By Simon Akoje
Some economic experts have urged the Federal Government to tackle the food insecurity challenges and check the depreciating level of Naira fuelling the inflation in the country.

They made this known in separate interviews with the News Agency of Nigeria (NAN) on Monday, in Lagos.

Prof. Bright Eregha, an economics lecturer at Pan Atlantic University, advised the government to adopt innovative ways of tackling insecurity and food shortage challenges facing the nation.

According to Eregha, the government should collaborate more with other countries within the subregion to bring the insecurity under control, particularly in agrarian communities.

“These should be sanity in agrarian communities where there are often disputes over land among farmers and herders which is impeding food output,” Eregha said.

He also urged the federal government to ensure fiscal discipline to address rising inflation rates.

He said the government also take measures to discourage the importation of commodities that have local alternatives.

“This will strengthen the local companies and reduce the value of imports into our economy,” Eregha said.

Also, former Executive Secretary, Chartered Institute of Bankers of Nigeria (CIBN), Dr Uju Ogubunka, advised the monetary authorities to adopt appropriate measures to further halt the steady decline of Naira.

“More emphasis should be on how to incentivise local companies to export oil and non-oil products into the global market.

“This will lead to more foreign exchange inflows into the country and stabilise the Naira against other currencies as well as reduce the volume of importation over time,” Ogubunka said.

He said the Federal Government could support more private companies to establish companies produce petrol chemical products locally.

“This will lead to the country achieving self-reliance in refined petroleum products and stop the immense hemorrhage on our foreign reserves.

“This is one of the factors fuelling the inflation increases currently,” Ogubunka said.

Also speaking, an agric economist, Mr Nnamdi Ifenkwe, said the federal government should fully implement its all-year farming programme to address the food induced inflation.

Ifenkwe, Senior Manager at Nisi Agro Allied Services, said the government could continue to encourage more youths to venture into farming to achieve food sufficiency.

“We need to incentivise more youths to foray into modern-day farming so as to address the food shortage being experienced at the moment.

“Since the country’s population is generally increasing more young people is needed to be engaged in farming to bridge the gap,”Ifenkwe said.

He said the federal government should invest in more food reserves, because the existing ones are currently inadequate for the nation’s growing population.

He added that the government should adopt measures to ameliorate post harvest losses because its one of the factors impeding food output.

NAN reports that the National Bureau of Statistics (NBS) said the headline inflation rate increased year-on-year (YoY) by 1.8 per cent to 31.7 per cent in February l from 29.9 per cent in January.

This represents the highest level of inflation recorded in 28 years.

Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.8 per cent points when compared to the January 2024 headline inflation rate.

On a year-on-year (YoY) basis, the headline inflate was 9.79 per cent points higher compared to the rate recorded in February 2023, which was 21.91per cent. (NAN) (www.nannews.ng)

Edited by Modupe Adeloye/Olawunmi Ashafa

By Chimezie Anaso
The National Agency for Food Drugs Administration and Control (NAFDAC) has shut down some unregistered satchet water production factories in Anambra.

The companies were said to be producing water in unhealthy environment and operating without subjecting their processes to regulatory standards.

Louis Mmadubuatta, Coordinator of NAFDAC in Anambra, told newsmen in Awka that the exercise was part of the routine surveillance of the agency with the aim of protecting the health of members of the public.

“We have over time visited a number of water factories that do not comply to good manufacturing standards and normally such places are shut until they comply and those we earlier closed have done so.

“Those places are sealed and we are not opening them until they respond to the regulatory action taken against them,” he said.

Mmadubuatta, who did not reveal the locations of the sealed companies for strategic reasons, warned companies engaging in illegal manufacturing of table water and other regulated products to desist from such activities.

He said the companies should go to NAFDAC and register their products and those whose licenses had expired should endeavour to renew them.

“We are still embarking on massive sanction activities against erring companies,” he said.

The Coordinator urged members of the public to assist NAFDAC with information on illegal table water production activities going on in their neighbourhood for swift reaction while assuring them of anonymity.

He further advised that consumers should look out for product name, production and expiry dates, NAFDAC number and batch number and if they had doubts they should reach the agency.(NAN) (www.nannews.ng)

Edited by Vincent Obi

By Emmanuella Anokam

The African Export-Import Bank (Afreximbank), says Nigeria is among the largest beneficiaries accounting for about 60 per cent of its US$30 billion funding of the energy sector in Africa.

