BUSINESS
Reps to Seek Maritime Bank Establishment to Grow Shipping Sector – Dasuki
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From Anthony Nwachukwu, Lagos
To address some of the challenges hampering business growth in the shipping segment of Nigeria’s maritime and blue economy, the House of Representatives has promised to facilitate the establishment of a maritime bank.
Chairman of the House Committee on Shipping Services, Abdulsalam Dasuki, gave the assurance Thursday during the committee’s oversight visit to the Nigerian Shippers’ Council (NSC) in Lagos.
Dasuki, who was responding to the challenges listed by the council, including capital flight, as affecting the shipping and port segment, said the committee would “look into the possibility of championing the maritime bank.
”“The maritime sector – key players and ship owners – will have their own bank. The whole idea is to stop the capital flight we currently have in the maritime sector.
“I believe we are going to have not only the support of the House of Representatives but the entire National Assembly to make sure that this is done.
“Also, we are going to have the ship owners, together with your (NSC) team to see how we can improve the services for the ship owners in Nigeria, and that sitting will be done as soon as possible.”
Stating that the bill to make NSC the true regulator has passed the second reading, Dasuki assured that public hearing on the “all-important bill that we believe will be the catalyst for changing our economy” will hold soon.
According to him, “the challenges have been highlighted; the expectations from this agency and other maritime-related agencies, I believe, can do much better when that law is passed.”
However, the committee asked for further briefing on one of the expected provisions in the bill – the 1% freight stabilisation fund – at the budget defence.
Moreover, “we have taken note of the current issues happening with the Ministry of Finance with regards to your 50% revenue generation, which you highlighted as not a revenue-generating agency.
“I believe you have the relevant support from us to ensure that you get all these funds that are due to your agency.
“After getting the funds, we will expect you in return to deliver more and do what is expected by bringing more money to Nigeria.
“I am happy that you vowed that the Nigerian Shippers Council is going to ensure that Nigeria’s GDP will grow based on your contributions by the end of 2024.
“I will like to encourage you to do more; let us put our words into action so that by the time we are here for another oversight, we should be having good figures coming up based on some of the resolutions that we are going to make.
Earlier, the agency, while listing the many challenges arising from the absence of a legislation empowering it as the Port Economic Regulator, had disclosed in its presentation that it saved N33,116,861,421.99 billion from capital flight.
The NSC Executive Secretary/Chief Executive Officer, Mr. Akuta Pius Ukeyima, stated that the added role of port economic regulator places more work on the agency to regulate the sector.
This is especially with the creation of the Ministry of Marine and Blue Economy with the mindset “to diversify the Nigerian economy from purely crude oil to other sectors beyond crude oil export and import.
“By this mandate, we are required to, more than ever before, facilitate trade and ensure the efficiency of all the ports operating in Nigeria, so that business will thrive and Nigeria will make money.”
Banking on the support of the committee for a speedy passage of the enabling bill, Akuta said: “We now have a committee that is centred purely on shipping services in the House of Representative.
“We believe that our close collaboration and cooperation will see the rapid development of the sector.
“We believe at the Shippers’ Council that at the end of 2024, if we have not contributed to the national GDP by way of our activities, in terms of naira and kobo, we have not achieved any result.
“We are counting on you to give us the massive protection that will push us forward to achieving all of that.
“The bill (to make the NSC the port economic regulator) is needed to push this agency to attain all of the objectives set before us. Without that, it will be very difficult for us to even navigate our ways.”
Justifying the imperative of the passage of the bills, the NSC disclosed that it sanitised the joint boarding of vessels and joint cargo examination by all relevant agencies, taking it from 120 to an average of 230 boxes daily.
It also saved the country N58,422,884 billion as over 95% of vessels that called at the Nigerian ports and terminals from March 2023 to date left without incidents.
More so, it saved N6138,288,645,019 billion in five years through the port service support portal, through which it received complaints against arbitrary charges, container deposit refund, import and export fund, among others.
Likewise, it saved N167,113,819,613,56 billion through tariff negotiations, among others.
