UNIDO Lists Benefits Of FDI

Published

11 years ago

November 28, 2012

The Regional Director and Country Representative, of UNIDO, Dr. Patrick Kormawa, has said that Foreign Direct Investment (FDI) will enable countries to explore and develop their potential.

Kormawa made this remark at the 2012 Dinner and the unveiling of “ICC Guidelines for International Trade’’, organised by the International Chamber of Commerce Nigeria (ICCN) in Lagos last Friday.

He said that foreign investors should collaborate with the public and private sectors of the economy to develop entrepreneurship capabilities of their host countries.

According to him, FDI will record more success if the country focuses on the creation of infrastructure that can grow and sustain the manufacturing sector.

“We need to invest in infrastructure, institutions, skills and innovations that are needed to power investment.

“Nigeria, as an emerging economy should learn from the success stories of developed countries. We should adapt their innovations.

“Having a vibrant and productive manufacturing sector will give potential investors the confidence that their business will survive and grow.

“It will also increase the Gross Domestic Product (GDP), Balance of Trade and create employment opportunities in the country,’’ he said.

Kormawa said that foreign investors should be compelled to produce goods in conformity with international standards and guidelines in order to penetrate global market.

He said that Nigeria, being an emerging economy, had the potential to attract foreign investment in spite of the current security and climatic challenges.

“The security issues we are facing in the country are not a peculiar one. There are security challenges all over the world.

“Other nations of the world have also had their fair share of natural disasters and harsh climatic conditions. The recent flooding in Nigeria should not be an impediment to foreign investment.

He appealed to the government to support the acceleration of regional integration, saying that such support would lead to an increase in intra-Africa trade.

Chief Ernest Shonekan, a former Interim National Government President, noted that the ICC guidelines would accelerate the growth and success of FDI in Nigeria.

Shonekan, who was the Chairman of the occasion, explained further that the new guideline was extensive and all embracing, adding: “it consist rules of business as they are practiced internationally.

“For FDI to grow our economy, it needs these guidelines to succeed.

‘We should look at the guidelines as a way of overcoming some of our economic challenges and learning from other developed economies how they coped with theirs,’’ he said.

Shonekan expressed delight on ICCN quest to support the growth of FDI in Nigeria.

Earlier, the Chairman ICCN, Mr Babatunde Savage, noted that the promotion of FDI had been a priority for the organisation for a long time.

He said that the importance of trade and investment as drivers of the economy, could not be over-emphasised, adding that various issues were challenging cross border trade.

“In Nigeria, like many other developing nations, poor micro-economic and institutional constraints have watered down the impact of cross-border investment on productivity and investment growth.

“Conducive policy and regulatory environment, investment-friendly tax and the removal of capital controls are essential to attract and retain FDI in any economy,’’ he said.

Savage said that the ICC Guidelines clearly explained the responsibility of an investor, the home government and the host government, in relation to international investment.

Western Marine Command Intensifies Anti-Smuggling Operations … Intercepts N8.75m Worth PMS

Published

2 days ago

May 17, 2024

The Tide

For officers and men of the Western Marine Command of the Nigeria Customs Service (NCS), the battle is not over until smuggling is over.
In the wake of Wednesday May, 8, 2024, the ever vigilant officers, acting on a tip-off, intercepted 177 sacks and 61 kegs of 25 litres containing petroleum products, valued at about N8.750,000million.
The items were intercepted along Isalu Creek, Badagry Waterway en-route Benin Republic.
While briefing newsmen, the Command’s Customs Area Controller, Comptroller Paul Bamisaiye, said: “This seizure is most economically significant to the Command at this period of scarcity of Petroleum Products, especially Premium Motor Spirit (PMS) in our cities, and shows the anticipatory posture in our response to economic saboteurs.
“At about 2:330hrs on Wednesday 8th May 2024, while on joint patrol by teams in the Command, credible intelligence was received of the movement of 2 boats laden with what was suspected to be petroleum products concealed in sacks. Upon receipt of the information, the team moved into Isalu creeks, Badagry waterway.
“On sighting the approach of the Officers, the smugglers took to their heels through the shore of the Creek. The loaded boats were then towed to the station at Badagry where preliminary examination was conducted and transferred to Western Marine Command Headquarters, Ibafon, Apapa, Lagos.
“Careful examination at the Command Headquarters revealed that the arrest was found to contain One Hundred and Seventy Seven (177) Sacks and Sixty One (61) Kegs of 25 Litres Premium Motor Spirit (PMS) containing Twelve Thousand Five Hundred (12,500) Liters with a total Duty Paid Value standing at Eight Million Seven Hundred and Fifty Thousand Naira (N8,750,000) only”.
Bamisaiye noted that the action of the smugglers is a contravention of Section 245 & 254 of the Nigeria Customs Service Act 2023 which the service, through Western Marine Command, is responsible for enforcing.
“The Command, under the leadership of Compt. PK Bamisaiye, is poised more than ever to rid the waterways of all acts of smuggling and economy sabotage for the benefit of the growth of economy of Nigeria”, he said
Bamisaiye said so far, no suspect was arrested in the Command’s anti-smuggling operations.

