Head, Sub-committee on
Port Reform of the National Economic Management, Mr Gabriel Ajuda, recently identified the need to fully integrate automation and improve human capability in running the port system as a prerequisite for effective reform of the nation’s ports.
Ajuda, who stated this at a joint stakeholders’ meeting in Lagos, noted that it was also important to have people who could manage duties assigned to them.
He also stressed the need for “call-up system” for trucks and the use of port access roads as parking lots in order to avoid congestion at the ports.
“You realise that it is not enough to just put reforms in place, you must be able to match man and machine for us to achieve what we are looking for at the port.
“What we are here to do is to look at the role that man plays, with the automation in place.”
He called for a form of reversed penalties for anyone found unduly delaying cargoes at the port and causing demurrage.
Ajuda, however, warned importers against inducing unnecessary delays by themselves.
Mrs Dabney Shall-Homa, Director, Commercial Shipping Services of the Nigerian Shippers’ Council (NSC), said automation of the port system was paramount for a new port order.
Shall-Homa said that the port system was operating on a half-baked technology that had refused to integrate.
According to her, by 2015, when international trade begins to operate on a fully-automated system, countries that failed to key into the single window system will have difficulties in the flow.
“We need flexible technology to drive the system; the infrastructure on which the technology will actually function, and competent people who are the operators of the technology.
“We do not need those who do not understand the industry, but they must understand the input of what they are doing and the relevance of the maritime industry economically to national development.”
Representing the shipping companies, Mr Okorie Obioma, called for a revival of the rail system to attain a new port order.
NSE Begins Week On Negative Note, Loses N19.49bn
The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.
… Introduces TIES To Boost Business Loan
The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.
CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions
The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.
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