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NSC: Transportation Sector Can Contribute 10% to Nigeria’s GDP

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Hassan Bello

The Executive Secretary of Nigerian Shippers’ Council (NSC), Hassan Bello has stated that the transportation industry can contribute about 10 per cent to the Nigeria’s gross domestic products (GDP) if the right policies are in place to drive the sector.

To achieve this, he said there must be massive investment in infrastructure and training for operators and regulators on new global trends in transportation services.

Bello stated this over the weekend when he received officials of the Nigerian Institute of Transport Technology (NITT) led by its Director General, Dr. Aminu Yusuf, who paid him a courtesy visit in his office.

He stressed that as Nigeria looks to export to diversify its economy, transportation and shipping are the key, adding that there must be processes put in place to achieve this.

He said the NSC is knowledge- driven hence there is need for the maritime sector to be driven by personnel in specialised knowledge.

Bello said: “So many mistakes have been made in the industry as a result of the huge knowledge gap. We cannot afford to make any mistakes this time that we have limited opportunity in the sector. Transportation is a significant aspect of the Nigerian economy. The time has come for the sector to mean something and contributes a huge portion of the nation’s GDP.

“There is need for investment to get the sector to be properly linked to the Nigerian economy. The shippers council is interested in developing policies that is aimed at growing the transportation sector. There is a gap in the industry today. The industry is knowledge driven hence the need for training and retraining.”

The NSC boss restated the council’s determination to partner the NITT for effective training and capacity building development of personnel.

While noting that capacity building is instrumental to the development of the maritime sector, Bello stressed that there is need to sign a Memorandum of Understanding (MOU) between the agency and the institution.

Bello commended the effort made so far by the institute on training stating that it has trained a large number of professionals in the transport sub sector of the economy.

He urged the institute to put in place awareness campaign programme to move the training outfit forward.

“The two institutions are knowledge driven, what we do is to get the required knowledge because it is the knowledge that drive the industry and so many mistakes has been made due to lack of knowledge and Nigeria will suffer for it”

“But now the choices we have for the industry are limited and we cannot afford to make such mistakes and therefore we have to patronise this fountain of knowledge called NITT,” he stressed.

Bello described the NITT programmes as innovative and modern saying that transport is a significant component to Nigeria economy.

On his part, the Director General, NIIT, Dr. Aminu Yusuf said the NITT has been able to put in place measures to pursue transport education development programme to set agenda for the overall development of the sector.

He, however, appealed to the NSC’s boss to look into the possibility of investing in the infrastructural development of the institute and jointly carry out research projects on transport and logistics.

Furthermore, he said the NIIT cannot improve on its own without the patronage of government agencies like the NSC adding that the NSC as an economic regulator must ensure that the right things are put in place to transform the transportation sector.

“We have also submitted proposal for a joint two day workshop with the NSC on the role of transport and logistics in international trade in Nigeria and this is in addition to the training proposal sent to your office for consideration”, he added.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Investment

Nigeria Export-Import Bank Highlights Lucrative Investment Environment with Mexico

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NEXIM

In a meeting with the Mexican Ambassador to Nigeria, Alfredo Miranda, the Nigeria Export-Import Bank (NEXIM) revealed that investors in Nigeria are enjoying robust returns on their investments, even up to 30 percent.

Stella Okotete, the Executive Director of Business Development at NEXIM, highlighted the immense potential for collaboration between Nigeria and Mexico, emphasizing the benefits of expanding access to Nigerian goods in the Mexican market.

Okotete urged for a strategic partnership between the two nations, emphasizing that collaboration could enhance Nigeria’s foreign exchange earnings, attract investment opportunities, and foster prosperity for citizens in both countries.

She showcased Nigerian-made export goods financed by NEXIM, while underscoring other investment opportunities available in Nigeria.

She stated, “In terms of return on investments, this is the best place you can invest,” indicating the favorable investment climate in Nigeria, especially in the non-oil export sector.

