BUSINESS
Apapa Customs Facilitates Export Worth $641m
From Anthony Nwachukwu, Lagos
Export goods totaling about 5,380, 000 metric tons, with Free on Board (FOB) value of $641 million (over N245 billion), were facilitated through the Apapa Port in Lagos in 2021 following the Federal Government’s export incentive schemes and the Nigeria Customs Service (NCS) facilitation and automation of NXP and CCI.
Comptroller Yusuf Malanta Ibrahim of the Apapa Area Command disclosed this in Lagos Thursday, stating that the command’s sustained trade facilitation strategies yielded positive impact on export trade through the Apapa Port, as it records a boom of about 110 per cent increase in tonnage above the 2020 figure in the export of non-oil commodities.
Malanta, who was reviewing the activities of the command in 2021, noted that the figure was in excess of the 1,300,000 metric tons exported in 2020, and its FOB value of $340 million, while the items included steel bars, agricultural and mineral products.
On revenue profile, he said the command collected approximately N870.4 billion, an increase of about 68 per cent compared to the N518.4 billion collected in 2020, adding that same has been remitted to government’s federation and non-federation accounts.
This was “in spite of the enormous challenges faced in the trade supply chain, occasioned by Covid-19 pandemic still ravaging economies around the world; high cost of freight, incessant traffic gridlock, rail construction through the port, as well as ensuring
increase in compliance level from stakeholders.”
Declaring 2022 as “a year of hope and high expectations, particularly with increase in the service revenue target to N4.1 trillion,” he said the command was determined to do more and surpass its revenue target for 2022, by God’s grace.
He added: “We hope that the service will surely leverage the deployment of digital transformation of customs business processes, which will further take care of many control mechanisms through its risk management system.
“This transformation will further harmonise the activities of our stakeholders toward a seamless ease of doing business in the port.
Meanwhile, Malanta explained that in line with extant circulars, trade guidelines and government fiscal policies, the command further strengthened its anti-smuggling operations against economic saboteurs through credible, intelligence-driven operations and partnership with other relevant agencies for effective port management in the period under review.
As a result, it made a total of 103 seizures, including the 46.55kg of cocaine concealed in Mv Karteria and Mv Chayanee Naree, which were laden with raw sugar, all with approximate Duty Paid Value (DPV) of N31.22 billion.
The other seized items included containers of foreign parboiled rice, tomato paste, second-hand clothes, unregistered pharmaceuticals like captagon pills, tramadol and codeine syrup, all of which were condemned by a competent court of law, while the suspects are still undergoing investigation and interrogation.
“For the avoidance of doubt, no matter whose ox is gored, the command is not going to tolerate any form of illicit behaviour in the trade supply chain,” he warned. “We are not only going to expose these recalcitrant traders (importers and their cronies), we will also ensure that they are brought to book with maximum penalty under the laws of the land.”
Malanta further commended the doggedness and tireless commitment of the officers and men of the command for the achievements.
Meanwhile, he said the command has “diligently strengthened our risk assessment capacity through forensic system audit and dispute resolution procedures in accordance with the World Customs Organisation (WCO) standard.
“Trade disputes were amicably resolved in an atmosphere that promoted compliance, with visible results in higher revenue indicating less cost of doing business and seizures.
“The command has also achieved a robust industrial harmony with all government agencies in the Apapa Port, especially our host, the Nigerian Ports Authority (NPA), other sister-agencies (DSS, NAFDAC, NDLEA and SON), as well as shipping lines and terminal operators, whose tremendous contributions have been a source of great success in the past year.”
Economy
Investors Gain N183bn on NGX
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
Economy
Yuan Weakens to 7.1870 Against Dollar
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)Economy
Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)