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Nigerian Ports Handled 96.6 Million MT Cargo in H1

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  • Nigerian Ports Handled 96.6 Million MT Cargo in H1

The Nigerian Maritime Administration and Safety Agency has declared that between January and June, total cargo throughput was 96,626,737.96 metric tonnes, representing an increase of 31.24 per cent from 73,628,546.62MT recorded in the corresponding period of 2017.

The Director General, NIMASA, Dr Dakuku Peterside, made this declaration in Lagos on Wednesday during an interactive session with the media.

Peterside attributed the increase to freight rates benchmark which was reviewed for three per cent levy billing to reflect prevailing realities in shipping, based on the request of operators.

He added that the new benchmark had succeeded in fostering harmonious regulator-operator relationship and brought about positive trends in the industry leading to more patronage.

The NIMASA DG who was giving account of the activities of the agency in the past six months said that it had started actualising its mandate by putting together a Strategic Implementation Plan in alignment with the programme of the Federal Government, aimed at putting the agency on a path of sustainable growth to impact the maritime industry as well as promote and ensure overall development of the sector.

Peterside explained that during the period under review, there was an increase in indigenous participation in Cabotage vessels manning, ownership building and registration as a result of zero tolerance on granting waivers.

He added, “We have also witnessed an increase in total number of wholly Nigerian-owned vessels on the Nigerian Cabotagae register. Half year result shows 125 vessels were registered representing a 33 per cent increase when compared with the 94 registered in the corresponding period of 2017.

He said the number of Nigerian seafarers placed on board vessels from January to June was 2337 representing a 58.9 per cent increase in the number of employed seafarers.

A total of 2,840 Nigerian officers and ratings were recommended to be placed on board Cabotage vessels in 2018 as against 1,789 in the same period in 2017, representing an increase of 58 per cent, Peterside noted.

Also, 150 cadets have commenced their on-board sea time training in the first phase of the Nigerian Seafarers Development Programme, in addition to 89 cadets who are currently on board training vessels facilitated by the South Tyneside College, United Kingdom, making a total of 239 cadets in the first phase of the programme.

Under the agency’s Survey, Inspection and Certification Transformation programme, Certificate of Competency examinations were conducted at the Maritime Academy of Nigeria, Oron, leading to the issuance of different categories of CoCs to successful candidates, he said.

“In 2017 alone, NIMASA issued 3,752 certificates to successful seafarers representing a 149 per increase from the CoCs issued in 2016,” he stated.

He listed other improvements recorded in the sector to include reduction of transaction time from 72 hours to 12 hours for dry cargo/RORO and manifest to six hours for wet/gas and bulk homogenous dry cargo.

Others are the development of a software that issues Ship Identification Number at the manifest desk to prevent double entry and double billing; and improved communication with stakeholders through dedicated electronic channel.

On the surveillance and patrol of the maritime domain, Peterside said that the fast intervention security vessels the agency leased under the maritime security strategy project were making impact.

He said, Port State inspections rose by 10.53 per cent in 2017 up from 475 in 2016 to 525 in 2017.

“Flag State inspections are also experiencing upswing from 77 in 2016 to 98 in 2017, a 27 per cent increase,” he added.

He said that the agency had been able to establish a satellite surveillance control and command centre that has a coverage of up to 312 nautical miles from coast, adding that the system can detect vessels with AIS transponders switched off as a synthetic aperture raider.

The agency secured the reactivation of the maritime domain awareness capability and this has enabled effective enforcement of regulations, he said, adding, “Our surveillance system enables us to ensure the preservation of Cabotage trade for indigenous operators by identifying and differentiating ship-to-ship operations that take place at the secured anchorage and the offshore locations to avoid foreign domination in the Cabotage trade under the guise of STS.”

NIMASA according to him has continued the clamour for a change of terms of trade from Free on Board to Cost Insurance and Freight for the affreightment of Nigerian crude oil cargo.

Meanwhile, NIMASA has disclosed that it was planning to outsource the management of its modular floating dockyard to private individuals.

A floating dockyard is an equipment or platform that can be towed to a particular location, to allow a vessel to be floated in and drained to rest on a dry platform.

Peterside said that the dockyard would be located at a Naval facility in Lagos owing to the initial challenge of trying to locate it in the Niger Delta region.

The agency took delivery of the multi-million dollar floating dockyard from Europe in June.

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.

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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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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.

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

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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.

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

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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.

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