Connect with us

Business

NPA, UK Govt Partner on Trade Facilitation

Published

on

chemical importation

In a bid to find other sources of revenue for the federal government following the decline in crude oil prices that plunged the Nigerian economy into a recession, the management of the Nigerian Ports Authority (NPA) plans to collaborate with the United Kingdom government in the area of trade facilitation and investment.

The partnership, according to the NPA, will ensure efficient greater synergy, cooperation and technical road map for the development of the Nigerian port industry.

Besides, the NPA said the partnership is aimed at developing more trade routes within the Gulf of Guinea and in order to improve revenue generation accruable to the Nigerian economy through the exportation of agricultural produce and solid mineral resources.

To this end, it said it has commenced an interface with the UK trade and investment group through the British Council who paid the executive management a working courtesy visit.

The Managing Director of NPA, Hadiza Bala Usman said the management of the NPA was desirous of working with parties on improving the volume of cargo into the country, which has reduced significantly due to the economic downturn currently being witnessed in the country.

She said there has been a prevalence of the diversion of cargo to neighbouring African countries resulting in the loss of revenue and consequently in the Nation’s Gross Domestic Product (GDP).
“We are working assiduously with relevant security agencies at blocking these leakages arising from sharp practices within the system”, she said.

Bala Usman enlisted the support and synergy with the United Kingdom group in the areas of infrastructural development especially roads leading to the nation’s sea ports and environs.

According to her, the policy on automobiles requires reengineering in order to reap most meaningfully from it as well, noting that the port plays a significant role in the development and facilitation of trade within the Gulf of Guinea.

“We want to be able to tap into these by working with stakeholder’s home and abroad, in opening new trade routes. Government has interest in the swift evacuation of cargo especially agricultural produce and solid minerals to the North-East hinterland in view of its proximity to the Calabar Port, “she added.

In the area of trade facilitation, the MD called for technical assistance in the areas of project management as well as improving on the existing rail-lines within the terminals at the ports across the nation.

The NPA, she reaffirmed, is cooperating with the Nigerian Railway Corporation (NRC) in creating more rail lines for the swift evacuation of cargo and efficient service delivery to the hinterlands.

According to her, “Over 50 per cent of cargoes from the ports need to go through the Rails in order to guide against congestion at the Ports and road access leading to them.”

She added that the NPA was deploring best IT solutions to automate port operations so as to eliminate unnecessary human interface and with the view to synergising with other stakeholders to establish a port community system.
Bala Usman said it was necessary to ensure Standard Operating Procedure (SOP) amongst others to reduce the effect of unwarranted discretion in operational processes and procedure.

The leader of the team, Velerie Agodo, told the NPA management that they were an international conglomerate with vast interest and concerns in Joint Ventures and partnerships globally adding that they were interested in working in unison with NPA management.

She stated that they were in the scheme of ensuring that the organisation –NPA achieved government’s desire of a greater efficient regime especially as it concerns diversification into agricultural produce export which would bring about greater boast to the economy.

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

Continue Reading
Comments

Company News

Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

Published

on

Guinness - Investors King

Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

Continue Reading

Business

Private Sector Warns: Interest Rate Hike to Trigger Job Cuts and Inflation Surge

Published

on

Private employers

As the Central Bank of Nigeria (CBN) announced a hike in the Monetary Policy Rate (MPR) from 22.75% to 24.75%, concerns have been raised by the private sector regarding the potential ramifications on job stability and inflationary pressures.

The move, aimed at curbing inflation and stabilizing the exchange rate, has prompted apprehension among business operators who fear adverse effects on the economy.

Representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Nigerian Association of Small Scale Industrialists have voiced their worries over the increased difficulty in accessing affordable credit.

They argue that the higher interest rates will impede the private sector’s ability to borrow funds for expansion and operational activities.

This, they fear, could lead to a reduction in business investments and subsequently result in widespread job cuts across various sectors.

The Lagos Chamber of Commerce and Industry (LCCI) acknowledged the necessity of the interest rate hike but emphasized the potential negative consequences it may bring.

While describing it as a “price businesses would have to pay,” the LCCI highlighted the current fragility of the economy, exacerbated by various policy missteps.

They cautioned that the increased cost of borrowing could stifle entrepreneurial activities and discourage expansion plans critical for economic growth and job creation.

Experts have echoed these concerns, warning that the tightening monetary conditions could exacerbate inflationary pressures and hinder economic recovery efforts.

With inflation already soaring at 31.70%, the rate hike could further fuel price hikes, especially in essential goods and services, thus eroding the purchasing power of consumers.

However, CBN Governor Yemi Cardoso defended the decision, citing the imperative to address current inflationary pressures and ensure sustained exchange rate stability.

He emphasized the need to restore the purchasing power of ordinary Nigerians and expressed confidence that the economy would stabilize by the end of the year.

Despite assurances from the CBN, stakeholders remain cautious, calling for a more nuanced approach that balances the need for price stability with the imperative of fostering economic growth and job creation.

As businesses brace for the impact of the interest rate hike, all eyes are on the evolving economic landscape and the measures taken to mitigate its effects on livelihoods and inflation.

Continue Reading

Business

Breaking Barriers: Transcorp Hotels CEO Shares Journey from Crisis to Success

Published

on

Dupe Olusola

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, reflects on her remarkable journey from navigating the depths of a global pandemic to achieving unprecedented success in the hospitality industry.

Appointed in March 2020, amidst the onset of the COVID-19 pandemic, Olusola found herself at the helm of a company grappling with the severe economic fallout and operational challenges inflicted by the crisis.

Faced with a drop in occupancy rates from 70% to a mere 5%, Olusola and her team were confronted with the daunting task of steering Transcorp Hotels through uncharted waters.

Undeterred by the adversity, they embarked on a journey of transformation, leveraging creativity and resilience to navigate the turbulent landscape.

Implementing innovative strategies such as introducing drive-through cinemas, setting up on-site COVID-19 testing facilities, and enhancing take-away services, Transcorp Hotels adapted to meet the evolving needs of its guests and ensure continuity amidst the crisis.

Embracing disruption as a catalyst for growth, Olusola fostered a culture of collaboration and teamwork, rallying her colleagues to overcome obstacles and embrace change.

Through unwavering determination and a commitment to excellence, Transcorp Hotels emerged from the pandemic stronger than ever, breaking profit and revenue records year after year.

“It’s indeed been a great opportunity to learn and relearn, to lead and to grow. When you see success stories, remember it’s a journey with twists, turns, ups and downs but in the end, it will all be okay”, she said.

Olusola’s leadership exemplifies the power of adaptability and perseverance, inspiring her team to transcend limitations and chart a course towards unprecedented success.

As Transcorp Hotels continues to flourish under her stewardship, Olusola remains steadfast in her dedication to driving innovation, fostering growth, and breaking barriers in the hospitality industry.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending