He wished all Nigerians a happy Eid-el-Kabir celebration. Select the type of code to search for:. The former Port Manager of Lagos Port Complex, Apapa, Ezeoke Eunice Ngozi was redeployed to Western Ports as Assistant General Manager Operations while the former Tin Can Island Port Manager, Babatunde Longe moves to NPA headquarters as AGM Operations. You will cadgo see petroleum tankers parking on the road and waiting to lift fuel. Minister of Agriculture Audu Ogbeh says that the culture of importation has to stop.
On the outskirts of Benin's port city of Cotonou, thousands of used cars fill a vast parking lot but the merchants who used to come here from Nigeria to haggle for them are absent as recession bites at home. Residents say drivers used to pass by in huge convoys, speeding toward the border, beeping their horns in celebration. Bars that sprang up to cater for visiting clients have closed and dozens of Lebanese, who dominate the import business in West Africa, have departed, residents say.
Benin is known as a "warehouse state" because it acts as a smuggling hub for goods bound for its larger, English-speaking neighbor Nigeria, Africa's largest economy. Import bans and high tariffs in protectionist Nigeria on everything from used cars to cigarettes as well as chronic congestion in its ports have encouraged trade across the border with Benin, which maintains low tariffs on goods it imports. But a recession in Nigeria which began last year, followed by the central bank's decision to keep the naira at an artificially high rate, has choked off dollar supplies through official channels, forcing importers to pay a huge premium on the black market.
This has driven up prices for goods paid for in West African CFA francs and crushed cross-border trade. An International Monetary Fund report in December said the slowdown in the Nigerian economy was having "significant impacts" on Benin, including a decline in customs revenue due to reduced imports since the Nigerian slump. Benin's finance ministry said it expected trade with Forex cargo philippines location to pick up again this year and it is trying to encourage a return to a formal economy for regional commerce.
Nigeria's customs service said it will begin an "aggressive anti-smuggling operation" in April and encouraged people to pay outstanding customs duties on vehicles in the remaining grace period. But, on paper at least, there is little trace of the trade. A former French colony where more than a third of people live in poverty, Benin records Nigeria-bound imports as being for domestic consumption, according to the IMF.
This has the advantage of concealing the scale of the business from Nigeria, which has accused Benin officials of undermining its laws. It also allows Benin to collect VAT and other fees on the imported goods. Officials turn a blind eye to secret canal networks dug to ship goods across the lakes and lagoons of the border region, as well as the bribes sometimes paid to let them through, residents say. They do the same for cheap Nigerian fuel coming the other way, often ferried into Benin in jerrycans on small canoes.
In addition to the Lebanese merchants, the business is often conducted by Yorubas, an ethnic group from southwestern Nigeria and Benin that has been involved in cross-border trade since colonial times. Still, Benin could remain an important transit country for landlocked neighbors Niger and Burkina Faso, especially if a long-stalled railway project to connect them is launched. Although some other reports showed that the security situation in the coast improved early this year, EOS reports showed that the Nigerian Navy needs to beef up security to further protect crews sailing through Nigerian waters.
This is coming as President Muhammadu Buhari directed the officers and men of the Nigerian Navy, to continue to work hard to ensure safety on the nation's waterways. He said it was important for them to ensure safety so that legitimate economic activities could hold on the waterways, therefore making the country to prosper. The report noted that throughout the year, the pirate groups stopped hijacking tankers for product theft and have started to kidnap crew for ransom.
Bulk carriers, containerships, general cargo vessels, LNG tankers, fishing vessels, a refrigerated cargo vessel, a dredger and a vehicle carrier were also subjected to attacks during the year, according to the group," the group said. Panama vessels were mostly attacked during the period, followed by Liberia, Nigeria, Marshall Island, Singapore, Bahamas, Malta, Germany and a host of others.
Culled from: yliya-86.ru President Muhammadu Buhari on Monday directed the officers and men of the Nigerian Navy to continue to work hard to ensure safety on the nation's waterways. Buhari handed down the directive when the Chief of Naval Staff, Ibok-Ete Ekwe Ibas, briefed him on the activities of his agency at the Presidential Villa, Abuja.
Ibas told State House correspondents of the outcome of the briefing after his forex cargo philippines location with the President. The Naval chief disclosed that the organisation is working hard to contain cases of piracy on the nation's waterways. He said a lot forex cargo philippines location been achieved in that regards. He said, "On privacy, the assertion about the Gulf of Guinea being the most notorious water in this part of the world has been taken seriously.
A lot is being done by the Navy to contain the menace of pirates. He also talked about the purpose of the Naval base established forex cargo philippines location the Lake Chad region. Ibas said, "It is a routine that we brief the Commander-in-Chief from time to time. This was a special brief to update him on the state of security situation in the maritime environment where my operation takes place.
It is aimed at building capacity and intelligence sharing. We have been part of the various joint task forces including the Lafiya Dole. The Nigeria Navy's presence there is to help in consolidating on the security of that at area and facilitate economic activities to pick up. The firm stated that other actors in the value chain included shipping companies, Nigerian Ports Authority, terminal operators, clearing companies and haulage services providers.
The report stated, "The value chain of a typical container terminal operations begins with the shipment of the goods through a shipping line to the host country. The consignee pays the freight charges for the shipping as well as the container deposit fees. Demurrage charges may apply where the consignee fails to return the containers on time. In addition, the consignees also pay the relevant Customs import duty. Consignees pay for the services of the clearing agents where applicable.
Large companies are directly responsible for clearing their goods. According to a report, by IMF, the reform plans are not enough to bring the country out of recession. Nigeria is seeking the funding for infrastructure investment and to help plug an expected record deficit in this year's budget as it boosts spending to try to end a recession. Muhammadu Buhari, Nigeria's president, has rejected further devaluation of the currency.
It would also say its recent reform plan forex cargo philippines location not enough to drag Africa's biggest economy out of recession. With the gains made by the local currency in the last five weeks, the naira inched closer to one of the Central Bank of Nigeria's CBN key foreign exchange policy objectives of an exchange rate convergence. The significant gains made by the naira on the parallel market, according to market analysts, was a reflection of the improved confidence in the FX market, following the sustained dollar interventions by the CBN since last month.
One analyst also attributed the gains made by naira to the Bureau de Change BDC operators that are awash with dollars and with little or no customers to patronise them. He said several retail customers who used to resort to the BDCs which realistically fund the parallel market to fund invisible transactions now get to buy dollars at a lower rate from forex cargo philippines location banks. The CBN Governor, Mr.
Godwin Emefiele, on Tuesday expressed optimism about the convergence of the FX rates on the official and parallel markets, stating that the gains made by the naira against the greenback in the last five weeks was not a fluke. Emefiele said he was happy that the central bank's intervention was yielding positive results. But an analyst at Ecobank Nigeria, Mr. Kunle Ezun, who welcomed the development in the FX market, pointed out that achieving a convergence between the official interbank rate and parallel market rate would be a more onerous task.
But we need to see improved liquidity on the interbank market," Ezun said in a kelas jaguh forex chat with THISDAY. In another development, the Deputy Governor of the CBN, Economic Policy, Dr. Sarah Alade, retired on Wednesday and urged Emefiele to uphold the credibility of the bank. Alade, who for four months served as the acting governor of the central bank, following the suspension of the former CBN governor, Sanusi Lamido Sanusi, now the Emir of Kano, also recalled a dark period during her stint when the central bank had "four governors".
It was the time that the CBN was being investigated. It had never happened before that the activities of the CBN were under investigation. We understand that there was some financial mismanagement in the CBN'. The credibility of this institution was eroded. At the end of the day, it was not just CBN that suffered for it but the economy as a whole did suffer.
We must not subject this institution to that type of incident again," she said. Sharing her experience as acting governor, Alade explained that the investigation had paralysed activities at the bank. The only thing we could do was to just maintain the bank. We could not do anything. For me, it was a humiliating experience, but we did the best we could," she said. Jim Obazee - investigating governor, who at the time was the Executive Secretary of the Financial Reporting Council of Nigeria FRCN.
At the send off for Forex cargo philippines location, Emefiele described her as "a friend, colleague and a woman of extreme virtue". Similarly, Adeosun described the retiree as one of the brilliant and inspiring Nigerian women in the financial sector. As deputy governor, Alade superintended over the Economic Policy Directorate, comprising the Research, Monetary Policy, Trade and Exchange, Statistics Departments and the Financial Markets Department.
As chair of the Monetary Policy Implementation Committee, she interfaced with operational departments and coordinated technical inputs for the Monetary Policy Committee of the CBN. Consequently, banks struggled with declining operating profitability excluding translation gainssluggish credit growth, fast asset quality deterioration, tight FC liquidity and weakening capitalisation, putting increasing pressure on their credit profiles.
We believe that the banks will continue to face extremely tight FC liquidity despite the authorities' best efforts to normalise the foreign exchange FX interbank market and improve the supply of US dollars". Other industry sectors contributing to NPLs include general commerce and trading, which have been affected by both the naira depreciation and FC shortages. Together with significant loan restructuring particularly in the oil sectorthis will ease pressure on NPLs for now, in our view.
Regulatory capital ratios are high from a global perspective, but remain under pressure due to inflated risk-weighted assets due to the FC translation effect and lower core retained earnings. The low ratings, it noted, reflect the significant influence of the weak operating environment, which overshadows other rating factors.
Overall, the largest Nigerian banks with stronger and more diverse business models, high revenue-generating capacity and stronger liquidity profiles appear to be coping better than smaller banks on most metrics. The gain was largely influenced by the increased dollar liquidity in the economy as the Central Bank of Nigeria CBN continues its intervention in the interbank foreign exchange FX market. With the development, it was expected that the naira would further strengthen in the foreign exchange market in the days to come.
While disclosing that the bank had so far met all the legitimate demands from genuine customers, Okorafor reiterated that the CBN would ensure sustainable FX liquidity and transparency in the process to enable as many customers as possible get access to the foreign exchange they genuinely demand. He therefore advised eligible individuals with genuine foreign currency needs to freely approach their banks and authorised dealers with their request, forex cargo philippines location that the CBN had made adequate provisions of foreign currency for all such legitimate purposes.
Godwin Emefiele, recently said the central bank was acting in the best interests of ordinary Nigerians, regardless of the noise from the few entrenched interests whom the bank's policies may be hurting. He added: "Let me also reiterate the central bank's willingness, determination, and capacity to continue to meet all legitimate transaction-based FX demands in the market.
I obviously cannot be of help to people or businesses who are into speculative FX demand. My promise instead to this group, whether foreign or local, is that the CBN will make sure they lose money! Culled from: yliya-86.ru The naira is set to appreciate further in the week as the Central Bank of Nigeria CBN plans to inject more foreign exchange forex into the market to meet the requests of genuine customers. The spokesman of CBN, Mr. Isaac Okorafor, said this yesterday in Lagos.
The News Agency of Nigeria NAN reported that the CBN has so far kept to its cad/jpy forex of continuing to supply enough forex to guarantee liquidity in the market. The statement said the bank was committed to ensuring forex cargo philippines location authorised dealers get sufficient supply to meet the demands of authentic customers of banks.
It disclosed that the bank has since February offered over one billion dollars to the interbank forex market. The central bank expressed optimism that stability had been restored to the forex market. According to the statement, individuals can easily access forex to address personal and business allowances. Speaking further, Okorafor expressed confidence that the pressure hitherto faced by both small and big-end users would be totally overcome soon.
The CBN, in the past few weeks, has been making offers and releases to the inter-bank foreign exchange market in its bid to sustain forex supply to different categories of users. The development also helped forex cargo philippines location improve the volume available to sell to retail customers. The CBN spokesman who disclosed this added forex cargo philippines location the sales would be settled on Friday.
He, however, disclosed that no intervention was made by the bank to meet requests for invisibles on Thursday. Okorafor reiterated that the CBN would continue to make necessary interventions in the interbank market to meet all legitimate transaction-based foreign exchange demands by customers. The crane, which has been deployed at the Onne Oil and Gas Free Zone, is the largest at any port facility in Africa. The Head, Administration and General Services of INTELS Nigeria Limited, Mr. He said the crane is being operated fully by Nigerians who have been trained abroad on its handling and maintenance.
Onyebueke said INTELS, working with relevant agencies of the Federal Government, has established an Oil and Gas Service Centre at the Onne Forex cargo philippines location and Gas Free Zone to serve as a single loading location for the Oil and Gas industry in sub-Sahara Africa. He said the Oil and Gas Service Centre has improved the efficiency of personnel in the industry while saving downtime on offshore rigs and providing quick response in case of emergency.
He said INTELS tailored its services, facilities and operations to support activities in the Oil and Gas industry. Onyebueke also said that INTELS Nigeria Limited remains fully committed to maximizing, in a sustainable manner, the use of Nigerian human resources, materials, equipment and services in its operations without compromising the company's values, quality, health, safety and environment standards. He said the company has actively supported its host communities through supporting sustainable projects and comprehensive corporate social responsibility programmes.
INTELS Nigeria Limited provides comprehensive integrated logistics services to the Oil and Gas Industry. It operates in major government-owned port facilities and Free Zones in Nigeria, among others. At present, INTELS is leading the Nigerian Oil and Gas logistics support industry as a core logistics service provider through its skill, efficiency, integrity and quality of service. It also operates terminals in Warri, Calabar and Apapa ports.
INTELS has received several local and international awards and commendation. Recently, the Nigerian Shippers' Council NSC - which is a government agency under the Federal Ministry of Transportation - commended Forex cargo philippines location Nigeria Limited for its huge investment and commitment to the development of port operations in the country.
The Chief Executive Officer of NSC, Mr. Hassan Bello, said INTELS deserved the recognition because of its defining role in the provision of integrated logistics services in the Nigerian maritime, oil and gas industries. Culled from: yliya-86.ru The Federal Government says it will henceforth arrest, prosecute and fine illegal importers of frozen foods into the country through the land borders and seal cold rooms where it is sold.
The Minister of State for Agriculture and Rural Development, Heineken Lokpobiri, announced this while speaking with newsmen in Abuja on Thursday. Lokpobiri said the government would also set up a taskforce to seal and prosecute operators of cold room, who deal on those illegally imported produce. The minister said the ministry was working in collaboration with the Nigeria Customs Service, Nigerian Navy and the Nigerian Marine Police to actualise the plan.
