blueprint afric logo
   ECONOMY

Stakeholders have identified multiplicity of regulatory agencies, cumbersome documentation process, poor import infrastructure, high and duplicated charges as reasons why Nigeria exports are rejected abroad.

Speaking in Lagos through its President, Lucky Awimero, the National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), said until agencies responsible for export are streamlined, Nigeria export would continue to be rejected abroad.

The agencies responsible for exportation in Nigeria include pre-Shipment Inspection of Export Agents, Federal Department of Forestry, Federal Produce Inspection Service and the Plant Quarantine Service.

He said, “The duplication of the four agencies needs to be streamlined, as it constitutes serious bottleneck due to lengthy and cumbersome process and cost, which resulted to associated delays, that necessitated the movement of our products to neighboring West African ports and the rejection of our products in international markets.”

He continued, “the duplicated Shipping Line and Terminal Charges (THC)(TDC) that are not tied to service should be streamlined, including the lengthy and cumbersome procedures, to ease the burden of delays and high cost of shipping.”

Amiwero who also complained over the collapse of scanners at seaports and land borders across the country said the collapse had led to increase in cost of doing business.

“The collapsed scanners at the Port contributes to laborious and costly inspection, manual, physical inspection, with limitation and double handing to terminal operator, the Customs officers and the Licensed Customs Agent who are at risk of unwholesome importation, are part of the problem.

“Others are malfunctioning scanners. Scanners are installed as security and facilitating tools , contracted under Build, Own, Operate and Transfer basis (BOOT) from 2006 to 2013 and the Transfer process was meant to address the state of collapse, which has attracted extra cost to Licensed Custom Agents/Importers. The state now constitutes a serious threat to the Customs officers who are compelled to conduct physical examination in contravention of international standards.

“Scanners are essential tools to aid trading across borders and reduce the illicit cross border movement of unwholesome goods, which is prevalent today in our ports and border station.”

He however advised that the scanners should be repaired in line with recommendations of the committee setup by government.

“The scanners should be repaired in line with the recommendation of Transition Implementation Committee.”

Speaking on duplication of charges by shipping companies and terminal operators, the NCMDLCA boss said shipping companies and terminal operators charges on storage contravenes the Customs and Excise Management (CEMA) Act.

“Shipping companies and terminal operators’ charges on storage contravenes sections 20, 31 and 97 of the Customs and Excise Management Act that limit the days for rent charges and conferred authority to Nigeria Customs to charge rent after specific days by the Board.

“Duplication of charges such as terminal delivery charges/ terminal handling charges, deposit repayment delays and clumsy processes contribute to the challenge”, he said.

 

Read More
time posted  comments 0    views 461 

The Minister of Agriculture and Rural Development, Audu Ogbeh has said Nigeria’s non-oil sector is growing with N261.92 billion earnings in the second quarter of the year from Agric exports.

Ogbeh spoke at the official unveiling of the Nigeria Agribusiness Resource Centre for Agricultural Investment at the weekend in Abuja.

Highlights: He said agricultural export increased by 82 percent in the fourth quarter of 2016 and earnings from the sector stood at about N30 billion in the first quarter of the year.

According to the minister, the country earned N3.7 billion from the export of sesame seed to Turkey, N1.6 billion to China and N1.6 billion to Canada.

Ogbeh said in the first quarter, N3.4 billion was made on Soya bean export to Russia, N1.2 billion to Greece, N2.2 billion was earned from the export of frozen Shrimps to Netherlands, N1.8 billion made from cashew nuts export to Vietnam and crude palm kernel oil export to The Netherlands netted N1.2 billion.

The minister listed destinations of agricultural exports in the second quarter as including to Asia, Europe, America, Africa and the Oceanic.

He said the country earned N13.5 billion from cashew nuts export to Vietnam with N12.6 billion, India (N1.4 billion) and Kazakhstan (N6.34 million).

African Lead Regional Director Carla Denizard said the resource centre was established in response to the request by the ministry’s Department of Agriculture and Marketing to bridge the knowledge gap in the sector and enable investors to have access to information.

 

Read More
time posted  comments 0    views 323 

The French government, a former friend of Biafra in the 1967 secession bid, has ruled out any support for the secession of any part of the country, particularly Biafra.

