Connect with us

Business

Inter-state Transporters Plan 70% Fare Hike

Published

on

Young Shall Grow

Private transport companies in the country plan to increase fares by as much as 70% to enable them stay in business.

The transporters stated this, recently, at a stakeholders’ meeting in Lagos that was organised by the Association of Private Transport Companies of Nigeria (APTCON). In a communique, they resolved that “As a means of survival, to increase transport fares by 70%, beginning end of third quarter 2016, if no immediate help or support comes from government and its agencies.”

They said their operational cost has increased considerably from increased cost of maintaining their fleet and poor state of roads in the country, among other challenges have greatly increased their cost of doing business, threatening their ability to stay afloat.

The transporter agreed, that “as a means of survival, to increase transport fares by 70%, beginning end of third quarter 2016, if no immediate help or support comes from government and its agencies”. Stakeholders at the meeting included the FRSC, LASTMA, NARTO, God Is Good Motors (GIGM), Chisco Transport, Libra Motors, Cross Country, Eagle Transport, GUO Transport, Ekeson, EFEX Executive, First Tarzan Motors and Ecobus. Others were Jetvan Automobiles, Toyota Nigeria ltd, Goddy Edosa Motors, Fairplus International, Greener Line, Harmony Transport, TRACAS, Okeyson Motors and Ohomba Line, as well as Access and Wema Banks, among others.

A communiqué released at the end of the APTCON stakeholders’ meeting noted that road transportation remains the most visible and effective means of moving people and goods within the Nigerian economy; that the road transport sector has, over the years, suffered severe neglect with poor attention paid by successive governments to development of appropriate infrastructure; that the absence of decent infrastructure has been a major setback for efficient delivery of service and value in the road transport sector; that, being in the throes of economic recession, road transport operators have seen their little margins completely wiped away by inflation, rising cost of funds, double taxation, unstable value of the Naira as well as unnecessary harassments and extortion by security operatives.

The stakeholders said that the prostrate state of the automotive industry has made importation of passenger buses not only prohibitive but unsustainable; that, in the face of poor Return-on-Investment (ROI), the road transport business is in danger of imminent collapse with attendant job losses and damaging impact on the economy.

They, therefore, resolved to alert government and its agencies on the continued relevance and strategic importance of the road transport sector to the overall well-being of the Nigerian economy; to fully mobilize its members to press for urgent rehabilitation of dilapidated infrastructure hindering efficient delivery of service and value to the Nigerian public; to seek Federal Government’s immediate intervention by way of a bailout to cushion the harsh business climate and return the industry to sustainability; and to seek import reliefs, where necessary, for its members as a short-term measure for fleet replenishment while the automotive industry receives government attention; to set up a committee for the harmonization of membership and to rally all operators for the execution of all defined tasks as may be resolved.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Continue Reading
Comments

Company News

Farmforte, Others Signs MoU To Strengthen and Sustain Growth in Agricultural Sector

Published

on

Farmforte - Investors King

Farmforte Limited has signed a strategic Memorandum of Understanding with the Agricultural Fresh Produce Growers and Exporters Association of Nigeria; HYBR, a pan-African innovation firm; and ALTS, a consulting and strategy development firm.

The firm said in a statement on Sunday that the partnership would strengthen common interest cooperation and stimulate inclusive and sustainable growth within the agricultural sector, by capitalising on the synergy and comparative advantage offered by each organisation.

Speaking during the signing ceremony, Farmforte Co-Chief Executive Officer, Osazuwa Osayi, said, “Our mid to long-term strategic goals are further reaffirmed, as this partnership will facilitate the sharing of knowledge, ideas, and expertise across the agricultural sector.

“We will collectively address initiatives and approaches concerning agricultural investments, food security, and the overall robustness of the value chain.”

He said the collaboration would also unlock the full potential of the sector and place it on a renewed path for success, especially within a post-pandemic economy.

