Business

Customs Eyes 50% Revenue Growth With Oracle Blockchain

Published

6 years ago

July 30, 2018

Customs Eyes 50% Revenue Growth With Oracle Blockchain

The Nigerian Customs Service (NCS) said it is eyeing a 50 per cent revenue growth from its adoption of Oracle’s Blockchain Cloud Service.

Assistant Comptroller-General, Modernisation, Nigeria Customs Service, Aber T. Benjamin, said the organisation has used Oracle’s blockchain to build a trusted platform for the automation of Customs Excise Trade business processes and procedures.

“Using this technology, we found the entire business environment can be migrated to blockchain to automate processes and create transparency and predictability. Once the transition to blockchain is completed, NCS expects revenue growth increase of about 50 per cent. This technology helps our organisation to build global trust for Nigerian businesses through irrefutable data on goods manufactured in the country,”ACG Benjamin said.

The successful completion of this Proof of Concept (PoC) shows that, the entire business environment of Customs can be migrated to blockchain, to automate as many customs processes as possible, creating transparency and predictability.

NCS last year recorded its highest revenue collection ever of over N1 trillion as against N770 billion target set for the year.

The block chain technology, which is also being used to drive cryptocurrencies, helps businesses to achieve more secure and efficient transactions and to track goods through supply chains on a global scale.

Benjamin said the technology is helping the NCS to build global trust for Nigerian businesses through irrefutable data on goods manufactured in the country.

Executive Vice President, Oracle Cloud Platform, Amit Zavery, said blockchain has the power to fundamentally transform how every industry does business by making interactions more secure, transparent, efficient and cost-effective.

He said: “Oracle Block chain Cloud Service provides customers with a development platform to build their own networks, and to quickly integrate with Oracle PaaS and third-party applications they already use, as well as other block chain networks and Oracle PaaS services. It also enables users to provision block chain networks, join other organisations, and deploy and run smart contracts to update and query the ledger.”

He added that Oracle’s block chain platform leverages the company’s decades of experience across industries and its extensive partner ecosystem to reliably share and conduct trusted transactions with suppliers, banks, and other trade partners through block chain.

“Block chain promises to be one of the most transformative technologies of our generation. With Oracle’s platform, enterprises can enhance their business, eliminate unnecessary processes, and transact with their distributed networks more easily, transparently and securely than ever before,” he said.

diverse systems of record; greatly accelerating time to market and multiplying the returns from using the block chain platform across different application use cases”.

Group Vice President of Manufacturing and Retail Insights, IDC, Robert Parker, said: “Block chain projects are quickly moving from pilot to production as enterprises and governments begin to see the inherent value of distributed ledgers and smart contracts.

“As spending accelerates, buyers will need an enterprise class platform beyond open source that includes data security and integrity, scalability, manageability and interoperability.”

Up Next

NNPC Records N240bn Loss in 13-month Petrol Supplies

Don't Miss

Pension Fund Assets Hit N8.14tn — PenCom

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Comments

Business

New Website Unveiled by FG for Pay-Later CNG Conversion to Cut Transport Costs

Published

3 days ago

October 10, 2024

Yetunde Olugbenga

The federal government has unveiled a website that offers a pay-later option for commercial and private car owners looking to convert their petrol-powered vehicles to Compressed Natural Gas (CNG).

This was in response to the incessant increase in transportation fares following the removal of the fuel subsidy.

According to the Presidential Compressed Natural Gas Initiative (PCNGi) the initiative will help ease transportation costs and encourage more transporters to embrace CNG.

In a post on X, the National Orientation Agency (NOA) revealed that this initiative ensures a hassle-free experience for CNG users through an easy online application and a quick approval process.

“Switching to Compressed Natural Gas (CNG) is now more accessible than ever. With flexible payment plans tailored to fit your budget, transitioning from petrol to CNG has never been smoother or more affordable. These payment options allow you to convert your vehicle now and pay later with affordable monthly installments at competitive rates.” NOA stated.

The installment payment option aims to achieve the federal government’s projection of a 30-40% fare reduction as more motorists adopt this initiative.

In addition to the distribution of 2,000 CNG-powered tricycles among youths in the transportation sector across Nigeria, the pay-later option is intended to encourage more people to adopt CNG, thereby providing affordable mobility options.