He listed some of the fishes usually being imported to include tilapia, red pacus, river bream, pangassius, horse mackerel, sardine and croaker, among others. Lokpobiri said the illegal venture had resulted to huge loss of revenue, decrease in local production and loss of jobs, as well as discouragement by farmers. According to him, the Department of Fisheries and Aquaculture in the ministry is the only competent authority empowered by the Nigeria Sea Fisheries Act to issue distant water fishing licence for the importation of frozen fish into Nigeria.
The minister said that consumption of those imported frozen foods were major cause of some health challenges being experienced in the country. Lokpobiri, who frowned at the rising cases of kidney disease among children between the ages of five and seven, assured that the government would fight the menace to a halt. In an interview, The National Chairman, Association of Indigenous Seafood Stakeholders, Lamina Rasheed, tappealed to the Federal Government to release foreign exchange FOREX for the importation of fish.
He said that getting FOREX at a cheaper rate would ensure reduction in the price of the produce and make it affordable. The chairman said the illegal importation of fishes was detrimental to their business. According to him, it is difficult to compete with them in the market because they slash their prices. He attributed the high cost of fish to the current exchange rate, adding that the frozen fish did not enjoy FOREX from the Central Bank of Nigeria CBN. The United States Coast Guard USCG has declared that safety status of the Nigerian ports as improving, commending the level of compliance with International Ship and Port Facility Security ISPS Code.
The USCG team, which was in Nigeria to examine the level of compliance with the international ISPS code assured of their support to Nigeria towards achieving a safer ports, jetties and terminals. The leader of the delegation of the United States Coast Guard, Commander Thomas Foster, commended Nigerian Maritime Administration and Safety Agency NIMASA for its strides in ensuring safety at the ports and expressed satisfaction with the infrastructural development as regarding ISPS Code implementation in the ports visited in Lagos.
He said: "It appears that the energy that NIMASA has at the ports is very tremendous, as seen in all the ports visited in Lagos. The level of compliance has tremendously improved compared to our last visit. I therefore assure NIMASA that we will continue to work closely to achieve a safer ports, jetties and terminals in Nigeria". The Director General NIMASA, Dr.
Dakuku Peterside, however assured of the Agency's determination to ensure total compliance with the ISPS Code in all ports, terminals and jetties in Nigeria. The DG who made this disclosure in Lagos when a delegation of the United States Coast Guard USCG led by Commander Thomas Foster came on an assessment visit of Nigerian ports and terminals across the country, described the USCG as the most valued partner in ensuring that our ports are safe for business.
This he said will guarantee the safety of the vessels calling or leaving our ports. We are determined to work with the United States Coast Guard to get it right in order to ensure our ports are safe. Let me also reiterate that as a country, options trade types appreciate the importance of getting security right at our ports, jetties and terminals and that we are committed to it", Peterside said. He also used the opportunity to appeal to the USCG to continue to render necessary assistance to NIMASA, noting forex cargo philippines location the Agency is open to support and partnership from them.
The failure of the customs, one of the crucial revenue-generating agencies for government, to meet its target will mean less money for government to execute its projects and programmes to develop the country and take it out of the current recession. More than this, it underscores the depth of inefficiency that has come to define port operations in Nigeria, a situation that has forced many importers to migrate their businesses to neighbouring ports of Benin Republic and Togo.
Ali directed all the area controllers to ensure strict compliance with extant laws to achieve its revenue target. He said the area controllers must either "shape up or ship out" as there is no place for complacency in the customs that plays the crucial role of revenue collection and border security. But experts in the industry say the target may be a mirage again this year, if proper measures are not put in place to combat the rising cases of smuggling.
A customs officer who preferred anonymity said the target might not be realistic going by the circumstances surrounding importation which has reduced drastically. He also complained about the high level of smuggling around the borders. The National President of the Association of Nigerian Licensed Customs Agents ANLCAOlayiwola Shittu, described the target as "anticipatory, not realistic. They cannot meet it. Are people going to steal cargoes? It is an anticipatory target, as far as I am concerned, it is unrealistic.
We only hope that officers will not cash on it and be giving frivolous bills on imported cargoes. That is the only challenge that we have as customs agents, because everywhere you go now, they forex cargo philippines location tell you we have a target to meet. But now that they are talking of target and they will start imposing bills on people, it appears all that government wants is money, they are not looking at trade facilitation," he said.
The customs spokesman, Federal Operations Unit FOUJerry Attah said the unit was determined to combat smuggling in the country, although it is not a revenue-generating unit. We are not for revenue generation. However, we always make some interventions. What we have is to reduce smuggling to the barest minimum and enhance trade facilitation," he said.
Meanwhile, the Executive Secretary, Lubricant Producers Association of Nigeria LUPANEmeka Obidike, said indigenous blenders are constantly being threatened with the shutting down of their plants and seizure of their consignments. He said they are also persistently faced with the risk of losing their businesses, corrosion of their goodwill and professional integrity, asphyxiating demurrages and transactions and default in the repayment of facilities.
Obidike alleged that the National Agency for Food, Drugs Administration and Control NAFDAC had in many occasions confiscated their consignments and also gone ahead to detain the consignments of importers, insisting on being presented with NAFDAC licences and proof of payment of dues. He explained that LUPAN members are duly licensed by the DPR to import, store and blend base oil in Nigeria. The report stated that manufactured goods were followed by the non-crude oil products, which was also a major contributor to total trade in the quarter under review.
Acting President Yemi Osinbajo disclosed this at the Aso Rock Presidential Villa in Abuja while meeting with international investors and developers who presented the plan for the project. The acting president, who assured of the government's commitment to the development of the Niger Delta region, said: "The importance of this project is underlined by the presidential attention it is attracting. The Presidency is very interested.
We take the project very seriously and glad to see you are committed and ready to make several other commitments. This is a process that we intend to see happen," the Acting President said. Osinbajo's spokesman, Laolu Akande, said in a statement that the building of an industrial gas hub was one of the feedbacks received during the Acting President's visit to Delta State.
It is equally planned that the park will be connected to Nigeria's most dominant gas pipeline network-ELPS, enabling supply of gas to and from the park. The leader of the group of investors and developers, Sheik Mohammed Bayo, described the project as important to resolving the Niger Delta crisis. This is part of the decisions reached at an expanded meeting of the Presidential Enabling Business Forex cargo philippines location Council PEBEC presided over by the Acting Forex cargo philippines location Yemi Osinbajo at the Presidential Villa, Abuja on Tuesday.
Jumoke Oduwole, the Senior Special Assistant to the President on Industry, Trade and Investment as its coordinator. The forums are part of steps being taken forex cargo philippines location receive feedback and ensure widespread adoption of the PEBEC reforms. It said the council was also collaborating with state governments like Lagos and Kano to make the processes for obtaining construction permits and registering properties faster, cheaper and easier.
It added, "In addition, PEBEC will work with the National Assembly to pass important bills like the National Collateral Registry Bill and the Forex cargo philippines location Bureau Services Bill, which would ease access to credit for SMEs. Confirming the wholesale intervention by the CBN yesterday, central bank spokesman, Mr. Isaac Okorafor, said the Bank's intermediation in the forex market was the first wholesale intervention aimed at easing the pressure of access to forex by Nigerians who intend to meet obligations that fall under visible and invisible needs categories.
While expressing optimism that the wholesale intervention of the CBN would substantially ease the forex pressure on visible and invisible needs of customers, Okorafor assured that the Bank would continue to make interventions based on qualified bids from the banks on the requests of their customers. He reiterated that the central bank was more than ever ready to support the interbank market by ensuring liquidity and transparency to guarantee efficiency in the forex market. Okorafor asked all market participants to contribute their quota and assist in ensuring that the new measures put in place by the CBN can guarantee the steadiness of the financial market, as well as the growth and development of the economy to the benefit of all Nigerians.
The CBN, after a meeting with Deposit Money Banks DMBs last Friday, issued new policy actions aimed at easing access to forex for personal and Business travel allowances, as well as educational and medical fees, among others. As part of its new policy action, the CBN also directed all banks in the country to open forex retail outlets at major airports as soon as logistics permit them to do so.
In line with the circular, banks were reported to have started demanding for tax clearance from their customers, resulting in added pressure on the parallel market. However, a CBN official informed THISDAY last night that the demand for tax clearance was erroneous and would be corrected today in a revised circular to be issued on the new actions for the forex market. He said: "The CBN forex cargo philippines location not FIRS.
The inclusion of the tax clearance was a mistake and will be corrected. Our desire is to meet all genuine demand and not drive bank customers back to the parallel market. It restated that the policy was aimed at enhancing transparency and confidence in the sector. The CBN in a circular signed by its Director, Financial Market Forex cargo philippines location, Dr. Alvan Ikoku added that banks will not be allowed to allocate funds for customers' letters of credit LCs which had already benefited from past SMIS that are yet to mature.
The circular further restricted any bank from exceeding its Net Trading Position limit at any particular time under the new FX regime. Among other conditions for participating under the special intervention window, the CBN also forbade multiple bid entries and insisted that all allotments be trade backed. It warned that any bank, which fails to comply with the rules of the special wholesale window and other extant forex guidelines, will be sanctioned, including executives and other officers of the affected bank.
This came as market analysts threw their weight behind the new FX measures announced by the CBN on Monday. The CEOs spoke in separate interviews with THISDAY yesterday. Commenting on the action, the chief executive of Financial Derivatives Company FDC Limited, Mr. Bismarck Rewane said the CBN was moving slowly in the right direction. Multiple exchange rates are a recipe for round-tripping.
As the crisis of supply is being dealt with, the crisis of confidence also needs to be dealt with as well and we need additional courage to do that. Akpan Ekpo, held the view that the new measures announced by the CBN would help address the misalignment between the official and parallel market rates. According to the former university vice chancellor, "They CBN figured forex cargo philippines location that part of the problem was access to forex.
Ekpo, however, added: "But we must all understand that Nigeria has a forex supply problem. It is not really a Forex cargo philippines location problem. We get forex majorly by selling crude oil. If we have a viable manufacturing sector that exports most of its products, we would have enough forex. Boniface Chizea, expressed optimism that the CBN would be able close the wide gap between the parallel and interbank FX markets "if and only if we meet all the demand for foreign exchange at the official window".
He added: "Once demand is sought outside this window, it must be at a premium, even if it is from the bureau de change. Nigeria doesn't have balance of payments problems per se, it has a fiscal problem," Adeosun told CNBC in an interview. We must have our home-grown, home-designed programme of reform. It is also seeking further funds from the African Development Bank. All the measures we have put in place are beginning to yield fruits," she said, without giving numbers.
It had initially promised to submit an economic plan to the World Bank by the end of December but did not do so, sources told Reuters last month. Culled from: yliya-86.ru The strategy adopted by the Governor of the Central Bank of Nigeria CBNMr. A CBN official, who accompanied Emefiele and others in the federal government delegation on the Eurobond road show to the United Kingdom and United States of America, informed THSDAY that the strategy adopted by the governor worked wonders in boosting investors' confidence in the Nigerian economy and the country's ability to meet its foreign obligations.
The official, who preferred not to be named but is one of the architects of the central bank's FX policy, held the view that contrary to the argument by several analysts that devaluing the currency and allowing a true float of the naira would attract foreign investors, it is actually the accretion of foreign reserves that would instill confidence in the economy.
They continued to exit the economy. They continue forex cargo philippines location flee their economies in droves. He was quick to add, however, that whatever savings the central bank is making must be complemented by a comprehensive fiscal and industrial strategy by the ministries and agencies of government. The official also allayed concerns that the savings being made by CBN could delay payments of maturing trade obligations and in turn continue to exert pressure on the FX market.
He said: "The CBN remains committed to funding maturing trade obligations through FX forwards on the interbank market. Specifically, while the Deputy Governor, Economic Policy, Dr. Both of them would have served two terms of five years each when their tenures expire. To this end, THISDAY learnt that politicians seeking the plum jobs for their cronies as well as economists and other financial market experts who feel they are qualified for the jobs are already lobbying officials in the presidency.
Those seeking for these jobs are already putting their contacts in the presidency under pressure," a source who pleaded to remain anonymous said. The CBN Act is silent on whether a deputy governor can be appointed from within the central bank on the recommendation of the CBN governor. But there have been instances where directors of the central bank have been elevated to the position of deputy governors. There have also been instances where a CBN governor made the recommendations and were approved by the president.
For instance, prior to her appointment as deputy governor, Alade was Director, Banking Operations Department. In that capacity, she served as Chairman Board of Directors, Nigeria Interbank Settlement System NIBSS and was the Secretary, National Payments System Committee NPSC. She is from Kwara State, and in line with the federal character principle, she would likely be replaced by someone from any of the states in the North-central geopolitical zone.
As deputy governor Economic PolicyAlade superintends the Economic Policy Directorate comprising the Research, Monetary Policy, Trade and Exchange, Statistics Departments and Financial Markets Departments. Also as the Chairperson of the Monetary Policy Implementation Committee MPICshe interfaces with operational departments and coordinates technical inputs for the Monetary Policy Committee MPC.
Barau, who is expected to step down by December, is from Kaduna State and forex cargo philippines location also likely be replaced by someone from the North-west region of the country. He superintends the Banking and System Payment Directorate, Branch Operations, Currency Operations, Information Technology and Reserve Management. Culled from: yliya-86.ru Notore Chemical Industries Limited in a committed mission in securing food sufficiency in Nigeria. Notore Chief Executive Officer Onajite Okoloko, while speaking on the new development said that, "The initiative taps into three of the Federal Government's seven-point agenda in the areas of food security, employment and wealth creation.
Notore is committing huge resources to build capacity in Nigeria for world class rice production. Overall, this will boost food production, reduce rice importation, stimulate rice exportation and aptly position the nation towards food sufficiency. The country operates significantly below capacity with insufficient raw material, and there is huge preference for long grain polished rice over local varieties. Abueh disclosed this in Ibadan during his familiarisation tour of the Oyo-Osun Commands as part of his visits to Customs formations under his jurisdiction.
Importers of the restricted items are expected to source their forex requirements from autonomous sources. Rationalising the ban, the central bank had said the country had the capacity to produce those items locally. According to the News Agency of Nigeria NANAbueh said that when government's policies are rolled out, they are in the interest of the people, adding that Nigeria cannot be enriching other countries by allowing some banned items into the country.
