Category: Economy

Customs generates N115bn from Lagos Free Trade Zone in 6 months

By Aisha Cole

Lagos, June 27, 2024 (NAN) The Lagos Free Trade Zone of the Nigeria Customs Service says it generated N115 billion in revenue over the past six months.

Its Customs Area Controller, Comptroller Olanrewaju Olumoh, disclosed this at a stakeholder engagement in the Free Trade Zone in Lagos on Thursday.

Olumoh expressed optimism that the command would meet and surpass its annual target by the end of the year.

He said, “The fallout from these visits necessitated the meeting today where we shall reveal our achievements so far and discuss matters that will improve operations in the Free Trade Zones under the Command.

“The initial revenue target given to the Free Trade Zone was N108.84 billion before it was reviewed to N136.05 billion for 2024.

“From January 2024 till date, the command has generated N41.3 billion from the Free Trade Zone, compared to N24.7 billion collected during the same period in 2023.

This shows an increase of N16.6 billion, representing a 67per centt rise over 2023.”

For Lekki Port, an initial revenue target of N6.61 billion was reviewed to N8.26 billion. From January to date, N74.67 billion was generated as revenue from the port.

Olumoh explained the fundamental benefits of establishing Free Trade Zones to include attracting foreign investments, promoting technology transfer, and creating job opportunities.

He stressed the importance of stakeholder collaboration in achieving these goals.

“It is important to keep sensitising agents and zone operators on the Standard Operating Procedures (SOP) for Free Zones to enhance their compliance level and improve their capacity towards better service delivery,” Olumoh noted.

He emphasised that stakeholder engagement is about building relationships based on trust, transparency, and mutual understanding.

“We want to operate an open-door policy where we can entertain meaningful contributions to move the Command forward,” he said.

Olumoh commended the Zone management and other agencies, including the Nigeria Export Processing Zones Authority (NEPZA), Immigration and the Nigeria Police Force, for their continuous support in achieving these results.

He also recognised the critical role of the media in public sensitisation and enlightenment about Free Zones.

Mrs Oladunni Kareem, General Manager of Operations at Lekki Free Trade Zone, commended the NCS for the interactive session.

She emphasised the need for operators to be aware of customs procedures to reduce the time of doing business.

“We want trade facilitation and the Nigeria Customs Service is doing all it can towards that. Revenue collection for the government cannot be overemphasised; we have to operate side by side,” Kareem said.

She assured of continued collaboration with NCS to improve Nigeria’s trade environment.

Kareem noted that trade facilitation would encourage investors and help introduce the free trade zone to other investors, thereby creating more jobs for the youth. (NAN)(www.nannews.ng)

AIC/KOO/AWA

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Edited by Kevin Okunzuwa/Olawunmi Ashafa

NDLEA

By Aisha Cole

Lagos, June 27, 2024 (NAN) The National Drug Law Enforcement Agency (NDLEA) Special Area Command,  Tincan Island Port, has  arrested 21 suspected drug traffickers and intercepted 28,622.389kg of illicit drugs.

The agency’s Commander of Narcotics, Mr Mohammed Abubakar, made this known in a statement in Lagos on Thursday.

Abubakar said that the arrests and interceptions were  from January 2024 to June 2024.

He said that 14 of the arrested suspects had  been put on trial before a Federal High Court in Lagos.

“Seizure of approximately 28,622.389 kilogrammes of various illicit drugs, including cannabis indica or Canadian loud weighing 2,232.999 kilogrammes were made,” he said.

The commander said that the seizures showed an increase of 261.9% over  seizures recorded by the command in the last six months of 2023.

“Included also is a seizure of Heroin weighing 79.39 kilogrammes, and 26,310 kilogrammes of Barcadin cough syrups with codeine (i.e. 175,400 bottles of 100ml each).

“Included also is monetary exhibit of six million naira being a bribe offered by a suspect to thwart seizure of 7.5 kilogramme of Canadian loud.

He added that the command impounded vehicles and containers used to conceal the drugs  or carry out smuggling activities.

The commander re-affirmed the command’s commitment to the global fight against  drug trafficking, particularly in the maritime domain.

He said that  since the beginning of 2024, the command had undertaken a series of robust operations that had significantly disrupted the activities of drug trafficking syndicates on the coastlines and maritime corridors under its area of responsibility.

Abubakar said that the most notable  seizure  was a combined seizure of heroin weighing 56.39k made from two containers.

