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FG’s Massive Investment in Railways a Game Changer – NPA MD

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Mr Mohammed Bello-Koko, Acting Managing Director of the Nigerian Ports Authority (NPA), has said that the massive investment that had revitalised the Nigerian Railway Corporation was a “game changer” in the maritime sector.

“I must commend President Muhammadu Buhari for investing so much into reviving Railway transportation.

It is really exciting that he has focused on that key sector of the economy.

“I want to particularly thank him for the recent completion of the rail system into Apapa port.

We believe it is a game changer.

“We have been working with the Nigerian Railway Corporation to see how Cargo can be evacuated. The interest is to see how cargo can get all the way to the inland dry port.

“There are meetings taking place between the West African Container Capital in Onne and APMT; this is to assist those inland containers to ensure that it reduces double charges once the cargo comes in.

“The one in APMT, we are hoping to start moving cargo inland by train. This has started but we are working with Nigerian Railway Corporation to give the right window so that once the train comes, the cargo is loaded into the right train without delay.

“There are discussions going on as well to see that railway system gets into Tin can eventually. That is the responsibility of the Nigerian Railway Corporation. They have taken some trains to a few terminals for test run.

“The fact that the railway is already in the port has made the problem half solved. But they need to do a survey to find out what buildings need to come down to create space for the train. The ports are very old, they were not planned for a train going round all the terminals,” he said.

Bello-Koko expressed optimism that a functional rail system would ease the haulage of items and enhance a lot of other activities.

He also spoke on measures NPA was adopting to encourage the usage of other ports in Nigeria.

“What we did first was to provide pegs for shipping lines for ports at Calabar, Warri and Rivers.

“We gave most to Calabar and Delta. The idea here was to take in their vessels into those locations. That has worked a bit, we also specified the kind of vessels that would come in and get those discounts.

“We had stakeholders’ engagement to encourage importers to take their vessels to those locations. We provided more marine services to those locations.

“But the usage of those ports depends on the importer. You cannot force an importer to take his goods to Calabar or Warri.

“For instance, a lot of the cargo coming in, the usage of the cargo is in Lagos, so there must be enough incentives for the importer to take his cargo to Warri and then bring it back to his factory in Lagos.

Some of the issues revolve around the roads also; one cannot import to Calabar and bringing it back to Lagos becomes difficult. We had to write to the Ministry of Works concerning Ikom bridge to encourage people to use Calabar Port.

“Calabar Port is the nearest to the Northeast of the country. So, if we encourage the use of that port, it means that all imports going to the Northeast pass through Calabar.

“The problem there is that it has the longest channel and passing through the channel is very expensive. We are encouraging the use of those ports and we are giving incentives to the shipping companies to bring in their goods to those ports.”

On alleged corruption in the maritime operations, he said the NPA had always strived toward keeping its books clean.

“The NPA has always ensured that the issue of corruption is addressed strictly.

“We are one of the first agencies to have an open budget system overtime. We have also signed in with the Action Group Against corruption.

“We have a department responsible for addressing issues concerned with corruption. We are more open.

“As acting MD, the best I will do is to ensure openness and ensure strict compliance to rules and regulations and policies of government.

“If we find any of our workers engaged in corruption practices, we have penalties and sanctions spelt out.”

On his vision for the ports industry, Bello-Koko said that he was working toward a renewed NPA with better automation and more marine equipment.

“I look forward to an NPA with newer Port facilities which I believe will be achieved.

“We believe that the new Lekki Deep-sea Port will come on stream by the second quarter of next year. The proponents of Badagry Sea Port are more serious and have seen the urgency to move forward.

“We have a 25-year port master plan which will soon be completed. The essence of it is to make the nation take decisions on the best locations for ports.

“In five years, we are going to have an NPA with better facilities, more Marine equipment providing 24 hours service, a more robust infrastructure and less human interference.

“In the next five years, we will be getting back some of the cargo traffic we have lost to other countries because of inefficiency.

The Lekki deep sea will be able to take bigger vessels, so this idea of mother vessel staying somewhere in Lome will stop because those big vessels can now come and berth in Nigeria.

“Imagine if Badagry comes in, and that is just the first phase of Lekki I’m talking about. By the time they conclude it, we would have bigger vessels coming into the country.

“We are modernising the ports; discussions have begun, so we are left now with the issue of funding and business models and viable options to take.

“What that means is that here in Tincan and Apapa, there would be improved ports in the next five years.

“The minister (of transportation) keeps asking about Lekki deep sea and the kick-off of Badagry deep sea port. He is also pushing for the finalisation of discussions and plans for the construction of all the terminals in Apapa and Tincan.

“He shares our visions and is working closely with us. Our collaboration with the Federal Govermnent will yield a lot. The Maritime industry is getting all the support it needs to soar high,” he said. (NAN).

Economy

NGX Closes Positive, Investors Gain N74bn

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To end the week, the stock market rebounded from previous losses, gaining N74 billion.

Investor interest in MTN Nigeria, FBN Holdings, Guaranty Trust Holding Company (GTCO) and other equities lifted the market.

Notably, the market capitalisation opened at N56.014 trillion, adding N74 billion or 0.

13 per cent to close at N56.088 trillion.

The All-Share Index also advanced by 0.

13 per cent, or 129.44 points, closing at 97,606.63, compared to 97,477.19 recorded on Thursday.

As a result, the Year-To-Date (YTD) return increased by 30.54 per cent.

The market breadth closed positive, with 31 gainers and 19 losers on the floor of the Exchange.

On the gainers’ chart, Consolidated Hallmark Plc and Sterling Nigeria led by 9.

45 per cent each to close at N1.39 and N4.98 per share respectively.

