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Several Vehicles Trapped At Borders …As Imports Ban Takes Off

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The Nigeria Customs Service (NCS) has kicked off the implementation of the policy banning importation of vehicles through the land borders with many vehicles trapped at the borders.
The Association of Nigerian Licensed Customs Agents (ANLCA), Seme chapter, however, disclosed said that so many vehicles were trapped at the border posts.
The Public Relations Officer of the NCS, Seme Command, Mr Selechang Taupyen, told The Tide source in Badagry that the service had to comply with government’s fiscal policy.
Taupyen said that officials of the command had been placed at strategic places to curb any form of smuggling of cars.
The Federal Government had on Dec. 5 placed a ban on importation of used and new vehicles through land borders with effect from Jan. 1, 2017.
“The Federal Government has directed that importation of cars through the land borders should be banned and we are the agency that would enforce it so we have started with that.
“The border is close to the point of importation of cars and the command has placed its men and escorts at strategic places to ensure that there is no smuggling of cars through the border.
“We also have a good working relationship and synergy with other security agencies who assist us in enforcing this policy because we all work for the same government.
“We advise the public to abide by the government policy and if they must purchase a car then it should come through the sea port as any vehicle that tries to come through the land border would be seized and confiscated.
“Violators of the law would face the full wrath of the law,’’ he said.
Taupyen said that the policy was meant to encourage local production of vehicles in the country.
“The public must look at the long term benefit of this policy as this would help in encouraging local production of vehicles and it would boost the economy.
The Chairman of ANLCA, Alhaji Bisiriyu Danu, said as at Friday, Dec. 30, 2016, the Customs Authorities asked the agents to stop payment of Customs duty on vehicles by 5 p.m.
Danu said the association was not aware of any circular counter to the ban.
He said that so many vehicles uncleared by Customs agents were as at this morning (Jan. 3, 2017) trapped at the ports of neighbouring countries.
The Customs agent said that the association went into dialogue with some government representatives to grant a three-month grace period.
Danu said the grace period would enable ships carrying vehicles to berth for clearance before implementation of the ban.
The Customs agent said the ban would render many car dealers around Badagry and environs idle and this could be a dangerous trend.
He said that the enforcement of the policy would increase smuggling activities across the border.
Danu said that the policy would also increase unemployment among youths in the area.
“The Seme border is extremely porous and the situation has been managed properly by Customs officials but this policy is going to increase smuggling..
“All the unapproved routes would be exploited by smugglers. So smuggling would be on the rise with this policy that the government has put in place.
“Also it would increase the rate of unemployment of youths in this area as many people rely on this as a means of livelihood.
“The government should consider all these factors and lift the ban of vehicles through the land borders,” he said.
A major stakeholder in Seme, Chief Sam Maduike, pleaded with the Federal Government to lift the ban.
“The policy is going to bring untold hardship to the masses as the average Nigerians cannot afford to buy a brand new car.
“Also many people rely on buying used vehicles as their means of livelihood but this policy is just going to worsen the situation of things in the country.
“The government should consider all these and ift the ban,” he said.
A resident, Mr Tunde Apata, pleaded with the government to lift the ban.
“I helped people to buy cars from Cotonou and I have been doing that for several years. So, basically, this has been my only source of income.
“With the ban, I do not know how I would cater for myself and family. I am doomed,’’ he said.
Apata said the service was complying with the directive of the Federal Government that no vehicles should come through the border posts.
The President of the National Council of Managing Directors of Licensed Customs Agents, Mr Lucky Amiwero, said that the Federal Government should inaugurate a committee to look critically at the implications of the ban on vehicle imports.
He said that government should also look at the risk of lives of Customs officers because there would be increase in smuggling.
Amiwero said that a question that should also be asked is “Are Nigerian Ports friendly to accept vehicles’’?
He urged government to address the high cost of doing business in Nigerian ports.
“Our drafts level should be increased to accommodate bigger ships carrying vehicles.
“The most important thing is for government to provide a way for ships to sail easily into Nigerian ports and reduce the costs of doing business at the ports,’’ Amiwero said.
The Customs agent said that the shipping costs, the terminal operators handling costs and other costs make importation of vehicles into Nigerian ports most expensive compared to other ports in the sub-region.
He said that the port costs, the value of the vehicles and the procedures of clearance were very key.
Amiwero recalled that in 1998 and 1999, he agitated to bring back cargoes through the land borders because government was losing a lot of revenue to neighbouring ports.
“We have porous borders and we do not have the tool to check smuggling, ‘’ Amiwero said.
He said that operators of assembly plants should also be provided with the necessary conducive environment.
The National Association of Government Approved Freight Forwarders (NAGAFF) on Tuesday said it supported the ban.
The National Publicity Secretary of the association, Mr Stanley Ezenga, said that the association‘s support was borne out of the economic benefits that the policy would bring to the nation.
Ezenga said that this “is in terms of revenue and improved capacities in local automobile manufacturing’’.
“We support the new policy to ban vehicles through the land borders in its entirety because of the obvious economic benefits to the nation.
“First, activities are at their lowest ebb at the various ports due to diversion of cargoes to ports in neighbouring countries and we believe the policy will make our ports busy as vehicles will now have to come in through the ports.
“Also, there is the government`s Auto-Policy in place designed to encourage local capacities in the manufacturing of vehicles.
“So we believe the policy would prevent dumping and smuggling through better monitoring,’’ he said.
On whether the policy has taken off on Jan 1 planned date, Ezenga said he would need feed backs from his men around border posts to be sure.
“The National Assembly once called for the suspension of the policy but I do not know if the Federal Government is going ahead or backing off.
“It is still very early in January. Our men are on the field and we will know with time if the policy is going ahead or not,” he said.