The Afreximbank said it has been able to make modest contributions in the oil and gas sector because the bank was predominantly African in ownership and control.

Prof. Benedict Oramah, President of the African Export-Import Bank, said this at the ongoing 7th Nigeria International Energy Summit (NIES 2024) in Abuja on Wednesday.

The News Agency of Nigeria (NAN) reports that the Afreximbank President spoke on “Sustainable Strategies for Energy Leadership: Navigating Security, Transition and Finance in a Changing World”.

“The support provided to the sector by Afreximbank is in excess of US$30 billion. Nigeria has been one of the largest beneficiaries accounting for almost 60 per cent of the total funding of the sector.”

Oramah, represented by Haytham Eimaayergi, Executive Vice President, Global Trade Bank (GTBA), said the continent lacked extensive traditional energy infrastructure.

This, he said, presented an opportunity for leapfrogging in a more efficient way to renewable technology.

According to him, “our aspiration in the area of energy security and energy transition will remain aspiration unless we have access to adequate funding resources that we control.”

He said with a lot of international banks withdrawing funding out of the oil and gas sector, the investment in the industry had become limited with the corresponding impact on exploration and production.

“Afreximbank has intervened in a big way, quickly becoming the largest financier of oil and gas deals in the continent,” he said.

The president stated that Afreximbank and Africa Petroleum Producer Organisation (APPO) are in the final stages of setting up the African Energy Bank.

He explained that the Africa Energy Bank which is being set up under a multilateral financial institution agreement will focus on providing funding for the energy sector in the continent.

He added that it was structured to ensure African origin and control.

“Afreximbank is committed to helping manage and operate Africa energy bank to ensure that it has the best possible chances of success.

“The strategic goal of the Africa Energy Bank is to play a leadership role in shaping the energy landscape in Africa, through strategic partnerships with proven African and international financial institutions and investors.

“It will also provide sustainable financing in the area of the oil and gas sector,” he said.

He, however, appealed for support from member states to achieve the level of capitalisation that would be adequate to support the energy sector.

NAN reports that Secretary-General of African Petroleum Producers Organisation (APPO), Dr Omar Ibrahim, had earlier announced that the decision on which country the proposed African Energy Bank will be sited, is to be taken by the end of first quarter of 2024.

Seven countries including Nigeria, Algeria, Egypt, Ghana, South Africa, Benin Republic, Cote d’Ivoire are jostling for it. (NAN) (www.nannews.ng)

Edited by Vincent Obi

By Henry Oladele

A maritime expert, Dr Segun Musa, has faulted the Lagos State Government policy ban on the use of styrofoam in the state.

Musa, the Deputy National President, Air Logistics, National Association of Government Approved Freight Forwarders (NAGAFF), said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.

Musa who described styrofoam as a new economy called for a public enlightenment on the proper use of the product.

He described the ban of the product as myopic, stressing that “styrofoam is an economy on its own and people make livelihood from the production.”

He, therefore, urged the Lagos State Government to withdraw the ban.

Musa, who is also the Grand Patron of Nigeria Football Supporters’ Club, said the product comes in different packages, the one for food, television and refrigerator, among others.

According to him, the one for food constitutes less than five per cent of the whole styrofoam that comes into the state.

”The ban on styrofoam policy is myopic.

”The one for food packaging constitutes less than five per cent of the whole styrofoam that comes into Lagos State.

”We have the styrofoam for television, fridge and the likes, and all these find their way into the drainage.

”Educating the public is what the government needs because the use of styrofoam is an emerging economy on its own,” he said.

Musa explained that styrofoam could be compressed with a minimal temperature and pressure to form another packing material.

”You can drop it in a tank and pour petrol on it to dissolve it and turn it to gum. The usage of gum in Lagos State alone is a massive economy on its own.

“Styrofoam constitutes the same problem to the environment just as plastics, if the product is banned because of its chemical composition, then all plastics should be too.

”The same problem we have with plastic is the same we have with styrofoam, so if you want to ban styrofoam because of chemical composition then ban all plastics.

”When either of the two are subjected to heat because of the chemical substance used to build them, it will be reactive and that is why it will be injurious to health.

”It should not be used for anything hot, you can use it for something cold or warm but don’t subject it to hot food or microwave,” he said.

He advised the government to turn the styrofoam to an economy by training propkr on how to recycle it.

”For instance, look at tyres, it used to be a waste but some people came up with recycling tyres and now it is an essential commodity,” he said.