He advised officers to be fully sensitised about implementing government policies anywhere they were posted to serve. Abueh urged officers to also enforce the land ban on imported rice and vehicles. He said smugglers might try to make Oyo and other land borders their alternative routes since security at Idiroko and Seme had been beefed up.
The zonal coordinator said that the Comptroller-General of Customs, Col. He also urged the officers to be abreast of excise operations in order to assist with cargo clearance. Abueh said his visit was meant to continue reminding officers about the federal government's polices as well as the directive given by the comptroller-general on security and protection of lives in the country.
Culled from: yliya-86.ru To view above mentioned report, please click here The managing director of the Oil and Gas Free Zones Authority OGFZAUmana Okon Umana has given the assurance that government will retain incentives that have been put in place to attract investment in the oil and gas free zones across the country.
Umana explained that the incentives were specifically designed to support investors operating in the zones. Speaking during official visit to Indorama and Brawal offices in Onne, Rivers State, Umana commended the companies for their show of strong confidence in the nation's economy and pledged to create the enabling environment for Brawal, a free zone developer, and Indorama, a free zone investor, to optimize return on their investments. Umana reiterated the agency's open door policy and stressed its willingness to solve policy-related problems that could forex cargo philippines location legitimate operations of free zone investors.
He therefore advised businesses at the free zones to bring their policy-related challenges to his attention any time they arise. He also called for more collaboration between investors and the regulatory agency in order to achieve greater synergy and facilitate ease of doing business in the free zones. Culled from: yliya-86.ru A long line of customers queue along a glass divide separating them from a rice food station at an eatery in Lagos, Nigeria's commercial capital.
Diners can choose between white rice, fried rice and jollof at this popular local restaurant known as "The White House". A steady flow of customers is served in the main hall, and in two packed adjoining rooms diners are enjoying Nigerian dishes. Rice is the basis of the popular national dish jollof and a staple across the country. The problem is not a lack of land, or that there are not enough people to grow it in Africa's most populous country.
During the grain market crisis eight years ago, Nigeria experienced shortages in rice that made the country rethink its food security and ability to supply the local market. As a result, President Muhammadu Buhari has made rice farming a priority. Many domestic players have been entering the market. The lush green fields of the farm are an oasis among miles and miles of dusty red road and bushes.
Most of the farm hands have finished work for the day. Only a few women remain, standing ankle deep in the paddies, planting rice seedlings. Minister of Agriculture Audu Ogbeh says that the culture of importation has to stop. And I assure you that it's our reckless policy of importation that's brought Nigeria down to where she is now.
Those who keep talking of imports either don't mean Nigeria well or simply refuse to recognise the fact that we can't afford the imports. Members of the Rice Farming Association of Nigeria say they can only access high-interest loans from commercial banks. We end up earning nothing," he says. So now I'm using manual labour. It's not as effective as in the case of using a tractor and it's one of the reasons I can't expand.
However, critics forex cargo philippines location government policy not only point to a lack of spending on agriculture, but also to an under-investment in the entire value-chain for rice, from field to cooking pot. AgroNigeria's Managing Director Richard Mbaram says that achieving self-sufficiency in the next couple of years is merely a "pipe dream". It is cultivated and systematically sown. There is market opening and market access. Do we have that?
We're very far back in terms of achieving that. According to the National Bureau of Statistics, decline in portfolio investment was mainly due to base effects: there were large investments in money market instruments and bonds in the third quarter, which were not matched in the final quarter. The statistics office noted that the weakening of the naira may have had an impact on the inflow figures as a weaker naira means more can be purchased with each dollar, and therefore investment projects requiring naira payments cost less in dollar terms.
As foreign direct investors forex dealers association india a longer-term view, NBS in its report which was released yesterday said, Nigeria's recession and currency problems may carry less weight in investment decisions. The Managing Director, Nigerian Railway Corporation NRCFidet Okheria, said on Sunday that with the approval of the funds by the Chinese Exim bank, all was set for the commencement of the construction of the modern rail line from Lagos to Ibadan.
He, however, said the final signing by the Chinese government for the project to commence could only come after two weeks when the country's new year holiday would have been over. I think in the history of Nigeria, this is the first time that we are releasing counterpart funds in full so that there will be no delay," he had said. The contract was awarded to the China Civil Engineering Construction Corporation last year by the Federal Government and both parties had signed an agreement to that effect.
It was learnt that the new rail line would be built on the corridor of the existing narrow gauge Lagos-Kano rail line and but it would accommodate only modern locomotives and other rolling stock meant for standard gauge rail for faster movement. Culled from: yliya-86.ru To promote trade, the Nigerian Ports Authority NPA and the Nigerian Customs Service NCS are collaborating to introduce the much-awaited Single Window SW platform at the ports.
According to the Managing Director of NPA, Hadiza Balla Usman, the two agencies have embarked on the establishment of SW through an intense automation and introduction of Standard Operative Procedure SOP at the port. Usman said the adoption of Single Window would make Nigerian ports competitive in the international trade network and boost trade facilitation programme of the government. Speaking during her courtesy visit to the Comptroller General of Customs, Hameed Ali in Abuja yesterday, Usman said the synergy on Single Window would boost government revenue and promote public private partnership through the attraction of local and foreign direct investment.
She said government was aware of its responsibilities to create enabling business environment for businesses to thrive. She said the Federal Government was determined to make the ports efficient, safe, secure and productive. Usman said NPA and Customs are the two key agencies driving the logistic and financial portals on behalf of the government and that the duo have the responsibility of working together to build a common industry culture around the ports to achieving the right level in trade facilitation.
She said, "The goal of trade facilitation is to help trade across borders, import and export faster, cheaper and more predictably while ensuring its safety and security. In his response, Customs Comptroller General Hameed Ali said Usman's visit would lead to regular meetings and constant consultation between the two agencies. He said the Nigeria Customs Service would "do everything possible" in promoting the trade facilitation programme of government through collaboration with sister agencies and through robust initiatives to promote business at ports.
Ali also promised to collaborate with NPA to rejuvenate port operation and port security committees and ensure that the committees' meetings are attended by senior Customs officers. The rising rate of unemployment will enlarge existing risk of insecurity and militancy in major parts of the country and undermine government's efforts at fighting insurgency in the Northeast, uprisings in the Southeast and other serious crimes in parts of the country. The Nigeria Economic Transformation Map co-curated with the Lagos Business School LBSas written by Dr Franklin Ngwu, Ndidi-Edozien and Olayinka David-West - all of the LBS - insists that the high rate of unemployment "can be attributed to many factors such as high dependence on oil revenue and limited diversification of the economy.
Recession has worsened our condition. Therefore, social stability and job creation should be at the core of our economic policy. Abiola Rasaq, an investment analyst with the UBA Capital, sees the challenge posed by youth unemployment differently. Laolu Akande, also said government's N-Power programme is already targeting unemployed graduates. It is just for unemployed graduates. He also hinted of plans to create technology hubs in eight strategic centres across the country - one each in Lagos and Abuja, and the rest in the six geopolitical zones of the country.
The NBS also explained that underemployment could occur when a person works full time but is engaged in an activity that underutilises his skills, time and educational qualifications. According to Ngwu, a co-curator of the Nigeria Economic Transformation Map, "Nigeria is constrained by many challenges such as limited infrastructure development, youth unemployment, insecurity, human capital development and issues of good governance.
The report stressed that addressing the "youth unemployment is not only important, but also most urgent given the link between unemployment and other social problems such as terrorism, kidnapping, armed robbery, which are unfortunately becoming more common in Nigeria. Culled from: yliya-86.ru The National Inland Waterways Authority NIWA is inching closer to the final concessioning of the Onitsha, Lokoja, Baro and Oguta River ports.
The Managing Director, NIWA, Boss Mustapha recently confirmed the receipt of certificate of compliance from forex cargo philippines location Infrastructure Concession Regulation Commission ICRC to go ahead with the concessioning process. The concessioning will allow for private sector management and trigger improved utilisation of the inland waterways for transportation and easy conveyance of goods. Mustapha, who was on a tour of the area offices under his jurisdiction, said the tour would expose the operations at various points in order to take the necessary action.
At the Onitsha River Port, he was impressed with the state of the cargo handling equipment and other facilities. He therefore promised to accelerate the process of completion of the concession of the port. However, he frowned at the slow pace of work at the Oguta River Port site and promised to get the National Assembly and Imo State government to support the process of completing the port.
Mustapha was also delighted with the asset of NIWA at Warri Dockyard, which he said is enough to sustain the authority financially if properly managed. He noted that the issue of inadequate manpower and obsolete equipment at the port would be addressed, adding that some operations at the Dockyard may be leased to the private sector. The NIWA boss also visited two jetties in Yenegoa, Bayelsa State, and promised the people of the state that the two jetties would be put into use very soon.
This came hours after the Central Bank of Nigeria resumed dollar sales to Bureau De Change operators through Travelex. Economic and financial experts said the resumption of dollar sales to the BDCs by the CBN through Travelex would help boost the naira. The local currency has been under persistent pressure owing to scarcity of dollar in the economy.
Economic and financial experts are divided over the outlook of the naira and most economists believe the local currency would continue to fall against the greenback unless the CBN reviewed its monetary and foreign exchange policy. According to an economic expert, Mr. Henry Boyo, the currency monetary policy framework adopted by the CBN is flawed and there is an urgent need for the central bank to jettison it for a framework that can take the country off the current economic challenges. He stressed that unless this was done, the rising oil prices would not make the economy better.
There is currently fierce competition among terminal operators for general cargoes amidst a lull in vehicle importation, investigation by our correspondent has revealed. It was gathered that because they were not taking delivery of vehicles through the ports, the terminal operators had turned to general cargoes to survive and remain in business.
Contrary to the situation two years ago when the ports were congested and there was no space to discharge cargoes, the terminals are currently empty. Also, there has been a drop in the level of general cargoes coming into the country, increasing competition among the terminal operators for the discharge of the few available cargoes. According to the operators, the situation has been made worse by the hike in tariff on imported vehicles, which was imposed by the administration of former President Goodluck Jonathan as part of the Automotive Policy to encourage local production of vehicles.
The Managing Director, PTML Nigeria, Mr. According to him, there has been no improvement in the volume of vehicles coming into the ports following the ban on their importation through the land borders. He suggested that the high tariff was likely to continue keeping importers away from the ports, while increasing smuggling.
He said this in response to complaints of arbitrary charges at the ports by freight forwarders. We are not even able to recover the original price we paid and that is why some terminal operators are asking to be allowed to pay their concession fees in naira. They cannot even access dollars anymore. The Federal Government has been in loan talks with the World Bank for a year. It had told the lender it would present its proposed reforms to make the economy more resilient and attractive to investment by the end of December, according to Western diplomats and a Nigerian official who declined to be named as they are not authorised to speak publicly, Reuters reported.
But this has not happened and as a result of the delay, which the government has not explained, the Washington-based bank has not been able to consider a loan yet, according to the sources. The Minister of Forex cargo philippines location, Mrs. Kemi Adeosun, and the World Bank declined to comment, Reuters reported. The Director of Press, Ministry of Finance, Mr. Salis Nai-nna, said he could not comment immediately on the matter when our correspondent contacted him on Tuesday night.
He asked our correspondent to put the questions into writing and that comments would be available today Wednesday. The Director-General, Debt Management Office, Dr. Abraham Nwankwo, did not pick calls or respond to a text message sent to his mobile telephone line. Similarly, the President, African Development Bank, Dr. It is unclear why the government has not submitted reform plans to the international lenders.
The funding deadlock could throw into doubt badly needed infrastructure projects planned for this year, including new roads and improvements to power infrastructure. A financial source said the government was working with a consultancy firm on putting together a package of proposed reforms. The source, who declined to be named as the matter is confidential, did not elaborate. It is unclear how much money Nigeria is seeking from the World Bank, or whether the lender was pushing for any specific economic reforms from the government.
The diplomatic sources, however, said the bank wanted to see how Nigeria planned to lower double top forex pattern dependence on oil revenues and boost investment, which has been hit by a high official exchange rate for the naira currency. The policy has also forex cargo philippines location investors reluctant to commit to new projects as they expect the central bank will have to devalue the naira eventually as oil production has been hit by an insurgency in the Niger Delta oil hub.
Adesina told Reuters on Tuesday that the currency rate problem needed to be addressed by the government in its reform programme, which he said the AfDB was coordinating with the World Bank. Plans are in the pipeline by the Federal Government to deploy its anti-corruption mechanisms to significantly reduce the menace of fraudulent and criminal activities at the Nigerian ports. This comes as the Nigerian Ports Authority NPAis currently studying the various tariffs across ports in West Africa, with a view to determining how competitive Nigerian ports are compared to its neighbours.
These corruptive tendencies also contribute in making the Nigerian ports among the most expensive in the world due to the legion of charges ports users are being subjected daily. If these multi-challenges are resolved, experts believe Nigeria will be on the instaforex trading tutorial to becoming the maritime hub in West Africa, as being clamoured for. Already, the Managing Director, Nigerian Ports Authority NPAHadiza Bala Usman, has confirmed that the Presidential Advisory Committee on Anti-Corruption will soon open an office in the NPA in line with a report submitted by the Independent Corrupt Practices Commission ICPC on the corruption index in ports administration.
The move will further sanitise the sector and enhance smooth operations and clearance of cargo at the ports. Many illegal payments that contribute to making Nigerian ports charges non-competitive in West African region would be eradicated and enhance the ease of doing business at the ports. To this end, she said the NPA would introduce quarterly stakeholders meetings to know what is on ground at the ports, and be better informed on the plight of operators.
Usman binary options city acknowledged the need to block revenue leakages to make the ports more competitive in the area of appropriate pricing. To this end, she said there was the need for government to look into corruption at the ports and how to plug the leakages. She further said the NPA is currently studying the tariff structures across ports in West and Central Africa, with a view to determining how competitive Nigerian ports are compared to its peers in these regions.
Usman promised that in the event that Nigerian ports turn out to be more expensive, the agency will advise the Federal Government to reduce charges to enable more cargoes come into the nation's ports. The National President of ANLCA, Prince Olayiwola Shittu charged the NPA MD to address some of the problems at the ports, which he itemised to include: corruption, bad roads, and high port charges at the port leading to un-competitiveness of Nigerian ports, compared to neighbouring West African ports.