France’s Ambassador to Nigeria, Denys Gauer, told The Guardian, that his country would not in any way work with any group agitating for the dismemberment of the nation.

He said France was working with Nigeria and supporting it as a country.

Speaking against the backdrop of France’s previous support for Biafra during Nigeria’s civil war, Gauer pointed out that Nigeria has evolved since the civil war.

France has been cooperating with the country to overcome its challenges, especially the fight against insurgency.

However, Leader of the Movement for the Actualization of Sovereign State of Biafra (MASSOB), Uchenna Madu, told The Guardian that the struggle for Biafra “is real and cannot be stopped by any man created by God”

He added: “We in MASSOB do not believe what he said because that does not represent the position of France. France is a friend of Biafra and even during the Nigeria/Biafra war, they assisted us so much.

“In this current agitation for Biafra, France has sympathy for us. We advise our people to disregard what he said. We think that the Nigeria media misinterpreted what the French envoy said.

But the French envoy further pointed out that there is no future for Biafra and urged proponents of secession or Biafra to continue to be part of the country.

“We are working with Nigeria and we are supporting it as the only country. This is absolutely clear and I don’t think there is any kind of future for Biafra. They are part of Nigeria and Nigeria has to remain as the only country,” he said.

He disclosed that France is working with the country in its fight against insurgency, saying the fight against Boko Haram has brought the two countries together, more than before.

The Ambassador explained how France helped the former Goodluck Jonathan government to organise a regional meeting with neighbouring francophone countries, Chad, Cameroon and Republic of Benin, in Paris, in 2014, following which the Multinational Joint Task Force, MJTF, was established to fight Boko Haram.

“Apart from encouraging neighbouring African countries to cooperate with Nigeria we have also developed a strong bilateral relationship with the Nigerian Armed forces.

In May 2015, the Defence Ministers of Nigeria and France signed a cooperation agreement between the two armed forces, which we did not have before.

Nigeria’s Chief of Army Staff, Gen. Tukur Buratai, recently warned those agitating for an independent state to “forget it.”

The groups are Indigenous People of Biafra (IPOB) and the Movement for the Actualisation of the Sovereign State of Biafra (MASSOB) .

Though they have the same aim but are rival groups; they have consistently clash with themselves and with security agents.

Speaking in Abuja after receiving an award conferred on him by a coalition of over 80 civil society organisations (CSOs), Buratai said the army would not condone any act that could lead to the disintegration of the country.

“Those individuals and groups that are bent on destablising our country I think they have to wait till may be the next three or four millennium for them to do that.

That is, may be the next generation of officers and men will allow them at all,” he said.

 

Read More
time posted  comments 0    views 626 

The U.S. Federal Aviation Administration says Kenya has complied with international safety standards and can have direct flights to the U.S. after waiting for more than a decade.

The FAA in a statement Thursday said Kenya has received a category 1 rating under the agency’s International Aviation Safety Assessment Program. With that rating, Kenyan air carriers can establish services to the U.S.

Kenya’s transport minister James Macharia described the category 1 status as a major milestone in the country’s aviation industry. Kenya is East Africa’s largest economy.

Kenya transformed its main airport after a 2013 fire destroyed its international terminal because the airport had only one fire engine working. Some rescuers, including police, looted ATMs and forex bureaus instead of fighting the blaze

 

Read More
time posted  comments 0    views 465 

Kenya declared a national disaster on Friday, calling for aid to counter drought that is posing a major risk to people, livestock and wildlife.

The Kenya Red Cross has estimated around 2.7 million people are in need of food aid after low rainfall in October and November and the next rainy season not due before April.

President Uhuru Kenyatta called for “local and international partners to come in and support the government’s efforts to contain the situation,” a statement from his office said.

The U.N. World Food Programme said it was short of $22 million (18 million pounds) for the next six to nine months to provide support such as school meals for 428,000 children who often depend on them as their only substantial meal of the day.

The presidency did not set out how much the government needed for the drought, but said it had released 7.3 billion shillings ($70 million) and local authorities had provided another 2 billion. Out of Kenya’s 47 counties, 23 have been deemed to be facing disastrous drought.