He described it as the highest single seizure of heroin ever recorded in the maritime domain in Nigeria.

Abubakar said that both containers came from Durban, South Africa, and were declared as personal effects.

“We apprehended three suspects in connection with the seizure. All the suspects are  on trial before a Federal High Court in Lagos.

He said that the command also made a single seizure of 1,072kg of cannabis indica from a container shipped from Montreal, Canada, and falsely declared as containing  three units of used vehicles.

He said: “The Tincan NDLEA Special Area Command remains resolute in its mission to deny criminal elements the ability to exploit our maritime domain for their nefarious activities.

“We will continue to work closely with our national and international partners to strengthen  capabilities, share intelligence, and collectively dismantle the intricate networks of drug trafficking organisations.

“The command will continue to appreciate and commend the tireless efforts of its men and women who have demonstrated unwavering dedication and professionalism in executing the command’s mandate.

“These achievements are a testament to the steadfast commitment of our personnel in safeguarding our maritime borders and protecting our communities from the devastating impact of illicit drugs.”

According to him,  as the world commemorates the United Nations Day against Drug Abuse and Illicit Trafficking, the command reaffirmed its determination to continue playing a pivotal role in the global fight against drug trade, upholding the rule of law and preserving security and well-being. (NAN)

AIC/IGO

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Edited by Ijeoma Popoola

Reforms

By Kamal Tayo Oropo

June 27, 2024 (NAN) The United Nations Economic Commission for Africa (ECA) is undergoing reforms to ensure greater effectiveness in achieving its mandate.

ECA Executive Secretary, Mr Gatete Claver, made this known in a statement on Thursday by the Communications Section of the UN body.

The 2nd mid-year review meeting of the activities of the commission started on Tuesday with the theme: “Enhancing Programme Monitoring and Performance through Tracking the Progress of the Annual Business Plan Implementation”.

The four-day Accountability and Performance Review Meeting (APPRM) is aimed at providing the commission with an opportunity to evaluate its mid-year performance.

They include challenges, opportunities, lessons learned and how to ensure the organisation’s targets are met by the end of the year.

The meeting involves presentations by all thematic areas of the commission and a review of those presentations.

Claver said that the commission’s success in achieving its mandate would hinge on cutting-edge policy research and technology.

According to him, this will be a catalyst for enhancing its work.

He tasked all thematic areas of the commission, including Data and Statistics; Economic Development and Planning; and Gender Equality and Empowerment of Women.

Others are macroeconomics and governance; poverty, inequality and social Policy; private sector development and finance; and regional integration and trade; and technology, climate change and natural resource management.

The ECA boss also tasked the sub-regional offices to work in a concerted effort for collective results and impact.

He further urged commission members to develop more focused programmes that would ensure that the planned activities were achievable.

They are also to strengthen their partnerships with partners, including the African Union Commission (AUC), to avoid duplication.

On his part, Director of the Strategic Planning, Oversight, and Results Division (SPORD), Mr Said Adejumobi, described the meeting as essential for assessing progress and making necessary adjustments for effective results delivery.

SPORD is responsible for organising and coordinating the APPRM.

According to Adejumobi, the commission is on track to meet its 2024 strategic goals.

He noted that this was primarily based on the UN Agenda 2030 on Sustainable Development and the Agenda 2063 of the African Union member-states.

Adejumobi explained that in 2024, the commission supported 254 interventions in 46 countries, as part of its effort to contribute to the continent’s development.(NAN) (nannew.ng)

KTO/AWA
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Edited by Olawunmi Ashafa

RMAFC outgoing commissioners seek financial autonomy for commission

Outgoing

By Vivian Emoni

Abuja, June 26, 2024 (NAN) The outgoing commissioners of Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), on Wednesday, called for financial autonomy to strengthen the commission for effective service delivery.

The commissioners made the call during a valedictory session in honour of the 20 outgoing members of the commission, whose tenure expired on Wednesday.

Speaking on their challenges while in office, the member who represented Benue, Mr Samuel Magbe, said that the commission was not well funded, which contributed to the low morale of staff members.

“When you go out to monitor the activities of Federal Inland Revenue Service (FIRS), the Central Bank, and so on, you see that there is a wide disparity between us and them.

“But I hope that the President will do something about that for this commission to move forward,” Magbe said.

