Business
…As Onitsha Chamber Hails NPA’s 10% Discount On Vessels
The Onitsha Chamber of Commerce, Industry, Mines and Agriculture (ONICCIMA), yesterday lauded the Nigerian Ports Authority (NPA) for approving 10 per cent discount on vessels calling at the Eastern ports.
The First Deputy President of ONICCIMA, Mr Chris Ukachukwu, gave the commendation in an interview with The Tide source in Onitsha.
Ukachukwu said that the action would decongest the Lagos ports.
Reports says that the management of the NPA had yesterday approved a 10 per cent discount on harbour dues in the concessioned terminals of Calabar, Rivers and Delta Ports.
Ukachukwu said that once implemented, it would help decentralise activities at the Lagos ports and at the same time, create significant economic activity in the various locations of the Eastern ports.
“It will stimulate economic activities at the Eastern ports of the country and will also stem the urban drift. As it is now, it appears as if for you to do anything, you must go to Lagos. The implication is that Lagos becomes overpopulated, while other parts of the country will see the drift which was not the original plan of the country.”
“The idea was that the various economic hubs in the country within the six regions must develop simultaneously, so that wherever you are, you have that sense of belonging,” he said.
According to the ONICCIMA boss, the new policy will reduce the cost of transportation as well as reduce inflation.
“Most times, to transport goods from Lagos ports to the Eastern part of the country cost as much as N600, 000 or more.
“Importers will have no option than to add the cost of transportation to the prices of goods which permeates down, such that prices of goods keep skyrocketing.
“However, once importers know that it will cost less than one third of the previous amount to get the containers to any part of the Eastern region, it will positively affect prices of goods,” he pointed out.
Ukachukwu also called for legislation by the National Assembly to regulate the activities of customs and Police personnel, especially on the highways.
He said that in spite of several announcements that the Federal Government had withdrawn customs and Police officers from the roads, they return within one week or two.
“When you travel from Lagos to the East for instance, you will encounter lots of check points mounted by the Police and Customs which are often targeted at importers.
“For them to stay on the roads mean multiple taxes and creating difficulty for businessmen.
“But, if there is a legislation that will further regulate the activities of these law enforcement agencies, it will create the desired impact needed in the country.
“Officers can easily incur the wrath of the law if they flout the law,” he stressed.
Ukachukwu noted that the initiative was a win-win situation for all Nigerians as the demurrage usually incurred and time wasted at the Lagos ports would reduce.
He advised the NPA to create awareness on the new directive to enable Nigerians to begin to divert their goods to the Eastern ports.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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