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Port Task Team Saves N5.4bn in vessel demurrage

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Port Task Team Saves N5.4bn in vessel demurrage

…Bala says the removed extortion checkpoints have returned to port corridor*** 

The Port Standing Task Team (PSTT), from 2021 to 2022, averagely saved the nation’s economy, the sum of N5.4 billion ($12,350), in terms of demurrage, from vessels.

The National Coordinator, PSTT, Mr. Moses Fadipe, said this at the enlarged meeting of the Presidential Port Standing Task Team (PPSTT)  on Wednesday in Lagos.

Fadipe said that the amount represented an average of $20,000 per vessel demurrage per day.

He attributed the feat to the interventions of the PSTT in restoring order along the port corridors and ports logistics ring.

Fadipe noted that through the interventions of the PSTT, over 85 percent of vessels that came through the nation’s ports and terminals left without incident in 2021.

“Some others are drastic reduction in incidences of extortions by both state and non-state actors, and freer movement of vehicles and persons along the ports’ logistics ring.

“Even though revenue generation is not the primary concern of the task team, deterrence through fine is one of the tools through which we are able to record our successes of “Operation Free the Port Corridors”.

“In the process, revenues to the tone of N1,023,000 have accrued to the Federal Government Treasury Single Account through fines,” he said.

Fadipe said that the activities of the task team was a positive barometer, showing the team’s contribution to the actualisation of the objectives of Executive Order 1 on ease of doing business in Nigeria as enshrined through the Nigerian Port Process Manual (NPPM).

He, however, expressed optimism that the successes would be sustained with good strategies of consolidation aimed at surpassing the previous gains.

Fadipe pointed out that their achievements did not come without occasional hazards such as assaults on personnel of the task team, which were carried out by private operators and high-ranking government officials.

He noted that their operation was an offshoot of the implementation of the Nigerian Port Process Manual (NPPM) which successful implementation should change the corruption perception index by Transparency International about Nigeria.

On the issues of touting along the port corridor and other complaints, Fadipe assured the stakeholders that it would be addressed in less than 30 days starting from April 3.

“It is important to consciously partake in proffering effective and sustainable solutions in partnership like this. I am confident that today’s meeting whose objective is to review activities in 2022 and strategies for 2023, will come up with strong resolutions going forward.

“Operation Free the Port Corridor is an action plan put in place by the collaborative efforts of the Federal Government agencies and private stakeholders in the port supported by the Federal Ministry of Transportation to rid the port corridors of impediments and corrupt practices.

“It was realised that stoppage of trucks along the port corridor constitutes the biggest encumbrance to the free flow of traffic and this breeds extortion and corrupt practices,” he said.

Fadipe said that the Federal Ministry of Transportation had on April 14, 2022, flagged off the exercise to remove all illegal checkpoints and shanties along the port corridor to eliminate traffic gridlock and corrupt practices and impediments to ease of doing business.

“On strategies for the year, we will not dwell on challenges, we focus on the best we can do to achieve what we can within the resources in our disposals. This is the spirit that we will continue with,” he said.

Some of the stakeholders who commented during the meeting decried the activities of touts, and non-state and state actors along the port corridor, urging the PSTT to look into it.

Commenting, Mr. Mohammed Bala, from the Association of Maritime Truck Owners, while appreciating the efforts of the task team said that the extortion checkpoints that were removed had returned on the port corridor.

“The touts have technically crossed to the inbound section of the port access road and causing so much havoc there.

“Truckers are profusely bleeding due to the activities of these people. From Mile 2 down to Second Gate, these touts are littered there,” he said.

In his own contribution, Mr. Aloga Ogogbo, the Executive Secretary, Nigerian Association of Road Transport Owners, said that the extortion was now taking place at odd hours.

Ogogbo urged the task team to extend their operations to cover the odd hours that the touts operate.

Responding to the issues raised, Mr. Dennis Idoko, Head of Legal Department, Independent Corrupt Practices Commission, assured stakeholders that the commission would work within its power to meet the objectives of the team.

Education

Children’s Day: London Academy Business School Celebrates Nigerian Children

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...Reiterates commitment to provide high-quality education to Nigerian Child***
Dr. Larry, the Director of London Academy Business School (LABS), joined other Nigerian leaders from other industries to celebrate children on children's Day. In his words, Dr. Larry stated that children remind us of the future.
While speaking to reporters, he emphasized the aura of love that children create in the homes and throughout society, Also that "the joy and happiness from children are amazing, sufficient enough to drive energy for nation building."

Dr. Larry also advocated for effective child protection policies and implementation, urging all critical stakeholders, including parents, teachers, and the government, to protect and celebrate children.
  To ensure that high-quality education is available to children in Nigeria, London Academy Business School has established a Lagos Study Centre with state of the art facility and modern technology with plans to expand across all cities in Nigeria.