Mr Adebayo Fari, the commissioner who represented Ogun State in the Commission, called for adequate funding and human capital development for the commission.

“The issue has been moved by this administration under the leadership of our chairman, to actually do a lot of training.

“Aside from that, I think there is still a need to recruit more hands in the areas of accounting, statistics, economics and tax administration, so that they can have the capacity to functions very well,” Fari said.

Another outgone commissioner, Mr Modu Julur, who represented Yobe, said that RMAFC should be treated well because the commission was delivering services that were of immense benefits to the federation.

“I think the government should first of all digitalise the RMAFC and ensure that it is well funded to carry out its activities effectively,” he said.

The commissioners therefore called on relevant stakeholders to support the Bill on RMAFC’s Financial Autonomy, which was pending before he senate.

According to them, the bill, among other issues, is recommending the review of the salaries of ambassadors and some political office holders.

The bill is also seeking the review of the Federal Allocation Formula, staff training, and improvement of the general condition of the office.

They said that the effort would help the commission to comfortably and effectively carry out its duties.

Some of the members, who spoke during the occasion, eulogised the Chairman of the commission, Mr Mohammed Shehu, for the achievements recorded under his stewardship.

Shehu, on his part, commended the outgoing members for their patriotism and commitment to nation-building, by ensuring that the commission attained a world class standard.

He further noted the commissioners’ commitment to ensuring effective service delivery, in spite of RMAFC’s lean resources and poor funding.

The chairman also recalled the extraordinary support that the commissioners rendered to the commission through their contribution to the various committees they served.

”It has been our wish to reposition RMAFC to become a world cclass revenue mobilisation commission.

“Since we came here, we are still working in progress, we have tried, we are trying and we will continue to try,” Shehu said.

He therefore prayed to God to reward the commissioners for their sacrifices; and wished that they would be reappointed so that they could continue to support the commission.

The Secretary to the commission, Mr Nwaze Okechukwu, also praised Shehu for the achievements recorded under his watch, and described the tenure of the outgoing commissioners as worthwhile.

Nweze also commended the Commissioners, noting that they were able to execute their national assignment successfully, and wished them success in their future endeavours.

The News Agency of Nigeria (NAN), reports that the members were appointed on June 26, 2019 for a tenure of five years. (NAN) (www.nannews.ng)

VOE/DOR
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Edited by Nyisom Fiyigon Dore

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Airport
By David Adeoye
Ibadan, June 26, 2024 (NAN) Gov. Seyi Makinde on Wednesday disclosed that President Bola Tinubu has approved the upgrade of the airport at Alakia in Ibadan to an international airport.

Makinde, while receiving the Chief of Air Staff, Air Marshal Abubakar, in Ibadan said the President’ approval has made his administration’s efforts to have the airport upgraded become a reality.

He explained that the upgrading project, which would begin in the next three weeks, would include the construction of a new terminal, runway and other structural features.

“The project will be handled by experts and delivered to standard,” he said, pointing out that he had identified the need for the airport’s upgrade to be central to his economic expansion agenda.

On developmental projects by his government, Makinde said his administration had spent the last five years turning around the state’s economy

“Our government’s resolve to build infrastructure which targets the economic expansion agenda has also seen it investing resources on the 110-kilometre Ibadan Circular Road.

“This administration will consider the Air Force’s request for land for its post-retirement housing scheme on the Circular Road corridor,” he said

The governor appreciated the Chief of Air Staff for his officers’ efforts in working with sister security agencies to secure Oyo State.

He urged that the cordial relationship between the Force and the people of the state be maintained.

Makinde equally noted that his administration has remained committed to working with the Air Force to deliver the Air Force Base in Ajia, Ibadan.

He assured Abubakar that his promise of a speedy completion of the road that leads to the base would be kept.

Earlier in his speech, the Chief of Air Staff had described the governor as a visionary leader, thanking him for his support for the Air Force.

He noted that the acquisition of 60 hectares of land for the Air Force Base at Ajia and the provision of security operational vehicles were commendable efforts of the governor.

Abubakar acknowledged the governor’s focus on economic development and enhancing security in the state.

“The Air Force will continue to support the state and also build on the mutual relationship with the state,” he assured.(NAN)(www.nannews.ng)
DAK/OLAL
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(Edited by Olawale Alabi)

Maritime
By Aisha Cole
Lagos, June 26, 2024 (NAN) The Managing Director of Nigerian Ports Authority (NPA), Mohammed Bello-Koko has commended the economic policies of President Bola Tinubu which attracted global applause and transformation of the maritime industry.

