Business
FG Restates Commitment To Diversification
The Minister of Finance, Mrs Zainab Ahmed says the Federal Government will not lose focus on diversifying the economy from oil to other sustainable sectors like agriculture.
Ahmed said this at the ongoing 24th Nigerian Economic Summit on Tuesday in Abuja.
Ahmed, who spoke on the topic; “Sustainable Economic Opportunities’’ said despite the rise in crude oil price at the international market, government was committed to diversifying the economy by growing agriculture and other sectors.
“We are not shifting away our attention from diversifying the economy, from growing agriculture, mining, as well as ensuring that the right infrastructure are put in place to support businesses.
“What happens in the oil industry is not within our control, the price may go up today and it could go low again, and also it is predisposed to destruction.
“So what happens if production goes down, so we are not losing sight of the fact that we need to stay and focus on growing other sectors of the economy,’’ she said.
She stressed the need to shift attention away from oil and gas, adding that government was investing revenues from oil into other sectors of the economy that were more sustainable.
The minister also said government in its Economic Recovery and Growth Plan (ERGP), had mapped out some clear target on what it planned to achieve in the economy.
“Our target is to attain 10,000 Mega Watts (MW) electricity by the year 2020, and we started up with 3,500 MWs and we have 7, 200 MWs, so, we are on target and we will surpass the target that we have set,’’ she said.
Ahmed noted that government had plans to concession the four major airports in the country, adding that construction of some major road projects across the country were also on going.
The minister said government was also looking at how to bring in private capital financing to match its funding to grow other sectors of the economy.
“We have a situation where our economy has begun to go back on the part of growth, but also exposed to fragility by external shocks.
“We also have this growing unemployment rate that is really a threat to all of us in the country.
“We have on the other hand a very large population of youths that are very active and enterprising and that itself is a huge advantage .
“This is because the most important resource we have are actually the people, our youths and what we have to do as policy makers is to engage and make the youth to be productive.’’
She advised government at all levels to engage the private sector to provide electricity and create other opportunities to engage the youth meaningfully.
Ahmed added that the government was committed at creating opportunities for growth and development.
Business
Western Marine Command Intensifies Anti-Smuggling Operations … Intercepts N8.75m Worth PMS
For officers and men of the Western Marine Command of the Nigeria Customs Service (NCS), the battle is not over until smuggling is over.
In the wake of Wednesday May, 8, 2024, the ever vigilant officers, acting on a tip-off, intercepted 177 sacks and 61 kegs of 25 litres containing petroleum products, valued at about N8.750,000million.
The items were intercepted along Isalu Creek, Badagry Waterway en-route Benin Republic.
While briefing newsmen, the Command’s Customs Area Controller, Comptroller Paul Bamisaiye, said: “This seizure is most economically significant to the Command at this period of scarcity of Petroleum Products, especially Premium Motor Spirit (PMS) in our cities, and shows the anticipatory posture in our response to economic saboteurs.
“At about 2:330hrs on Wednesday 8th May 2024, while on joint patrol by teams in the Command, credible intelligence was received of the movement of 2 boats laden with what was suspected to be petroleum products concealed in sacks. Upon receipt of the information, the team moved into Isalu creeks, Badagry waterway.
“On sighting the approach of the Officers, the smugglers took to their heels through the shore of the Creek. The loaded boats were then towed to the station at Badagry where preliminary examination was conducted and transferred to Western Marine Command Headquarters, Ibafon, Apapa, Lagos.
“Careful examination at the Command Headquarters revealed that the arrest was found to contain One Hundred and Seventy Seven (177) Sacks and Sixty One (61) Kegs of 25 Litres Premium Motor Spirit (PMS) containing Twelve Thousand Five Hundred (12,500) Liters with a total Duty Paid Value standing at Eight Million Seven Hundred and Fifty Thousand Naira (N8,750,000) only”.
Bamisaiye noted that the action of the smugglers is a contravention of Section 245 & 254 of the Nigeria Customs Service Act 2023 which the service, through Western Marine Command, is responsible for enforcing.
“The Command, under the leadership of Compt. PK Bamisaiye, is poised more than ever to rid the waterways of all acts of smuggling and economy sabotage for the benefit of the growth of economy of Nigeria”, he said
Bamisaiye said so far, no suspect was arrested in the Command’s anti-smuggling operations.
Nkpemenyie Mcdominic, Lagos
Business
Illegal PMS Trading Booms In Lagos
Petroleum products being sought by motorists have disappeared from virtually all filling stations within Lagos and its environs, but are now booming in business in retail outlets.
Investigations by our correspondent revealed that while the product could not be got at some of the petrol service stations, activities are in top gear in the local retail outlets where the price has gone beyond the reach of users.
It was also gathered that in some filling stations supplied with the products, preference are often given to retail outlet operators by petrol attendants against the consuming public.
A source, directly involved in the business, said some petrol dealers are cashing on the irregular supply to divert the products to retail outlets where they could easily make their gains.
It was also gathered that some sales representatives in the service of major oil marketing firms indulged in the diversion exercise because of their personal interest.
At the retail outlets a liter goes for N950,00 against the normal N760,to N800 at some stations.
Nkpemenyie Mcdominic, Lagos
Business
Customs Board Appoints Five DCGs, Eight ACGs
The Nigeria Customs Service Board (NCSB) has confirmed the appointment of five Deputy Comptroller-Generals (DCGs) and eight Assistant Comptrollers-General (ACGs) of Customs during its 59th regular meeting.
The meeting, chaired by the Honorable Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, was held at the Nigeria Customs Service Headquarters in Abuja last Tuesday.
National Public Relations Officer of the Service, Chief Superintendent of Customs, Abdullahi Maiwada, who disclosed this in a statement yesterday, gave details of the confirmed appointments as: O.O. Peters (DCG /Commander, Training and Doctrine Command (rtd); B.M. Jibo (DCG Enforcement Inspection & Investigation); and B.U. Nwanfor (DCG Excise, Free Trade Zone & Industrial Incentives).
Others are: S.A. Bomia (DCG, Commander Training and Doctrine Command); and C.K. Niagwan (DCG, Tariff & Trade).
The Assistant Comptrollers General (ACGs) are: B. Imam (ACG Board); A.A.S. Oloyede (ACG, Trade & Tariff); S.K. Dangaldima (ACG/Zonal Coordinator, Zone ‘B’); A. Abdul Azeez (ACG/Zonal Coordinator, Zone ‘D’); S.A. Yusuf (ACG, Human Resource Development); N.P. Umoh (ACG, Training and Doctrine Command); C.O. Obih (ACG/Zonal Coordinator, Zone ‘C’); and S. Chiroma (ACG, Strategic Research and Policy).
The new appointments, according to the statement, were made to fill the vacancies created by some senior officers who recently retired from the Service, noting that the principles of federal character, seniority and merit guided the appointments approved by the board.
“These appointments are a testament to the officers’ exemplary services and dedication to the Nigeria Customs Service. The NCSB remains committed to providing strategic leadership to ensure effective and efficient service delivery for optimum performance”, he said.
While thanking the retired members of the management for their meritorious services, the Comptroller General of Customs, Bashir Adewale Adeniyi, congratulated the newly confirmed officers and charged them to redouble their efforts to ensure the service attains greater heights in its mandates of revenue generation, suppression of smuggling, and trade facilitation amongst others.
Nkpemenyie Mcdominic, Lagos
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