BUSINESS
Apapa Gridlock: NPA Chief, Stakeholders Seek Solution
By Tony Obiechina, Abuja
Stakeholders in the Nigeria port system on Monday brainstormed on the
incessant Apapa gridlock with a resolution that the Nigerian port
authority should be supported in its drive to make the e-call up
system at the port works.
The occasion was the webinar on the Apapa e-call up system which was
addressed by the acting Managing Director of Nigeria Ports Authority
(NPA), Mohammed Bello-Koko, the President of Abuja Chambers of
Commerce and Industry (ACCI), Dr Al-Mujtaba Abubakar, the Executive
Director of African International Trade and Commerce Research, Mr.
Sand Kalu Mba, Port operators, importers and exporters.
The well attended webinar which had major presentations on the e-call
up system by Mr. Bello and a presentation on the assessment study on
the e-call up system by Mr. Mba, witnessed commendations for efforts
of the new NPA management to rejig the implementation of the e-call up
system.
The NPA acting MD in his presentation at the Webinar titled; “Apapa
Gridlock: Accelerating Implementation of E-call Up Policy” organized
by Abuja Chamber of Commerce and Industry (ACCI) said the traffic
Management along the access roads to the Ports in Lagos has been a
major challenge to the Nigerian Ports Authority.
He said the inadequate physical infrastructure (truck parks) has been
identified as a major constraint in the implementation of the e-call
up system and to nip this challenge in the bud, the NPA has mandated
all shipping companies involved in container operations to establish
empty container holding bays.
“The e-call up system is hinged on three components namely; Physical
Infrastructure, Information Technology and Stakeholders collaboration.
There are also hinderances to accelerating the implementation such as;
the e-call up system like any other novel project has its teething
problems and the problems faced daily by truckers requires the
intervention of Lagos State Government, Messrs. Truck Transit Park
Limited and Nigerian Ports Authority” he stated.
Earlier, the President ACCI, Dr. Abubakar in his opening remark said,
the Apapa Port is an integral part of, and a strategic gateway to
Nigerian economy but unfortunately, it has been bedevilled with
continued occurrence of gridlock.
“As a Chamber, we suggest and encourage a sustained and expanded
collaboration between the Port Authority and the Lagos state
government to dismantle the forces behind the incessant gridlock at
the Apapa port. There is need for the government to introduce
sanctions in the enforcement process. Multiple agencies operating at
the port also needs to harmonize their operations to reduce the
current hardship in the clearance of goods at ports”, he said.
According to a statement by ACCI Media/Strategy Officer, Olayemi John-
Mensah on in Abuja on Monday, the gridlock for the past six or so many
years have disrupted so many businesses and worsen Nigeria’s rating on
Ease of Doing Business (EDB) adding that ACCI had in early 2018 hosted
a roundtable on the traffic situation at the Lagos port.
“The well attended event came up with several solutions among which
were proposals for an e-call up system to manage trucking system at
Apapa. We were glad that the management of NPA eventually introduced
the digital system among other new ideas to ease traffic flow at the
port. However, the implementation of the e-call up system has not gone
as smoothly as envisaged.
“Consequently, ACCI launched a survey study on experiences of users
and stakeholders with the e-call up system. A synopsis of the report
will be presented to the NPA management at this webinar, while the
full report of the study will be presented to the NPA managing
Director in Lagos at a later date”, the statement added.
Dr. Abubakar who commended the efforts of the Federal Government to
extend rail connections to the port as a major step toward achieving
inter-modality within the national transport network also said, it
will improve the movement of containerized goods while noting that the
current efforts to complete the Lekki Deep Sea Port under a public
private partnership.
The Director General ACCI, Victoria Akai who appreciated every
participant at the webinar also lauded the Ag. MD, NPA for his
willingness to collaborate with the organised private sector through
advocacy avenues like this to discuss on moving port operations
forward even in these critical times.
“Indeed, government and the private sector are partners in progress.
Thank you for making exports a priority, this is indeed important for
the diversification efforts to improve our GDP and further create
wealth for our people by taking advantage of international trade
opportunities. The ultimate desire is to have a more functional and
efficient ports operations” she said.
She appreciated the Chamber’s President Dr. Al-Mujtaba Abubakar for
the relentless efforts in advocating for favourable policies and
initiatives for the general benefits of the private sector in Nigeria.
