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Economy

NPA is strengthening bilateral ties, to boost revenue – Hadiza

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  • As Nigeria donates $2m cash, relief materials to Sierra Leone, over mudslide

The Nigerian Ports Authority (NPA) Managing Director, Hadiza Bala Usman has indicated that the Authority is currently collaborating with some foreign firms and relevant establishments, aimed at boosting revenue, through a strònger bilateral ties.

Hadiza made the observation while speaking at the 10th Anniversary of NIMPORT Annual Maritime Conference at the Oriental Hotels, Lagos,

“Government efforts in achieving Single Window Operations is to enhance swift clearance of goods, which would help to encourage the growth of businesses within the ports industry”, Hadiza  who was represented by the Asst. General Manager, Commercial and Ports Promotion, Mallam Abdulrahman Lamina stated, adding that the initiative would also boost technology transfer as well as information sharing, both of which would further assist in the standardization of products for international market.

She posited that enhanced security profile at the ports would not only attract sustained investments to the sector, but also put the country in line with the dictates of International Maritime Organisation (IMO)’s regulations SOLAS and ISPS code.

The NPA Boss informed stakeholders that the Federal Government is already working towards the deployment of top grade technologies and automation such as the Command, Control and Communication and Intelligence Unit (CCCI) and the revenue Invoicing Management System (RIM) series which would ensure quick financial transactions and the blocking of revenue leakages at the Ports; saying these were equally expected to help in engendering a greater enabling environment, capable of attracting Foreign Direct Investments (FDIS).

In her surmation, Ms Bala Usman postulated that developing a sustainable trade relations with nations, would boost employment, encourage foreign exchange reserve and ultimately boost the country’s Gross Domestic Product (GDP).

In his contribution, the Managing Director, Greenview Development Nigeria Ltd (GDNL) who was represented by the Head of Human Resources and Administration, David Agunbiade asserted that it should be easy to create jobs in the Nigerian Maritime Industry , especially with the high grades of natural and human resource endowments, if supported with a conducive all year round stable environment, whether geographic or of climatic conditions.

Meanwhile, the Director, Institute of Maritime Studies, University of Lagos, Prof. Olusoji Ilori has advised the Government to develop the habit of ploughing back in to the Maritime Industry.

“The  Maritime Industry is key to the development of any Economy”, he  emphasised, charging the government to endeavor to first plough back heavily, in order to boost the nation’s economy.

In the meantime, Nigeria has donated cash, food, medical supplies and other relief materials worth $2 million to victims of the mudslide in Sierra Leone.

A statement issued by the Special Assistant to the Minister of Foreign Affairs, Sarah Sanda, said the items donated  include $1 million cash, as well as 315 metric tonnes of assorted food and other relief items and over 4,000 medical supplies all amounting to another $1m.

A high-level Federal Government delegation led by the Minister of Foreign Affairs, Mr. Geoffrey Onyeama, made the donation yesterday in Freetown.

The delegation, which comprises the Director-General of the National Emergency Management Agency (NEMA) Mustapha Maihaja and Hajiya Zainab Sharif from the Federal Ministry of Health,  among others, was received at the State House by President Ernest Bai Koroma.

Onyeama expressed sadness “on behalf of President Muhammadu Buhari and the people of Nigeria for the August 14 tragedy”.

He added: “The history of the two countries goes far back and the blood of both countries runs through the same veins.”

The minister added that “Nigeria would always stand by Sierra Leone”.

The minister explained that owing to the large volume of relief materials, there is the possibility of sending some by sea.

So far, four flights conveying about 60 metric tonnes of relief materials have been undertaken with another 16 flights planned.

Koroma, while thanking President Muhammadu Buhari whom he referred to as a brother, noted that Buhari was “one of the first Heads of State to call and sympathise with us when the incident occurred”.

He added that Nigeria’s support to Sierra Leone was not new.

Koroma noted support provided by Nigeria during the 11 year civil war, during the Ebola epidemic and after the mudslide and flood disaster.

He expressed delight over Buhari’s return to Nigeria after a successful medical treatment in the United Kingdom.

Additional report from Nation

Economy

Nigeria Secures $600m Danish Shipping Seaport Infrastructure Investment

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Nigeria Secures $600m Danish Shipping Seaport Infrastructure Investment

President Bola Tinubu has secured a 600 million U.S. dollar Danish shipping and logistics company, A.P Moller-Maersk, investment for Nigeria’s seaport infrastructure.

This investment is to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.

Chairman of A.P Moller-Maersk, Mr Robert Uggla, disclosed this during a meeting with Tinubu on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia, on Sunday.

