Business
AfCFTA: Provide One-Stop Shop For Export, LCCI Tells FG
Lagos Chamber of Commerce And Industry (LCCI) has told the Federal Government to provide a one-stop shop to drive export and maximise the benefits of the African Continental Free Trade Area (AfCFTA).
Lagos Chamber of Commerce And Industry (LCCI) has told the Federal Government to provide a one-stop shop to drive export and maximise the benefits of the African Continental Free Trade Area (AfCFTA).
LCCI president, Dr Michael Olawale-Cole, stated this at the LCCI Export Group Symposium with the theme: “AfCFTA: Nigeria’s Preparedness And The Role of Logistics In Its Successful Implementation” in Lagos.
He said AfCFTA presented opportunities to various sectors, especially Small And Medium Scale Enterprises (SMEs), and that it was paramount for the nation to revolutionise its logistics sector as trade enabler.
The LCCI president advised that the government should go further to ensure quality profiling of the export-ready goods, packaging and ease port logistics.
“Several exporters or potential exporters are not able to pull through the procedures of exporting from Nigeria, as such, we need a one-stop shop mechanism to drive export logistics and documentation.
“The regulatory agencies must strengthen the means of communication to close the information gap between the agencies by incorporating communication plan and strategy, mechanism for feedback and continuous interaction.
“We need to promote digitisation and automation of processes and procedures to reduce the level of manual and paper works. Technology should be embedded across the entire export activity chains.
“There is need to improve the export of other products beyond agricultural products. We should look at textiles, solid minerals, creative arts, among others,” he said.
According to him, government must also continue to focus on empowering the non-oil sector to be more productive and competitive through special interventions in areas of financing and provision of infrastructure.
Olawale-Cole noted that the government could explore the Public-Private-Partnership (PPP) model for the provision of needed infrastructure.
He stated that the importance of export to the business community and to the Nigerian economy could not be overemphasised, hence the goal of LCCI was to promote trade and boost exports to open new vistas of opportunities for Nigerian businesses.
The LCCI president commended the Nigeria Export Promotion Council (NEPC) 2022 First Half Year Progress Report, which indicated an improvement in non-oil exports with a total value of 2.60 billion dollars, up by 62.37 per cent from the 1.60 billion dollars and 981.44 million dollars recorded in the first halves of 2021 and 2020.
Olawale-Cole urged that this rebound should be sustained through more incentives to exporters and targeted financing for export infrastructure, and that the Export4Survival campaign introduced by the NEPC should also be sustained.
Nigerian Economy In Deeper Trouble – Atiku Alleges
Mrs Bosun Solarin, Chairperson, LCCI, Export Group, appreciated the LCCI Council, Secretariat and members of the group for organising the event at a time when the country was in dire need of Foreign Exchange and the world waiting to see AfCFTA take off.
Solarin said AfCFTA from its effective take-off had the potential of elevating 30 million people from 55 countries with 3.4 trillion dollars aggregate Gross Domestic Products (GDP).
She explained that actualisation of AfCFTA benefits remained elusive and unachievable without effective distribution channel in which logistics played a bridging role.
According to her, the tenacity of the LCCI group in exploring the opportunities of AfCFTA prompted the discourse around the symposium.
Solarin noted that transportation was critical to trade and development.
“There is little information about what it actually costs to transport specific goods and commodities around the world, especially in Africa because of connectivity issues.
“This is a significant challenge/intervention that stakeholders must begin to craft policies that will make the country’s export competitive.
“Speakers and panelists must give suggestions towards reduction of the average cost or moving goods across Africa,” she said
Federal Government is to benefit from a $500 million loan facility from the World Bank for the Human Capital Opportunities for Prosperity and Equity (HOPE) project in the country.
Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, made this known during a courtesy visit on him by the International Monetary Fund (IMF) Mission Chief for Nigeria, Mr. Axel Schimmelpfennig
The loan facility, according to the minister, will increase the availability and effectiveness for financing for basic education and primary health care in the various states of the federation.
The fund, he said, will enhance transparency and accountability for basic education and primary health care in addition to improving recruitments, deployments and better performance management of teachers.
While appreciating the support of the World Bank, Bagudu elucidated that the Nigerian Constitution is the legal framework that provides the rules and procedures that guides the budget process in addition to empowering the federal and state governments to make expenditures in the preceding year for the purpose of meeting expenditure necessary to carry on the services of the government.
