Business
RSG Mulls PPP To Fast-Track Dev
The Rivers State Governor, Chief Nyesom Wike has stated his leadership’s preparedness to partner with the private sector to fast-track the Hon. Enemi Alabo George, economic development of the state.
The Governor said this during the 33rd Annual General Meeting Public Lecture of Manufacturers Association of Nigeria (MAN) in Port Harcourt over the weekend with the theme, “Beyond Recession: Positioning the Business for the Future”.
Governor Wike who was represented by Chairman, House Committee on Commerce and Industry, Rivers State House of Assembly, Hon. Enemi Alabo George, said the state was ready to set a platform and allow the private sector to drive the process in an interface.
He noted that the public sector cannot strive effectively without the private sector which necessitated the robust infrastructural development done by his administration in the first two years.
Hon. George said that government had taken steps to address tax issues and different tariff paid by companies, business men and women in the state. He warned the public against becoming a prey in the hands of the tauts.
“Rivers State Internal Revenue is re-organised and manned by professionals and is still undergoing restructuring to enable people pay their taxes and print receipts through their phones in few weeks time”, he said.
The House Committee Chairman called on the business community to change their bad narratives concerning the state, adding that these wrong stories affect foreigners who plan to do with the state.
Delivering the lecture on the above mentioned theme, the guest speaker, and Senior Vice President Centre for Value Leadership Mr. Rasheed Adegbenro, said that Nigeria entered into recession as a result of administrative failures.
Adegbenro noted that leaders’ over-dependence on oil for more than 50 years, refusal to diversify, lack of discipline in managing the economy among others, were the root causes of recession.
He said that government should be ready to give support to the domestic economy, as private sector crash would also crash the economy, adding the need for Nigerians to borrow idea from global world to be totally free from recession.
The President of Manufacturers Association of Nigerian (MAN), Dr Frank Jacobs commended the governor for the steps taken to support the association and private sector, especially in the area of tax harmonisation.
He called on the governor to take action on the repair of Eleme road to help the flow of business along that axis. Jacobs also noted the need to address the challenges of manufacturers in the state.
Earlier, in his welcome address, the Chairman of MAN, Rivers/Bayelsa State, Prince (Hon.) Charles Beke (JP) said that the choice of the theme was necessitated by prevailing economic situation and the need to prepare for the realities ahead after the recession.
“It is heart warming that the National Bureau of Statistics (NBS) stated recently that Nigeria is gradually existing recession. We regard this as good news but it calls for concerted efforts on the part of government and business organisations to work hard to fully exit recession in the nearest future”, he said.
Lilian Peters & Mirian Obusele
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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