Mecure followed by 9.19 per cent to close at N10.10, Regency Alliance Insurance gained 9.09 per cent to close at 72k, while Fidson Healthcare Plc increased by 8.24 per cent to close at N15.10 per share.

Conversely, Deap Capital Management and Trust led the losers’ chart by 9.93 per cent to close at N1.36, NEM Insurance trailed by 9.71 per cent to close at N7.90 per share.

Daar Communications also lost 9.52 per cent to close at 57k, Tantalizers shed 9.09 per cent to close at 60k, while Dangote Sugar declined by 3.31 per cent to close at N31 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 20.33 per cent.

A total of 304.43 million shares valued at N5.60 billion were exchanged in 6,950 deals, compared with 277.75 million shares valued at N4.65 billon in 7,091 deals traded in the previous session.

Meanwhile, Access Corporation led the activity chart in volume and value with 68.26 million shares valued at N1.34 billon.(NAN)

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Economy

NES Decries Rising Inflation, Unemployment, Poverty, Others

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By David Torough, Abuja

The Nigerian Economic Society (NES) has decried Nigeria’s socioeconomic dilemmas, including; low personal incomes, dysfunctional education, healthcare systems, unemployment, rising inflation, poverty, amidst other critical issues.

This was part of the communique at the end of the association’s 65th annual conference held recently in Abuja with the theme: Socioeconomic Development in Nigeria: Imperatives, Implications, and Impacts.

It emphasised that the factors greatly contribute to insecurity, food scarcity, energy poverty, widening social inequality as macroeconomic instability and called on relevant stakeholders to urgently address the challenges.

President Bola Tinubu who was represented by the Vice President, Kashim Shettima through
Dr. Tope Fasua, underscored the
pivotal role of economists in shaping national development.

Tinubu reiterated the importance of their role to make the citizens feel integral and empowered, knowing that their contributions were crucial to the country’s development.

He urged them to approach the economy optimistically, stressing that their work was crucial, and that improvement was
always possible.

In his remarks, Minister of Budget and National Planning, Atiku Bagudu underscored the importance of socioeconomic resilience amidst global economic challenges.

He acknowledged the relevance of the conference theme, stating its timeliness in addressing Nigeria’s development needs.

On his part, Minister of Finance and Coordinating Minister of the Economy, Olawale Edun who delivered the keynote address on “Leveraging Economic Reforms to Leapfrog Nigeria’s Socioeconomic Development,” underscored the potential benefits of these reforms and stressed the need to better utilise Nigeria’s human and natural resources to spur socio-economic development.

He predicted that while structural reforms might cause short-term economic shocks, they would stabilise the economy in the long run, bringing hope for a brighter future.

In his presentation, the NES President, Professor Adeola Adenikinju who presented “Nigeria’s Socioeconomic Challenges: Lessons from the Structural Adjustment Programmes,” recommended:
Instituting an economic governance structure for the country, designating
some Ministries as economic ministries that qualified economists and allied professionals
must staff, adopting macroeconomic models to analyse the impacts of policies and assess
alternative scenarios.

Adenikinju also recommended; implementing export-led growth strategies by promoting value-
added exports and incentives for export-oriented industries and infrastructure, prioritising agro-allied industries to boost socioeconomic outcomes, implementing targeted subsidies or social safety nets to cushion vulnerable populations against the immediate impacts of reforms, amongst others.

The 65th NES Conference provided significant insights into Nigeria’s socioeconomic
development challenges and proposed actionable recommendations.

Participants emphasised the need for visionary leadership, policy synergy, and a commitment to long-term economic transformation to ensure sustainable development for Nigeria.

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Economy

Infrastructure Devt.: ICRC to Issue Approval Certificates Within 7 Days – DG

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By Tony Obiechina, Abuja

The Infrastructure Concession Regulatory Commission (ICRC) says it will henceforth issue Outline Business Case (OBC) Certificate of Compliance and the Full Business Case (FBC) Certificate of Compliance within seven days.This follows the charge by President Bola Ahmed Tinubu to the Director General of the Commission, Dr Jobson Oseodion Ewalefoh “to accelerate investment in National Infrastructure through innovative mobilization of private-sector funding”.

President Tinubu also charged him to work assiduously to boost infrastructure development in Nigeria as part of the renewed hope agenda of the current administration.In view of the above, Dr Ewalefoh-led management team of the ICRC has streamlined the approval processes of the commission to issue its certificates of compliance within seven days.
This will accelerate the turnaround time for approvals by the Commission.“In line with the charge of His Excellency, President Bola Ahmed Tinubu, GCFR, and following his Renewed Hope Agenda, we have streamlined and updated our approval processes to issue either of the Outline Business Case Certificate of Compliance (OBC) and the Full Business Case Certificate of Compliance (FBC) to Ministries, Departments and Agencies (MDAs) that meet the requirements within seven days.“This is part of efforts by the current administration to accelerate infrastructure development, bridge the infrastructure gaps and stimulate the economy through investment of private sector funds in Public Private Partnership endeavours.“By streamlining our processes, the Commission is in no way foregoing any of its stringent approval steps or key requirements, therefore, only business cases that are viable, bankable, offer value for money and meet all other requirements will be approved.“The ICRC cannot do it alone, therefore I implore all chief executives of MDAs to match our momentum and align with this charge of Mr. President to accelerate Infrastructure development and ensure that PPP projects are not stalled at any point but delivered within record time.“The Commission is ready to partner and collaborate with all MDAs to actualize this,” he said.In a statement by Ifeanyi NwokoActing Head, Media and Publicity on Monday the ICRC DG in August rolled out a six-point policy direction which among others, focused on accelerating PPP processes, boosting inter-agency collaboration and ensuring innovative financing.The ICRC was established to regulate Public Private Partnership (PPP) endeavours of the Federal government aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.

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