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Expert Urges Human Dev For Effective Cabotage Regime

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The Chairman of the Na
tional Seafarers Welfare Board, Chief Kunle Folarin, has said building human capacity was necessary for Coastal and Inland Shipping Act (Cabotage regime) to work effectively.
Folarin said this in an interview with The Tide source in Lagos.
“We have seafarers but it depends on the type of seafarers they need.
“Even within the junior cadre, you have the need for electricians; the need for greasers; for box wheel and other category; even for catering staff and able seafarer.
“The capacity must be in all these cadre of junior seafarers.
“ When you look at officers, you must look at marine engineers; you must look at master mariners, captains, chief mates.
“You must look at the radio man; you are looking at those who have the competence to be officers.
“Those are the issues we have to look at. How do we develop capacity in all these areas so that the demand to man for that particular provision in the Cabotage law can be satisfied.
‘ And besides that, you look at the trade itself, how much internal trade are we generating?
“Do we have transshipment facility in Nigeria to transship cargo from Lagos to Port Harcourt.
“From Warri to Port-Harcourt; Port Harcourt to Lagos itself.
“We must ensure that the capacity and the availability of transshipment cargo is there so as to generate a kind of traffic that can be sustained.”
He said that the nation lacked enough junior and senior cadres of seafarers to meet the demands of the Cabotage trade.
Folarin, who is the Chairman, Port Consultative Council (PCC), said practitioners should also consider the rate of internal trade (transshipment cargo) being generated.
He said that the country also lacked required technical know-how to build all ships meant for Cabotage trade.
He, however, acknowledged that there were efforts to raise more seafarers in the junior category.
“You go to joints, you go to the cinema, you go to different places, everybody, it’s just complain.
“Let everybody get involved, Nigeria is our own country.
“Everybody has the right to choose which political party or which candidate to support; it’s every Nigerian’s right.
“And that’s one of the dangerous things about Nigeria, if you support the person that this other one does not support, automatically they will curse you, but it’s not supposed to be so.
“Let your candidate defend himself, let my candidate defend himself. Whoever talks better or performs better than the other, it’s still one Nigeria.
“If two people are contesting and one wins, either way they are contesting to help Nigeria .
“ So the loser should be able to now come and work together with the winner and criticise constructively.
“Not the kind of criticisms that amount to outright condemnation, even if the person does good.’’
Cue out audio.
2Face told NAN that he would actively participate in the elections and encouraged other Nigerians, especially the youth not to be violent during the exercise.
He said that he would continue to be non-partisan in his engagements with Nigerians.

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NSE Begins Week On Negative Note, Loses N19.49bn

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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.

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… Introduces TIES To Boost  Business Loan

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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.

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CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions

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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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