He urged government to withdraw the ban because people are making money from styrofoam to feed their families.

”You are not creating a new economy and you are destroying the one on ground, it is not done.

“Government does not know it all. It is expected that the private sector is knowledgeable,” he added. (NAN) (www.nannews.ng)
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Edited by Deborah Coker/Chinyere Joel-Nwokeoma

By Chiazo Ogbolu

Mr Adegboyega Oyetola, Minister of Marine and Blue Economy, has assured Nigerians of his ministry’s unwavering commitment to collaborative engagements with stakeholders in the international trade community.

Oyetola gave the assurance at the 2024 International Customs Day organised by the Nigeria Customs Service (NCS) with the theme: “Customs Engaging Traditional and New Partners with Purpose,” on Friday in Lagos.

He said the support was aimed at achieving a more sustainable use of ocean and coastal resources for economic growth and development.

Oyetola noted that the Nigeria Customs Act 2023 would create a favourable environment for trade, opportunities and partnership between the public and private sectors.

“In this era of increased interdependence, customs and its stakeholders must work hand in hand to ensure the overall success of initiatives that will help unlock the immense potential of collaboration and increase revenue generation.

“At this juncture, let me commend the leadership of customs for agreeing to abandon the physical examination of cargoes at our ports and priotising the use of scanners.

“This development will not only increase revenue, it will ensure ports efficiency and competitiveness. And it will reduce drastically the cargo turnaround time,” he said.

Earlier, the Comptroller General of Customs, Adewale Adeniyi, said the theme for the year’s celebration aligned with its core objectives and three-point agenda namely consolidation, innovation and collaboration.

Adeniyi added that the agenda had been the agency’s guiding principles over the last seven months of his administration.

He said the declaration documents reached at the recent Comptroller General of Customs conference in December 2023, after an exhaustive consultation with stakeholders, was presently undergoing implementations.

Adeniyi said the implementation of the documents would address multiple alerts, reduction of customs checkpoints and improvement in officers conduct.

“As customs do their part, we call on all stakeholders to reflect on the documents and do their part, as customs commitment to implementing this resolutions remain very firm.

He said customs would continue to support initiatives and strengthen relationship with stakeholders towards improving efficiency at the port.

The customs boss disclosed that a Time Release Study (TRS), a significant initiative that underscores their efficiency and transparency to trade facilitation, would be launched in February.

Adeniyi described the TRS as comprehensive exercise aimed at optimising processes and reducing the time it takes for goods to be released from the ports and border stations.

Also, Mr Ian Saunders, the Secretary-General, World Customs Organisation, noted that this year, customs would embark on a path that challenges them to both reaffirm their long-standing partnerships, and to boldly forge new alliance.

“The world has changed dramatically over the decade with unprecedented challenges, including rapid technological advances, environmental and health crises, and complex geopolitical and economic dynamics,” Saunders said.

He said the global customs community needs a forward-thing approach supported by stakeholders to tackle these unprecedented challenges.

“The theme for 2024 is a strategic call for action, everyone should broaden their perspectives, think creatively, and embrace innovative approaches,” he said.

Also speaking, Mr Mohammed Bello-Koko, the Managing Director, Nigerian Ports Authority (NPA), said they were already recording gains from the renewed collaboration with customs.

Bello-Koko said the collaboration had led to noticeable reduced cargo dwell time and ship waiting time and ports decongestion.

“This collaboration also gives life to their commitment to the deployment of the Port Community System (PCS) which the NPA has propelled to the final phase of consultancy under the technical guidance of the International Maritime Organisation (IMO).

“The PCS is germane to promoting efficiency and making our ports competitive as it lays the groudwork for the National Single Window.

“Our commitment to positioning the Lekki Deep Seaport as transhippment hub to service the maritime needs of our landlocked neighbours will also benefit greatly from this collaboration

“This alignment of vision between NPA and Nigeria Customs Service portends great fortune for trade facilitation and national prosperity, and maximising the opportunities inherent in our littoral assets as a maritime nation rests heavily on this collaboration,” he said.

Highlights of the occasion was the Stakeholders Award given to NPA, NSC, National Association of Nigeria Licensed Agents, National Association of Government Approved Freight Forwarders, the Nigerian Union of Journalists and the Nigerian Guild of Editors, among others. (NAN)(www.nannews.ng)
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Edited by Chinyere Joel-Nwokeoma