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‘We Need Fundamental Economic Restructuring’

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9 years ago

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The Minister of Budget
and National Planning, Senator Udo Udoma, has stressed the need for a fundamental restructuring of the nation’s economy.
He made the call at the world press conference which essentially launched the 22nd edition of the Nigerian Economic Summit, (NES) organised annually by the Nigerian Economic Summit Group (NESG).
In a statement that was obtained by The Tide through AagroNigeria, recently, Senator Udoma stated that the goal of NES is to unlock the economic potentials of the non-oil and high-employment sectors.
He said this would lead the nation to achieve a sustainable inclusive growth that will ensure that the majority of Nigerians become agribusiness people and more productive, thereby reducing poverty.
Addressing journalists at the NESG summit House in Abuja, he said, the current economic challenges are rooted on the nation’s reliance on a single commodity (oil) whose price has fallen.
“The Nigerian economy is currently in recession and faced with contracting GDP growth, rising inflation and unemployment rates as well as decaling level of external reserves”, he said.
The summit which is themed “Made in Nigeria” is scheduled to hold from October 10 to 12, 2016 at the Transcorp Hilton, Abuja.
It is designed to encourage the production of agricultural and other products and the consumption of made in Nigeria goods and services to enable Nigerian producers gain more patronage and be encouraged to implore the quality of their products.
The sub-themes of the summit shall deliberate on the macroeconomic environment; ease of doing business, stakeholders behavior and attitudes, access to finance, job creation and youth employment amongst others.
The key outcomes of the summit are expected to include the development of practical roadmap that will contextualize “Made in Nigeria” as an economic growth and development for short, medium and long term development partnerships.
According to the statement, the summit will also seek to develop policies to deliver desired results and potentials for export of non-oil products and also increase foreign exchange earnings and shore up reserves at home.
In his opening remark, Chief Executive Officer (CEO), NESG, Mr. Laoye Jaiyeola, thanked journalists for their support regarding the summit, stating that the contribution of the media is key to its success.
The chairman of NESG, Mr. Kyari Bukar, represented by Mrs. Wonuola Adetayo, urged everyone to be held accountable for the growth of the economy, “as we all at a point in national development will need hands all to come together”.
She also advised journalists to be active in their follow up, even after the summit to ensure that issues discussed are effectively acted upon.

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NPA Assures On Staff Welfare 

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1 week ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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1 week ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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1 week ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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