Bello-Koko made the remark during an unscheduled visit to the Lagos ports access roads on Wednesday.

“The decade-long traffic gridlock was recently cleared by the NPA,’’ the managing director said in a statement made available to newsmen.

He also applauded the leadership style of the Minister of Marine and Blue Economy, Adegboyega Oyetola.

“As part of President Tinubu’s Renewed Hope Agenda, the sanity that has since returned to the ports access roads will be sustained to promote ease of doing business and drive exports to enhance Nigeria’s balance of trade,” Bello-Koko said.

He said that in spite of the global economic headwinds that characterised the year 2023, the Nigerian Ports Authority, succeeded in maintaining the momentum to surpass its  performance of the year 2022.

According to him, the implementation of continuous performance improvement measures resulted in unprecedented revenue generation and remittances to the Consolidated Revenue Fund (CRF) of the Federation.

“This revenue is steadily growing from N361 billion in 2022 to N501 billion as at December 2023; and remittances increasing from N93.4 billion in 2022 to N131.2 billion by year end 2023,” Bello-Koko said.

He noted that taxes paid to the Federal Government also grew at various times in the period under review up to $77.7 million and N17.6 billion respectively.

He said that the strategic forecast was to be actualised in 2024.

“The forecast such as the $1 billion worth reconstruction of Tin Can Island Port Complex and the comprehensive rehabilitation of Apapa, Rivers, Onne Ports, amongst others.

“It is evident that the Nigerian Ports Authority has been positioned to not only create but sustain superior performance necessary to maximise the comparative advantages that Nigeria’s maritime endowments confer, ” he said. (NAN)(www.nannews.ng)
AIC/AJA
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Edited by Adeleye Ajayi

Collectivity
By Rukayat Moisemhe
Lagos, June 26, 2024 (NAN) The Lagos Chamber of Commerce and Industry (LCCI) has urged the business community to embrace connectivity by forging connections that bridge gaps and enhance progress and prosperity.

Mr Gabriel Idahosa, President, LCCI, said this at the 2024 LCCI Member’s Day event on Wednesday in Lagos, with theme: ‘Connecting the Dots’.

Idahosa called on the private sector to take advantage of every opportunity to join hands, hearts and forces in the spirit of service and collaboration, to truly make a difference.

He noted that in a world where connectivity was paramount, the interplay between individuals, businesses, and communities would lead to collective progress.

”We are not just isolated entities operating in silos; rather, we are interconnected threads in the intricate fabric of society, each with a role to play, each with a contribution to make.

”As members of the LCCI, we recognise the power of service, that is, the power to effect change, drive progress and create a lasting impact.

”Service is not merely an action; it is a commitment to bettering the business community and the nation at large,”he said.

The LCCI president said the chamber remained dedicated to empowering business members to make a difference whether in advocating for favourable policies, providing vital business support or fostering collaboration and partnership.

He said the LCCI would continue provide unparalleled networking opportunities, particularly in a world where connections mattered and relationships formed the bedrock of business.

”Most importantly, LCCI is a collective voice that represents the interests of its members, advocates for policies conducive to business growth, and engages with policymakers to effect change.

”In a world where regulations abound, and decisions impact businesses, having a strong advocate in your corner is invaluable.

”The chamber serves as a nexus, bringing together like-minded professionals, potential partners, and customers.

”Members can expand their reach through networking events, business expos, and trade shows, forge new partnerships, and unlock new growth opportunities,” he said.

Also, Otunba Akinbo Akin-Olugbade, Vice President, LCCI, urged the business community to position themselves with the chamber to optimally derive the value of its benefits for their organisations.

He noted that in the new era, businesses depended on partnership, networking, and collaborations for survival and relevance.

According to him, globalisation has made the world more connected and integrated fuelled by technological advancement, lightning-speed communications, and scientific breakthroughs.

Akin-Olugbade said the LCCI would continue to stimulate key economic indices to impact business growth.

”We expect, in the spirit of reciprocity: that your organisations will continue to
contribute their quotas to the development, growth, and expansion of the frontiers currently embraced by the chamber.

“LCCI implores you to do business with integrity and at the highest ethical standards,” he said.(NAN)(www.nannews.ng)

ARM/DOE
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Edited by Dianabasi Effiong