Connect with us

Markets

Vehicle Import Policy: Port Authorities Claim Improved Traffic

Published

on

Nigeria
  • Vehicle Import Policy: Port Authorities Claim Improved Traffic

Two months after the Federal Government commenced implementation of its fiscal policy on importation of vehicles through land border, two vehicle terminals have claimed improvement in number of vehicles imported through their terminals. But they declined to give figures while expressing cautious optimism that things would be better from this month, indicating that the expected increase may have fallen behind target figures.

Government had on December 5 last year issued a circular directing that importation of used and new vehicles be restricted to the seaports, starting from January 1, 2017. However, cost, as a major challenge which led importers to route their vehicles through the neighbouring ports and drive them into Nigeria, remains unaddressed, raising uncertainty on the success of this new policy.

But speaking to our correspondent on the issue, the Public Relations Officer (PRO) of Tin Can Customs Command, Mr. Uche Ejiseme, stated: “There has been an increase in traffic but this winter season in Europe has made it not very high because some of the areas where these vessels ought to navigate through have been blocked because of the weather. This is the impediment but I’m confident that from the month of March we would begin to record large volumes of vessels coming in with vehicles and this implies that the revenue accruable for those imports would enhance our revenue base”

Though the management of PTML, the only terminal developed on green field basis solely for the import of vehicles in Nigeria pleaded caution in commenting on the turn of event as they said they were still watching the developments, the Command Public Relations Officer, PTML Customs Area Command, Mr. Steve Okonmah, noted that the effect of the restriction would become very visible by the end of February or early in March.

Volume of incoming vehicles

“I am happy to say that the volume of vehicles coming in is improving and it is expected to increase significantly by the end of February or at most early in March” he said. However, Vanguard learnt Federal Government may decide to soft-pedal on the policy as stakeholders’ protest on the issue may be receiving attention.

In response to a petition written by the National Council of Managing Directors of Licensed Customs Agents, (NCMDLCA) asking the government to extend the grace period for implementation of the policy, Mr. Ibrahim Abdul, an Assistant Director in the office of the Secretary to the Government of the Federation said that the authority was considering the extension.

In the letter with reference number ECD/P/251/T/111/232 and dated January 25, 2017, Abdul said the issue of extension has been forwarded to both the Federal Ministry of Finance and the Nigeria Customs Service. Part of the letter reads “I am directed to acknowledge the receipt of your letter dated January 12, 2017 in respect of the above subject and inform you that the issues raised therein have been forwarded to the Federal Ministry of Finance and the Nigeria Customs Service for consideration and necessary action”.

It will be recalled that the NCMDLCA, had written to the Presidency saying that the ban of vehicles through land borders was against international trade laws. In a petition, the Council said that the laws of the World Trade Organization, WTO, stipulates that trade regulations and amendments with regards to restriction and reversal of Fiscal Policy on Trade, must be subject to process of consultation by trading public and transparency in the timing, so as to accommodate the challenges that maybe associated with the directive/regulation.

The convention according to the Council also stipulates that each contracting party shall provide opportunities and an appropriate time period to traders and other interested parties to comment on the proposed introduction or amendment of laws and regulations of general application related to the movement, release, and restriction of transit goods.

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.

Crude Oil

Global Oil Drops as Coronavirus Infections Rises in India and Other Nations

Published

on

Crude oil

Oil prices declined on Monday during the Asian trading session amid rising concerns that the surge in coronavirus in India and other nations could force regulators to enforce stronger measures at curbing its spread and eventually affect economic activity and drag on demand for commodities like crude oil.

Brent crude oil, against which Nigerian oil is priced, declined by 22 cents or 0.33 percent to $66.55 per barrel at 8:19 am Nigerian time on Monday, following a 6 percent surge last week.

The US West Texas Intermediate (WTI) declined by 18 cents or 0.29 percent to $62.95 per barrel, after it gained 6.4 percent last week.

The decline was after India reported 261,500 new coronavirus infections on Sunday, taking the country’s total cases to almost 14.8 million, second to only the United States that has reported over 31 million coronavirus infections.

“With … a resurgence of virus cases in India and Japan, topside ambitions continue to run into walls of profit-taking,” said Stephen Innes, chief market strategist at Axi.

Businesses in Japan believed the world’s third-largest economy will experience a fourth round of coronavirus infections, with many bracing for an additional slow down in economic activity.

While Japan has had fewer COVID-19 cases when compared with other major economies, concerns about a new wave of infections are fast rising, according to responses in Reuters poll.