Meanwhile, the British High Commission and the NPArecently resolved to work together to improve port development in Nigeria. The British High Commissioner to Nigeria, Paul Arkwright, who was at NPA headquarters last Friday, promised to assist the authority to address the challenges facing Nigerian port industry. Usman also pledged stronger relationship with United Kingdom's companies operating in the Nigerian maritime sector, adding that NPA would welcome any assistance that would boost port efficiency from Britain, to fast track the ports development.
Arkwright, who identified piracy as one of the major challenges in the country's maritime industry said that Britain would make significant contribution to enhance operational efficiency in the port. He stressed the need to support NPA towards finding a lasting solution to the issue of piracy in the country's waters. Last year saw a tripling in the number of seafarers kidnapped for ransom by pirates with a surge in such attacks in the Sulu Sea between East Malaysia and the Southern Philippines.
IMB said it advises charterers and owners to consider avoiding the Sulu Sea by routing vessels West of Kalimantan. Mukundan said shipowners should avoid high risk area. They should inform the IMB PRC or regional counter piracy centres for help and advice," he said. The Central Bank of Nigeria CBN said the industrial sector recorded a general decline between January and November as indicated by the Purchasing Managers Index PMI.
The PMI is an indicator of the economic health of the manufacturing sector. The PMI is based on five major indicators - new orders, inventory levels, production, supplier deliveries and the employment environment. Operators said that the sector was faced with myriads of challenges ranging from scarcity of foreign exchange, infrastructure deficit, high banking charges and lack of raw materials.
A major challenge was the acute scarcity of foreign exchange forex cargo philippines location restricted the ability of manufacturers to import raw materials for production. He said this meant a huge loss to manufacturers as the related goods had mostly been sold before the commencement of the new exchange rate system. In spite of this directive, the problem of foreign exchange scarcity persisted.
Hamma Kwajaffa, the Director-General, Nigerian Textile Manufacturers Association NTMAsaid that the textile industry nearly went into extinction due to inability to access foreign exchange for critical raw materials. Nnamdi Okafor, the Managing Director, May and Baker, said the inability of manufacturers to access foreign exchange through the interbank affected industrial production and contributed to inflation. Muda Yusuf, the Director-General, Lagos Chamber of Commerce and Industry LCCIsaid the inability of manufacturers to access foreign exchange at the interbank market impeded growth in the real sector.
He urged the Federal Government to ensure more liquidity in the foreign exchange market to restore investors' confidence in the economy. They urged the apex bank to redirect its policies towards stimulating the economy rather than tightening money supply. They said that monetary and fiscal policies should be coordinated for economic revival and growth. The experts also called for review of some monetary and fiscal policies that have hindered the growth of the manufacturing sector.
The approval was given by President Muhammadu Buhari as part of the fiscal policy measures of the Federal Government for the country. Kemi Adeosun, while communicating the approval through a circular obtained by our correspondent in Abuja on Wednesday, said the move was in line with the provisions of the Economic Community of West African States' Common External Tariff.
It read in part, "This is to confirm that His Excellency, Mr. However, the tariffs on three items contained in the import adjustment tax list were reviewed upwards. For machineries and equipment used in sectors such as agriculture, cement, hospitality, power, iron and steel, solid minerals, textile and aviation, the government, according to the circular, approved a zero import duty. Before the approval, the import duties for machineries and equipment used in these sector were put at five per cent.
The government also banned the importation of live or dead birds, waters, liquid dietary supplements and medicament such as paracetamol tablets and syrup, chloroquine tablets and syrup, among others. This information was contained in a data obtained from the Central Bank of Nigeria CBN. The Acting Director, Trade and Exchange Department, CBN, Woritka Gotring, said the huge preference for imported items especially rice, wheat, fish and sugar by many Nigerians if left unchecked could worsen the economic recession currently facing the country.
Gotring stated this while responding to questions after speaking recently at a forum on the challenges of foreign exchange management in Nigeria under economic recession. He said the depletion of the country's external reserves was largely caused by the huge demand for foreign exchange, adding that this was a major reason a lot of actions were taken in that direction by the apex bank in recent times.
Gotring said while the economy was going through tough times owing to the decline in foreign exchange inflows, the problem could be better managed with patronage of made in Forex cargo philippines location products. He said, "Foreign exchange rate is one of the most important means through which a country's relative level of economic health is determined.
It is evident that the economy is going through tough times with declining inflows and continuous demand pressure for foreign exchange arising from high import bill. He said if not for the resilience shown by the informal sector where a lot of people were engaged in various economic activities, it would have been difficult to manage the economic crisis. In order to enable the country to conserve its foreign exchange, he called for policy consistency that would encourage capital flow and promote local production, fiscal discipline, enhancement of local manufacturing capacity and import substitution.
Gotring also called for increased investment in agriculture, mining and solid minerals, and infrastructure in order to lower the cost of doing business. Culled from: yliya-86.ru The Nigeria Export Processing Zones Authority NEPZA has granted license to Nigeria's largest and most ambitious Free Trade Zone and Mega Port project - the Maritime Africa Economic City otherwise known as the Badagry Free Zone.
The license was handed over to the Project Director of the Zone, Mr. Patrick Bird by the Managing Director of NEPZA, Mr. Gbenga Kuye in Abuja on Thursday. With NEPZA, we intend to develop Maritime Africa Economic City into one of the most successful special economic zones in all of Africa," Mr. Bird said shortly after receiving the NEPZA license. This is going to be a great partnership to the benefit of Nigeria," he said.
It will also include a power plant, oil refinery, industrial park, warehousing and inland container depot functions as well. The Zone is connected to Lagos by the Lagos-Badagry Expressway, which is currently being upgraded and expanded by the Lagos State Government as well as the Porto Novo Creek, allowing for the barging of cargo between the existing port system of Lagos and the new facility.
A rail line will also be developed in the future to connect the new Free Trade Zone for even more seamless transit of goods. In October, Lagos State Governor, Mr. Akinwunmi Ambode said the Badagry Free Zone and Mega Port project would be a major turning point that would go a long way to bring about global growth to Nigerian waters and by extension the nation's economy.
The Governor said the project would also complement the emergence of Lagos as the fifth largest economy in Africa. The Governor, while lauding the investors for staying the course with the project, which is expected to generate hundreds of thousands of direct and indirect jobs upon completion, pledged his government's commitment to ensuring the interests of the host communities alongside a sustainable regeneration and urban renewal of the area.
Also, speaking in support of the project, Minister of Transportation, Mr. Rotimi Amaechi said the project will boost Foreign Direct Investment in the country. The Minister of Information, Alhaji Lai Mohammed said the approval shows that Nigeria is still a preferred forex cargo philippines location destination in Africa despite the challenges it is currently facing. Also speaking on the project, Minister of Power, Works and Housing, Mr.
Babatunde Fashola, while thanking President Muhammadu Buhari for granting the approval, said, "There are bigger vessels now being built across the world that require larger depths and drafts to berth. Now some of our competitors on the continent like Djibouti are building bigger ports, so if we don't build this port we risk becoming uncompetitive and we risk a threat to our maritime hub status in the sense that we may become a transshipment port instead of a port forex cargo philippines location original destination.
They attributed these challenges to many of what they described as Federal Government's unfavourable policies, a development that saw the seaports, which used to contribute a large chunk of Nigeria's non-oil revenue becoming less active. This left government almost financially stranded, with less capacity to invest in infrastructure, create more jobs, address security, including fighting insurgency, and funding other activities that define good governance.
The Guardian gathered that importation of raw materials has also dropped significantly, as importers argued that lack of access to foreign exchange and low patronage was killing their business. Many of the terminal operators are groaning under poor handling of goods, while many of them are finding it difficult to meet their payment obligations to the Federal Government.
According to him, "The ports have dried up. Usually at this time of the year Decemberit will be difficult to get into Apapa or come out of it. But go to Apapa now, the whole place is as free as ever. This is the peak season, yet there is no traffic. Everywhere is dried up and the main reason like we have said severally is government's unfavourable policies. It's a terminal that used to be very boisterous and very active, providing jobs for many people. He insisted, "The ban will not be effective without a corresponding slash in vehicles tariffs.
I am not trying to scare anyone, but that is the truth of the matter. It will only lead to high rate of smuggling. The only way to check smuggling right now is to accompany that ban with a slash in tariff so that you bring it to the same level as what obtains in the ports of Cotonou and other countries in the sub-region.
Otherwise smuggling will be heightened. Look at rice, importation of rice through the land border has been banned, yet there is no scarcity of imported rice in Nigeria today. Those imported rice you see in the market did not come in through the ports. So how do they come in? They are smuggled in. As the New Year is ushered in, he urged the government to look into these policies and reverse them, especially the CBN's policy and the hike in tariff of imported vehicles.
Ports upgrade is a necessity For Master Mariner, Captain Adamu Audu Biu, the upgrade of the nation's ports must take a centre stage in the coming year, saying that Nigeria must rise up and develop its ports facilities. He said this will enable the country to accommodate very large crude carriers VLCCs and ultra large crude carriers ULCCswhich are the latest trend in the global market now, if its desire of becoming the maritime hub in West Africa would be realistic.
Biu said: "Our ports and their approaches were last upgraded in the late seventies and early eighties. One must commend the efforts of some of the terminal operators since the concessioning of the ports. The depth of water available in all our port approaches, jetties and berths need to be significantly improved. Same is the case with the structural integrity of our quay aprons," he said. It's one thing to come with good policy it is another thing to be able to implement it.
If you don't have more knowledgeable people in the right positions to implement the policies then you cannot achieve what you set out to achieve," he said. He appreciated the minister's determination to resuscitate Nigerian flag flying ships to ply the nation's waters with the attendant benefits of job creation and training activities for cadet officers. I don't think the regulatory agencies are doing much. The fundamental reason for that is that apart from the fact that people that are being appointed to certain positions don't seem to be knowledgeable enough, there hasn't been enough stakeholders' engagement," he said.
We should stop going out looking for places in Malaysia, India or Philippines. Let us develop our own institutions to meet these standards and it can be done. Forex cargo philippines location has no reason to be sending cadets out of this country to look for schools or ships, when we have thousands of them here in Nigeria. Expressing commitment to make the port access road motorable again, Usman said: "On the ports access road, we have given timelines and deadlines to the respective agencies.
On the Wharf Road, we have concluded discussion with Sanford and Flour Mills on mechanism to fixing the road, taking into consideration the need for drainage. The final draft will be submitted to the Ministry of Power, Works and Housing in four weeks, whereby the Ministry will conclude on the framework in which the road will be built. The Ministry will communicate the details to the public when they are ready. The controversial defence of the naira by the CBN has come under severe criticism by economists, who believe that the forces of demand and supply should be allowed to determine the exchange rate of the naira, at least to a considerable level.
However, currency and economic experts are not sure if the marginal increases in the external reserves' level are sustainable amid a falling naira and acute shortage of dollar in the foreign exchange markets and the economy. Currently, the FX market is not a free-float one where the interplay of demand and supply determines price and volume. The uptick is not forex cargo philippines location a result of supply over demand. It happens when there is a slowdown in the allocation of the FX," the Chief Executive Officer, Cowry Asset Management Limited, Mr.
A senior associate in investment banking at Afrinvest, a research and investment firm, Mr. Ayodeji Ebo, said the gradual increase might only be sustainable if the oil price maintained its current level and there was a continuous ramp up in oil production. Experts argued that the central bank had yet to fully allow the naira to float freely. The CBN has struggled to support the naira as the country's external reserves continue to fall. The severe shortage of the dollar has put the naira under persistent pressure at both the official and parallel forex markets.
Economic and financial experts said unless the lingering dollar supply problem was abated, the volatility in the exchange rate and the consequent economic challenges might continue. The amount, according to stakeholders represents the value of tariff that should have accrued to government through the Nigerian Customs Service NCSif the vehicles were imported through Nigerian ports. The NCS is responsible for collecting revenues for government through duties payable as well as guarding against smuggling activities.
The Guardian learnt that more Nigerian importers are attracted to the Port of Cotonou because of lower customs duty on vehicles and other imports. As a result, the Managing Director of PTML Terminal, Ascanio Russo, expressed support for the ban on importation of vehicles through the land borders imposed recently by the Federal Government. PTML is the leading dedicated Roll-On-Roll-Off RORO terminal in Nigeria, handling the largest volume of vehicles imported into the country.
The PTML boss, in a statement said: "We fully support this ban, which we believe is going to halt the huge import of vehicles for the Nigerian market through the ports of neighbouring countries and the loss of revenues by the Federal Government, the Nigeria Customs Service and private operators. This amounted to huge revenue loss to Customs. She said: "We are very ready to have seamless operations of increased traffic.
Some of the traffic that we are seeing dwindling was the function of some of the government policies on importation of new cars. With this ban through the land borders, we will see an increase ports activities and we have put in place mechanisms to ensure that the additional traffic will not form any bottleneck. We always had that capacity, only that it was not utilised, but now that we hopefully will get more traffic due to the ban, we will just up our ante.
The terminal operators are keen and they are ready to take up the traffic on vehicle importation forex cargo philippines location the ports," Several other maritime industry stakeholders had, at various times, called on the government to reduce the import duty on vehicles to stem the tide of smuggling and revive operations at Nigeria's RORO ports, which had suffered the most from the hike in vehicles import duty.
Culled from: yliya-86.ru For non-compliance with the International Ship and Port Facility Security ISPS Code, the Nigerian Maritime Administration and Safety Agency NIMASAwhich regulates shipping, maritime and coastal waters activities, has shut three jetties and port facilities for non-compliance with the provisions of the code. Defending the closure of the facilities, spokesperson for NIMASA, Hajia Lami Tumaka, said the affected operators have persistently failed to comply with the ISPS code thus necessitating their closure to forestall a situation where security breaches in such facilities will negatively impact the compliant ones.
NIMASA has consistently stated its commitment to the enforcement of full compliance with the ISPS Code especially in the face of growing terrorists' activities globally. While hosting a pre-assessment team from the United States Coast Guard USCG recently, the Director General of NIMASA, Dr. Dakuku Peterside, expressed the determination of the Agency commodity trade option dodd frank enforce the code saying that "ultimately all of forex cargo philippines location are working for a common purpose, a safer world through safety and security of the maritime sub sector.