“The government intends to enhance the interventions including doubling of food rations and cash transfers among other measures,” the presidency statement said.

Early this month, residents in drought-struck northern Kenya said at least 11 people were killed and a tourist lodge torched due to conflicts when armed cattle herders flooded onto farms and wildlife reserves.

Read More
time posted  comments 0    views 532 

Abiodun Dabiri, Managing Director, Lagos Metropolitan Area Transport Authority (LAMATA), told newsmen in Alausa that Commuters using the LAGBUS and Bus Rapid Transit (BRT) buses in Lagos will pay more from March 1, following the Lagos State Government’s approval of upward review in their fares.

The Lagos State Government said on Monday that it had approved fare increase ranging from 20 per cent to 50 per cent on different routes plied by the buses.

The new fare structure for regulated bus operators in the state would take effect from March 1.

He said that though the government was mindful of the current financial difficulties residents were going through; it approved the fare increase to save the bus schemes from collapse.

Dabiri said what the bus operators spent on fuel had gone up 71 per cent, oil by 64 per cent and tyre by 90 per cent, threatening their continued operations.

“In view of this and with government’s responsibility to avert a collapse of the franchise scheme, which currently serves over 500,000 commuters daily, government had to consider request by the operators for an upward review of bus fares,” he said.

Dabiri said the current fares charged on some of the schemes had stayed constant for more than six years in the case of some operators.

He said that though the government granted the request for fare increase, it will not allow transport users to do so arbitrarily.

According to him, the operators have also been advised to improve their cost efficiency and effectiveness.

“It will be difficult to pass the entire cost of operations to the consumers, bearing in mind that a lot of the users are in the low income bracket,” Dabiri said.

He appealed to commuters to show understanding as the new fares take effect.

From March 1, commuters from Ikorodu to Mile 12 would pay N100 as against N75.

According to Dabiri, combining two zones like going from Ikorodu to Fadeyi will be N200 instead of N120, while combining three zones – Ikorodu to CMS – will be N300, instead of N200.

Giving a breakdown of the new fares on the LAGBUS routes, its Managing Director, Idowu Oguntona, said that the fare from CMS to Ajah would be N200, up from N150.He said that commuters from Leventis to Eko Hotel would pay N100 instead of N70, while those going to CMS from Oshodi would pay N150 as against N100.

 

 

Read More
time posted  comments 0    views 416 

South Africa will introduce a national minimum wage of 3,500 rand (261 dollars) per month in 2018, Deputy President Cyril Ramaphosa said on Thursday, following protracted negotiations between the government and labour unions.

Supporters of a minimum wage say it can stimulate growth as workers can spend more, as well as reducing inequality.

Critics say it could lead to increased unemployment as employers will be unable to afford higher wage bills.

Credit ratings agencies have said agreeing a minimum wage would help Africa’s most industrialised economy hold onto its investment-grade rating by stabilising the labour market and reducing the number of strikes.

“The balance we have sought to strike is that it must not be too low, so that it doesn’t affect the lowest paid workers, but not too high that it leads to massive job losses,” Ramaphosa told a news conference.

Ramaphosa said the national minimum wage, which equates to 20 rand (1.50 dollars) per hour, would come into effect in May 2018.

Businesses that are unable to afford the minimum wage would be permitted to apply for an exemption of up to 12 months, Ramaphosa said.

The Treasury had also thrown its political weight behind the policy initiative.

Chief economist at Nedbank Dennis Dykes said the agreement was a sign of an improving relationship between labour, business and government, but warned that its implementation needed to be monitored.

“It is by no means certain this will lead to job creation.

SOURCE:TODAY.NG

Read More
time posted  comments 0    views 565 

Speaking yesterday at the 14th yearly lecture of the Centre for Value and Leadership, with the theme: Living well together, tomorrow: The challenge of Africa’s future cities, Governor Akinwunmi Ambode said that by 2020, Lagos State aspires to be the third largest economy in Africa. Towards this, investments in infrastructure and all other social economic efforts are geared towards making it ready to accommodate the new status.

He maintained that the state has all it takes to be the third largest economy on the continent, as it has not just a huge population and market, but also technology and human and material resources to drive it.

