Connect with us

Business

‘Nigeria Needs To Address Constraints Of Exportable Commodities’

Published

on

The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, has said that to build a competitive global economy, the nation needs to address constraints of other exportable commodities.
He said this during the public consultation on the 2018-2020 Medium Term Expenditure Framework, (MTEF) and Fiscal Strategy Paper, (FSP) with Civil Society Organisations (CSOs), the media and organised private sector in Abuja, Thursday.
According to him, the key thrusts of the framework are consistent with the Economic Recovery and Growth Plan,(ERGP) which is aimed at moving the nation away from dependence on a single commodity to run on multiple engines.
He affirmed that the nation was on track to achieving full recovery and growth, adding that, it needs to look inwards to boost non oil revenues and observe fiscal prudence at all levels.
“It is important that we build a globally competitive economy because this dependence on crude oil for our foreign exchange is not sustainable and so we have to get other commodities to export.
“In order to export them, they have to be competitive.
“Therefore, we have to address all the constraints that are not making our goods competitive so that we can grow what we eat, produce what we consume and have enough for export.”
Udoma said the key assumptions and macro-framework of the 2018 budget were predicated on oil production of 2.3 million barrels per day (mbpd), oil price of 45 dollars per barrel and an exchange rate of N305 to one dollar.
He also said the inflation rate was pegged at 12.42 per cent and Gross Domestic Product (GDP) growth rate was 4.8 per cent.
It was projected in the MTEF that oil production would be 2.4 mbpd in 2019, 2.5 mbpd in 2020, while exchange rate was retained at N305 to one dollar for 2019 and 2020.
Inflation was projected to stay at 13.39 per cent in 2019 and 9.90 per cent in 2020.
Udoma said the medium term fiscal policies were directed at achieving macro-economic stability, accelerating growth, intensifying economic diversification and promoting inclusiveness.
“We are focusing on stabilising the macro-economic environment, align monetary, trade and fiscal policies, accelerate non-oil revenue generation, drastically cut costs and privatise selected public enterprises and assets.”
He also said the Federal Government would enhance oil revenues and accelerate non-oil revenues through policies by transitioning from the traditional Joint Venture (JV) cash call budget to the self funding mechanism.
Other objectives are improved tax and customs administration, tightening of tax exemptions (including duty waivers), possible review of Value Added Tax (VAT) rate and excise duty, commencing with luxury items.
He recalled that the acting President, Prof. Yemi Osinbajo recently signed an Executive Order giving amnesty for voluntary compliance with tax, adding that he believes that Nigerians would come forward to pay their taxes.
Udoma also said the Federal Government aims to address recurrent and capital spending imbalance with continuous allocation of at least 30 per cent of its budgeted expenditure on capital projects.
“It will also maintain deficit and debts within sustainable limits,” he said.
Director-General, Debt Management Office (DMO), Ms Patience Oniha, said the nation had to fund its budget through borrowing, adding that, it was not defaulting in its debt responsibilities, rather it was capable of paying what it owed.
She, however, said the nation was not borrowing outside the limits set for it by the Fiscal Responsibility Commission (FRC) as it was still within it, which means that the debt it had incurred was sustainable.
She also said if the nation could increase its revenue significantly to enable implementation of the budget then it could achieve the growth it was looking at.
Some of the CSOs applauded Federal Government’s efforts in involving them and other Nigerians in the preparation of the document, adding that it would enhance transparency and accountability in the process.
The MTEF/FSP is a three-year planning tool that defines government’s economic, social and development objectives and priorities.

Continue Reading

Maritime

Shippers’ Council Registers 160 Port Operators

Published

on

The Nigerian Shippers Council (NSC) says it has registered 160 Port stakeholders into its Regulated Port Service Provider and Users platform since the initiative began in 2023.
Executive Secretary, NSC, Mr Pius Akutah, made the disclosure on the sideline of a sensitisation programme by the commission for port operators in Lagos, with the theme, “Regulated Port Service Provider and Users”.
Represented by the Director, Consumer Affairs, Chief Cajetan Agu, Akutah emphasised the significance of the programme for stakeholders.
He said the sensitisation programme was the second edition after its commencement during the last quarter of 2023.
The Secretary said the 160 registered port operators consist of agencies, terminal operators, shipping companies, individual port users as well as service providers.
“We invited the ports stakeholders for enlightening them on the processes for online registration of Regulated Port Service Provider and Users.
“We have demonstrated to them how to register and how to make payment and we were able to present before them the various categories of the registration.
“The rate of payment is also in the registration. The payment of each group depends on the operation. A shipper pays N30,000, terminal operators and shipping companies pay N300,000, truckers also pay N30,000, while some pay N50,000 and N100,000.
“The Council was able to intimate them on the benefits, because port users benefit more as we help to interface on reducing port charges from time to time”,  Akutah said.
He said  that there was a need to continue to work with port operators to stop delays and eliminate high costs to make the port efficient.
Also speaking, the Deputy Director, Stakeholders, Service, NSC, Mr Celestine Akujobi, said “the sensitisation exercise was important for the council to enable us bring all the port stakeholders together”.
According to him, this is to avoid challenges during the implementation of the council’s responsibilities.
“By the time we introduce sanctions on defaulters, no operators will complain that he or she is not aware of the registration.
“I’m happy with the turnout of this sensitisation. This shows that the operators are well informed of the statutory friction of the council as the port regulator.
“The final implementation will commence as soon as we discover that all the operators have keyed into the portal.
“We are engaging other ports across the country and we’re hopeful that before the last quater of 2024, the council will implement sanctions on defaulting operators”, Akujobi said.
Earlier, Vice Chairman, National Association of Government Approved Freight Forwards (NAGAFF), Dr Ifeanyi Emoh, said  port challenges were enormous, adding that they originated from some of the government agencies.

