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FG Tasks CIOTA on Effective Transport Policy

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From Dooyum Naadzenga, Lagos

The Vice President, Professor Yemi Osinbajo, has said the Federal
Government is looking up to the Chartered Institute of Transport
Administration of Nigeria (CIOTA) for an effective and a workable
transport policy for the country.
The Vice President said as a professional body the country is relying
on it for direction in transport policy planning and administration.


Osinbajo stated this in Abuja at the opening of the Third National
Transport Summit organised by CIOTA, with the theme, “Regulating The
Transport Sector In Nigeria: The State of the Art and The Years
Ahead.

The Vice President, who was represented by Minister of Transportation,
Rt.
Hon. Chibuike Amaechi, said the Federal Government would adopt the
recommendations of the conference as a critical document for future
planning.
Earlier in his address, National President of CIOTA, Dr. Bashir Jamoh,
advocated the inventorying of the country’s transport assets to aid
economic planning.
The Vice President said given the quality of professionals in CIOTA,
the Federal Government trusted the institute as a worthy partner in
its economic recovery drive.
“You have a role to produce transport professionals who will drive the
economy from the point of view of transport and logistics,” Osinbajo
stated while declaring open the three-day summit.
“Therefore, government would look up to your Institute for guidance in
policy formulation and implementation,” he added.
The Vice President told CIOTA, “Your role in the transportation sector
of the economy is enormous. It is a lead role. As the Institute
carries out its statutory mandate of training and certifying transport
professionals, as you exercise your statutory powers to regulate and
control the practice of professional transport management and
administration, your training curriculum and the quality of your
graduates are very significant, as the global supply chain goes
digital and the world of transport and transportation management
thrives on ever-evolving technology and innovations.
“The impressive attendance at this summit and the quality of attendees
show that your Institute is well prepared for this role.”
Osinbajo further stated, “From the stellar quality of speakers at this
summit, government would expectantly look forward to a rich outcome of
the summit with strong recommendations for regulating the transport
sector from the point of view of pricing of services, technical
quality and safety of transport equipment in a secure environment.”
Jamoh, in his address, stated that the theme of this year’s summit was
a renewed call for the country to take stock of its transportation
assets to facilitate development planning.
The CIOTA president, who is also Director General of the Nigerian
Maritime Administration and Safety Agency (NIMASA), said, “This theme
is a call to a renewed scrutiny, supervision and stocktaking within
the transportation sector.
“Critical regulatory obligations such as transportation safety,
quality control, documentation and licensing, information sharing and
data mining, professional education and public enlightenment;
enforcement of the rules and standardisation of procedures for
seamless collaboration amongst statutory institutions with mandates
are imperatives for the making of a sustainable and economically
viable transport sector in Nigeria.”
He added, “It is also time to take stock nationally of all the
transportation assets of Nigeria. CIOTA pledges to play a supportive
role in this regard. We are officially assuring the government at
federal and state levels that the institute’s professional base is
ready and at your disposal.
“We believe that proper inventory of our national transportation
assets will address the following important concerns: what is our
exact national requirement in terms of transportation assets in order
to avoid duplication, underproduction or under-investment? We must
first ascertain what we need to enable us fill in the gaps.”
The conference, which continues tomorrow, was well attended by experts
and stakeholders in the transport sector, including heads of state and
federal government agencies and parastatals, private sector operators,
and academics.

Economy

Value Addition is new Standard in Mining Operations – Alake

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The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.

Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.

The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.

He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.

According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.

(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.

He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.

“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.

He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.

The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.

He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.

“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.

“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.

“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.

The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)

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BUSINESS

NASS Seeks Collaboration with WTO on Improving Digital, Marine Economies

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By Eze Okechukwu, Abuja

The Nigerian delegation at the on-going 148th Assembly of the Inter-Parliamentary Union (IPU) in Geneva, Switzerland has sought the collaboration of the World Trade Organisation (WTO) in the area of Digital and Marine economies.

Addressing the WTO media shortly after a courtesy visit to the Director General of the WTO, Dr Ngozi Okonjo Iweala in her office in Geneva on Monday, the leader of the Nigeria delegation, Senator Godswill Akpabio said the delegation were at the WTO to look for areas of collaboration with the organisation in the various sectors of the economy for the overall benefit of Nigerians.

According to him, “We used our attendance at the IPU to pay courtesy visit to one of Nigeria’s very costly export to the world, Dr Ngozi Okonjo Iweala; the Director General of the WTO.

We came to thank her for the job she is doing for the world and thank her staff for supporting and standing by her to succeed. We, in Nigeria are very proud of her.”

“We had discussions on the various developmental programmes of the WTO and we noticed that there were spaces where Nigerians can become major players. We discussed issues affecting trade back home in Nigeria and ways in which the National Assembly can assist in removing barriers, through legislation for the benefit of our people.

 “We also talked about issue of regulations concerning Digital economic contents, illegal finishing along the coastal states of Cross River, Rivers, Akwa Ibom and Bayelsa states. How Nigerian women could benefit from the recent program funded by the organization was also discussed. The establishment of a Digital trade portal, where-in, all trade information could be accessed by our people top our discussion with the WTO. “

Akpabio noted, “The deliberations were fruitful and we are confident that with our support in all of these, Nigerians would be the better for it.”

In his brief remarks, the Deputy Speaker of the House of Representatives, Benjamin Kalu said, ” our best export to the world took her time to bring us up to speed on the various innovations and initiatives of the WTO and what Africa and Nigeria stand to benefit from. We are going back more refreshed because we have seen a space here for Africa to thrive in business and in trade.”

Speaking in the same vein, the WTO chief described the visit of the Senate president and the Deputy Speaker, to her office as “a huge honour. We were able to talk on those things we are doing at the WTO that would help make a material difference for Nigerians.

“We spoke of recent program that we launched in some development program from the standards and trade facilities to help in improving sanitary and vital sanitary standards for some of the crops in Nigeria, so that it helps in diversifying the economy to even fisheries and illegal mining of the waters of Nigeria.”

According to her, “A lot of things on the table have already been discussed. I am honoured by this visit and I am home-sick.”

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Economy

Life Insurance Records 95% Net Claims in Q4 2023-NAICOM

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The National Insurance Commission (NAICOM) says Life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.

A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.

NAICOM said the insurance market average stood at about 71.

4 per cent of the N536.
5 billion gross claims reported at the close of the fourth quarter.

The Commission said the market also recorded retention of about 87.7 per cent for the life business, 54 per cent for non-life while the aggregate market average retention stood at 66.

7 per cent for the period.

It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.

According to NAICOM, the insurance market recorded a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.

”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances contributing 27.3 per cent and 24.1 per cent respectively.

”In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continues to decline.

”The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.

”Statistics also shows that the market recorded total assets of about N2.67trillion and capitalisation of N851billion in 2023,” NAICOM said. (NAN)

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