If we fix our different corners of the earth, the whole world will be safer for everybody. And so no effort should be spared in trying to guarantee safety and security. The budget seeks to boost spending to revive the economy, he added. The recession was largely caused by low global oil prices, as crude sales account for two-thirds of the Nigerian government's revenue. It had been severely disrupted following a series of attacks on energy facilities in the oil-rich Niger Delta by militants demanding a greater of the region's oil wealth.
The budget unveiled to the National Assembly is now to be debated by the MPs. It must be agreed by the parliament before Mr Buhari can sign it into law. Highlights of the roadmap were rolled out by the Minister of Finance, Mrs. Kemi Adeosun, who represented the Vice President Yemi Osinbajo, at the annual dinner of the Lagos Business School. Adeosun itemised the fiscal policies and actions being taken to tackle the key barriers to economic growth.
The measure had generated intense controversy. The measure pushed importers to sourcing forex from the parallel market, which led to forex shortage and forex cargo philippines location affected the value of the naira and the economy. Speaking at the session, which was attended by industry leaders across key sectors of the economy including oil, banking and telecoms, Adeosun said, "The Federal Government's Fiscal Roadmap is addressing barriers to growth that will drive productivity, generate jobs and broaden wealth creating opportunities to achieve inclusive growth.
To do so, she pointed out, the federal government would tackle the infrastructure deficit to unlock productivity, improve business competitiveness and create employment. The minister stated that the government would actively partner the private sector to achieve this by use of a number of new funding platforms. These, according to her, include the Road Trust Fund, which will develop potentially tollable roads, and the Family Homes Fund, which is an on-going PPP initiative for funding of affordable housing.
In addition, Adeosun detailed a revision to the tax provision that allows companies to receive tax relief for investment in roads on a collective basis. She explained that the existing provision that enabled companies to claim relief for road projects had only been trading and clearing systems advantage of by two companies, Lafarge and Dangote Cement. This was because few companies were large enough to fund roads alone. The revision, she noted, would now allow collective tax relief such that companies would be able to jointly fund roads, subject to approval by FIRS and the Ministry of Works, and share the tax credit.
This would be particularly attractive to firms in clusters such as industrial estates, many of which are plagued by poor road conditions. She emphasised the role of infrastructure in creating inclusive growth, explaining the current barriers to growth in agriculture, solid minerals and manufacturing. She stated that the drivers of inflation were structural and were being addressed through the focus on power, rail and road infrastructure.
Adeosun also outlined measures planned to deal with the problem of hidden liabilities, which were affecting the banking sector and efforts to revive the economy. The minister explained that the conversion from cash accounting to IPSAS International Public Sector Accounting Standards had unveiled unrecorded debts owed to contractors, oil marketers, exporters, electricity distribution companies and others. This measure would be subject to a rigorous audit process of all claims to forex cargo philippines location validity and mitigate fraud and the impact of past corrupt practices.
Henceforth, the minister said that measures would be put in place to prevent recurrence of such a problem by ensuring that contracts are managed in a manner that firms have assurance over when they would be paid. She cited the fact that many contractors were owed as a reason that many of those recently paid by government were slow in remobilising to site.
Adeosun gave assurances that, despite the current challenges facing the Nigerian economy, the outlook is positive due to the strong fundamentals and the on-going reform programme. Efforts at job creation and price stabilisation are proving very little in the face of dwindling seaport operations. Statistics from the Nigerian Ports Authority NPA showed nine-month low of import and export estimates.
The third quarter report, obtained by The Guardian showed that the ports recorded the lowest number of vessels goldman sachs equity trading strategies September this year, while the cargo throughput also saw its lowest numbers. Lower import-export operations will starve the economy of the much-needed productive activity to create jobs, sustain high prices for consumer goods and keep the country much longer in recession than anticipated.
Nigeria's economy entered into recession following sustained negative growth that has lasted nearly one year. She spoke when NPA signed a Memorandum of Understanding with BudgIT Information Technology Network to develop an open budget system platform and implement a public data dissemination programme. When seaports that contribute large chunks of Nigeria's non-oil revenue become inactive, it leaves government financially stranded. It means less capacity to invest in infrastructure, create jobs, address security, including fighting insurgency, and fund other activities that define good governance.
Concerned by the relative inactivity and acknowledging the need to beef up operations at the ports, government has banned importation of vehicles through the borders. The ban three days ago followed a similar ban on rice importation through the seaports of neighbouring countries. Customs Area Comptroller at the Tincan Island Port, Bashar Yusuf, while lamenting the dwindling fortunes from ports operations, said that the Command would continue to explore avenues to maximise revenue collection.
He admitted that the downturn has placed more responsibility on the Service. The Guardian gathered that importation of raw materials has dropped just as fewer vehicles are being shipped into the country. Vehicle dealers have at various times argued that lack of access to foreign exchange and low patronage were killing their business. Amid the gloom, the NPA boss has promised to boost capacity by providing infrastructure and technologically up-to-date equipment at the yliya-86.ru Federal Government through the NPA, Usman said, would reposition the ports industry to play its key role as the gateway to the nation's economy.
Usman directed terminal operators to invest more in up-to-date equipment that will make the nation's seaports competitive and yliya-86.ru in trade volumes, she said, was a strong factor in the need for port investment to boost efficiency, build robust, responsive and competitive port economy in tune with global best practices. National President of the Association of Nigeria Licensed Customs Agents ANLCAPrince Olayiwola Shittu, said: "The exchange rate factor is highly instrumental to the vessel traffic plunge.
People are no longer travelling, orders have dropped drastically and when there is no cargo, there will be no vessel. So, if you don't have the forex, how will you import? Besides, he said the government should look into the import duties that are paid on raw materials and review it downward, adding that the currency depreciation is a huge burden on them. Culled from: yliya-86.ru The federal government has prohibited the importation of vehicles, new and old, through land borders. This was contained in a statement issued monday by the Nigeria Customs Service NCS Public Relations Officer, Mr.
Last week, the Chairman, Mr. Tokunbo Aromolaran, said: "Manufacturing has been tough in this environment for the reason that specific attention has not been paid to our own peculiarities. When they get past that threshold, then they can compete with anybody. Now, we are not able to compete and that is why it is easier to import. For those who prefer to import, it is easy business. But we have taken a stance that we will keep our workers because we have spent millions training them and it does not make sense to invest forex cargo philippines location people and let them go.
That is why working in manufacturing in this country right now is not the best situation you can have. We are hoping that government looks at the policy again that surrounds manufacturing, let's have some preferential interest rates, let's look at the FX allocation to allocate to sectors that generate something back for the country. We spend a lot of money paying for invisibles, most of our dollars pay for things nobody sees, and if they are not there we wouldn't miss a thing.
But there are those things that add value to us and if we can look at our policies again and redirect them, Nigeria will be better for it. Among the restricted imports are household items, consumables and some raw materials that manufacturers insist are essential to their production process. The result of the restriction is that most of the firms that depend on the items have closed shop.
The President of the association, Dr. Frank Jacobs, and other stakeholders had been in constant meetings with top officials of the CBN and the Federal Government with a view to reviewing the list. He said, "The CBN has said that any manufacturer who wishes to produce the items on the list will be encouraged to do forex cargo philippines location and will have the CBN's full funding support including forex funding.
According to him, the Federal Government has been committed to the sector and given its pledge that the suspension of the Export Expansion Grant, a major incentive to the sector, will be lifted soon and payment will commence from the scheme to beneficiaries. He however said the ports have witnessed more cases of stowaways in recent times. The police source, who pleaded anonymity, as he was not authorised to speak with the media, explained that compulsory charging of suspects to court without option of bail and other measures put in place by the police, including constant police presence at the terminals, training of its personnel had helped to discourage crime at the Lagos ports.
The port is no longer as busy as before, as the economy is really biting hard on the populace. And I think this is why crime has reduced in the port, but recently, few persons have been caught as stowaways on vessel," he said. The officer identified some challenges faced in the port as bad access road and poor lighting at night. The calibre of police personnel in the port are officers who know their onions and whoever is arrested is charged to court without any form of cutting corners.
Such attitude has deterred port users from engaging in any form of crime. He further added that there has been a good synergy with other security agencies especially the Nigeria Customs Service. No one can do it alone," he said. In a letter signed by its President, Ackerman Thilo and Secretary, Obioma Ochulor, and addressed to the Managing Director of Nigerian Ports Authority NPAthe group said the breakwater at Escravos "is now completely submerged", thereby destroying the buffer between the ocean and the river channel.
This development, according to them, creates room for siltation and negatively impacts on the port channel, restricting the draft to a maximum of five metres. The group also said that there were no more buoys on the port channel, leading to "frequent grounding of vessels along the channel". Culled from: yliya-86.ru The Senate on Monday commenced a public hearing to amend the Nigerian Ports Authority NPA and National Inland Waterways Authority NIWA Acts.
The upper chamber of the National Assembly assured stakeholders that it would set performance benchmark for NPA in accordance with global best practices. President of the Senate, Bukola Saraki, while declaring open a public hearing forex cargo philippines location amendment of the NIWA and NPA Acts organised by the Senate Committee on Marine Transport, lamented that Nigeria was losing huge revenue to inefficiencies in the Nigerian maritime sector.
Saraki, who was represented by the Deputy Minority Whip, Senator Philip Tanimu Aduda, said that the nation's marine sector had fallen short of meeting the needs of water transportation system. The Chairman of the committee, Senator Ahmed Rufai Sani, expressed optimism that the marine transport would be part of Nigeria's quest for economic recovery.
We will set benchmark and give adequate legal backing. According to the report, the economy recorded increment in the price of good across almost all major divisions of the economy, which contribute to the Headline Index. The rise in food index was caused by increase in prices of Bread and Cereal, Fish, and meat. Culled from: yliya-86.ru The federal government has resolved to end the importation of wheat from Russia to preserve foreign reserves.
Foreign Affairs Minister of State Hajiya Khadija Abba-Ibrahim, stated this at the weekend after the fourth Joint Commission meeting between Russia and Nigeria in Abuja. The minister said Nigeria would henceforth invite Russians to help improve the country's agricultural productivity. The Russian delegation led by Dianov Alexandar Yurievich attended the meeting. Wheat is in high demand in Nigeria as forex cargo philippines location raw material for bakery and feed mills.
But this decline has been attributed to uncertainty in the country's oil and gas sector occasioned by insecurity, delay in the passage of the Petroleum Industry Bill PIB and delay in meeting contractual obligations in the services industry. It noted that the sector is characterised by isolated periods of high capital importation, adding that it is therefore unusual that the level has remained high for two consecutive quarters.
NBS explained that in all previous quarters, the sector that imported the most capital had been banking, financing, production or telecommunications. It noted that oil and gas is characterised by occasional high levels of capital importation, interspersed with periods in which very little capital is imported. Giving reasons for the decline in capital importation to the country's oil and gas sector, former President, Nigeria Society of Petroleum Engineer, Dr.
Emeka Ene, said it was due to increase of uncertainty, which he said repels investors' interest in the sector. Ene, also a former Chairman, Petroleum Technology Association of Nigeria PETANand Managing Director of Oil Data Nigeria Limited, noted that some major projects in the oil and gas sector have suffered delays. He said that there is gap in policy alignment on gas, PIB versus Ministry of Environment and security situation in the country. Majority of forex cargo philippines location investment end up with the service industry, which executes most of the jobs.
Right now, the service industry is in a very comatose state because the forex cargo philippines location obligations are not being met. A lot of money is being owed to Nigerian service companies over a very long period of time, which creates uncertainty," he said. Ene warned that the effects of the present lack of substantial investments are going to impact negatively on the Nigeria's oil sector in the future. It is going to be worse. Some service companies are being owed for over two years.
Bear in mind that the companies borrowed from the banks to execute the contracts and they're not being paid for two years, how will the companies be able to take another loan to service any other business? This is exactly the uncertainty we are talking about. This is because it recognised that this is the best time to drill and produce and that supply demand system forex pricing issues will definitely be tackled in the future and that prices will rise in the future.
We have seen Nigerian government not having the dollars to pay for goods imported and its impact on the wider economy. Most of the infrastructural projects being undertaken by government need dollars for execution. For example, we have some agencies, which have not reduced their fees and licenses running to billions of naira. On his part, PETAN Chairman, Mazi Bank-Anthony Okoroafor, emphasised the need for the Federal Government to reduce contracting cycle from three to four years to six months.
Okoroafor said that there also need to create good image for Nigeria through institutional transparency, well-articulated policy consistency and building of enabling infrastructure. He said there is need to restructure the country's oil and gas forex cargo philippines location operations by simplifying access to assets, maintaining sanctity of contracts, instilling corporate governance in all ncdex trading system dealings and reducing overall project costs for cost effectiveness.
Culled from: yliya-86.ru Foreign exchange constraints and the availability of arable land in Nigeria makes the case for improved local agricultural production in Nigeria an imperative, rather than continued importation with its significant pressure on dwindling foreign earnings of the country. Vice President Yemi Osinbajo gave this explanation earlier on Thursday while receiving in his office a Russian delegation led by the Russian Minister of Agriculture who is also the Co-Chair of the Nigeria-Russia Joint Commission, Alexander Tkachev.
It won't make sense, if you don't use the land," according to the vice president. According to a statement by his spokesman, Laolu Akande, Prof. Vegetables, flour can be exported to Europe from here, even our local market here is a lot. According to Osinbajo, "There is a lot of money to be made if Russian technology in agriculture is deployed locally," adding that there are better opportunities for economic cooperation between both countries.
Speaking earlier, the Russian Agriculture Minister expressed his country's willingness to enhance the existing trade relations with Nigeria. He said this would ultimately end fuel importation. Mansur disclosed that the company had also diversified into gas business as it had started constructing a gas pipeline from the South East to Lagos. He said that the gas plant, when completed, would have the capacity to produce three million standard cubic metres of gas per annum.
The executive director said the project would help the country to record appreciable improvement in power and manufacturing sectors. According to him, the company's huge investment in the oil and gas sector forex cargo philippines location impact positively in the economy, especially in the areas of employment and preservation of foreign exchange.
They based the prediction on declining dollar demand and efforts being made by the Central Bank of Nigeria to boost supply of foreign exchange. The experts spoke in separate interviews on the outlook of the naira. He added that holidaymakers returning to Nigeria for Christmas would also make dollar supply to increase. According to Ezun, this will reduce the currency volatility created by dollar scarcity. The Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, said due to declining economic activities, demand for forex was gradually reducing.
