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Muazu Sambo Receives Nigerian Fleet-Implementation Interim Report

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Muazu Sambo Receives Nigerian Fleet-Implementation Interim Report

The Minister of Transportation, Muazu Jaji Sambo (left), received the Fleet-Implementation Interim Report in his Abuja office.

…APC hails Sambo at 63, calls him ‘Workaholic’***

The Minister of Transportation, Mu’azu Jaji Sambo, has received an interim report on the need to establish a strong and sustainable national fleet by the Nigerian Fleet Implementation Committee.

Receiving the report in his Abuja office, the Minister stated that, “Nigeria is a maritime country and if Nigeria gets its acts together, the country will have no business looking for money from the oil sector as a contribution to the GDP of the country.”

Also read: CVFF DISBURSEMENT: Mu’azu Sambo vows to Break Jinx that Makes Amaechi look Clueless

Speaking on how the project can be immediately realized, he said: “I don’t know whether, in the course of the Committee’s consultations with other Stakeholders, you were able to have some conversations with the Nigerian National Petroleum Corporation (NNPC) because, If NNPC, can give 100 % support, this matter can be closed in two months.”

Earlier, the Executive Secretary, Nigerian Shippers’ Council, and Chairman, Nigerian Fleet Implementation Committee (NFIC),  Emmanuel Jime, said the Committee was constituted by the immediate past Minister of Transportation, Chibuike Rotimi Amaechi, to implement the recommendations in the report by an earlier Ministerial Committee on Modalities for the Establishment of a Nigerian Fleet.

Jime who was represented by Managing Director, Sea Transport Group and member, NFIC, Umar Aminu, stated that the initiative was a way of responding to the non-participation of Nigerians in the carriage of Nigeria’s international cargo as well as the loss of freight revenue, jobs and other benefits which would otherwise have accrued to the country.

He also said: “In the course of carrying out the mandate, lessons have been learned and some modest achievements have been recorded.

These have been captured in this interim report which we are submitting today.

The work is still ongoing and the goal of creating an enabling environment for the growth of a sustainable Nigerian fleet will be achieved in due course”.

Courtesy Visit from the Nigerian Ambassador to Jamaica/Nigeria’s Permanent Representative on the International Seabed Authority, H.E. Maureen Tamuno, and her team (Ag. Director, National Boundary Commission, Nurudeen Abba and Commander Abdulsalam Mohammed of the Hydrographic Survey Department, Nigerian Navy).

Continuing, Jime noted: “There were challenges that impeded the quick realization of the project as earlier envisaged.

Shipping is international and competitive in nature and Nigeria cannot operate in isolation, hence the need for the operating environment to be similar to what obtains elsewhere.

This has been a major challenge to the growth of the sector in Nigeria.

Review of certain trade policies, access to funds, and technical/human capacity are issues that need to be resolved”.

In another development, the Minister of Transportation, Muazu Jaji Sambo has received felicitation calls and visits from various calls as today, marks his 63 years.

The Chief Press Secretary however told the Maritime First that the Minister is exploring a low-tone option.

One of the core Stakeholders, the ruling All People’s Congress APC Support Network, in a congratulatory letter, signed by its National Coordinator, Bashir Ado Kazaure, and made available to the Maritime First, the body described Muazu Sambo as a workaholic, whose appointment as Transportation Minister, would bring “unprecedented progress”

“The entire membership of the APC Support Network Joins millions of your supporters and well-wishers to felicitate with you on this auspicious occasion of your Birthday.

With you at the helm of affairs of the transportation ministry, Nigerians have noticed unprecedented progress in recent times.

You are building on the legacies of your immediate predecessor and even surpassing them which portrays your commitments to the Nigerian project.

“Nigerians are therefore saying THANK YOU, SIR!

“At 63, you are smarter, agile, energetic, and dedicated to your duty.

The transformation you brought to the ministry has since placed it on the competitive list globally.

“May this day bring you happiness and good health as you pilot the affairs of this critical sector of our economy, the Ministry of Transportation”, the APC Support Network stated.

 

 

 

 

Economy

FG Threatens To Open Borders for Cement Importation Over Price Hike

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Palpable fear has gripped cement manufacturers following the Federal Government’s threat to throw open the nation’s borders for cement importation if the product manufacturers fail to bring down the cost.

The Minister of Housing and Urban Development, Mr Ahmed Dangiwa issued the threat on Tuesday in Abuja at a meeting with Cement and Building Materials Manufacturers.

The meeting was summoned to address the astronomical increase in the cost of cement nationwide.

The minister expressed concerns that in the past couple of months, the country had witnessed a recurring alarming increase in the prices of cement and other building materials.

“Clearly, this is a crisis for housing delivery. An increase in essential building materials means an increase in the prices of houses.

“We are not the only country facing this challenges, many countries are facing the same type of challenges that we’re facing, some even worse than that.

“But, as patriotic citizens, we have to rally round the country when there is crisis, to ensure that we do our best to save the situation,” he said.

The minister added: “Honestly speaking, we have to sit down and look at this critically and know how you should go back and think of it.

“The government stopped importation of cement in other to empower you to produce more and sell cheaper

Bags of cement

“Otherwise the government can open the borders for mass importation of cement, the price will crash, but you will have no business to do”.

Dangiwa said the reasons given by cement manufacturers for the price increase – high cost of gas and manufacturing equipment – were not enough for such astronomical pricing.