On Tuesday, April 20, 2020, Hong Kong will suspend all from India, Pakistan and the Philippines because of imported coronavirus infections, authorities stated in a statement released on Sunday.

India’s COVID-19 death rose by a record 1,501 to hit 177,150.

Continue Reading

Markets

Global Markets Near Record Peaks and Will Get Stronger: deVere CEO

Published

on

Stocks

As the FTSE 100 hits 7,000 points for the first time since the Covid pandemic, global stock markets are poised to “get even stronger”, says the CEO of one of the world’s largest independent financial advisory and fintech organisations.

The observation from Nigel Green, the chief executive and founder of deVere Group, comes as London’s index jumped over the important threshold in early trading in London, gaining over 0.5% to 7024 points.

Mr Green notes: “London’s blue-chip index is up 40% since the worst lows of the pandemic.

“This landmark moment represents the wider optimistic sentiment gripping global markets which are near record peaks.

“We can expect global stock markets to get even stronger as investors look to seize the opportunities from economies reopening.

“They are looking towards economies rebounding in a post-pandemic era due to the monetary and fiscal stimulus, pent-up cash and demand, and strong corporate earnings.

“The current ultra-low interest rate environment and the under-performance of bonds will also act as a catalyst for stock markets.”

However, the CEO’s bullish comments also come with a warning.

“I would urge investors to proceed with caution as there are some headwinds on the horizon, including relations between the U.S. and China, the world’s two largest economies, which could be coming to a tipping point in coming weeks.

“As such, in order to capitalise on the opportunities and mitigate risks, investors must ensure proper portfolio diversification.”

Mr Green concludes: “A variety of factors are going to drive global stock markets. Investors will not want to miss out and should work with a good fund manager to judiciously top-up their portfolios.”

Continue Reading

Markets

Refinitiv Expands Economic Data Coverage Across Africa

Published

on

Building on its commitment to drive positive change through its data and insights, Refinitiv today announced the expansion of its economic data coverage of Africa. The new data set allows investment managers, central bankers, economists, and research teams to use Refinitiv Datasteam analytical data for detailed exploration of economic relationships and investment opportunities among data series covering the African continent.

Securing reliable, detailed, timely, locally sourced content has not been easy for economists who have in the past had to use international sources which often can take many months to update and opportunities to monitor the market can be missed. Because Africa is a diverse continent, economists and strategists need more timely access to country-specific data via national sources to create tailored business, policy, trading and investment strategies to meet specific goals.

Africa continues to develop critical infrastructure, telecommunications, digital technology and access to financial services for its 1.3bn people. The World Bank estimates that over 50% of African inhabitants will be under 25 by 2050. This presents substantial opportunities for investors who can spot important trends and make informed decisions based on robust and timely economic data.

Stuart Brown, Group Head of Enterprise Data Solutions, Refinitiv, said: “Africa’s growing, dynamic and fast evolving economies makes it a focal point for financial markets today and in the coming decades.  As part of LSEG’s commitment to empowering the global markets with accurate and timely data, we are excited about making these unique datasets available via the Refinitiv Data Platform. Our economic data coverage of Africa will provide our customers with deeper and broader inputs for macroeconomic analyses and enable more effective investment strategies and economic research.”

Refinitiv Africa economic data coverage:

  • Africa economics content comprises around 500,000 nationally sourced time series data covering 54 African nations
  • Content is sourced from national statistical offices, central banks and other key national institutions
  • The full breadth of economics categories in Datastream including national accounts, money and finance, prices, surveys, labor market, consumer, industry, government and external sectors
  • International sources including OECD, World Bank, IMF, African Development Bank, Oxford Economics & more provide comparable data & forecasts across the continent

Refinitiv® Datastream® has global macroeconomics coverage to analyze virtually any macro environment, and better understand economic cycles to uncover trends and forecast market conditions. With over 14.2 million economic times series map trends, customers can validate ideas and identify opportunities using Refinitiv Datastream. Access its powerful charting tools, 9,000 pre-built chart templates and chart studies for commonly used valuation, performance, and technical and fundamental analysis.

 Refinitiv continually grows available data – the China expansion in 2019 covered a unique combination of economic and financial indicators. Refinitiv plans to expand Southeast Asia covering Thailand, Vietnam, Philippines and Malaysia with delivery expected in 2021. This ensures that Refinitiv will have much needed emerging market economic content.

Continue Reading

Trending