“This expenditure can continue for a period not exceeding six months or until the coming into operation of the law as can be seen on Chapter 5, Part 2 Section 122 of the Nigerian Constitution” he said
Bagudu explained further that the reforms embarked on by the Bola Ahmed Tinubu’s administration were aimed at developing and implementing economic and tax reforms that will guarantee more functional Public Financial Management (PFM) systems in the country.
“The economic reforms are necessary decisions to put the Nigerian economy on the right track”he explained
He assured the IMF Team that though Nigeria is experiencing a number of challenges such as hardship of citizens as a result of removal of fuel subsidy, floating of foreign exchange, electricity reforms that distributed citizens into bands, Nigeria is on course to economic recovery.
In a statement, the minister appreciated the willingness of the IMF to support Nigeria but however called for more support in the area of resource mobilisation from multinational partners in order for government to provide developments in all sectors of the economy.
Earlier, the International Monetary Fund (IMF) Mission Chief for Nigeria, Mr. Axel Schimmelpfennig said he was in the country to have interactions with the minister on the workings of the Nigerian budgeting process with particular emphasis on the simultaneous implementation of the 2023/2024 budgets and supplementary budgets in the same year in preparation for the publication of the 2025 annual report of the World Bank.
Schimmelpfennig welcomed the tax reforms of the federal government as increased revenue generation will ensure more developments for Nigerian citizens and thus promised the country of more IMF support for Nigeria’s developmental needs.
Permanent Secretary, Ministry of Budget and Economic Planning, Dr. Vitalis Emeka Obi, briefed the team on the ministry’s role in co-ordinating Nigeria’s development planning and budgeting processes. The Permanent Secretary emphasised that 2025 promises to be a year of more rapid investments.
DailySun
The Nigerian government said that it has invested over $450 million in the development of the country’s compressed natural gas value chain.
According to NAN, the Project Director of the Presidential Compressed Natural Gas Initiative, PCNGi, Michael Oluwagbemi, disclosed this on Monday at the 9th Edition of the Nigeria Energy Forum, NEF 2024, in Lagos.
Oluwagbemi, who was represented by Tosin Coker, the Head of Commercial at PCNGi, emphasised that the investment spans critical areas of the CNG infrastructure, including the establishment of mother stations, daughter stations, refuelling stations, and conversion centres across the country.
“The Presidential Compressed Natural Gas Initiative (PCNGi) on Monday said that it had invested more than 450 million U.S. dollars in the Compressed Natural Gas (CNG) value chain.
The Nigerian National Petroleum Company Limited, NNPCL, says the new Port Harcourt refinery is over 90 per cent completed.
The Group Chief Executive Officer of the NNPCL, Mele Kyari, stated this on Monday when labour leaders from the Nigeria Labour Congress, NLC, and the Trade Union Congress, TUC, visited the facility in Rivers State.
Gatekeeper recalls that After a long delay involving at least seven missed deadlines, NNPC finally activated the 60,000 barrels per day (bpd) phase one of the Port Harcourt oil refinery.
The rehabilitation process for the total 210,000 bpd refinery began in 2021 after the federal government secured a $1.5 billion contract to fix the facility, which had been left decrepit for years.
NNPC had initially failed to make public the litres of petrol, diesel, jet fuel, and naphtha the refinery will roll out, in negation of global best practices.
However, citing public criticism, the national oil company later said it was refining 1.4 million litres of petrol per day, an extremely low figure by all estimations.
Watch the video below:
https://twitter.com/i/status/1866126343626502510
Electricity: Nigeria set to add 150 megawatts by year-end – Adelabu
Sanwo-Olu reaffirms commitment to empowerment, poverty alleviation
FG to benefit from World Bank’s $500m loan
-
Politics1 week ago
Those indicted for attacks on Rivers LG secretariats won’t go free – Fubara vows
-
Sports1 week agoEPL: Why Man Utd lost 2-0 to Arsenal – Amorim
-
News1 week agoAlleged fraud: Pastor Tobi Adegboyega won’t be deported to Nigeria, not indicted – UK lawyer
-
Entertainment7 days agoAsake ranked most streamed Nigerian artiste on Spotify
-
News1 week agoEFCC announces biggest asset recovery as govt official forfeits estate with 753 duplexes
-
Opinions1 week ago10 ways the Tax Bills will make states richer
-
News1 day agoUS issues new visa directive for immigrant visa applicants
-
Business3 days agoWhy Naira is appreciating massively against dollar – CPPE