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Lekki Deep Seaport to boost non-oil revenue — NEPC; FG foils 66 attempts to hack FEC virtual meetings 

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Lekki Deep Seaport to boost non-oil revenue — NEPC; FG foils 66 attempts to hack FEC virtual meetings 

The Nigerian Export Promotion Council (NEPC), says the recently commissioned Lekki Deep Sea Port is expected to boost Nigeria’s non-oil export.

The Executive Director/CEO of NEPC, Dr. Ezra Yakusak said that the development came on the heels of tremendous performance recorded in the non-oil export sector in 2022.

A statement issued on Thursday by Ndubueze Okeke, Head, Corporate Communications NEPC, quoted Yakusak as saying that the seaport would further ease the perennial congestion at the Apapa Ports.

“This development comes on the heels of the tremendous performance recorded in the non-oil export sector in 2022 in which the sector recorded a significant result of 4.820 billion dollars in 2022 representing an increase of 39.91 percent over 2021.

“The Lekki Deep Sea Port will not only provide jobs, directly and indirectly along the value chain but will further ease the perennial congestion at the Apapa Ports and thereby enhance the export drive of the country.

“It will also guarantee seamless trade facilitation.

“Having been designated a Customs port, all is now set for commercial vessels to berth and clear cargo at the port which is reported to be the country’s first Deep Sea Port and first fully automated as well,’’ Yakusak said.

He explained that the Lekki deep sea port domiciled within the Lekki Free Trade Zone (LFTZ), would further create an enabling environment for business and commercial activities to thrive.

According to Yakusak, this is particularly for the export of Nigerian products as it will play a strategic role in promoting international trade and sustainable economic growth for the country.

“The commissioning of the Lekki Deep Seaport is strategic and very key to the development and promotion of export trade.

“Indeed, it will ease the supply chain constraints and enhance logistics given the vital role of logistics in facilitating the transportation of goods to the international market.

“It is also a major source of foreign exchange earnings,” he said.

Yakusak said that about 214 different products ranging from manufactured, semi-processed, solid minerals to raw agricultural products were exported in 2022.

He said that 19 exit points were used with Apapa Port recording the highest tonnage of exports.

Yakusak commended President Muhammadu Buhari for providing the political will to execute the project in collaboration with other stakeholders.

He said that the project was expected to add about 361 billion dollars to the economy.

The project is a joint venture between the Nigerian Ports Authority (NPA) and the Lagos State Government.

Others are the Tolarams Group (owners of the Lagos Free Zone) and China Harbour Engineering Company. 

In another development, the Federal Government said it foiled  66 attempts by hackers from Europe to compromise the virtual meetings of the Federal Executive Councils (FEC).

Minister of Communications and Digital Economy, Isa Pantami gave the revelation in Abuja at the 19th edition of the President Muhammadu Buhari (PMB) Administration Scorecard Series (2015-2023).

The scorecard series was organised by the Ministry of Information and Culture to showcase the achievements of Buhari’s administration.

Presenting the scorecards of his ministry, Pantami said since the unveiling of the National Policy on Virtual Engagements for Federal Public Institutions in October 2020, not less than, 108 virtual FEC meetings had been held.

He said from the 108 virtual FEC meetings held, 66 attacks to compromise the meetings were made from Europe but all failed.

The minister said all the cases were reported to the appropriate authorities for the record and actions.

He recalled that the National Policy on Virtual Engagements was launched to formalise government online meetings such as FEC and Council of State meetings.

The minister said that with the policy developed with the office of the Head of Service of the Federation, government’s virtual meetings could be held effectively and legally.

He said the implementation of the virtual meetings had saved the country over N47 billion which could have been used if they were held physically.

The minister also disclosed that in line with Buhari’s vision to lift millions of Nigerians out of poverty, not less than 2.2 million jobs had been created in the digital sector in the past three years.

He said the feat was achieved in the sector by the implementation of the Executive Orders signed by the President to priotise indigenous content as well as indigenous professional in the execution of national projects.

Pantami said in the execution of jobs, planning and design of projects as well as appointments of key officials in the digital sector of the country priorities were given to indigenous professionals.

 He said his ministry also priotised the execution of programmes and projects that could generate direct and indirect jobs.

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Super Eagles beat hosts Guinea Bissau, to reclaim Group ‘A’ leadership

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Super Eagles beat hosts Guinea Bissau, to reclaim Group 'A' leadership

The Super Eagles on Monday in Bissau beat hosts Guinea Bissau 1-0 to reclaim leadership of Group A in the 2023 Africa Cup of Nations (AFCON) qualifiers.

Moses Simon’s penalty kick after 29 minutes gave the Nigerian senior men’s football team the needed win to move to nine points after four matches.

They have now upstaged from the apex position Guinea Bissau who toppled them on Friday in Abuja with a 1-0 win.

Guinea Bissau is with seven points from four matches and in second place, ahead of Sierra Leone who has five points from four matches.

Nigeria is expected to now face the Leone Stars of Sierra Leone in a Match Day 5 fixture.

 Details later  

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Banking & Finance

NGX: Investors Lose N622bn, as NCR Nigeria, Unity Bank lead Losers’ chart

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NGX: Investors Lose N622bn, as NCR Nigeria, Unity Bank lead Losers’ chart

The domestic stock market on Nigeria Exchange Ltd. (NGX) continued on a negative note as the market capitalisation on Monday dropped by N622 billion amid sustained profit-taking activities.

