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Non-Oil Sector Generates N179.5bn – CBN

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The Central Bank of Nigeria (CBN) says that non-oil sector of the federation generated a total of N179.5 billion in the first quarter of 2013.

According to the Economic report of the bank, the sum was largely driven by the receipts from the industrial sector.

The report noted that the $1.136bn, which represented an increase of 15.1 and 9.3 per cent over the preceding and corresponding quarter in 2012, respectively, was driven largely by receipts from the industrial sector and manufactured goods.

The report stated, “Total non-oil export earnings by Nigerian exporters stood at $1.136bn at the end of the review period. This indicated an increase of 15.1 and 9.3 per cent above the levels in the preceding quarter and the corresponding quarter of 2012, respectively.

“The development was attributed, largely, to the 66.9 and 70.3 per cent rise in receipts from the industrial sector and manufactured products, respectively.”

It added, “A breakdown of the proceeds in the review quarter showed that industrial, manufactured, agricultural, minerals and food products earned $634.2m, $322.6m, $89.9mn, $67.9m and $21.7m, respectively.

“The shares of industrial, manufactured, agricultural and food products as well as mineral and transport in non-oil export proceeds were 55.8, 28.4, 7.9, 6.0 and 1.9 per cent, respectively.”

Commenting on the CBN report on Monday, the National President, Nigerian Association of Small Scale Industrialists (NASSI), Chief Chuku Wachuku, said it underscored the importance of the manufacturing sector as the pivot for the transformation of the country’s economy.

He said, “The CBN’s report, which said that receipts from manufactured goods were responsible for the  significant increase recorded by the non-oil sector in the first quarter of 2013 is a very good development for not only the manufacturing sector in particular, but also for the economy in general.

“The report underscores the importance of manufacturing as the major driver of job creation and wealth generation globally.”

The Ministry of Industry, Trade and Investment recently kicked off the implementation of the Nigerian Industrial Revolution Plan, based on areas where the country currently has comparative and competitive advantage.

This, according to the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, is part of efforts aimed at diversifying the nation’s economy by increasing non-oil earnings and contributions to the country’s Gross Domestic Product.

He said, “Nigeria has huge human and natural resources that are yet to be fully translated into wealth for our citizens. For decades, we have relied heavily on the oil and gas sector, which obviously has generated a lot of revenue for the federal and state governments, but is less inclusive.

“The good news is that today, we have started reversing that process by focusing more on diversifying the earnings base and deliberately positioning our industries as key drivers of growth. We have started seeing some results.”

Aganga added that the Federal Government was committed to partnering the state, local governments and the Organised Private Sector on the provision of a sustainable enabling environment to fast-track the growth and development of the nation’s manufacturing sector in line with the goals of the NIRP.

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Western Marine Command Intensifies Anti-Smuggling Operations … Intercepts N8.75m Worth PMS

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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

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Illegal PMS Trading Booms In Lagos

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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

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Customs Board Appoints Five DCGs, Eight ACGs

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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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