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Nigeria’s ETF correction deepens as STANBICETF30, VETGRIF30 see 50% decline in a week

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Nigeria directs all oil, gas revenues to federation account in sweeping reform
Nigerian President Bola Tinubu has signed an order directing that all oil and gas revenues owed to the government be paid directly into the federation account, in sweeping reforms aimed at boosting public finances, the presidency said on Wednesday.
Under the law, the Nigerian National Petroleum Corporation keeps 30% of oil and gas profits for frontier exploration in inland basins. The presidency said those funds will now be paid into the federation account and appropriated by the government.
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NNPC also retains 30% of oil and gas sales as operational costs and receives 30% of proceeds from Production Sharing Contracts. Under the new directive, all revenues under these arrangements will flow directly to the federation account, while the company will instead receive appropriated management fees.
Royalty payments, petroleum profit taxes and other statutory revenues previously collected and retained by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will also be paid directly into the Federation Account. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) will likewise remit its revenues in full, with its cost of collection to be funded through appropriation.
Tinubu’s office said deductions enabled by the law had sharply reduced net oil inflows and contributed to fiscal strain across federal, state and local governments. The president also ordered a review of the law and established an implementation committee to enforce the changes.
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BOI Introduces Business Clinic 

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The Bank of Industry (BoI) has introduced a business clinic model designed to diagnose, treat and rehabilitate the Micro, Small and Medium Enterprises (MSMEs) to ensure long-term growth and sustainability.
The Divisional Head, Business Development, BoI, Dr Obaro Osah, made this known at the bank’s Thrive Summit with the theme: “Driving Growth through Innovation and Financial Empowerment” on Tuesday in Lagos.
Osah noted that traditional banking often treated businesses as mere account opening and management relationships.
He said the BoI business clinic model was created to reimagine the essence of a bank as a specialised teaching hospital.
According to him, just as a hospital requires a thorough diagnosis before service treatment/surgery, the bank must analyse the structural health of a small business before injecting capital.
“Financial distress is often just a symptom, the disease lies in operations and adopted philosophy, strategy, or governance,” he said.
Osah noted the many MSMEs, in spite of their potential, suffer from recurring ailments: restricted cash flow, poor operational structure, lack of proper packaging and market access, poor management among others.
He said the bank’s triage and vital signs included screening SMEs by maturity stage, pulse check to assess cash flow and liquidity and market temperature to evaluate competitive landscape.
Osah said after these evaluation, advanced diagnostics, prescriptions, surgical interventions and recovery and rehabilitation would be carried out where necessary.
“Prescription without diagnosis is malpractice and the Thrive Summit ensures we treat the root cause, not just the symptoms,” he said.
The Chief Strategy and Development Officer, BoI, Dr Isa Omagu, noted that MSMEs needed more than finance to succeed.
Omagu said they needed structure, advisory, capacity building, governance, digital readiness, access to market information and the right business infrastructure to operate and scale effectively.
He said as part of the bank’s 2025-2027 Corporate Strategy, the business clinic would expand BoI’s value proposition to broaden its products and services to better reach target segments.
Omagu said by offering structured business advisory and project development support, the clinic would enable the bank deliver deeper, more holistic value to MSMEs beyond financing.
“This vision of a structured, holistic business clinic; one that strengthens MSMEs across all core business functions and makes them more bankable, competitive, digitally enabled, and sustainable, is fully aligned with our strategic initiative to develop and roll out non-financial product offerings.
“Through this initiative, BoI commits to providing business advisory for MSMEs and project lifecycle support for enterprises, and the business clinic serves as the practical platform through which this commitment comes to life,” he said.
Omagu urged MSMEs to apply the guidance received to strengthen structure, governance, and financial management.
He added that they must adopt digital tools and improve internal processes to boost competitiveness while engaging BoI as a long-term partner in building a resilient, scalable business.
Mrs Eniola Akinsete, Divisional Head, Sustainability, BoI, said adopting Environmental, Social and Governance (ESG), principles often led to business prosperity.
Akinsete, however, noted that in spite of the benefits, adoption challenges persisted.
She affirmed BoI’s support on the adoption of ESG Practices by the MSMEs.
Earlier, the Executive Director, Corporate Finance, Sustainability and Investments, BoI, Mr Rotimi Akinde, said the summit represented a shared commitment to building a stronger, more resilient business ecosystem in Nigeria.
Akinde stated that the business clinic created a platform for practical knowledge sharing where entrepreneurs and small business owners could gain actionable insights to overcome challenges and seize opportunities.
He said discussions would focus on critical areas that drive sustainable growth, including branding and marketing, financials and activities, human rights, human resources, raising capital for equity and technology.
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Dangote signs $400 mln equipment deal with China’s XCMG to speed up refinery expansion

