to intercept and disrupt the activities of smugglers.

NAN reports that Operation Whirlwind was recently inaugurated by NCS to combat smuggling of petroleum products to neigbouring countries.

The C-G said as part of its effforts to ensure food security and curb the smuggling of food in and out of the country, the service recorded 1,744 cases of rice and grain seizures, valued at N4.4 billion.

“These concerted efforts underscore the NCS’s commitment to protecting society and! ensuring national security,“ Adeniyi said. (NAN (www.nannews.ng)

MAA/DOR
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Edited by Nyisom Fiyigon Dore

Stakeholders at the ARSO General Assembly in Abuja on Wednesday.

 

Trade

By Lucy Ogalue

Abuja, June 19, 2024 (NAN) Stakeholders at the ongoing 30th General Assembly of the African Organisation for Standardisation have called for standardisation in promoting sustainable development, innovation, and export-oriented manufacturing across Africa.

The stakeholders said this on Wednesday in Abuja at the ongoing 30th General Assembly of the African Organisation for Standardisation (ARSO).

According to them, such measure will facilitate trade in the African region.

The News Agency of Nigeria (NAN) reports that the theme of the programme is  “Educate an African Fit for the 21st Century, Building a Quality Culture: One Market, One Standard.”

The Minister of Industry, Trade and Investment, Doris Anite, said a symbiotic relationship existed between education, sustainable development, industrialisation, and trade in the 21st century.

The minister was represented by her Permanent Secretary, Nura Rimi.

According to Anite, the ministry considers these essential for economic efficiency, trade facilitation, and tackling developmental challenges.

She said standardisation was a strategic pillar for governments, stakeholders, and the standardisation community.

“The theme points out the need to equip the African youth with relevant skills and SMEs with innovative tendencies needed for the 21st Africa’s Industrial Development and Integration Agenda.

“As provided under the African Continental Free Trade Area (AfCFTA), it is necessary to create awareness of the role of standardisation in sustainable development to catch up with the rest of the world.

“Standards shape our everyday lives, drive economic efficiency, facilitate trade and are the fulcrum for tackling the challenges of moving towards a more sustainable and resilient development model,” she said.

The minister called for enhanced synergy and collaboration among African nations and ARSO member states to implement the AfCFTA agreement effectively.

She reiterated the Nigerian government’s goal to rejuvenate the economy through innovative strategies in alignment with President Bola Tinubu’s Renewed Hope Agenda, with standardisation playing a key role.

She urged delegates to leverage on the platform to foster greater political commitment and strategic partnership to effectively implement AfCFTA and the African Union’s 2024 Year of Education.

Earlier, the Director-General, Standard Organisation of Nigeria (SON), Dr Ifeanyi Okeke, said it was important to address the enormous challenges hindering progress on the continent.

Okeke called for concerted efforts to equip African youth with the cognitive skills and knowledge necessary to navigate and succeed in an increasingly complex global landscape.

“Standardisation is not merely about setting guidelines; it is about fostering a quality culture that permeates every aspect of our lives.

“Stakeholders must re-commit and work collaboratively to address challenges such as out-of-school children and learning poverty rates.

“Our task is daunting yet achievable with concerted efforts and innovative approaches through the application of available technologies,” he said.

Mr Zubairu Abdullahi, representing the Minister of Education, Tahir Mamman, said the ministry would introduce standardisation courses in its curriculum.

According to him, this is a way of ensuring the standard of products and will also help raise consumer awareness in the country through education.

Meanwhile, the President of ARSO, Prof. Alexander Dodoo, called on African countries to use trade standards and collaborate to change the narrative for Africa.

“We have to create African solutions for African problems. If not, quality education will be meaningless.

” Our biggest challenge is our jobs; our youths are going across borders in the new slave trade because we have not created meaningful jobs for them.

“We owe it to ourselves as leaders to confront the African reality and forge a way for progress,” he said.

NAN reports that the event was attended by government officials and  key stakeholders in the sector  on the continent. (NAN) (www.nannews.ng)

LCN/FEO/EEE

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Edited by Francis Onyeukwu/Ese E. Eniola Williams