Emoh urged the council to look into regulating other government agencies, so that there could be a window through which they can collect port charges collectively instead of indiscriminately.

By: Chinedu Wosu

Continue Reading

Business

Chivita, Hollandia Reward Outstanding Trade Partners At Annual Conference

Published

on

Chivita| Hollandia (CHI Limited) leading fruit juice and value-added dairy manufacturer in Nigeria has rewarded its long standing distributors at the recently held 2024 Distributor Conference. The event with the theme, “Break Boundaries Exceed Expectations” served as a platform to recognise and reward the exceptional contribution of the distributors and wholesalers who play a critical role in Chivita|Hollandia (CHI Limited) success and business goals for the year.
The Distributor Conference was held in two sessions. While the morning session featured keynote addresses, industry insights and brand immersion experience, the evening session was a cultural display of elegance and funfair that culminated in the award presentation and recognition of the contribution the trade partners made to the company in the 2023 year under review.
A key highlight of the event was the award ceremony which acknowledged outstanding trade partners in various regions across the country. The awards recognized commitment, dedication, and outstanding performance in areas of sales growth, brand promotion, and market expansion.
Eelco Weber, Managing Director, Chivita|Hollandia (CHI Limited), stated that the company’s success story is incomplete without the strong partnerships it has built with trade partners. “Today, we celebrate not only the achievements, but the collaborative spirit that has made our growth possible” he said.
Bola Arotiowa, Chief Commercial Officer, Chivita|Hollandia (CHI Limited), in his statement revealed that, the event which was first of its kind will continue to be an annual meeting to enable the company work more closely with its distributors, share insights and action points, help the trade partners familiarize themselves with the company’s goals and objectives for each year, and serve as a driver for mutual success.
“Our distributors are the backbone of Chivita|Hollandia (CHI Limited). Their relentless efforts in distributing our products, promoting our brands, and expanding our reach across the nation is truly commendable. As the bridge between us and our valued consumers, it is very important to reward their hard work and dedication for being an essential part of the Chivita|Hollandia (CHI Limited) family. Together, we will continue to deliver great products to our conusmers which in turn will deliver value to them”, Mr. Arotiowa added.
Speaking at the conference, HajiyaBilikisuSaida, Chief Executive Officer of Smabirm Nigeria Limited, who won the Outstanding Distributor of the Year in North 1 region, and got a reward of two million Naira worth of Chivita|Hollandia (CHI Limited) products expressed delight at the company’s recognition, and stated that the awards served as a way to inspire distributors to do more and put in more effort, which in turn would help both the distributors and the company to grow.
Other outstanding performance distributors of the year rewarded with a two million Naira worth of Chivita|Hollandia (CHI Limited) stock include, Sunny Chuks Limited for East 1 region, MRS FA & Sons Limited for East 2 region, Hussakas Ventures for North 2 region, Rookee 1388 Ventures for Lagos 1 region, Pik N Pil Ventures for Lagos 2 region, FaithJoe Event Management Limited for West 1 region, and Progress Family Nigeria Enterprise for West 2 region.
The annual Distributors Conference aims to strengthen the bond between Chivita|Hollandia (CHI Limited) and its trade partners. This collaborative approach fosters mutual growth and ensures the continued success of the brands in the Nigerian market.
Continue Reading

Business

AXA Mansard Backs Female-Owned MSMEs With N1.4m Grant

Published

on

A global leader in insurance and asset management, AXA Mansard, has supported three female-owned MSMEs with business grants totaling 1.4 million to boost their operations.
This, the company said, is part of its commitment to women and the Medium, Small, and Medium-scale Enterprise (MSME) sector in the country.
The three businesses were successful at the International Women’s Day Pitch Competition, organised in partnership with SME 100 Africa in Lagos.
According to the Head of Marketing, AXA Mansard, Olusesan Ogunyooye, the competition, which is aimed at supporting female entrepreneurs in Nigeria, “is another way AXA is demonstrating its commitment to the causes of women and stimulating the MSME sector in Nigeria”.
The business pitch competition received numerous entries from women across different sectors, but after a rigorous selection process, shortlisted participants were selected to participate in the competition.
Ogunyooye said “the programme provided a unique opportunity for women from various works and socio-economic classes to showcase their innovative ideas and solutions in sectors such as food, tech, fashion, and fragrance, creating an atmosphere filled with excitement, enthusiasm, and a strong sense of community”.
He stressed the importance of investing in women, saying it is not just the right thing to do, but also aligns with AXA’s purpose of acting for human progress.
He explained that AXA believes the future of women should not be at risk, hence investing in their economic empowerment is a crucial part

Continue Reading

Trending