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Nigeria’s Dangote Group has signed a $400 million equipment deal with China’s Xuzhou Construction Machinery Group to speed up the expansion of its oil refinery toward a planned 1.4 million barrels per day, the company said on Tuesday.
The additional equipment is expected to support major projects under construction across refining, petrochemicals, agriculture and infrastructure.
Dangote said the XCMG agreement would allow it to acquire a wide range of new heavy-duty machinery to complement existing assets deployed for the refinery build?out, which the company expects to complete within three years.
As part of the expansion, polypropylene capacity will rise to 2.4 million tons per year from 900,000 tons. Urea production in Nigeria will triple to 9 million tons per year, alongside an existing 3 million-ton plant in Ethiopia, positioning the conglomerate as the world’s largest urea producer, the company said.
The output of linear alkyl benzene – a key raw material for detergents – will increase to 400,000 tons annually, making Dangote the biggest supplier in Africa. Additional base-oil capacity is also planned in the programme.
Dangote Group described the equipment deal as a strategic investment aligned with its ambition to become a $100 billion enterprise by 2030.
“The additional equipment we are acquiring under this partnership will significantly enhance execution across our projects,” it said in a statement.
Owned by Nigerian billionaire Aliko Dangote, the $20 billion refinery began operations in 2024 after years of delays. Once fully operational, it is expected to reduce Nigeria’s heavy dependence on imported refined fuel and reshape fuel supply across West and Central Africa.
Reporting by Isaac Anyaogu; Editing by Anil D’Silva
The Nigeria-Slovenia Chamber of Commerce on Thursday urged the Nigerian business community to explore business opportunities in Slovenia to widen their horizons.
The Tide source reports that the chamber made the call at its 2025 Last Quarter Business Forum held in Lagos State.
The forum is the chamber’s routine session aimed at informing businesses about the latest opportunities of mutual benefit between both countries, encouraging people to explore them to improve their livelihoods.
Speaking at the event, which was attended by businessmen and trade regulatory agencies, the Director-General of the Nigeria-Slovenia Chamber of Commerce, Mr Uche Udungwor, described the relationship between the two countries as a bilateral economy.
Udungwor said the body, established to build, promote and facilitate trade and investment activities between Nigeria and Slovenia, had positively impacted both nations.
He said the mandates of the chamber include: “To provide a forum representative of Nigeria and Slovenia’s interests for the development and improvement of commerce and industry between the two countries.
“Also, to create, promote and sustain broad exchanges and interactions in commercial, industrial and economic fields between the countries.
“To promote cooperation on technical and scientific innovations between institutions of the countries through the exchange of regular information on trade and investment opportunities.
“To advise members on opportunities, challenges, legislation or otherwise arising from the pursuit of trade between Nigeria and Slovenia, and to encourage the exchange of ideas and views on trade matters within the context of trade promotion between both countries.”
According to him, Slovenia’s major imports include organic chemicals, agro products such as cocoa beans, iron and steel/metal scraps, wood, and mineral fuels/petroleum products.
He said the trade balance between Slovenia and Nigeria is “not quite encouraging”, citing United Nations COMTRADE data indicating that Slovenia’s imports from Nigeria in 2022 amounted to $5.7 million.
Udungwor described the Republic of Slovenia, located in Central Europe with about 2.1 million inhabitants, as a promising business frontier for Nigerians.
He noted that the country features Alpine mountains, thick forests and a short Adriatic coastline.
“Slovenia, which borders Italy to the west, Austria to the north, Croatia to the south and southeast, and Hungary to the northeast, has a 2024 GDP of 72.49 billion dollars, a sound economy and a low-risk business environment.
“Slovenia has been a member of the European Union since 2004 and of the Schengen Group since 2007. It is also a member of the Organisation for Economic Co-operation and Development (OECD).
“Slovenia today is a stable, vibrant democracy that offers a stimulating business environment and represents a bridge between the Balkan, Central European and Western European countries.
“The Nigeria-Slovenia Chamber of Commerce is at your service to provide up-to-date information and advice about Slovenia’s economy, business opportunities, companies, products and services for the mutual benefit of all,” he said.
A participant, Mr Muyiwa Ajose, said his partnership with the chamber had bolstered his agro exports to Slovenia.
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