Business
Association Lauds Extension Of Contract On Destination Inspection
The Shippers’ Association of Lagos State has commended the six months extension of the contract with the three firms handling the destination inspection scheme. The General Secretary of the Association, Mr Jonathan Nicol, told The Tide source that the extension would enable the Nigeria Customs Service (NSC) to adequately take over the scheme.
According to Nicol, government wants the NCS to be well prepared for the task. “Six months is not too long for the Customs to do their preparations very well.
“It is something that we cherish because there is no point handing over the inspection to Customs now and the whole system will collapse,’’ he said.
President Goodluck Jonathan, recently, approved the extension of the seven-year contract awarded in 2006 to three service providers handling the destination inspection of goods at Nigerian ports and borders. The extension of the contract took effect from Jan.1, 2013.
The contract was signed with SGS Nigeria Ltd., Global Scansystems and Cotecna Destination Inspection Ltd. Nicol advised that the Nigerian Ports Authority (NPA) should also be given the power to control all the ports, adding that most responsibilities of NPA had been taken over by private companies.
“At the moment, I think what we are doing is that we are only testing the ability of private entrepreneurs to see how we can make more money.
`We feel that the NPA should take over the ports as it was doing,” he said.
Nicol also suggested that the Nigerian Air Force should join the Nigerian Maritime Administration and Safety Agency in policing the nation’s waterways in 2013.
He said that government should direct the Air Force to undertake aerial surveillance of the waterways at least three times a week to check armed robbery and piracy.
Nicol said that NIMASA should also protect fishing companies and their vessels from piracy.
“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.