The DG also appreciated Mr. Sand for connecting the consequences of
operations at the ports to the real time effects on lives and families
adding that this is a fundamental point, as we carry out our daily
activities and make policies.
“This has been an engaging programme and we assure you that the report
of this webinar and the survey will be made available for all and we
will formally submit the report to the leadership of Nigeria’s Ports
Authority”, she noted.
Nigerian Stockbrokers have proposed strategies by which the Federal Government can deepen the capital market to achieve its proposed one trillion dollar economy.
They made the proposal in a communique signed by Mr Oluropo Dada, President/Chairman of Council of Chartered Institute of Stockbrokers (CIS), and the Registrar/Chief Executive of CIS, Dr Josiah Akerewusi.
The communique was from the 28th Annual Conference of CIS held in Ibadan with the theme: “Capital Market as Catalyst for The One Trillion Dollar Economy’’.
Dada said that, if adhered to, the proposed strategies would help the government to achieve its goal without increasing borrowing.
He urged the Federal Government to list Nigerian National Petroleum Company Ltd.
and moribund state enterprises on the secondary markets.According to him, this is to deepen the markets, enhance the companies’ ability to make profit and generate revenue for the government through tax.
The CIS president also said that there was the need to rebase Nigeria’s Gross Domestic Product (GDP) to reclaim the country’s status as Africa’s largest economy to create opportunities to achieve the one trillion dollar target.
Dada urged policies that would incentivise indigenous and privatised companies as well as Small and Meduim Enterprises (SMEs) to list on the Nigerian capital market.
He said that the informal economy constituted a significant portion of Nigeria’s GDP but remained largely untapped by the capital market.
“Government should conclude the ongoing review of Investment and Securities Act while capital market regulators should review relevant rules and laws in line with global best practices,’’ he said.
According to him, this will boost investor confidence, create a favourable business environment for listed companies and remove restrictions hindering liquidity access for stockbrokers.
“The Nigerian capital market should be integrated into Fintech solutions, blockchain technology and other digital innovations to enhance accessibility, efficiency, transparency and attraction of Millennials, Gen Z, Gen Alpha, among others.
“Market operators should also develop products that attract investment appetite of the technology-savvy youths,” he said.
According to him, the government should address foreign exchange challenges and other inhibitions to participation of foreign investors in Nigeria.
“This will also enhance Foreign Direct Investment.’’
Dada said there was a huge knowledge gap among investors, urging that financial literacy programmes should be pursued with renewed vigour.
He said that financial literacy should cut across all segments of investors and would require collaboration of market regulators with all stakeholders.
He said: “The Nigerian capital market should reflect the key sectors such as agriculture, oil and gas to better align with GDP composition and provide opportunities for capital formation and mobilisation.
“Government at all tiers in Nigeria should leverage more on the capital market to raise long-term funds for infrastructure development,’’ he said.
Dada said that this should be done by issuing project-tied bonds with irrevocable standing payment order which would remove the risk of default.
“In order to relieve itself of perennial debt overhang, Nigeria should opt for debt restructuring and extension of maturity period to enable it to manage its resources for the overall development of the economy.
“On the monetary side, the Central Bank of Nigeria should intensify tight monetary policy to control inflation.
“Government should exploit opportunities in the commodities ecosystem to grow the GDP. Commodities Ecosystem remains a niche market in Nigeria.
“Government should implement the policies enunciated to strengthen commodity trading and commodity exchanges to enhance export trades, generate forex, boost external reserve and strengthen the Naira.’’
According to him, government should also implement structural reforms, including deregulation, debt management and public awareness campaigns by collaborating with the market stakeholders to unlock Nigeria’s economic potential.
Dada said that the government should put in place policies to attract private equity, venture capitalists and angel investors, adding that at all tiers of the government should leverage tariff policies to support local industries.
This, he said, would pave way for participation of private equity, venture capitalists and angel investors to support the growth of SMEs. (NAN)
Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.
Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.
Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.
He said that the ministry was already collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.
“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.
Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.
“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.
“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.
He further said that the Federal Government was working on developing a national policy on marine and blue economy.
“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.
In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.
Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.
“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.
Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.
Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.
“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.
“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.
The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.
Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (NAN)
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)
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