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.
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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
The Petroleum Products Retail Outlet Owners Association says its members have started loading dual-purpose kerosene, automotive gas oil, and premium motor spirits at the Port Harcourt and Warri refineries.
The spokesperson of PETROAN, Joseph Obele, disclosed this in a statement on Saturday.
This follows a reported shutdown of the Port Harcourt refinery in December 2024 after it was rehabilitated in November. The same situation was said of Warri Refinery after it recommenced operation in December 30, 2024.
However, in an update, Obele revealed that the lifting of petroleum products has commenced in both state-owned refineries.
According to him, the Port Harcourt refinery is already selling petrol, diesel, and kerosene to retailers, while the Warri refinery is supplying only diesel and kerosene.
“PETROAN members are now loading petroleum products, including dual-purpose kerosene, automotive gas oil, and premium motor spirits.”
The restart of petrol sales at both the Port Harcourt and Warri refineries, together with the existing Dangote Refinery, has sparked speculations of retail fuel price reduction.
“The resurgence of these refineries has sparked intense competition, expected to drive down petroleum prices. As Nigerians advocate for lower PMS prices, it is clear that competition is a crucial factor in triggering price reductions.
“The refineries’ revitalisation has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market,“ Obele stressed.
Meanwhile, Nigerians currently buy fuel between N965 and N1,100 per litre nationwide.
Citing favourable developments in the global energy sector and a significant decline in international crude oil prices, Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly called petrol, from N950 to N890 per litre, effective from Saturday.
The company stated that the decision to slash prices is also part of plans to drive economic relief for Nigerians.
Dangote Refinery’s decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.
A statement issued by the Group Chief Branding and Communications Officer, Anthony Chiejina, explained that this latest move follows a similar decision made on 19 January, when a modest price increase was implemented due to rising crude oil costs.
However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.
The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy,” the statement said.
The refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public, while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it added.
Dangote Petroleum Refinery’s decision is expected to play a vital role in stabilising the country’s economy, ensuring that the benefits of lower fuel prices are felt across all sectors.
Business
SA billionaire Johann Rupert maintains Africa’s richest man record, Dangote New position revealed
South African business mogul, Johann Rupert has solidified his position as the continent’s richest man as Aliko Dangote’s net worth dropped further, causing him to fall even further behind South Africa’s billionaire on the list of the richest people in Africa.
According to Forbes, Dangote lost $95 million on Friday, January 24, bringing his net worth down to $10.7 billion.
His rival, Johann Rupert, continued to amass more wealth as he made $76 million on Friday to push his net worth to $13.6 billion.
Rupert is currently the 168th richest man in the world 68 places higher than Dangote, who is ranked 236th richest man in the world, and also the second in Africa.
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