The President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, said efforts being made by the CBN to boost supply would make the naira to appreciate in coming months. He said, "The CBN Governor, Mr. Godwin Emefiele, met with the International Money Transfer Organisations in London on Saturday. The government is trying to woo these operators to enable them to bring more forex into the country.
This will boost supply. All these will yield result. Some of the ports are the Lekki Deep Seaport and the Badagry Deep Seaport in Lagos, the Olokunla Port in Ogun and Ondo states and the Ibom Deep Seaport in Ibaka, Akwa-Ibom State. The need for building deep seaports for receiving ultra-mega vessels with huge economies of scale have been in the front burner for nations in recent time, with Nigeria responding to such need, but having so many deep seaport plans at the same time.
Experts have also raised concerns on the need to concentrate on just one or two of them owing to the current economic situation in the country. Most of the ports are being developed in partnerships with caruso ibs forex Federal Government through the NPA. With concerns that there is just one channel and point of entry in some of the areas, such as the Calabar and Akwa-Ibom coastal axis, the NPA boss, Usman said not all of the planned ports would eventually be approved.
And of course, we understand that with what we are doing regarding the port master plan, not all of the ports will be approved eventually," Usman said. The boats, named MT Daura and MT Ubima were delivered to NPA by Depassa this month and moored parked at Continental Shipyard Limited in Apapa, awaiting commissioning by the Managing Director. Daura is the home town of President Muhammadu Buhari while Ubama is the home town of Transportation Minister, Rotimi Amaechi.
They are the best you can find in any port of the world. They are strong and very efficient," the source, who asked to remain anonymous because he was not officially authorised to speak on the matter, said. He said the delivery of the boats were in line with an ambitious project by the new management of NPA to retool the ports as the authority seeks to break new frontiers in the maritime trade.
They also have fire-fighting capabilities. When contacted, Managing Director of Depassa Nigeria Limited, Mr. Danny Fuchs confirmed that forex cargo philippines location company had delivered the new tugboats to NPA. While commending the new management of NPA for acquiring the new boats, he said the new assets will assist in faster pull and push of ships visiting the port. The new boats will make for better efficiency because they forex essentials handle ships of any size including the Egina FPSO expected in Nigeria soon," he said.
The new tugboats are expected to be commissioned and deployed to service in November. The Minister for Transport, Rotimi Amaechi, who approved this directive in a letter referenced T. It however, declared that the "CRFFN shall collect all monies for the Practitioners Operating Fee POF and warehoused by the Council and disbursed based on the formula recommended by the committee," The directive therefore forbid the associations from collecting dues within the seaport and airport facilities and land border stations.
The Council will prior to issuance ensure full payment of registration, yearly subscription and POF. Limited NAHCO and Sky Aviation Handling Co. Limited SAHCOL to comply with the minister's directive on payment of Practitioners' Operating Fee and Nigerian Ports Authority to direct the Seaport Terminal Operators STOAN to comply with the minister's directive on payment of Practitioners' Operating Fee by ensuring the POF payment as additional requirement for release of cargo from ports.
Culled from: yliya-86.ru Worried about the loss of business to forex cargo philippines location countries arising from low competitiveness, indications emerged at the weekend that the Federal Government may further reduce the number of agencies at the nation's ports. This is part of measures to address complaints bordering on the ease of doing business. The Government said efforts are underway to reduce human intervention at the ports, some of which have been responsible for the poor operational efficiency, by deploying technology and increasing stakeholder collaboration on regulatory frameworks.
The Minister of Transportation, Rotimi Amaechi, noted that the present administration is looking at issues raised by stakeholders bordering on concessions, charges and local content as well as the number of agencies at the ports. This is with a view to improving earnings from non-oil exports as well as encouraging bilateral ties between Nigeria and other trading partners. With many importers and traders diverting their cargoes to neighbouring countries, the Government noted that measures are underway to address the bottlenecks in the maritime sector.
Besides, the government also announced plans to invest massively in infrastructure and human capacity development, noting that it is focusing on policies and reforms geared at promoting diversification and structural reform of the economy. The Government had in the past reduced the number of agencies at the ports in a bid to check complaints by operators on the number of signatories and turnaround time needed to clear their cargoes at the ports.
He explained that reform efforts at the ports is focused on deploying a deliberate, well thought through automation strategy that achieves the tripartite objectives of blocking revenue leakages, improving process efficiency and reducing human intervention. Jumoke Oduwole, stated that to improve ease of doing business in Nigeria, particularly trade across borders, the administration is focusing on critical infrastructure to achieve the objective.
In his words, "In light of the well-documented challenges experienced by users of Nigerian ports today, making it easier and faster to facilitate the exit and entry of goods into Nigeria, as well as improving the business environment are critical to the sustainable and inclusive development of the Nigerian economy.
Ibe Kachikwu, initiated the deal during a three-day working visit to India. In an exclusive interview with The Guardian in August, the minister had disclosed his intention to search for a market, particularly in Asia and other oil-consuming nations, with a view to shoring up the naira, while guaranteeing revenue to the government. The success of the deal would also be a huge help for the Central Bank of Nigeria CBNwhich has made efforts to attract foreign inflows to support foreign exchange market, including the pursuit of a naira-yuan swap.
At the weekend, analysts at Afrinvest Securities told The Guardian that the deal would support the monetary policy and particularly the foreign exchange market, as it would guarantee additional three months' import cover and reduce speculative tendencies in the market. The deal would be due for signing by December, according to reports. Besides the upfront payment for crude oil, investments in the upstream and midstream sectors, particularly refining, by Indian public sector companies, it will also help to reduce Nigeria's oil import dollar bills.
But a top government official told The Guardian that the challenge to the policy adoption would be the fear of under-production, given the unending militancy and "greed" - the tendency for some to oppose it based on future price rise. Where we find ourselves as a country is compelling enough to give off something in order to achieve our goals.
The idea is good and should be devoid of the usual politics," the source said. The Managing Director of Cowry Asset Management Limited, Johnson Chukwu, expressed optimism that government would pursue this initiative, which he also described as "noble", to logical point. According to a finance analyst, Femi Ademola, it means that the country, besides getting the money, has sold its oil output, whether there is volatility in price or not.
That means sustained earnings and guaranteed market. Meanwhile, the United States U. Energy Information Administration EIA. Culled from: yliya-86.ru Nigeria has been affirmed by the Compensation stock options explained Monetary Fund IMF as the biggest economy in Africa - ahead of South Africa and Egypt.
These countries are being trailed by Germany, United Kingdom and Forex cargo philippines location in that order. Investigation shows that of the sixteen ECOWAS member countries, twelve have ratified the agreement except Nigeria, Liberia, Sierra-Leone and the Gambia. A cursory look at the annual trade data of export goods oil and non-oil from Nigeria to the EU, obtained from the Commission, showed that the top ten are oil and gas, cocoa preparations, oil seeds, skins and leather, rubber, copper, fish and crustaceans, including wood and wood charcoal.
The EU urged the Federal Government to review its protectionist policies in the interest of the region as non-ratification of the EPA by Nigeria may affect ratification of the trade treaty in the ECOWAS region, as well as terminate the temporary free access to the European Union being enjoyed by the country and other ECOWAS member States. We are very comfortable to provide this development assistance.
He assured that the EU will not invade the West African market with products that could compete with domestic products of what Nigeria and other countries in the region would be producing, pointing out that the EU has removed all its export subsidies to the West African market. Culled from: yliya-86.ru The Federal Government has reiterated Nigeria's commitment to maritime security through the full implementation of the International Ship and Port Facility Security ISPS Code.
This is even the government appealed to the United States Coast Guard to lift the sanctions it placed on some jetties and terminals which were found deficient two years ago in complying with the Code. The commitment and appeal were made by the Minister of Transportation, Chibuike Rotimi Amaechi when he led a delegation to the United States Coasts Guard USCG head office in Washington DC. The Minister expressed government's appreciation for the support of the USCG in implementing the ISPS code in Nigeria and assured the international shipping community that the country is committed to the full implementation of the code to safeguard the maritime domain.
According to Amaechi, "Nigeria appreciates the efforts and support of the United States Government in encouraging a cordial bilateral relationship with Nigeria not only in the area of maritime security but also in other areas. I want to assure the US Coast Guard and indeed the international shipping community of Nigeria's commitment to the full implementation of the ISPS code to further institute forex cargo philippines location strict security regime in our maritime environment".
Receiving the delegation, the Assistant Commandant of the USCG, Rear Admiral Paul Thomas expressed his country's determination to continue to support Nigeria in its goal of full implementation of the ISPS code. Thomas who oversees the USCG directorates of Inspection and Compliance as well as Marine Transport Systems commended Nigeria for its progress in the ISPS code implementation so far saying the visit to the US was aimed at exposing the delegation to some of the strategies adopted by America to successfully implement the code.
The visit which was at the invitation of the USCG is expected to serve as an exchange programme for the Nigerian delegation exposing them to the implementation strategies of the United States so as to replicate same in Nigeria. The Minister was accompanied on the visit by the Director, Maritime Safety and Security in the ministry, Danjuma Dauda, the Director General of NIMASA, Dakuku Peterside and Managing Director of Nigerian Ports Authority NPAHadiza Usman.
The Customs also reaffirmed that importation of rice remains banned through the land borders, although rice imports through the ports are still allowed subject to payment of extant tariffs. The NCS in a statement yesterday by its Public Relations Officer, Deputy-Comptroller Wale Adeniyi, said the Customs is confident that Nigerian rice producers will fill the existing gaps in the supply of the product by next year.
He, however, dispelled the rumour that Customs has reversed the ban on rice importation through the land borders. He said: "We like to reiterate the position that importation of rice remains banned through our land borders, and we have the commitment of partner government agencies and stakeholders to enforce this restriction. While this restriction is in force, rice imports through the ports are still allowed subject to payment of extant charges.
We urge Nigerians to watch out for similar antics as the firm stand on Rice smuggling will pitch their selfish interest against our national interest," he said. Culled from: yliya-86.ru Governor Akinwunmi Ambode of Lagos State on Thursday met with representatives of APM Terminals to advance the development of the Badagry Deep Sea Port project, restating his administration's key strategic imperative to creating a friendly environment to encourage private sector participation in driving economic development in the State.
He assured that government would spare nothing to see the project to realization, while pledging that the interests of the host communities within the location of the project will be protected. Speaking on behalf of APM Terminals, Head of Africa, Peter Volkjaer Jorgensen said the Group was strongly committed to partnering the State Government on the project.
The meeting had in attendance Country Manager, APM Terminal, Mr. Olajide Bashorun and Country Senior Partner, PricewaterhouseCoopers, Mr. We have Mearsk in the bouquet of investors who have signed on to this project and what that means for us is that we are going to have the largest cargo container port in Africa, situated in Badagry. It means a lot for us also in terms of new settlement like it has been said, we hope that in the next two months we're coming to start this project here". He said that he forex cargo philippines location came to see the project, retail forex trading history that it was part of his promise aimed at bringing development to the communities in that axis.
Kachikwu made the disclosure at the end of the Federal Executive Council FEC meeting held in the State House, Abuja wednesday, adding that the loan was a fallout of the July roadshow iq options strategy by the petroleum ministry and the Nigerian National Petroleum Corporation Forex cargo philippines location in China. He said: "Generally, when you have a memorandum of understanding, the gestation period takes over a year, because after you get your MoUs signed you have to set up teams from both countries on a bilateral basis.
Kachikwu also said FEC approved the resuscitation of the National Council on Hydrocarbon, as part of efforts to foster peace in the volatile Niger Delta region. Kachikwu said the council would consist of stakeholders from oil producing areas, with a mandate to deliberate on the challenges facing the oil sector and on proffering solutions. Forex cargo philippines location explained that the council would, as part of its functions, undertake the continuous review of policies in the oil minerals sector in relation to how they affect the indigenes of oil producing communities, especially with respect to the militancy in the region by creating forums where everyone converges to discuss the problems affecting all participants in the sector.
Dambazzau, who spoke on the approval granted his ministry, said the approval to buy the vehicles was part of the logistics being put in place to de-congest prisons nationwide by making it easier for the prison service to convey inmates to and from courts during their trial without delays and as and when due. Dambazzau also said that the procurement of the vehicles was part of the processes being undertaken by the ministry in collaboration with the judiciary and police to strengthen the criminal justice system in the country, which he said had been ineffective and unfavourable to inmates.
He said the absence of operational vehicles in the past had made it difficult to convey awaiting trial inmates to courts, resulting in prolonged trials and overcrowding in prisons. In his briefing, Fashola painted a picture of gloom regarding the state of road construction and rehabilitation nationwide, citing futures trading signals resources.
As a result of this, he said government had to prioritise work only on roads that are used for conveying petroleum products, food and high vehicular traffic. We then have to deal not with roads that necessarily bother us but roads that carry the heaviest traffic. We also have to ensure that the transportation business does not die. That is where fuel is largely discharged for the country from the tank farms in Apapa and hauled to the furthermost parts of the forex cargo philippines location. We are also trying to ensure that we are able to keep the economy of the nation going.
He said the acquisition of the transformers, which he placed at a cost of over a billion naira, would reinforce, expand and maintain the current transmission capacity as electricity generation increases. Culled from: yliya-86.ru Nigerian bankers, businesspeople and foreign investors have warned that the government's management of its currency system is fuelling corruption, in another blow to market confidence in Africa's top oil producer.
The Nigerian central bank raised concern when it unveiled new unorthodox currency policies to bank executives at a meeting last week, instead of formally announcing the measures. The banks were given detailed instructions on what they could do with the dollars they receive from the central bank at the official exchange rate: who they can sell it to, when, and at what price. Bowing to pressure as the worst economic crisis in decades deepened, Nigeria switched three months ago to a "purely market-driven" currency system - abandoning its bid to hold the naira at an exchange rate seen as unrealistic given that the price of oil, the country's main exporter earner, had collapsed.
But hopes that the new regime would ease the severe dollar shortages choking businesses have been dashed again. The central bank is once again defending the naira, say bankers and investors. This is pushing yet more demand into the flourishing parallel market. Lamido Sanusi, a former central bank governor, argues that the current system allows individuals to "rake in billions of naira" while most Nigerians suffer from soaring inflation and other financial hardships.
