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Economy

Customs Generates N203.3bn in Apapa, N6.7bn in Ogun

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Nigeria Customs Service
  • Customs Generates N203.3bn in Apapa, N6.7bn in Ogun

The Apapa Area Command of the Nigeria Customs Service has said it generated total revenue of N203.3bn in the first half of the year.

The Customs Area Controller, Apapa Area Command, Mohammed Abba-Kura, disclosed this during a media briefing in Lagos on Tuesday.

According to him, the amount represents 54.5 per cent of the annual revenue target of N372.6bn set for the Command.

He noted that the amount was N26.5bn above the revenue generated between January and June 2018.

Also during the period under review, a total of 95,229.15 metric tonnes of goods worth N14.3bn were exported from Nigeria through the Apapa Port, Abba-Kura said, adding that most of the items were agricultural and solid minerals products.

To ensure smooth export trade facilitation, he counselled exporters to ensure that all their documentations were completed before moving their cargoes to the port.

Failure to do that, he said, would result in the delay of the goods, loss of time and accumulation of demurrage.

He gave the assurance that the Command would continue to facilitate legitimate, compliant trade for goods whose owners satisfied all the necessary transaction procedures.

“All such consignments will get accelerated clearance from the Customs system,” he stated.

The Command said as part of the fight against smuggling, it intercepted a total of 29 containers whose owners contravened import procedures.

The items seized included tomato paste, vegetable oil, footwear, clothes, tramadol and other drugs as well as armoured glasses without End User Certificates and drilling pipes labelled in a foreign language.

Abba-Kura said between 2018 and 2019, the Command had seized about 42 containers of tramadol.

Apapa Port is reported to generate daily revenue of N4bn into the coffers of the Federal Government.

Meanwhile the Ogun State Area Command of the service says it recorded half-year revenue of N6.7bn, overshooting its targeted revenue of N3.860bn by N2.874bn.

The Command also intercepted 29,905 bags of smuggled foreign rice within the period under review.

The Controller of the Command, Michael Agbara, disclosed this on Tuesday, while briefing journalists about the activities of the command at its Idiroko border office in the state.

While he said that the command had increased the tempo of its anti-smuggling offensive, he added that the operatives also impounded 197 used vehicles popularly known as ‘Tokunbo’ within the period under review.

He noted that the seizure of over 29,905 bags of rice in the first half year of 2019 was indeed a landmark among numerous successes recorded, compared to 15, 976 bags of rice seized during the corresponding period of 2018.

While listing other seizures within the period, Agbara explained that 466 kegs of vegetable oil (25 litres each), 27 units of motorcycles used as means of conveyance, 9,407 pairs of new shoes and 1,042 pairs of used ones were also made.

Other seizures include 427 cartons of frozen poultry products, 25 bales and 29 sacks of second-hand clothing, 12 sacks of Ankara wrappers, 11 sacks of Indian Hemp, 583 pieces of used tyres and 1,181 kegs of Premium Motor Spirit (Petrol) of 25 litres each, among others.

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.

Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

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Petrol Importation - investorsking.com

The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

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Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

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Gas-Pipeline

The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

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Economy

Nigeria’s Food Inflation Hits 22.95 Percent in March 2021

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food storage

Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.

Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.

Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.

Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.

Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.

The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.

However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.

Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.

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