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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.

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.

Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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