Business

Nigerians Fear Increase in Fake Products as NAFDAC Officials Commence Indefinite Nationwide Strike

Published

6 days ago

October 8, 2024

Ugwoke Ogbodo

There are indications that fake producers of consumables and other items across the country may have a field day following an industrial action embarked upon by workers of the National Agency for Food and Drug Administration and Control (NAFDAC).

Investors King gathered that the nationwide strike which started on Monday is indefinite and nationwide.

The decision of the staff of the agency to down tools followed the expiration of a 14-day ultimatum issued to their management.

The decision to shun work was confirmed after a congress of NAFDAC staff convened on Friday, October 4, 2024 over unresolved issues.

The striking workers, under the directive of the Senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASCGOC) have been instructed to withdraw all services and vacate offices.

They were also ordered to remove personal belongings as the strike began.

The demands of the staff include a review and re-evaluation of the 2024 promotion examination results, which currently reflect a pass rate of just 35%.

The union is pushing for a minimum benchmark of 80% for this year and future exams. Another key demand is the settlement of salary arrears for employees hired in 2022 among others

In a statement signed by Secretary of the Association, Ejor Michael, the union accused NAFDAC management of ignoring their grievances, calling the inaction insufferable.

The staff have vowed to continue the strike until all demands outlined in their communiqué are met.

NAFDAC, which plays a critical role in regulating Nigeria’s food, drug, and pharmaceutical industries, is expected to face significant operational disruptions as a result of the industrial action.

Before now, there had been public outcry over the increase in fake products as Nigerians called out the agency and tasked it to be more proactive.

They expressed fear that there is a tendency that manufacturers of fake products would have ample opportunities to saturate the markets with dangerous products as those who would tackle them are now on strike.

Business

27.75% Interest Rate Painful but Necessary – CBN Gov Cardoso

Published

6 days ago

October 7, 2024

Bassey Marshall

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has described the recent increase in the Monetary Policy Rate (MPR) to 27.25% as a painful but necessary move.

Cardoso made this known in Lagos, during his address to members of the Harvard Club of Nigeria on the topic: “Leadership in Challenging Times: Restoring Credibility, Building Trust, and Containing Inflation”.

Investors King reported that on September 24, 2024, the apex bank announced another increase in its Monetary Policy Rate (MPR) from 26.75 percent to 27.25%

The decision was reached during the Monetary Policy Committee (MPC) meeting chaired by the CBN Governor.

However, while delivering his speech in Lagos, the CBN boss sympathized with borrowers highlighting the pain the new interest rate will heap on them.

According to Cardoso, the bank’s decision to raise the interest rate was a bold move to reduce excess money in circulation and control inflation effectively.

He emphasized the need for Nigeria to look beyond short-term comfort and strive to secure long-term stability.

Cardoso reaffirmed the CBN’s commitment to rebuilding public trust in the institution.

He said, “Our decision to raise the Monetary Policy Rate (MPR) to 27.25% was a bold move. Higher interest rates, while painful for borrowers, are necessary to curb excess money in circulation and control inflation.

“Leadership is about making hard choices to secure long-term stability over short-term comfort in moments like these

“Leading through challenging times means avoiding the temptation to take on too many initiatives. The Central Bank must focus on its core mandate—price stability. It is easy to become distracted by various political and economic pressures, but as a leader, one must prioritise.”

“Trust is the currency of central banking. If the public loses trust in the institution, the efficacy of its policies diminishes.

“Our decision to implement the Electronic Foreign Exchange Matching System (EFEMS) is rooted in this understanding.

“By enhancing transparency and providing more accurate oversight of forex transactions, we send a strong signal that the CBN is serious about fair and efficient markets.”

Meanwhile, The Manufacturers Association of Nigeria (MAN) had criticized the interest rate hike by the Central Bank of Nigeria (CBN).

The Director General of MAN, Mr. Segun Ajayi-Kadir, made the association’s position known in a statement titled ‘Reaction of MAN on the Report of MPC Meeting on September 23-24, 2024’.

MAN noted that with the higher interest rate, the cost of production will increase.

According to him, the impact of the increase goes beyond the manufacturers, it will stifle investment opportunities.