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…Recommends Palliatives For Banking, Aviation Sectors

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6 years ago

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The Lagos Chamber of Commerce and Industry (LCCI) has recommended palliatives for banking and aviation sectors to minimise the impact of the coronavirus pandemic on the nation’s economy.
It also said that such palliative would engender quick economic recovery after the pandemic.
LCCI Director-General, Dr Muda Yusuf, listed the palliatives in a statement themed: “2020 Post COVID-19 Agenda; Business and Economic Sustainability Propositions” issued to newsmen yesterday in Lagos.
Yusuf stressed the need for commercial banks to take a cue from the Central Bank of Nigeria (CBN) by offering some level of reprieve to their customers.
He called for an urgent engagement between the Bankers Committee, CBN and the business community to discuss the monetary component of the rescue plan for businesses at this critical time.
“A good credit regime is critical to the sustainability and progress of an economy and the palliatives, announced by the CBN in response to this pandemic, are commendable.
“But there is the bigger issue of private sector indebtedness to the commercial banks.
“As at December 2019, banks credit claims on the private sector, stood at N15.2 trillion.
“The way this exposure is managed will be crucial to the realisation of the economic and business continuity outcomes in the Nigerian economy,’’ he said.
The DG listed opportunities for loan moratorium, restructuring of facilities, refinancing and interest rate concessions in the light of the unprecedented downturn in the economy as necessary palliatives.
Effective from March 2020, Yusuf urged that banks grant a one-year moratorium and six months interest rates concessions to customers on existing facilities.
To make this possible for commercial banks, he advised a review of the Cash Reserve Ratio from the current level of 27 per cent to 20 per cent.
This, he explained, would give room for the banks to offer these interest rate concession and a moratorium on loans to investors.
For the aviation sector, LCCI sought support aimed at augmenting insurance premiums, which are dollar-denominated as cover were mostly underwritten abroad due to lack of local capacity.
It also appealed for support to pay for operational cost including international lease rental on grounded aircraft, aircraft maintenance due for C- Check and other routine maintenance that takes place, irrespective of lockdown.
The statement called for waiver of taxes and other regulatory levies/fees, one-year waivers on import duty for spare parts, commercial banks moratorium during the period of lockdown and six months thereafter.
“There should be support on refund on ticket purchases during period of lockdown, general stabilisation funds to guarantee uninterrupted operation of the airlines.
“There should also be the suspension of all Passenger Service Charge (PSC) and Ticket Sales Charge (TSC), Navigation Charges for 180 days as well as landing and parking charges,’’ Yusuf said.

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Business

Association Woos Govt, Coys On  Boat Operators  Employments

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1 week ago

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June 12, 2026

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The leadership of Bonny Maritime Boat Association has called on Rivers state Government and oil companies operating in the state to provide sustainable employment to unemployed boat Operators.
The Association also want the government, companies and other relevant employers of labour to provide trainings for boat Operators to enhance their skills
Safety Officer of the Association, Comrade Kingdom Kingsley made this known in  a  telephone interview with  The Tide.
He noted that most of the boat Operators and owners plying Bonny route lacks jobs due to the fleets of boats introduced by Bonny Road Transport that had taken over the passengers to the Island
He noted that passengers are no longer patronizing boats owned by the Association, thereby rendering the operators redundant
“Most of our operators can not afford to feed their families due to no jobs, we don’t want to indulge in crime, government should fix our members with  sustainable jobs to take care of their immediate needs”
He called on oil companies operating in the state to engage their skilled boat Operators in their companies to reduce the sufferings faced by the Association.
The Safety Officer called on the state government  to made funds available to unemployed youths in the state to start up business than roam the streets.
He noted that provision of funds to youths would reduce crime rates and reposition their mindsets for a better life
“The  youths of Rivers state are suffering, have no job to feed their families, thereby indulging in criminality daily”
“The youths need empowerment,  jobs,  recreational facilities and better things of life as citizens of this Nation”, Kingsley said.
CHINEDU WOSU
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FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters

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1 week ago

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June 12, 2026

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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this  during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
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NIWA Harps On  Avoidance Of Leaking Boats

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1 week ago

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June 12, 2026

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The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
 NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
 Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said  the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
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