Dr. Jones-Esan, who has big plans to change the face of education in Nigeria, has also urged the government and private stakeholders to work with him and his team of professionals to change the face of education in Nigeria. He claims that many children have big potentials but can't realise them because they're not in school.
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Tinubu To Adopt Price Control Mechanism For Agro Products

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… Vows to Defend Nigeria From Terror, Criminality – Tinubu***

President Bola Tinubu says he will take steps to ensure price control for agricultural products.

Tinubu said this in his inaugural address on Monday in Abuja.

According to him, rural income shall be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products.

He said that agricultural hubs would be created throughout the nation to increase production and engage in value-added processes.

“The livestock sector will be introduced to best modern practices and steps taken to minimise the perennial conflict over land and water resources in the sector.

“Through these actions, food shall be made more abundant yet less costly. Farmers shall earn more while the average Nigerian pays less,” he said.

On foreign policy, Tinubu said that the crisis in Sudan and the turn from democracy by several nations in “our immediate neighbourhood were of pressing concern”.

He said that his primary foreign policy objective would be the peace and stability of the West African continent.

“We shall work with ECOWAS, the AU, and willing partners in the international community to end extant conflicts and to resolve new ones.

“As we contain threats to peace, we shall also retool our foreign policy to more actively lead the regional and continental quest for collective prosperity, ” he said.

The President called on all Nigerians, irrespective of political affiliations, to support his government in his bid to take Nigeria to greater heights.

“Our administration will govern on your behalf but never rule over you.

“We shall consult and dialogue with, but never dictate. We shall reach out to all but never put down a single person for holding views contrary to our own.

“We are here to further mend and heal this nation not tear and injure it,” he said.

In the meantime, President, Bola Tinubu, has promised to defend Nigeria from terror and all forms of criminality threatening the peace and stability of the country and the sub-region.

Tinubu said this in his inaugural address after he was sworn in as the 16th democratically elected president of Nigeria on Monday in Abuja.

He said that security shall be the top priority of his administration, saying that neither prosperity nor justice could prevail amidst insecurity and violence.

“To effectively tackle this menace, we shall reform both our security Doctrine and its Architecture.

“We shall invest more in our security personnel, and this means more than an increase in number.

“We shall provide, better training, equipment, pay and firepower,” he said.

Tinubu said his mission was to improve the lives of Nigerians in a manner that nurtured humanity, encourage compassion toward one another, and duly rewards collective effort to resolve the social ills that sought to divide the nation.

“Our constitution and laws give us a nation on paper, saying we must work harder at bringing these noble documents to life by strengthening the bonds of economic collaboration, social cohesion, and cultural understanding,” he said.

He called for the development of a shared sense of fairness and equity, adding that the South must not only seek good for itself but must understand that its interests were served when good come to the North.

“The North must see the South likewise.

“Whether from the winding creeks of the Niger Delta, the vastness of the northern savannah, the boardrooms of Lagos, the bustling capital of Abuja, or the busy markets of Onitsha, you are all my people.

“As your president, I shall serve with prejudice toward none but compassion and amity towards all.

“In the coming days and weeks, my team will publicly detail key aspects of our programme,” he said.

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Economy

Fuel Subsidy Removal: Don Predicts Reduction In Fuel Price

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Prof. AbdulGafar Ijaiya of the Department of Economics, University of Ilorin, has expressed optimism at President Bola Tinubu’s inaugural remarks on the removal of fuel subsidies, saying this may reduce prices at the long run.

Ijaiya, who spoke on Monday in Ilorin, observed that with commitment from the Federal Government in revamping existing refineries alongside Dangote refineries, will increase the availability of petroleum products.

The expert who however explained that though such effect may not be felt immediately, noted that the present pump price is about N200, depending on filling stations across the country.

He questioned if the present fuel price at about N200 was as a result of the subsidy removal, adding that if it is not, then fuel may likely increase with about 50 per cent rate after the removal.

“But the thing is that very soon, what has gone wrong with the refineries will be corrected and Dangote refineries will commence by July/August,” he said.

Ijaiya, who teaches in the Faculty of Social Sciences of the university, pointed out that in the beginning there might be an increase in the prices of foods and services.

He however asserted that in a society like Nigeria where people are used to hike in prices, it would not mean much to the citizens.

“By Economics principle, we have adjusted our expenditure profile consumption to particular items. We have moved from consuming luxury and unnecessary items to necessary items.

“This means people go for what is necessary and do away with those that are not,” he said.

Ijaiya affirmed that in the long run, the fuel pump price will adjust downward and there would be more supply of the products.

He further added that when there are more supply of a particular product in the market, it will automatically reduce the price.

“If we have enough supply, with time and there are no other man-made distortion that has to do with our behaviour, I see us buying it between N80 and N100 per litre,” he predicted.

The economist also foresee filling station advertising and competing for sales, saying it will be good for the nation.

He, however, cautioned that “we are in an uncertain world”, but maintained that fuel subsidy removal would be good for the country eventually as only a minority are benefiting from it.

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