Accordingly, investors lost N622 billion in value as market capitalisation declined to  N29.281 trillion from N29.903 trillion recorded at the previous session.

The All-Share Index (ASI) fell by 1,141.76 points, representing a decline of 2.08 percent, to close at 53,750.77 points as against the 54,892.53 posted on Friday.

Consequently, the ASI’s year-to-date (YTD) return fell to 4.88 percent.

The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Airtel Africa, Seplat Energy, MTN Nigeria Communications (MTNN), Nigerian Breweries and Lafarge Africa.

“We expect risk-on sentiments to be sustained in the equities markets even as the depressed interest rate environment will continue to favour the local bourse in line with our expectations for Q1, 2023.

“Taking positions in stocks with solid valuations and dividend yields ahead of the dividend-paying season remains the choice strategy.

“However, we see room for extended profit-taking activities,” Analysts at United Capital Plc said.

The market breadth was negative as 21 stocks lost relative to five gainers.

Courteville Business Solutions recorded the highest price gain of 6.67 percent to close at 48k per share.

NPF Microfinance Bank followed with a gain of 2.7 percent to close at N1.90 and AIICO Insurance up by 1.75 percent to close at 58k per share.

FBN Holdings (FBNH) rose by 0.92 percent to close at N11, while Zenith Bank gained 0. 2 percent to close at N25 per share.

Conversely, NCR Nigeria led the losers’ chart by 9.79 percent to close at N2.12, per share.

Unity Bank followed with a decline of 9.43 percent to close at 48k, while Prestige Assurance declined by 8.89 percent to close at 41k, per share.

SUNU Assurance declined 8.33 percent to close at 44k, while Multiverse Mining and Exploration and Airtel Africa shed 8.31 percent each to close at N2.98 and N1,420 respectively per share.

Also, the total volume traded decreased by 26.66 percent to 100.883 million units, valued at N4.342 billion and exchanged in 3,279 deals.

Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 12.836 million shares valued at N318.513 million.

Zenith Bank followed with 11.920 million shares worth N297.982 million, while United Bank for Africa (UBA) traded 10.038 million shares valued at N80.242 million.

MTNN traded 8.264 million shares valued at N1.927 billion, while FBNH transacted 7.719 million shares worth N84.577.

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MARITIME SAFETY: NIMASA, NCC Close Ranks On Submarine Cable Regulation In Nigeria

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MARITIME SAFETY: NIMASA, NCC Close Ranks On Submarine Cable Regulation In Nigeria

…Jamoh reiterates  commitment to Ease of Doing Business 

The Nigerian Maritime Administration and Safety Agency, NIMASA, and the Nigerian Communications Commission (NCC) have agreed to work closely with relevant stakeholders as the Agency inches closer to developing a regulatory framework to provide operational guidelines for Submarine Cable and Pipeline Operators in Nigeria. 

Officials of both organs of Government in Lagos reached this agreement at a pre Audit meeting on submarine cable regulation.

The Director General of NIMASA Dr. Bashir Jamoh, OFR, who chaired the meeting, which also had the Director General of Bureau of Public Service Reforms (BPSR) Mr. Dasuki Arabi in attendance, noted that the Agency is committed to the Ease of doing Business while implementing International Conventions which Nigeria has ratified and domesticated. 

He noted that with Nigeria now a destination for global communication players, the time has come to prevent unregulated underwater cable laying, which might become hazardous to shipping.

According to him, “It is worthy to note that marine cable laying has been ongoing for over two decades in Nigerian waters. Our focus is to ensure safety of navigation of shipping in Nigerian waters with all these underwater cables being laid.

NIMASA is actually developing the guidelines to regulate submarine cable operators in line with the provisions of the United Nations Convention on the Law of the Sea, UNCLOS; which we have ratified and NIMASA is the Agency of Government in Nigeria responsible for its implementation. We do not just implement laws; we consult. Where the responsibility of an Agency stops, that is where the responsibilities of another Agency start. Collaboration is a key component of ease of doing business in the best interest of the country and we will work closely with the NCC to achieve this”.

On his part, the Executive Vice Chairman of the NCC, Professor Umar Garba Danbatta who was represented by the Director, Compliance Monitoring and Enforcement, Efosa Idehen noted that the stakeholders’ dialogue strategy adopted by NIMASA in developing the guidelines would ensure a win-win situation urging NIMASA management to include the Ministry of Justice, a request NIMASA DG immediately granted.

Also speaking at the meeting was the Director General of the Bureau of Public Service Reforms Mr. Dasuki Arabi, who commended NIMASA and NCC for adopting effective Inter-Agency collaboration to avert a potential challenge for the country in the future.

NIMASA had notified submarine and cable operators in Nigeria of a soon-to-be-implemented regulatory guideline for submarine cables and pipelines in Nigeria, in line with the provisions of UNCLOS. NIMASA and the NCC agreed to identify and resolve areas of likely regulatory overlaps, ensuring a regulatory framework based on consultation to engender the attainment of Nigeria’s digital economy transformation.

Officials of the Federal Ministry of Environment and representatives of Submarine Cable operators in Nigeria were also at the meeting.

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