Business News
TTP to Deploy Truck Call-Up System on Mile 2-Tin Can Road December
From Anthony Nwachukwu, Lagos
On the strength of the palliative works at the Mile 2-Tin Can segment
of the Apapa-Oshodi Expressway to ease congestion until the major
construction work is completed, managers of the electronic truck
call-up system have disclosed plans to deploy the technology on that
axis before the end of 2021.
This comes as the Trucks Transit Park (TTP), which manages the
electronic call-up system called eto, noted that the Nigerian Ports
Authority (NPA) has already approached the Federal and Lagos State
governments to get the contractor to provide palliatives to reduce the
chaos on the route.
The TTP Chief Operations Officer, Mr. Temidayo Adeboye, who listed
the company’s successes since their initial deployment in Apapa in
February 2021 to include reduction in cargo haulage cost and saner
wharf road, explained that “the same technology applied at Apapa Port
has been applied at Tin Can Port.”
However, “the major challenge at the Tin Can Port is the amount of
road construction going on around the area. The construction company
did not provide any palliative; all the trucks are passing on a single
lane, you have the area boys, the union (road transport and truckers)
and everyone, it is like a mad house.”
Meanwhile, Adeboye explained that after fixing the NPA trucks,
which account for 50 per cent of the Apapa traffic, the oil and gas
trucks (30 per cent) would be the next phase of vehicles to be brought
onboard the eto platform in the holistic plan for effective management
of the traffic situation.
According to him, “the only people not using eto and making life
difficult for us in Apapa are the oil and gas traffic. Though their
unions are coordinated, it would be better we have them on eto so as
to move them electronically. It will kill extortion completely and
ensure flow of traffic.”
With all the major oil marketers having the necessary
infrastructure to onboard their tankers, Adeboye noted that bringing
them onboard would be relatively easy. According to him, “it is easier
to control the major marketers than the independent marketers.
“All the six major marketers have what it takes to onboard the eto
– tanker parks, access control, pre-gate and CCTV. Within one week, we
can onboard the six major marketers because they have everything it
takes. We can now move to independent marketers; they can come
together and acquire land in Apapa for their truck park.”
These challenges notwithstanding, the truck electronic call-up
system has caused a drastic drop in haulage cost from Apapa port, with
cargo haulage from Apapa to locations within Lagos crashing from N1.5
million to the current N200,000, even though import is peaking.
Adeboye recalled that before eto deployment, haulage of a 40ft
container from Apapa to warehouse within Lagos was N1.5 million but
now N400, while a 20ft container, which was previously transported at
N800,000, now costs N200,000.
He added: “People are beginning to come to terms with the fact that
the eto technology is working and that is why there is sanity in Apapa
ports. As we have added technology, we have removed human interface.”
Business News
NAICOM, RMAFC Collaborate on Economic Diversification
By Tony Obiechina, Abuja
The Commissioner for Insurance and CEO, Mr. Olusegun Ayo Omosehin, and his management team have met with the members of the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission ( RMAFC) led by Engr.
Sani Mohammed Baba, to explore ways of diversifying the Nigerian economy.During their working visit to NAICOM Headquarters, Mr.
Olusegun Ayo Omosehin, in his opening remarks, reaffirmed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders.He highlighted insurance’s pivotal role in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively.
He also stressed the Commission’s commitment to ensuring insurance companies meet their obligations, thus contributing to the sustainability of the economy.
Speaking, Mohammed Baba emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts.
The Commissioner for Insurance also acknowledged President Bola Ahmed Tinubu’s ambitious goal of growing the Nigerian economy to One Trillion United States Dollars ($1 trillion) by 2026.
He expressed the insurance sector’s intent to significantly contribute to this objective. Additionally, he mentioned ongoing efforts to embed insurance within the National Credit Scheme to ensure its sustainability.
Omosehin stressed the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.
Business News
CBN Unveils Strategy to Boost Remittances, Grants AIP To 14 New IMTOs
By Tony Obiechina, Abuja
The Central Bank of Nigeria (CBN) has activated plans to double foreign-currency remittance flows through formal channels by granting 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle (AIP).
This was disclosed in Abuja on Wednesday, by the Bank’s Acting Director of Corporate Communications, Mrs.