The lucky few allocated dollars at the official rate stand to double their cash immediately by selling it on the parallel market. It also adds credence to the concerns of the International Monetary Fund and other institutions that some of the government's policies are worsening the fiscal crisis. The central bank did not respond to phone requests for comment on Friday. Governor Godwin Emefiele has not granted interviews to international media this year.
The central bank's handling of the dollar shortage is the main issue frustrating the local business community, he said. Local and foreign investors are "spooked", he said, and the country remains deprived of foreign capital with external reserves at dangerously low levels. It is now "almost unique among emerging market countries" for "making mistake after mistake since oil prices declined," he said. Culled from: yliya-86.ru The overzealous attitude of officials of numerous government agencies at the Nigerian ports has become a source of worry, as the National Association of Government Approved Freight Forwarders NAGAFFberates duplication of regulations and clash of interests by the agencies.
The Freight forwarders, in a statement made available to The Guardian forex cargo philippines location that the agencies operate outside their mandates as stipulated in the various Acts establishing them, thereby frustrating the importers and clearing agents. The statement signed by the Secretary General, NAGAF, Arthur Igwilo said the maritime industry desperately needs sanity especially now that revenue from crude oil had dropped yliya-86.ru group applauded the Standard Operating Procedure and Port Services Support Portal introduced by the Federal Government recently, aimed at entrenching standardisation in port operations in Nigeria.
It stated that: "Over the years, people just find their ways into the ports under different guises and start extorting money from port users. For example, when a vessel arrives, one finds out that five or more agencies will be forcing their ways into the vessel, even to the chagrin of the crew members whose vessel may have berthed at other organised ports before Nigeria. Nigeria indeed, is always seen as a banana republic by the international community because of the way we run our socio-economic and political lives.
The official revenue targets are declared publicly, but unofficial revenue targets are for their personal purses," it alleged. NAGAF stated that: "Other agencies and parastatals of government in the ports like Standards Organisation of Nigeria SONNational Agency for Food and Drug Administration and Control NAFDAC among others, operate outside their mandates as stipulated in the various acts establishing them. Infact, it has been a whole lot of confusion in the ports and their environment. The group however added that huge sums of money have been lost both by governments and individuals due to the insidious actions of the officials, adding that standardisation is the panacea to the ongoing confusion in the ports.
It should be applied in every facet of port operation," it yliya-86.rus, it alleged that different portals are being created by different agencies and parastatals. It verifies the conformity of all imported new goods, enforces forex cargo philippines location standards except those items that appear in excluded product list. Another example is Nigeria Customs Service NCS. They have their portal called, the Nigeria Integrated Customs Information System NICIS.
It is utilized for PAAR issuance, cargo identification, interface with SON, shipping companies, terminal operators among others to achieve seamless cargo delivery. This will achieve harmony and standardisation in the port operation. Indeed, it is becoming clearer that the veil in port operation is being opened. The rate of dynamism in ports is being enhanced," it stated.
He spoke in Abuja just as the Minister of Finance, Mrs Kemi Adeosun, called for the lowering of interest rate to boost economic growth. One is to get oil production back - it is very important. Two, is the asset sales, concession and all that. He said that the concessionaire would take over the rail lines, revamp them and build coaches in the country, explaining that the process of getting the thing through would however take some time.
This is why we met and said, is there a way we can fast track some of these things? Because we need the money today, not in three or four months' time,'' Udoma explained. The emoluments have been paid in full. We've released all the money. At the federal level, all salaries have been released. We have met that in full,'' Udoma stated. He added: "We have also met all debt service in full. With regards to overheads, we have not met that in full but we are almost there. The problem has been capital.
On how soon Nigerians are likely to see some activities against the background that many analysts at the Economic Ministerial Retreat said recently that the federal government should pump a lot of money into the economy and see some busy activities happening, Udoma said the federal government completely agreed with that, stating that the Economic Management Team had been meeting for the last months over the fiscal stimulus to see how it could raise additional revenues.
He added: "We need to raise additional revenues. To release more money, you need to get the money first. So, we have a fiscal stimulus plan, which we have been developing over the last months. We intend to do a number of things. We are looking at assets sales, concession, and getting advance payments from licensing rounds and all that. Why are we looking for dollars? It is because what we need to charge this economy forex cargo philippines location actually foreign currency.
It is foreign currency shortage that is really responsible for where we are today. So, we have to look for foreign currency. We have a plan already. There are two sources of getting these additional funds. One is getting more crude oil production. He said that the federal government, with the help of all stakeholders in the region, is still working to reduce the militant activity through dialogue and other strategy.
If we do that, we will be able to pump this additional money into the economy,'' he stated. Udoma also made some clarifications on the monies recovered and lodged in the Treasury Single Account TSA and looted funds recovered by the Economic and Financial Crimes Commission EFCC. It is not that the TSA has recovered a surplus. The TSA is a mechanism for making sure that all payments go through a central point so they can be tracked, but those funds belong to various agencies and they end up being paid into the national treasury,'' he stated.
The money that has been flowing through, the cumulative amount is what is being spoken about. That money is not lying there idle for us to take. This has been clarified so many times. The Minister of Finance has said so on several occasions and I can't understand why the issue isn't still clear,'' he said. On the funds recovered by the EFCC, he said that until the legal processes were completed, the federal government could not spend them. Adeosun seeks interest rate reduction Meanwhile, as the Central Bank of Nigeria's CBN monetary policy committee MPC members are set to announce the outcome of their two-day meeting today, the Minister of Finance, Adeosun, has expressed her preference for a reduction of the benchmark Monetary Policy Rate MPR.
The minister, who said this while speaking on CNBC Africa, argued that the focus of policy makers in the country at this time should be on stimulating growth. The Nigerian economy is in recession. The finance minister wants the central bank to lower interest rates so that the government could borrow domestically to boost the economy, which is stuck in recession, without increasing its debt-servicing costs.
Adeosun said she was working with the Debt Management Office DMONigeria Sovereign Investment Authority NSIA and forex cargo philippines location pension industry to issue an infrastructure bond to raise money for road and housing projects, although she did not elaborate. She said she wanted the central bank to reconsider its July interest rate hike, which it implemented to help support the naira and attract foreign investment inflows. For me it is growth. I would rather seek growth.
We can manage inflation. I think for us at the moment in the Nigerian economy, growth is the most important thing," she said. Adeosun said the government was working with the parliament to cut procurement timelines to get contractors back to work and inject money into the economy. The release by the NBS came just as the Minister of Finance, Mrs Kemi Adeosun, called for reduction in interest rate to boost growth.
Nevertheless, share capital still accounts for a larger proportion of total imported capital than any individual sector. In all previous quarters, the sector to import the most capital had been either Banking, Financing, Production or Telecommunications. The Oil and Gas sector is characterised by occasional high levels of capital importation, interspersed with periods in which very little capital is imported.
Umar Abubaar Garba is the only old Port Manager forex cargo philippines location under the new disposition but was redeployed from Delta Port to Rivers Port. The former Port Manager of Lagos Port Complex, Apapa, Ezeoke Eunice Ngozi was redeployed to Western Ports as Assistant General Manager Operations while the former Tin Can Island Port Manager, Babatunde Longe moves to NPA headquarters as AGM Operations.
The former Port Manager of Rivers Port, Abdulrahman Lamina also moves to NPA headquarters as AGM, Commercial while the former Calabar Port Manager, Emgr. Ogundele Oluseyi moves to Eastern Ports as AGM, Utilities. Durowaiye Ayodele, who until the new disposition was in charge of Onne Port, was directed to report to the General Manager, Western Ports, Lagos "for duty". The new disposition, which takes immediate effect, was signed by Usman. Ogbeh made this known in a meeting with officials of VICAMPRO, an indigenous Agro Company investing in production of Irish potato in Abuja.
He said that the ministry was willing to support local investors with capacity to produce goods and save the country's foreign exchange. He said that the consumption of rice in the country was rising and that a lot of people were not aware that the rice had some degree of arsenic. The minister said that consuming rice in large forex cargo philippines location on a regular basis was a bit of health risk, advising that it be substituted with potato.
While commending the investor, Ogbeh said that any private sector effort that would develop local production of goods would be fully supported by the ministry. Earlier, the Chief Executive Officer of VICAMPRO, Michael Agbogo, said potato could bring value worth over one trillion naira into Nigeria annually if properly harnessed.
He said that in terms of value, potato had three times the value of crude oil, adding that it was a huge industry the country could get into. He described potato as a "unique crop" that could be cultivated three times in a year, including the dry season. Agbogo said the produce could be grown in Plateau, Kaduna, Adamawa and a number of states across the country, adding that Nigeria should take advantage of the crop. According to Agboro, the whole of the West African coast cannot grow Irish potato easily and the produce is being imported from South Africa, Belgium and The Netherlands.
Culled from: yliya-86.ru There are strong indications that the Nigerian Shippers Council, the nation's economic regulator for the seaport industry, and the Seaport Terminal Operators Association of Nigeria STOAN, the umbrella body for all concessionaires in all the seaports, may opt for out of court settlement. The court had by that judgment also upheld the appointment of forex cargo philippines location council as the nation's port economic regulator, which the suit, which is currently at the Court of Appeal was to challenge in addition to ordering the shipping agencies and terminal operators to refund all monies illegally collected on container deposits.
According to him, globally, tariffs whether at the seaports or elsewhere should not be frozen but reviewed from time to time in line with economic trends and realities, arguing that in doing that due process must be followed and all relevant parties must be carried. He also hinted that withdrawing the cases from court would pave the way for an amicable settlement of all conflicting issues. According to him, this is in response to interventions by several well-meaning stakeholders on the need to seek a more amicable resolution of the issues that gave rise to the court case.
The NSC-boss also observed that the council is aware and conscious of the fact that most of the port stakeholders including terminal operators and shipping companies are operating under very harsh socio-economic conditions. He also said: The port concessionaires and shipping companies have shown a great zeal in investing in Nigeria because we know that they have other alternatives". While reviewing the post reform performance of the nation's seaports, he observed that the exercise has been a huge success, especially given the huge transformation that has taken place in most of the terminals.
He however took a swipe at many other terminal operators, who he said are resisting regulation and have not taken steps to develop and transform their terminals. He also cited the instance of increased cargo throughput, reduction in turnaround time of vessels, massive private sector investments that have enhanced efficiency, but however said there is still room for improvement.
President of the association, Mrs. Ifenyinwa Obi, in her welcome address, observed that though there has been a level of efficiency and competitiveness of the nation's ports, the reduction in the cost of doing business, which was one of the cardinal objectives of the programme has yet to be achieved. She however pledged that as the foremost journalists' group in the industry, MARAN would continue to play its agenda setting role.
The Minister of Interior, Retired Lt. Abdulrahman Dambazau, made the declaration on behalf of the Federal Government in a statement signed by the acting Permanent Secretary in the ministry, Muhammadu Maccido. He enjoined all Muslims and Nigerians in general to support and join hands with President Muhammadu Buhari in his sustained efforts to diversify the expense stock options accounting and progressively accelerate the pace of economic recovery.
The minister said that government was aware of the forex trading hours south africa economic challenges the nation was facing. He assured that that appropriate steps were being taken to address the challenges. He said that other areas of priority to government included the "The "Change Begins with Me", a value re-orientation programme, and other social intervention programmes as well as massive capital releases.
The minister expressed optimism that the current economic difficulties forex cargo philippines location soon be over, urging all to continue to support the government toward building a new formidable Nigeria. He wished all Nigerians a happy Eid-el-Kabir celebration. Culled from: yliya-86.ru The Nigerian Ports Authority NPA has insisted that it will continue collecting tariffs for its services in United States Dollars, as it has obligations that are also made in US dollars.
Responding to a call by shipping and maritime stakeholders on the NPA to stop charging in dollars, the managing director,Hadiza Bala Usman said since the Authority has obligations that are also in US dollars, it would be very forex cargo philippines location for to accept payments in naira. Shipping and maritime industry stakeholders, including terminal operators who converged at an industry forum organized by the NPA on Friday in Lagos called on the organisation to stop charging tariffs in dollars and begin accepting naira, which is the country's legal tender, as this was making them pay so much and putting pressure on their dwindling earnings, in view of the current economic condition of the country.
They also insisted that NPA review its contractual agreements with the port terminal operators, stressing that the review ought to be done every two years. We noted the concern of foreign exchange right now. We know the country, but we are also mindful of our own obligations," said Usman. She maintained that in its drive to recover debts from operators, the NPA would continue discussing with them and ensure that indebtedness in dollars to NPA are paid within the shortest period.
Ship agents also urged the NPA to embark forex cargo philippines location a downward review of existing tariff regime. The forum was also an avenue to assess the activities to be embarked upon by the NPA, where the stakeholders also noted the decaying port infrastructure. Usman however said the NPA would ensure that the tariff regime remains competitive, while prioritizing some of the issues raised by the stakeholders. She noted that with responsibilities to discharge in dollars, it was only natural that the Authority got paid for its services in dollars as well.
She said, "We believe that we need to prioritise some of issues raised by the operators and these include the need for us to review the concession agreement. So, we shall commence this review jointly with the ICRC and the BPE as the case may be. Forex cargo philippines location believe that there's a forex cargo philippines location for NPA to look towards attracting more customers and clientele to the port," she noted. Culled from: yliya-86.ru It's official: The Nigerian economy is in recession.
On the spike in inflation, energy and energy-related prices recorded the largest increases reflected in the core sub-index in the July inflation figure. The highest increases were seen in the electricity, liquid fuel kerosenesolid fuels, and fuels and lubricants for personal transport equipment groups. It was the second consecutive quarter to witness record-low levels of foreign capital importation into the economy and also the largest year-on-year decrease.
It said: "This may suggest less profitable opportunities for investment. In addition, in the second quarter there was considerable uncertainty surrounding future exchange rate policy, which may have deterred investors. These factors were likely to have contributed to the record decline in capital importation. This was despite the fact that only one type of other investment was recorded during the quarter: Other Investment Loans. FG Foresees Growth Despite the gloomy economic data released by the NBS wednesday, the presidency said that the nation's economic outlook remained bright, irrespective of the contraction in the GDP growth rate recorded in the last quarter.
