Business
Stakeholder Laments Infrastructural Deficit In Maritime
A stakeholder in the maritime industry and the executive vice chairman of SIFAX Group, Dr. Taiwo Afolabi, has decried the huge infrastructural deficit in the maritime sector, urging the Federal Government to provide solutions to the deficits.
He said that effective resolution of the deficits would facilitate the implementation of the Executive Order on the Ease of Doing Business in the maritime industry.
Afolabi, a terminal operator in the maritime industry who disclosed this in a chat with aviation correspondents on Monday, noted that the Federal Government’s Executive Order was targeted at facilitating trade, but that infrastructure deficits have become obstacles to the policy.
“Huge infrastructure deficit has led to deplorable access roads, faulty cargo scanner, nonexistent rail system, non-functional truck bay among others which conspired to negatively impact on the service delivery efficiency.
“These challenges are the major issues in the maritime industry, and can not continue to reel under infrastructural decay if the sector must contribute meaningfully to the economy and fulfill the industry’s potential.
“I, indeed, commend the Federal Government’s efforts in reforming the maritime industry, especially with the Executive Order which was signed by the then Acting President. It is an acknowledgement of the fact that things must be done differently.
“However, infrastructure deficit would negate the good intentions of the government if the problems listed above are not strategically and urgently addressed”, he said.
Afolabi posited that over 90 percent of world’s trade was transported by sea, stressing that maritime industry was strategic to the country in terms of its contributions to the economic growth and development of nations.
According to him, the contributions of the sector to Nigeria’s Gross Domestic Product (GDP) were still low when compared with its huge potential and opportunities.
Corlins Walter
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Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE
In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.
According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.
“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.
The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.
Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.
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