Tinubu noted that this investment would complement the administration’s ongoing one billion dollars investment in seaport reconstruction across the eastern and western seaports of Nigeria.

The President added that it would further support the country’s port modernisation efforts and port process automation through his administration’s implementation of the national single window project.

The window is aimed at enhancing trade facilitation, easing import/export flow, reducing corruption at the ports, while improving the efficiency and transparency of port processes in Nigeria.

“We appreciate your business and the contribution you have made and continue to make to our country’s economy over time. We do not take our partners for granted.

”A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere.

“More investment opportunities are available, and my government has worked on various reforms to encourage investments. We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships,” he said.

The President assured Maersk of his administration’s commitment to collaborating and creating an enabling environment for businesses to thrive in the country.

He cited Maersk’s previous partnership in the development of the Ogun State container terminal as a testament to fruitful partnerships with the reputable logistics company.

Highlighting Maersk’s longstanding engagement in Africa’s most populous nation and his belief in the future of Nigeria, Uggla said his company had made significant investments of over two billion dollars in Nigerian ports and other activities.

He emphasised the potential for Nigerian ports to accommodate larger container ships and stressed the need for expanding port infrastructure to meet this demand, while reducing the cost of logistics.

‘’We have seen a significant opportunity for Nigeria to cater for larger container ships. Historically, most of the West African coasts are already served by smaller ships. Currently, we see an opportunity to deploy larger ships to Nigeria.

“To achieve this, we need to expand the port infrastructure, especially in Lagos, where we need a bigger hub for logistics services. The growth potential is hard to quantify.

‘’We believe in Nigeria, and we will invest 600 million dollars in existing facilities and make the ports accommodating for bigger ships.

‘’In my humble view, given that Nigeria is the most populous country in Africa, Nigeria should have the best and biggest port and we are very eager to invest.

“We will continue that dialogue with the relevant Nigerian authorities to explore further investment opportunities,’’ Uggla said.

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Economy

NRC Flags-off 2024 Annual Capital Procurement Process, With 524 Bidders

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NRC Flags-off 2024 Annual Capital Procurement Process, With 524 Bidders

The Nigerian Railway Corporation (NRC) flagged off Thursday, its annual Capital procurement process for 2024 at the National Headquarters in Ebute Metta, Lagos.

The Maritime First learnt that the significance of this exercise was to ensure transparency in the selections of the most competent bidders among the 524 documents that bidder.

The Managing Director/ Chief Executive Officer, Engr. Fidet Okhitia was represented, by Dr. Monsurat Omotayo flagged off the exercise. 

In her remarks, she promised it would be a transparent exercise, even as she identified some of the challenges before they arrived at the present state of the exercise.

She however noted that placing two Adverts, on the nation’s national daily was not planned for initially.

According to the Director of Procurement, NRC, 524 companies bid across the three categories, as published in the National newspapers.

The Categories were: 

*Works, comprising renovations, growth, and repairs of locomotives, coaches and rolling storks.

*Services, covering business concerns bordering on insurance, and alternative revenue generation.

Goods, which touches on supplies of lubricants, diesel (AGO), spare parts, and track materials.

Amongst the audience were professional evaluators, and representatives of the Federal Ministry of Transport, Chartered Institute of Purchasing and Management Supplies. 

Others were Non-governmental organizations like the Civil liberty, Professional bodies, Outside observers, and the members of the Fourth Estate.

Engr. Fidet Okhiria

Participants were made to register their details at the entry point. While, the Health Safety and Environment (HSE) was also on ground to ensure adequate care, and to nip in the bud, any health challenges.

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Economy

Naira Loses 6% Against Dollar At Official Market

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Naira Loses 6% Against Dollar At Official Market

The Naira on Monday slightly depreciated at the official market, trading at N1,234.49 to the dollar.

Data from the official trading platform of the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N64.50.

This represents a 5.51 per cent loss when compared to the previous trading date on Friday, April 19, when it exchanged at N1,169.99 to a dollar.

However, the total daily turnover increased to 110.17 million dollars on Monday, up from 86.68 million dollars recorded on Friday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,295.00 and N1,051.00 against the dollar.

CBN Governor, Yemi Cardoso, on Saturday, April 20, 2024, said the apex bank was doing everything possible to achieve a stable exchange rate.

He said the apex bank was also working to ensure that the exchange rate found its adequate price discovery level.

Cardoso said that CBN’s foreign exchange reforms were paying off and had made the naira the best-performing currency globally.

He spoke at a press conference during the annual meeting of the International Monetary Fund (IMF) and World Bank Group.

He predicted ups and downs but assured the global economic community that the Naira would steadily gain against foreign currencies.

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