A statement issued in Abuja wednesday by the vice-president's media aide, Mr Laolu Akande, assured Nigerians that the second half of the year would be better. Forex cargo philippines location the Special Adviser to the President, Economic Matters, Dr. Adeyemi Dipeolu, the statement said the recession would be short-lived, assuring Nigerians that many of the challenges faced in the first half either no longer existed or had begun to ease.
The statement noted that the data released by the NBS on the GDP growth rate, while confirming a temporary decline, also indicated hopeful expectations for the country's economic trajectory. It also said that apart from the growth recorded forex dlm islam the agriculture and solid mineral sectors, the Nigerian economy, in response to the policies of the Muhammadu Buhari presidency, was doing better than the IMF's forecast, with clear indications that the second half of the year would be much better.
The statement said the administration would continue to work diligently on the economy and engage with all stakeholders to ensure that beneficial policy initiatives are actively pursued and the dividends delivered to the Nigerian people. There was growth in the agricultural and solid minerals sectors which are the areas in which the federal government has placed particular priority.
The ministry, in the statement yesterday, said a closer look at the data from the NBS revealed that the outcome was mostly due to a sharp contraction in the oil sector due to huge losses of crude oil production as a result of vandalism and ym trading system. But it said there was room for optimism that the recent commitment to stopping attacks on oil installations in the Niger Delta would help to resolve this situation, while also improving government revenues.
This, it added, would however be a temporary solution in the sense that it still promotes the weak economic structure of the past, which the budget ministry said manifests in two ways - the over reliance on crude oil and the country's economy being mainly consumption-driven with a high import propensity. It noted that the situation which pointed to the need for difficult but necessary structural reforms necessitated the federal government's move to improve public financial management and change the structure of the economy through diversification and an investment driven model.
Market Analysts React Also reacting to the data on the economy released by the NBS, the chief executive of Cowry Assets Management Limited, Mr. Johnson Chukwu, who said the lower GDP growth rate was expected, called for greater synergy between the fiscal and monetary authorities in the country. The key thing is how to use monetary and fiscal policies to address the situation.
The emphasis should shift from fighting inflation to restoring growth. In his comment, Research Analyst at FXTM, Lukman Otunuga, said the signs of an imminent slowdown had been visible in the country as the nation struggled to support its currency. However, Nigeria is undergoing a major structural change and although there is a risk of extended periods of low forex cargo philippines location, this transition could be something which exceeds all expectations," the Cyprus-based analyst said.
It stated that imported inflation continues to be a key factor precipitating the increase. This is weaker than expected. With inflation slowing, and Nigeria in recession, the CBN is more likely to pursue an accommodative stance at its next MPC meeting," FDC said in the note. Culled from: yliya-86.ru Managing Director of the Nigerian Ports Authority NPAHadiza Usman has emphasized the need to move cargo in and out of the port by rail so as to lessen pressure on the road.
Usman made the disclosure at her maiden visit to the Lagos Port Complex, Apapa on familiarisation tour. She said that because of the exigency of the times, the NPA will work with the Nigerian Railway Corporation NRC to facilitate this by ensuring that the tracks are in place and provision made for rolling stock. This disclosure is coming on the heels of several calls by stakeholders for shift from emphasis on road haulage to intermodal transport especially as access road to Lagos and other ports are highly dilapidated.
At ENL Consortium and Apapa Bulk Terminal Ltd, Usman tried to find out how they've been able to make use of rail to move cargo. Mark Walsh, Executive Director Operations of ENL explained that the use of the rails has not been very popular with port users, but since the terminal started making use of it, others have seen the need. Usman encouraged port users to adjust to more frequent use of the rail, urging them to get across to NPA concerning any challenge in this regard which will be sorted out with the Nigerian Railway Corporation.
The visit to Apapa Port is the second after Calabar Port which she inspected in the second week of August. At Lilypond Terminal, some clearing agents were seen carrying placards requesting that the terminal be revived as it has remained dry for some time. The NPA MD told them to articulate their problems and send to her.
The NPA Forex cargo philippines location also inspected the road construction at the foot of Ijora Bridge by Leventis. Emphasising the importance of the bridge for the movement of cargo out of the port, Usman said she will get in touch with the Minister of Works, Power and Housing to ensure that construction work on the bridge is fast-tracked. She emphasised the need for cooperation with the Nigeria Customs Service for faster movement of cargo.
Also on the current diversification programme of the government Usman said that the NPA will do everything possible to encourage export so as to earn more revenue to boost the economy of the country. Culled from: yliya-86.ru Nigerian businesses are struggling forex cargo philippines location get hold of foreign exchange even after the central bank devalued the currency in June to try and attract investment from abroad, according to the West African country's main manufacturers' lobby group.
Many factory owners can still only access the hard-currency they need for importing equipment and raw materials on the black market, where dollars are more expensive than on the official one, said Frank Jacobs, forex exposure report of the Manufacturers Association of Nigeria. Jacobs is confident that the government will also ease a ban on importers of goods ranging from glass to toothpicks from accessing foreign exchange from banks.
The bans forex cargo philippines location shut factories and cut thousands of jobs, Jacobs said. He argued that, as well as protecting Nigeria's foreign reserves, the restrictions would boost manufacturers forex cargo philippines location curbing demand for imports and forcing Nigerians to buy local products. It's the only place they can buy dollars from.
Jacobs said Nigeria's manufacturers were further hampered by power cuts. Power plants have been hit as militant attacks on pipelines reduce their gas supplies. The workers also blamed the massive retrenchment on the inability of the Federal Government to meet its joint venture obligation with the international oil companies which are major partners with the marine logistic companies.
Some of the companies that have already made an exit include Mitsui O. K Line, Nippon Yusen Kasha, Taiwan's Evergreen Line, Messina Line, Hapag-Lloyd and Gold Star Line GSLamong others which were forced to withdraw from the West Africa route due to growing losses as a result of declining volumes. The President, Dockworkers Union of Nigeria DUNAnthony Emmanuel Nted, yesterday bemoaned the poor state of the ports, terminal and work environment in the maritime industry.
According to him, Nigeria as an import-dependent country cannot suddenly ban the importation of the principal goods being generally consumed in the country. He, therefore, urged the Federal Government to review the ban on the importation of rice, wheat, vehicle spare parts and industrial machinery until the nation is able to produce for local consumption. He added that the failure to do this would encourage smuggling, diversion of ships to neighbouring countries, idle ports, retrenchment of workers, unemployment and general loss of revenue to government.
According to him, some of the employers of Intels and other logistic companies, which render services to the IOCs are being faced with financial challenges and therefore forced to retrench workers. He said: "The non-payment of cash calls by government to these oil companies as per their joint venture agreements has been a major setback to the funding of the service of our employers the logistic companies and consequently responsible for the massive retrenchment of our members.
He lamented that the volume of vehicles imported into the country through ports has collapsed to an all-time-low, with the consequent loss of thousands of jobs in the industry. The company said that the divestment plan was a response to vessels in lay-up, limited trading opportunities and the global over-supply of offshore supply vessels in the industry. The Chief Executive Officer of Maersk Supply Service, Jorn Madsen, said: "We are facing unprecedented market conditions, and regrettably we have to further adjust our crew pool.
It is an unfortunate, but necessary step to safeguard the future of our company". He said: "One of Maersk Supply Service's prime objectives is to attempt to restore the supply demand balance in the offshore supply market. This is why the vast majority of the divested vessels will be recycled or modified by their new owners to compete outside their present segments.
Culled from: yliya-86.ru It is not for want of raising the alarm over the years that rather than get reasonable attention, the Apapa-Oshodi Expressway has continued to go from bad to worse. It has reached an extent that someone asked: "What else are you going to write that has not been written about this road, yet no one cares? We will continue even if it means shouting ourselves hoarse, until someone decides to do what is necessary. Besides, customs agents are lamenting that the bad roads have necessitated astronomic hike in cost of clearing goods, as vehicles find it extremely difficult to access the forex cargo philippines location for easy delivery.
The road was partially completed from Cele Bus Stop to Berger with the uncompleted part from Berger to Wharf now taken over by commercial motorcyclists who shuttle between tankers and container-laden trucks to access core port commercial area in Wharf. Many are compelled to ride against traffic while the few conscious one have to wade through the heavy pit of holes to find a route.
Indeed, the terminal operators, Customs officials, port users, truck drivers, depot owners, and transporters who spoke with The Guardian, lamented that the road is retarding business growth and yliya-86.ru Acting Managing Director, Ports and Cargo Handling Services Limited, Alhaji Mohammed Bulangu, said the access roads to the ports are in a deplorable condition and this has created a source of worry to stakeholders in forex cargo philippines location industry.
He described it as a major challenge to operators, while appealing to the Federal Forex cargo philippines location to urgently address it for the overall good of the yliya-86.ruu said the company has done some palliative work on the road several times, but this could not help unless government look into complete overhaul of the road. The President of Association of Nigerian Licensed Customs Agents ANLCANPrince Olayiwola Shittu said: "The road is in the hands of government.
Several ministers have made several promises and yet nothing has been done. No individual can tackle that road, even to do palliatives. Some of the companies there came together, but it was difficult because the foundation needs rebuilding. To do procurement, it will go through some rigorous steps and many offices. That is what you see in some of our budget. We have many of our members who sleep in Apapa and go home at the weekend.
Go there, you will see people reading newspapers, idling away their time along the road. You will also see petroleum tankers parking on the road and waiting to lift fuel. In fact petroleum depots should not be located near the ports. No country allows tank farms near residences and ports. They could as well locate them in Epe and access it from that end in other to decongest the ports route.
The ports have been in existence but those who took money in government to approve these tank farms have taken the money and they have gone, that is what we are suffering today," he said. Managing Director, Lagos Deep Offshore Logistic Base LADOL Amy Jadesimi, said it was high time the Federal Government fixed the road to boost industrialization.
Although, the route does not really affect LADOL since it is located on an Island adjacent Ikoyi and Apapa, Jadesimi said it is key to success of other important businesses that contribute immensely to the economy. It is not affecting us because we have other routes that we can take. Meanwhile, there are indications that AG Dangote Construction Company are planning to commence works on the yliya-86.ru part of the arrangement, the General Manager, Western Ports of the Nigerian Ports Authority NPAMichael Ajayi has appealed to all owners of underground cables along Apapa Wharf road to urgently clear or get alternative custody for them to allow for the commencement of reconstruction work on the road.
Ajayi reiterated that the early commencement on the Wharf road reconstruction project would depend on the timely cooperation of the owners of some underground infrastructures whose facilities may be affected by the project. The general manager explained that as the handily contractor on the project Messrs AG Dangote Construction Company, a subsidiary of Dangote Group has mobilized to site and ready to commence work on the road.
It has become necessary to appeal to all owners of these underground facilities to clear them or get alternative custody for them to allow work on the project to commence in earnest. It would be recalled that the Federal Government had approved Messrs AG Dangote Construction Company, to re-construct the Lagos Ports Complex access road from the Port to the foot of the Apapa Bridge by Area "B" Police Station along Wharf Road, Apapa. It could also be recalled that in order to ensure a hitch free commencement of the reconstructionthe Nigerian Ports Authority NPA Western Ports Headquarters convened a meeting of stakeholders to discuss modalities for the successful execution of the project.
Ajayi pointed out that it is in the interest of all stakeholders and all those doing business in Apapa to see to the early commencement of the reconstruction work on the Wharf Road and its successful completion as unnecessary further delay on this project would not be in the interest of the overall economic activity of Lagos State and the nation as a whole.
As a result of the negative impact of the policy on the operations of manufacturers, stakeholders in the economy including MAN, the National Association of Small and Medium Enterprises and the Lagos Chamber of Commerce and Industry insisted that the policy must be reviewed. They spoke at the launch of a report on the manufacturing sector by NOI Polls Limited, in collaboration with the Centre for the Studies of Economies of Africa.
The Director, Economics and Statistics, MAN, Mr. Ambrose Oruche, lamented the unavailability of productive inputs, stating that this was the major challenge confronting manufacturers. He attributed the problem largely to the ban by the CBN on certain items from acessing the official window of the forex market, adding that the current operating environment was too harsh for many manufacturers to continue to operate. He wondered why the CBN and the Federal Government kept coming out with what he described as conflicting polices, noting that this was affecting the growth of the manufacturing sector.
Some manufacturers are still producing due to their love for this country. Government's policy on cement should have been adopted in this case. He also listed high interest rates, poor power supply, policy inconsistency, poor patronage of locally manufactured products, poor supporting infrastructure, among others, as the challenges confronting manufacturers. In his remarks, the Director, Research and Advocacy, LCCI, Mr.
Nwani said many companies in the pharmaceutical sector now found it difficult to package their products. Some of the items need a period of between forex cargo philippines location and seven years for the country to develop self-sufficiency in their production. The association is also confident that with such powers, manufacturers may determine exchange rate in the country. Jacobs said at a media briefing in Lagos on Tuesday that the directive would revive the sector and reflate the economy.
He said, "MAN commends the Federal Government and the CBN on this directive. It is a welcome development and will give fillip to efforts of government aimed at reflating the economy. I will encourage our members not to bid too high, to also understand the power forex cargo philippines location have today to determine the exchange rate. Lagos State is pushing hard for the Lekki deep seaport and Badagry mega-port while Ondo and Ogun States have been championing the joint development of the Olokola deep seaport for about a decade.
One begins to wonder if these governors have done their homework on the viability or otherwise of the proposed deep seaports. Why will any state, in this period of austerity, expend as much as two billion dollars on a facility that might not yield good future returns or add significant value to the forex cargo philippines location of the state or better the lives of its citizens? I honestly do not believe that any deep seaport outside Lagos will be viable.
This is clear enough from the current underutilization of existing port facilities in the country, especially those facilities outside Lagos. The exception will be Onne Port which is fairly busy. I think rather than establish these mega white elephant projects, the governments of Akwa Ibom and Cross Rivers States should join hands with the Federal Government to address the shortcomings of the Calabar Port so that it can attract business and compete with other ports in the sub-region.
The shortcomings of the Calabar Port include shallow draft, which has made it impossible for large vessels to berth, poor port access road and the restriction imposed by the Ikom bridge. The question is, does Nigeria require a deep seaport? Yes it does, but one is enough for now and I believe Lagos remains the most viable state to host such facility. With this expected growth in container volumes, the combined capacity of Apapa Port fully-developed and Tin Can Island Port and all the Inland Container Depots ICDs in the Lagos area is expected to be inadequate within the next five years.
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