He expressed his displeasure at the position of  Cement Manufacturer Association of Nigeria (CEMAN) that the association “does not interfer with the pricing of cement”.

He said the association should not just fold  its arms when things were going wrong.

“One person cannot be selling at N3500 per bag and another selling at N7000 per bag and you cannot call them to order.

“The association is expected to monitor price control, otherwise the association has no need to exist,” he said.

Earlier, Mr Salako James, Executive Secretary, CEMAN, said the housing policy of the administration of President Bola  Tinubu was laudable and every responsible Nigerian has to key into it.

He, however, identified some areas of concern and appealed to the government to look into them to tackle the issue of cement pricing.

Salako identified the challenges of gas supply to heavy users like the cement industry and urged the government to create a window whereby gas will be bought with Naira instead of dollar.

He also complained about the distribution channel, stressing tha there was a great difference between the price from the manufacturers and the market price.

He, therefore called for government intervention to help stabilise the situation and bring sanity to the economy.

At the end of the meeting, the minister directed that a committee should be constituted to review the situation and come out with implementable resolutions that would benefit the common Nigerian.

The three major cement producers, Dangote Plc, BUA Plc, and Lafarge Plc were represented as well as other industry stakeholders.

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Economy

Cement Price Can Be Lower Than FG, Manufacturers’ Projection — Association 

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…Warns that high price could lead to corner-cutting and building collapse

The National Association of Block Moulders of Nigeria (NABMON) says the agreement between the Federal Government and three major cement manufacturers that a 50kg bag of cement, for now, is not supposed to sell for more than N7,000 to N8,000 is faulty.

The National President, Mr Adesegun Banjoko, said this on Tuesday in Lagos.

Recall that the parties, at a meeting on Monday, said that the ideal price of  a 50kg bag of cement for now should be between ₦7,000.00 and ₦8,000.00 depending on location.

They agreed that the current higher prices of cement in parts of the country were abnormal.

The main manufacturers of cement in the country are Dangote Plc, BUA Plc and Lafarge Plc.

According to Banjoko, there is no reason for the price of cement to be sold even at the projected prices, since limestone, which is a key ingredient, is readily available in Nigeria.

He expressed fears that the high price would lead to corner-cutting and building collapse.

The NABMON president expressed the belief that the government and manufacturers could do better and offer lower prices.

Bags of cements

He suggested a reduction or elimination of customs duties on other imported materials used in cement production, adding that this would incentivise manufacturers to lower their prices.

He, therefore, proposed a target price of ₦3,500 to ₦5,000 per bag.

Banjoko said, “There are three issues that make me disagree with the government and the main manufacturers.

“First, limestone is sourced in Nigeria; agreed they have some few other materials they bring in from abroad.

“But if the government is really concerned about life and property lost to building collapse, they should either remove custom duties on such items or reduce them by half to encourage the manufacturers to come down to between N3, 500 and N5, 000.”

He also advised the government to temporarily halt road construction projects that use cement.

Banjoko said that this would free up available cement for vital projects and potentially reduce demand, leading to lower prices.

The NABMON president warned that the high price of cement had added to the existing tensions in the country.

He urged the government to act cautiously with essential commodities like cement, emphasising its impact on public well-being.

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Economy

NGX: Bullish Sentiment Persists, Investors Gain N329bn

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Unilever Nigeria Plc, Julius Berger lead Losers’ table 

Bullish sentiment persisted on Thursday at the Nigerian Exchange Ltd. (NGX) equity market, as the market indices rose by 0.58 percent.

Specifically, investors gained N329 billion or 0.58 percent, as the market capitalisation closed at N56.961 trillion, as against N56.632 trillion recorded on Wednesday.

The All-Share Index also appreciated by 0.58 percent or 601.72 points to settle at 104,100, compared to 103,498.28 posted in the previous session.

As a result, the Year-To-Date (YTD) return rose to 39.22 percent.

Continuous buy interests in the shares of BUA Cement, BUAFoods, and Geregu kept the market in the positive terrain.

A total of 284.49 million shares valued at N6.91 billion were exchanged in 8,168 deals, as against 426.86 million shares valued at N12.11 billion exchanged in 8,654 deals.

However, analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 42.89 percent.

Guaranty Trust Holding Company(GTCO) led the activity table in volume and value with the trade of 56.61 million shares worth N2.22 billion.

Transcorp followed with 33.17 million shares valued at N418.31 million, while United Bank of Africa(UBA) traded 18.38 million shares worth N442.96 million.

Also, Mutual Benefits Assurance sold 16.76 shares valued at N11.48 million and AXA Mansard traded 12.51 million shares worth N75.57 million.

On the gainers’ table, University Press Ltd.(UPL) led in percentage terms of 9.96 percent to close at N2.87, followed by Juli Plc by 9.84 percent to close at N1.34 per share.

Mutual Benefits gained 9.38 percent to close at 70k, Daar Communications rose by 8.82 percent to close at 74k, while Honeywell Flour garnered 7.50 percent to close at N4.30 per share.

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

Conversely, Unilever Nigeria Plc led the losers’ table by 9.80 percent to close at N16.10, Julius Berger lost 9.64 percent to close at N50.60, while Morison Industries Plc shed 9.60 percent to close at N2.23 per share.

May & Baker Nigeria Plc depreciated by 6.52 percent to close at N6.45 and National Salt Company of Nigeria (NASCON) dropped 5.37 percent to close at N59.04 per share.

Market breadth closed negative with 26 declining stocks outnumbering 23 advancing ones.

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