Okotete also highlighted the untapped potential in Nigeria’s mining sector, expressing readiness to collaborate with Mexico to develop this sector for export.

The visit by the Mexican delegation is seen as a significant step toward strengthening economic ties between the two nations, exploring mutual benefits, fostering economic growth, and identifying investment opportunities.

Ambassador Miranda acknowledged Nigeria’s potential and initiatives by NEXIM to promote non-oil exports.

He stressed the need to identify business opportunities that could enhance trade, attract investment, and facilitate the development of both countries through their trade policies.

The meeting reflects a positive stride towards enhancing economic cooperation and fostering a strong economic partnership between Nigeria and Mexico.

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Mexican Investors Explore Solid Minerals Opportunities in Nigeria

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mining sector

The Minister of Solid Minerals Development, Dele Alake, welcomed a delegation of investors from the Republic of Mexico who are exploring investment opportunities in Nigeria’s solid minerals sector.

Minister Alake commended this initiative and underscored the commitment of President Bola Tinubu’s administration to facilitating a conducive business environment for investors in the industry.

The minister highlighted several incentives aimed at attracting investments, including zero-duty on equipment for solid minerals extraction, seamless repatriation of profits to the investors’ home countries, and tax holidays.

To ensure responsible and sustainable practices, Alake emphasized the importance of investors signing Community Development Agreements with local communities in mining areas to promote socio-economic development.

The ongoing efforts to sanitize the mining industry were also discussed, citing recent actions such as the revocation of titles failing to comply with annual service fee regulations.

Nigeria’s outgoing Ambassador to Mexico, Adejare Bello, vouched for the credibility of the visiting investors, affirming that their genuine and serious interest in business aligns with Nigeria’s economic objectives.

President of Seccion Internacional Para Africa, Dr. Heriberto Cortes, speaking on behalf of the investors, expressed gratitude for the constructive discussions with Minister Alake.

Cortes emphasized Nigeria as their African home and conveyed confidence in the safety and profitability of their investments in the country.

The visit signifies a positive stride towards strengthening economic ties between Nigeria and Mexico.

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Nigeria Identifies $23 Billion Investment Opportunities in Energy Transition Plan

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Nigeria investment

The Federal Government of Nigeria has pinpointed approximately $23 billion in investment opportunities in the nation’s Energy Transition Plan (ETP), according to Minister of Power, Adebayo Adelabu.

Speaking at the 2nd German-Nigerian Symposium on Green Hydrogen, Adelabu emphasized the potential for these opportunities not only to bolster electric power for economic development but also to generate a substantial net job creation, reaching up to 340,000 jobs by 2030.

Adelabu outlined the broader impact of the ETP, projecting the creation of up to 840,000 jobs by 2060, predominantly driven by the power, cooking, and transport sectors.

Gas, identified as a crucial transition fuel in Nigeria’s net-zero pathway, plays a pivotal role, particularly in power and cooking.

“The ETP creates significant investment opportunities, such as the establishment and expansion of industries related to solar energy, green hydrogen, and electric vehicles,” stated Adelabu.

He highlighted the financial commitment required to achieve Nigeria’s Net Zero target by 2060, emphasizing a $23 billion investment opportunity based on current in-country programs and projects linked to the Just Energy Transition.

Addressing the importance of gas as Nigeria’s transition fuel, Ogbonnaya Orji, the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, emphasized its potential to produce blue hydrogen. While not as clean as green hydrogen, it aligns with Nigeria’s pursuit of cleaner energy sources.

Orji acknowledged the need for efficient gas commercialization policies and transparent implementation to counter challenges such as gas flaring.

Ambassador of Germany to Nigeria, Annett Günther, affirmed the commitment of both nations to driving hydrogen production and use.

Markus Wagner, Country Director of GIZ Nigeria and ECOWAS, highlighted the transformative potential of green hydrogen in reducing carbon emissions, diversifying energy sources, and fostering economic growth, reinforcing the enduring partnership between Nigeria and Germany in the energy sector.

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