Hakama Sidi Ali, who stated that the initiative will help increase the sustained supply of foreign exchange in the official market by promoting greater competition and innovation amongst IMTOs to lower the cost of remittance transactions and boost financial inclusion.She said, “This will spur liquidity in Nigeria’s Autonomous Foreign Exchange Market (NAFEX), augmenting price discovery to enable a market-driven fair value for the naira.
“It will be recalled that the CBN Governor, Mr. Olayemi Cardoso, had recently declared: “We’ve set ourselves a target to double remittance flows into Nigeria within a year, a goal I firmly believe is within reach.
“We are wasting no time driving progress to remove any bottlenecks hindering flows through formal channels permanently. We have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with key stakeholders in the remittance industry,” she stated.
Continuing, Sidi Ali, said that the CBN viewed increasing formal remittance flows—one of the major sources of foreign exchange, accounting for over 6% of GDP—as a means of reducing the historical volatility in Nigeria’s exchange rate caused by external factors, such as fluctuations in foreign investment and oil export proceeds.
The increase in the number of IMTOs is one of the primary actions initiated by the CBN’s remittance task force, overseen by Governor Cardoso as a collaborative unit pulling together specialists to work closely with the private sector and market operators to facilitate the ease of doing business in the remittance ecosystem in Nigeria.
The task force was established as a direct result of an executive learning session with IMTOs during the World Bank/IMF Spring Meetings held in Washington DC, United States of America, in April 2024. The task force will meet regularly to implement strategy and monitor the impact of its measures on remittance inflows.
Business News
Tinubu Inaugurates Critical Gas Projects, Reassures Energy Sector Investors
By Matthew Dadiya, Abuja
President Bola Tinubu has reassured investors in the energy sector of his administration’s resolve to further enhance the business environment and ensure investment convenience.
The President spoke Wednesday at the inauguration of three milestone projects, including the expanded AHL Gas Processing Plant; the ANOH Gas Processing Plant, and the 23.
3km ANOH – Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering Station Gas Pipeline.In a speech during the virtual inauguration of the projects at the State House, Tinubu also assured citizens that his administration is stepping up its coordination of other landmark projects and initiatives that will ensure the earliest realization of gas-fueled prosperity in the country.
The President, according to a statement by Special Adviser on Media and Publicity, Ajuri Ngelale, noted that the projects were fully in line with the Decade of Gas Initiative and his administration’s vision to grow value from the nation’s abundant gas assets, while concurrently eliminating gas flaring and accelerating industrialization.
“This event is highly significant to our country as it demonstrates the administration’s concerted efforts to accelerate the development of critical gas infrastructure geared at significantly enhancing the supply of energy to boost industrial growth and create employment opportunities.
“It is pleasing that when these projects become fully operational, approximately 500MMscf of gas in aggregate will be supplied to the domestic market from these two gas processing plants, which represents over 25% incremental growth in gas supply.
“In practical terms, this is more gas to the power sector, gas-based industries, and other critical segments of the economy. I, therefore, commend the strategic vision of the NNPC Limited and its partners, Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) and Seplat Energy Plc, for this laudable and value-adding projects,” President Tinubu said.
The President said his government remains determined in its bid to leverage the nation’s vast gas capacity to drive economic growth.
“Aside from the presidential CNG initiative which is aimed at moving the good people of Nigeria away from petrol and diesel as vehicular combustion fuel, significant progress has also been recorded in incentivizing gas development through Presidential Directives.
“The theme of this inauguration – ‘From Gas to Prosperity; Renewed Hope’, must be adopted by all gas-sector participants and would-be investors as a clarion call to ramp up efforts to accelerate investment and developments of projects in the gas sector on a win-win basis.
“I would once again commend the efforts of NNPC Ltd, alongside SEEPCO and Seplat Energy, on this business partnership initiative, and congratulate you all on the successful implementation of the three projects,” the President said.
President Tinubu also reiterated his government’s resolve to continue to provide support in deepening domestic gas utilization, increase national power generation capacity, revitalize industries, and create multiple job opportunities for economic growth.
“Today, I have the singular honour to inaugurate the expansion of the AHL Gas Processing Plant, the ANOH Gas Processing Plant, and the 23.3Km ANOH to Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering Station Gas Pipeline Projects in line with my administration’s resolve to provide energy for Nigerians, and to use our vast natural gas resources to transform Nigeria,” the President stated.
May 15, 2024