Nkpemenyie Mcdominic, Lagos

Business

Illegal PMS Trading Booms In Lagos

Published

2 days ago

May 17, 2024

The Tide

Petroleum products being sought by motorists have disappeared from virtually all filling stations within Lagos and its environs, but are now booming in business in retail outlets.
Investigations by our correspondent revealed that while the product could not be got at some of the petrol service stations, activities are in top gear in the local retail outlets where the price has gone beyond the reach of users.
It was also gathered that in some filling stations supplied with the products, preference are often given to retail outlet operators by petrol attendants against the consuming public.
A source, directly involved in the business, said some petrol dealers are cashing on the irregular supply to divert the products to retail outlets where they could easily make their gains.
It was also gathered that some sales representatives in the service of major oil marketing firms indulged in the diversion exercise because of their personal interest.
At the retail outlets a liter goes for N950,00 against the normal N760,to N800 at some stations.

Nkpemenyie Mcdominic, Lagos

Business

Customs Board Appoints Five DCGs, Eight ACGs

Published

2 days ago

May 17, 2024

The Tide

The Nigeria Customs Service Board (NCSB) has confirmed the appointment of five Deputy Comptroller-Generals (DCGs) and eight Assistant Comptrollers-General (ACGs) of Customs during its 59th regular meeting.
The meeting, chaired by the Honorable Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, was held at the Nigeria Customs Service Headquarters in Abuja last Tuesday.
National Public Relations Officer of the Service, Chief Superintendent of Customs, Abdullahi Maiwada, who disclosed this in a statement yesterday, gave details of the confirmed appointments as: O.O. Peters (DCG /Commander, Training and Doctrine Command (rtd); B.M. Jibo (DCG Enforcement Inspection & Investigation); and B.U. Nwanfor (DCG Excise, Free Trade Zone & Industrial Incentives).
Others are: S.A. Bomia (DCG, Commander Training and Doctrine Command); and C.K. Niagwan (DCG, Tariff & Trade).
The Assistant Comptrollers General (ACGs) are: B. Imam (ACG Board); A.A.S. Oloyede (ACG, Trade & Tariff); S.K. Dangaldima (ACG/Zonal Coordinator, Zone ‘B’); A. Abdul Azeez (ACG/Zonal Coordinator, Zone ‘D’); S.A. Yusuf (ACG, Human Resource Development); N.P. Umoh (ACG, Training and Doctrine Command); C.O. Obih (ACG/Zonal Coordinator, Zone ‘C’); and S. Chiroma (ACG, Strategic Research and Policy).
The new appointments, according to the statement, were made to fill the vacancies created by some senior officers who recently retired from the Service, noting that the principles of federal character, seniority and merit guided the appointments approved by the board.
“These appointments are a testament to the officers’ exemplary services and dedication to the Nigeria Customs Service. The NCSB remains committed to providing strategic leadership to ensure effective and efficient service delivery for optimum performance”, he said.
While thanking the retired members of the management for their meritorious services, the Comptroller General of Customs, Bashir Adewale Adeniyi, congratulated the newly confirmed officers and charged them to redouble their efforts to ensure the service attains greater heights in its mandates of revenue generation, suppression of smuggling, and trade facilitation amongst others.

Nkpemenyie Mcdominic, Lagos