Business
Presidential Committee Reduces Cargo Clearance To 7 Days
The Chairman of Presidential Monitoring Committee on Ports Reform, Prof. Sylvester Monye, last Thursday said his committee had reduced cargo clearance at the seaports from 39 days to seven days.
Monye told newsmen in Lagos that his committee’s target, which started work two months ago, was to achieve 48- hour cargo clearance in line with developments at Cotonou and Ghana ports.
“Our mandate is not only to achieve 48-hour cargo clearing regime, but to ensure that the road users within the Apapa area have comfort in conducting their legitimate business,” he said.
Monye said that a technical committee had been constituted to identify the processes and challenges of achieving the 48- hour cargo clearance target.
He said that the committee had presented a template of five steps which included cargo pre-delivery period from the time of arrival of the vessels.
Money said that the templates would still be subjected to consultations of stakeholders.
“We want the Nigeria Customs Service, Nigeria Immigration Service, Standards Organisation of Nigeria, National Food and Drug Administration and Control and Ports Quarantine to review the templates.
“Once this is done, we would present it to the Economic Management Team and it would thereafter be adopted as processes for 48-hour cargo clearance,” he said.
The Committee Chairman said that the Nigerian Ports Authority (NPA) had ordered for more pilot vessels to bring in ships at nights.
He said that the Mile 2- Apapa expressway was a nightmare, adding that it had become completely unacceptable to have trucks constituting mayhem on the roads.
Monye said that there would be fewer trucks on the road in the next few weeks, adding that a triangular movement of the trucks would be adopted.
“We have also successfully achieved 24-hour port operation regime.
“For the first time since 1970, we began 24-hour operations at ports, but people are not coming forward to do business at night,” he said.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.