Business
Customs Laments Low Business Along Lagos-Abidjan Corridor
The Nigeria Customs Service (NCS), said it was making efforts to revive economic activities on the Lagos-Abidjan corridor, which has reduced significantly.
The Public Relations Officer, NCS, Seme Border Command, Mr Taupyen Selchang, said economic activities through the corridor had been at a low ebb since March.
According to a statement by Selchang on Monday in Lagos, the development has significantly reduced revenue generated by the command.
He said, “The Seme border which links other West African countries and noted for its busy nature in vehicular and human traffic is for the first time witnessing a situation where the economic activities through the busiest corridor is considered to be at its lowest ebb.’’
Selchang explained that the command had however engaged stakeholders to determine the causes and proffer solutions.
The spokesman said already, the command’s public relations team had met with some stakeholders, including Alhaji Lasisi Fanu, Chairman, Association of Nigerian Licensed Customs Agents (ANLCA), Seme Chapter.
He said that Fanu had attributed the situation to the ”over 150 per cent increase in the benchmark, which was not favourable to importers”, in addition to the upward review of the value of imported goods by the Tariff and Trade Unit of the NCS.
“The annual China break that usually takes place from January to February, could also be a contributory factor to the dwindling revenue bedeviling the command, and the current economic recession occasioned by the increase in forex (exchange rate) which affected importation of general goods,’’ Selchang said.
He noted that the ANCLA chairman disclosed that the situation did not only affect the revenue drive of the command but the entire association, as it had rendered most of their members redundant.
The command’s spokesman recalled that the slow pace of economic activities commenced in March 2017 after stakeholders exhausted the backlog of uncleared goods at the Atlas Park in December, 2016.
“The empty park indicated that there were no imports through the land border as at the time of the visit.
“The downward trend in economic activities in March, 2017 resulted to very low revenue of N474.52 million generated by the command.
“The command also recorded 62 seizures with a Duty Paid Value (DPV) of N25.74 million in the period under review.
“It is pertinent to note that the challenge witnessed in March, 2017 still persists,’’ Selchang said.
The Tide source reports that the command generated N773.1 million in February.
According to the spokesman, the Customs Area Controller, Mohammed Aliyu, would continue to engage critical stakeholders in series of mutual consultations on the way forward.
He added that the controller had warned that all units must facilitate legitimate trade across the frontier, adding that any officer found engaging in acts inimical to the ideals of the service, would face the full wrath of the law.
The spokesman added that Aliyu had also cautioned all officers under the command to be professional in their duties and help create conducive environment to ease business transactions among stakeholders.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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