Aside revealing the commitment of his administration to take yellow buses off Lagos roads this year without mentioning a definite month, he reiterated that by July, the city would become cleaner and healthier, as concerted efforts were already being made to ensure better management of waste.

He said the daily inflow of migrants challenges the government to be on its toes to provide the facilities and infrastructure to accommodate the new residents.

The keynote speaker, Prof. Paul Collier, said that between now and 2050, the population of cities on the continent would triple and for any mega city to work, issues of energy, connectivity, housing and land are critical, which means investment in infrastructure is necessary.

In another development, the state Attorney-General and Commissioner for Justice, Mr. Adeniji Kazeem, has cautioned against use of ‘hate-speeches’ by Nigerians.

Kazeem spoke yesterday at a Price Media Moot Court Competition organised by the University of Lagos (UNILAG), in collaboration with the University of Oxford.

According to him, hate-speeches have the propensity to cause public disorder.

Read More
time posted  comments 0    views 480 

     Nigerian energy firm Forte Oil has raised 9 billion naira ($30 million) with the sale of five-year bonds carrying an interest rate coupon of 17.5 percent, under a 50 billion naira debt programme, its advisers said on Tuesday.
The bond was issued at a par value of 1,000 naira each and was fully subscribed, they said in a state.
    March last year, the firm said it planned to raise capital to expand its operations in the West African country either through a share or bond sale.
Nigeria, Africa's biggest economy, has been issuing bonds at yields below the inflation rate, making i
t difficult for cooperates to raise debt, as the government increases borrowing to try to spend its way out of its first recession in 25 years.
In January the government sold a five-year bond at 16.89 percent to raise 34.95 billion naira.
    But domestic bond sales are likely to be subscribed to as risk-averse local pension funds awash with cash seek investment outlets, analysts say. Funds can invest more than 80 percent of pension assets in government bonds.
Annual inflation in Nigeria hit 18.55 percent in December, its 11th straight monthly rise to a more than 11-year high.
On Tuesday Forte Oil posted a 24 percent fall in profit before tax to 5.34 billion naira ($17.55 million) for its 2016 financial year,
($1 = 304.25 naira)

 

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Credit: Rueters

 

 

Read More
time posted  comments 0    views 461 

Nigerians’ economy is in a downward spiral as electricity supply dropped from the 4,883.9 mega watts (mw) it recorded in the last one month to 2,200mw as at January 21, 2017.

This is far below the country’s installed capacity of 11,165.40mw and network operational capability of 5,500mw.

Over 450mw of electricity has been trapped at the Afam V Power Station in Rivers State following a fire incident, in which Transmission Company of Nigeria (TCN) protection and control equipment were destroyed last week.

The drop in electricity supply, according to the Head, Programmes and Membership, Institute of Directors’ Centre for Corporate Governance, Nerus Ekezie, will worsen the suffering of the citizens as the rate of inflation in the country is already 19.6 per cent.
Ekezie added that inadequate electricity would lead to high cost of production, increase in prices of goods and reduced purchasing power of consumers.

Besides, the prices of some petroleum products, such as Liquefied Petroleum Gas (LPG), also known as cooking gas; kerosene and Automotive Gasoline Oil (AGO) also known as diesel, recorded a significant increase, forcing Nigerians to spend a huge chunk of their earnings on the essential commodities.

Despite promises by the Nigerian National Petroleum Corporation (NNPC) to ensure maximum supply of all the petroleum products, the prices have remained high.

For example, the price of diesel rose from about N190 to over N250 per litre since last week, while the prices of cooking gas and kerosene, two important commodities used by almost every home in the country, rose from about N3, 500 for a 12.5-kilogramme cylinder and N83 per litre to N5,000 and N300 per litre.

Though kerosene is no longer scarce, the product is now selling at N300 per litre as against the pump price of N150 per litre. The situation has also led to an increase in the price of charcoal and firewood as alternatives to kerosene and cooking gas.

 

Read More
time posted  comments 0    views 690 
Blueprint T.V
View All Post    
Latest Posts
Latest Tweets
Tweet Us     
Blueafric Media
Ogwugo market
LILBURN FITNESS CENTER ENUGU
Lilburn Product
Lilburn Spa
Lilburn Loyalty Reward Card