The President of AFGEAN, Tajuddeen Dantata, said, “By creating dialogue and fostering investment in the horticulture sector, this partnership will endeavor to support Farmforte in its exporting efforts by improving operational efficacy and cost-savings, while ultimately driving socio-economic growth in the country.”

The Chief Executive Officer, HYBR, Charles Ojei, said to drive inclusion, sustainability, job creation, and Nigeria’s overall economic growth, the optimisation of the agriculture value chain was critical.

“This collaboration is a fusion of the complementary capabilities of all partners to move a bigger agenda forward.”

The Managing Partner, ALTS, Akintunde Sawyerr, said, “The goal of this partnership is to support Farmforte’s vision of becoming the largest agribusiness by 2035 via scalable and world-class innovation across its enterprise.”

Continue Reading

Company News

OctaFX Launches Dual Life Campaign

Published

on

OctaFX- Investors King

International Forex broker, OctaFX has launched a socially conscious marketing campaign called Dual Life aimed at simplifying forex trading and helping Nigerians create wealth.

A statement by the organisation on Monday said that the marketing campaign would celebrate the superpowers of Nigerians who committed their time and efforts to two or more jobs and were successful at each one of them.

It stated that the #DualLifewithOctaFX campaign had influencers in the Nigerian lifestyle and entertainment space such as Toke Makinwa, Bovi, Denola Grey, Timini Egbuson, and others at the core of the engagements, establishing the other sides of the celebrities and influencers as entrepreneurs.

While speaking about the campaign, the Marketing Manager, EMEA, OctaFX, Ali Nwadike said, “We wanted to position forex trading as that activity young Nigerians and everyone else, can engage in, even while focusing on their careers.

“From findings, most young Nigerians today work two or more jobs to pay the bills and attain financial freedom. But, we don’t get to talk about this often or appreciate the efforts, hence the #DualLifewithOctaFX campaign.

“While some see their jobs as a burden, we want people to see it as an achievement; and promote the school of thought that says one, two, many jobs is not bad especially when you are trying to create wealth.”

Nwadike added that more Nigerians would be exposed to the beauty of keeping their regular jobs and careers while making more money from forex trading with the OctaFX Trading App.

The statement also affirmed that OctaFX had made necessary arrangements from assembling forex experts and compiling training guides in the simplest and relatable form.

Continue Reading

Appointments

AfDB Appoints Dr. Beth Dunford as Vice President

Published

on

African Development Bank - Investors King

The African Development Bank Group (AfDB) has announced the appointment of Dr. Beth Dunford as its Vice President, Agriculture, Human and Social Development. The appointment becomes effective from July 1, 2021.

A statement explained that Dunford, a national of the United States of America, brings extensive experience to this role. She has held senior-level leadership positions in the US government, where she managed large and complex programs, working with the private sector, civil society, and multilateral and bilateral institutions, as well as with African governments, to deliver agricultural, social and human development impact at scale.

Prior to her appointment, Dunford worked as the Assistant to the Administrator in the U.S. Agency for International Development’s (USAID’s) Bureau for Resilience and Food Security, as well as the Deputy Coordinator for Development for Feed the Future, the U.S. government’s global hunger and food security initiative.

“In this dual role, she coordinated Feed the Future across multiple U.S. government agencies, oversaw a $1 billion annual budget and leveraged millions of direct private sector investment annually. In this capacity, she also coordinated a $2.3 billion Feed the Future presidential initiative across 11 US government agencies and forged partnerships within the private sector and civil society targeted at reducing hunger and poverty.

“She also led USAID’s technical and regional expertise focused on improving agriculture-led growth, resilience, nutrition and water security, sanitation and hygiene,” the statement added.

President of the African Development Bank, Dr. Akinwumi Adesina said he was delighted to appoint Dunford as Vice President to lead the Bank’s work on Agriculture, Human and Social Development.

“Beth is a strategic and effective leader with deep knowledge and impressive track record in designing and delivering highly impactful large-scale programs that have helped in lifting 27 million people out of poverty in 36 countries,” he added.

Continue Reading

Trending