BUSINESS
Richway MfB Wins DBN’s Highest Impact on Start-ups Award
By Tony Obiechina, Abuja
Development Bank of Nigeria (DBN) has conferred its 2023 Award for Microfinance Bank with the Highest Impact on Start-Ups on Richway Microfinance Bank in recognition of its unwavering commitment to fostering entrepreneurship in the country.The award also attests to the micro lender’s dedication to empowering small businesses and driving economic growth through innovative financial solutions.
Since its inception, Richway Microfinance Bank has been at the forefront of providing accessible financial services to underserved communities. The bank’s focus on start-ups, particularly in the challenging economic landscape of Nigeria, has set it apart as a leader in the microfinance sector. By offering tailored loan products, savings and investments products with high returns, and business advisory services, Richway has enabled countless entrepreneurs and business owners to turn their ideas into thriving businesses.In 2023, the bank’s impact on start-ups was particularly profound. Through strategic partnerships and an in-depth understanding of the unique challenges faced by new businesses, Richway Microfinance Bank extended its reach, offering critical support to over 500 start-ups.These initiatives not only provided much-needed capital but also helped entrepreneurs and business owners build sustainable business models, manage risks, and scale their operations.Speaking on the award, the Managing Director of Richway MfB, Adenrele Oni, said the “DBN’s award represented a significant milestone for Richway in its sustained efforts to boost Nigeria’s economy and reflected the bank’s role in driving innovation and entrepreneurship, which are key drivers of Nigeria’s economic diversification efforts.”According to him, the award also underscores the importance of microfinance institutions in bridging the financial inclusion gap, particularly for small businesses that often struggle to access traditional banking services.While thanking the DBN’s management on the recognition of the micro lender’s support for MSMEs in 2023, Oni reiterated the bank’s commitment to continuing its mission of empowering entrepreneurs and contributing to Nigeria’s economic development.He assured: “As Richway Microfinance Bank celebrates this achievement; it remains focused on the future, with plans to expand its offerings and reach even more start-ups in the coming years.”BUSINESS
NESG Hosts Pre-NES #30 Webinar on Closing Education Gaps
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By Tony Obiechina, Abuja
The Nigerian Economic Summit Group (NESG) on Tuesday held a pre-summit webinar in preparation for the 30th Nigerian Economic Summit.The webinar, themed “Closing Gaps and Adapting to New Economic Conditions,” brought together key stakeholders to explore strategies for addressing the decline in Nigeria’s education sector and adapting to current economic reforms.
The goal was to develop actionable policies and measures that address both immediate and long-term challenges in the sector. Education is fundamental to a nation’s development, directly impacting its economic and social stability. However, Nigeria’s education sector is currently facing significant challenges, such as unequal access to quality education, a mismatch between the skills taught and those needed in the labor market, and a lack of digital technology integration.Closing these gaps is vital for creating a more inclusive and competitive education system. This pre-summit event aimed to explore how collaborative efforts can promote inclusive development and drive innovation in education, thereby contributing to the broader objectives of NES #30.By focusing on inclusive growth, innovation, and digital transformation, the event set the stage for developing strategies that address both immediate and long-term educational and economic needs. This approach aims to bridge the gap between education and the labor market, equipping students with the necessary skills for meaningful employment in a dynamic economy.In her opening remarks, NESG Board Member Wonu Adetayo highlighted that Nigeria’s literacy rate stands at 62%, with significant disparities between urban and rural areas. The nation’s education sector faces substantial gaps, particularly in eliminating barriers to completing primary education, which is at 35% in rural areas compared to 80% in urban areas.Adetayo underscored the importance of addressing education challenges such as unequal access, the mismatch between the school curriculum and industry needs, and integrating digital technologies into education systems. She noted that over 50% of graduates are underemployed due to the disconnect between education and labor market needs. With over 40% of Nigerians aged 15 to 35, it is crucial to provide access to quality education and skills