Business
Customs To Issue Licence For Vehicle Terminals
Vehicle dealers in the country will now enjoy clearing their cars from the ports and pay duty later going by a new policy approved by the government for Nigerian Customs Service.
This is as Customs is set to issue licenses for establishment of inland bounded vehicles terminals across the country.
This, according to the services spokesman, Joseph Attah, is to create ease in the automobile business and increase commercial activities by giving a boost to the economy.
Attah said the Customs is set to commence issuance of licenses to interested auto dealers or any person who intends to operate bonded vehicle terminals.
The Customs according to him, will consider ownership of fenced landed spaces with designated building for Customs outpost within the terminals and a N50million banks bond after details study of the company’s profile before issuing licenses to applicants.
Attah also said the new regime of car holding which is coming after the ban on the important of vehicles from the land borders will boost auto businesses, strengthen National economy and security.
Apart from removing the burden of duty payment at the ports of discharge from the operators , there will be many positive multiplier effects like Spare Part Shops, Mechanic Villages, Food Vendors and many more springing up commercial bank branches around such terminals.
He added that full customs functions of examination, assessment for value and prevention of smuggling through any forms of concealment in vehicles will not be compromised under the new regime.
Operators will be allowed to take delivery of their vehicles to their terminals under customs escort and pay duty as the cars are bought within a 28days grace period as operators now make sales from imported cars before duty payment at their bonded terminals.
For ease of duty collection and security the customs will maintain presence inside the terminals. bills of laden will indicate actual terminals where the imported vehicles will be transferred to and will make for easy evacuation from the ports to the designated terminals unlike previous methods of collecting duties to vehicles before they exit the ports which poses risks of congestion and possibility of being declared as overtime cargo due to lack of immediate funds to clear, the new regime will feature a seamless transfer of cars from the ports to bonded terminals.
Attah, said, “Interested business persons and car dealers are expected to apply to the Comptroller General of Customs through the Area Controller of the place the terminals is to be sited.
“There will be chains of legitimate job opportunities for Banks, Auto mechanics, Spare Part Dealers , Vulcanizing Services provider and other auxiliary vehicles related business and jobs”, Attah said.
“Whatever job loss was associated with the ban vehicles importation through the land borders will be better for it, he added”
The new method is a departure from the previous regimes which only provided licenses for container terminals
Operators who make fat sales of their vehicles consignments within 28 days will little or nothing to pay duty on as buyers would paid duty for what they bough before driving out of the terminals .
Only unsold vehicles that are left in the terminals after the period will attract customs immediate demand for duty payment from the operators.
This eliminates the stresses associated with importers and agents desperately looking for funds to clear their vehicles away from the ports of risk loosing them as overtime cargos.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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