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Experts Applaud N9.9trn Allocation For Maritime, Blue Economy Infrastructure

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Experts have declared that the creation of the Marine and Blue Economy Ministry and the allocatiohn of N9.99 trillion for capital expenditure and infrastructure development in the 2024 Budget will be major drivers of growth in fiscal 2024.
According to them, Nigeria’s large population of 223.8 million, comprising mostly youth of an average age of 17.2 years and the sixth largest populace in the world presents a positive outlook for the nation’s economy since a youthful and vibrant population is capable of buying and consuming anything.
Speaking at FirstBank of Nigeria’s “Economic Outlook 2024: Current Realities and Prospects”, the pundits argued that President Bola Ahmed Tinubu’s policy thrust in critical sectors as captured in the 2024 budget point to a positive outlook for the nation’s economy in 2024.
Chief Executive Officer of Biodun Adedipe and Associates (BAA Consult), Dr. Biodun Adedipe, who presented the keynote address at the summit, said the creation of the Ministry of Marine and Blue Economy and allocation of N9.99 trillion for capital expenditure (infrastructure development) represent a positive outlook for the nation’s economy.
He said the way President Tibunu has handled national issues since assuming office shows that he listens to people’s opinions and that given that disposition, Nigerians should continue to speak up for the government of the day to take more proactive steps in moving the nation forward.
“The President knows the value of money in a sustainable economy and he is poised to look for the money in all the critical sectors and one of his strategies is to appoint experienced and competent people into such key sectors to deliver on his administration’s mandate.
“Another area of strength is the Federal Government’s focus on capital expenditure last seen in the 1980s”, he said.
51.96 percent in 2020 and 53.96 percent in June 2023, up from 47.84 percent in 2015 and deepening internet penetration at 45.57 percent in August 2023, rising from 31.48 percent in December 2018.

“The nation’s teledensity at 116.6 percent in December 2022 and 115.63 percent in August 2023, a drop from 123.48 percent in December 2018 (91 percent in March 2019) and Internet users for which Nigeria ranks 11th globally are also good pointers to a better and resilient economy projected to grow at 3.5 percent this year

“On exchange and interest rates, the Federal Government benchmarked the budget assumption at N800/$; significant utterance N650-N750/$, while JP Morgan pegged it at N850/$.

“The Monetary Policy Rate (MPR) of 18.75 percent is expected to be raised to reduce negative interest rate by closing the domestic inflationary gap of 26.72 percent and respond to rate differentials with dollar interest of 4.58 percent yield on 10-year treasury bonds and inflation of 3.7 percent”, he said.

He further explained that money supply and imports have maintained a relentless uptick on inflation rate, while local oil refining, revived manufacturing and focused export promotion will support stability to the Naira exchange rate, just as improvement in infrastructure would begin to positively impact the cost of doing business.

Adedipe, who urged the Federal Government to create a friendlier business environment for more businesses to thrive, noted that Switzerland, Japan, Germany and other countries have been making enquiries on investment opportunities in the Nigerian economy in 2024 and beyond.

He stressed that the government should strive to attract and retain manufacturers, adding that big manufacturing companies such as GSK, P&G and Nestle, exiting in recent times, was not about Nigeria, but they were doing so to align with their global business strategies.

“Most of the companies exiting Nigeria are still producing and shipping to countries from which they exit, but still export from. It is global shift of international trade post-COVID 19 pandemic. But essentially, China, India and Lebanon are dominant countries in terms of trade with Nigeria”,  he added.

Speaking during the panel session, Founder of FactBox Company and Leadership-By-Data, Babajide Ogunsanwo, who said security remains crucial to agriculture and food production, lamented that across the 45 sectors of the economy, crop production was growing at only 1.65 percent, while post-harvest losses in the country was still high at 60 percent.

He said the Federal Government should leverage the country’s youthful population and ensure availability and affordability of food by engaging in all-year faming, as well as provide facilities for improved processing, storage and preservation of farm produce with a view to attaining a sustained agricultural production and entire food chain.

Nkpemenyie Mcdomimic, Lagos

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TTP Trains Customs Agents, Freight Forwarders On Eto App 

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In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.

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NECA Holds MSME Fair To Drive Growth 

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Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.

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Over 2m Passengers Board Blue Rail Train – Commissioner 

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The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.

Nkpemenyie Mcdominic, Lagos

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