development to reduce unemployment risks.Adetayo emphasized that digital tools can enhance learning, but the digital divide must be addressed. Only 36% of schools have access to digital learning, and there are still challenges related to inadequate teacher training and infrastructural deficits.”Closing these gaps is essential for building an inclusive and competitive education system, which could boost Nigeria’s GDP by 10%. The event focused on creating a holistic framework to leverage technology and foster inclusive growth, with an emphasis on actionable recommendations” she noted.Head of the Secretariat at NESG’s Triple Helix Roundtable, Prof Bolanle Ogunbamila, shared insights on fostering effective collaboration between industry, academia, and government to address the skills gap and drive innovation.He noted the importance of promoting continuous education and facilitating an exchange of ideas between academia and industry. Professor Ogunbamila also highlighted the need for an immersion program to remove policy and regulatory barriers.Head of Startups at Lagos Innovates, Lagos State Employment Trust Fund (LSETF), Dr. Hakeem Onasanya, discussed the importance of leveraging the start-up ecosystem and funding models. He emphasized that the quality of education affects everyone, and when it fails, society as a whole suffers.Onasanya pointed out that startups play a crucial role in attracting the right talent and that the curriculum should align with workforce needs. He suggested establishing tech hubs in tertiary institutions and reducing internet costs for students. Additionally, he recommended incentivizing students through alumni associations to encourage them to give back to their schools.Founder of The Education Partnership (TEP), Dr. Modupe Adefeso Olateju, presented evidence-based policy recommendations for closing the skills gap. She noted that about 18.3 million children are out of school from the primary to senior secondary levels.A study by the TEP Centre in 2018 found that 55% of children in JSS3 can only read at the level of a child in Primary 2. Dr. Olateju reiterated the mismatch between the curriculum and labor market needs and the necessity to invest in programs that enhance skill competencies in schools, foster critical thinking, and utilize tools to scale up learning.She also highlighted the lack of sufficient capacity to absorb skilled and competent individuals within the country and stressed that skill development must be adequately funded.Chief Executive Officer of Isa School of Education, Dr. Joy Isa, discussed best practices in delivering inclusive and quality education. She emphasized the critical role of teachers in education quality, noting that teachers account for a 30% variance in student learning outcomes. Dr. Isa highlighted the shortage of qualified educators in Nigerian communities and the need to address this issue to improve education quality.Overall, the pre-summit webinar emphasized the need for a holistic and collaborative approach to addressing the challenges in Nigeria’s education sector. By bridging gaps and adapting to new economic conditions, Nigeria can ensure sustainable economic growth and social stability.
Economy
Stock Market Sustains Bullish Momentum, Gains N270bn
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Investors’ sustained interest in MTN Nigeria, Zenith Bank, and FBN Holdings, among other key stocks, drove the Nigerian Exchange Ltd. (NGX) market capitalisation to a gain of N270 billion or 0.48 per cent.
Specifically, the market capitalisation, which opened at N55.708 trillion, closed at N55.
978 trillion.The All-Share Index also advanced by 0.
48 per cent, or 476 points, to settle at 98,592. 12, compared to 98,116.27 recorded on Thursday.As a result, the Year-To-Date (YTD) return rose to 31.87 per cent.
Market breadth closed positive with 38 gainers and 18 losers.
On the gainers table, ABC Transport, Eterna Plc, Julius Berger, and United Capital led by 10 per cent each to close at 77k, N19.
80, N110 and N15.95 per share respectively.Mecure followed closely with 9.94 per cent to close at N8.52 per share.
On the other hand, Union Dicon Salt led the losers’ table by 9.88 per cent to close at N7.30, UPL trailed by 8.97 per cent to close at N2.18 per share.
Custodian dropped 8.59 per cent to close at N11.70, Omatek lost 7.14 per cent to close at 65k and Axa Mansard declined by 6.85 per cent to close at N5.03 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 46 per cent.
A total of 477.44 million shares valued at N8.17 billion were exchanged in 9,529 deals, against 791.78 million shares valued at N15.13 billion exchanged in 9,059 deals posted in the previous session.
Veritas Kapital led the activity table in volume with 103.24 million shares valued at N125.59 million, while Oando led the table in value with 52.39 million shares worth N2.13 billion. (NAN)