By Martha Agas
The Nigeria Customs services (NCS) has upgraded its Electronic Auction (e-auction) platform in line with its commitment to continuously improve its services.

The service announced the platform`s relaunch in a statement issued by its National Public Relations Officer, Chief Superintendent of Customs Abdullahi Maiwada, on Friday in Abuja.

The Comptroller of NCS, Adewale Adeniyi had on Jan. 10, said that the service had concluded arrangements to revamp the platform to enhance transparency in its auction processes.

He also said that the move would facilitate more robust operations, prevent infiltration by hackers while also ensuring efficient services.

“ In pursuit of its commitment to continuous improvement, the Nigeria Customs Service (NCS) unveils its revamped e-auction platform on Tuesday, Jan.16, 2024.

“This strategic move aligns with the guidelines outlined in the newly enacted Nigeria Customs Service Act, 2023, showcasing the agency’s dedication to efficiency and fairness.

“The new platform, accessible at auction.nigeriatradehub.gov.ng, is an upgraded version of the previous portal designed to provide Nigerians with an equal opportunity to participate, “he said.

Maiwada said that since its relaunch, the platform has recorded impressive results, which include: 1137 number of bids, 1099 registered applicant, 652 successfully paid administration fee, 100 vehicles uploaded on the window, and 86 vehicles bid and won.

He explained that in order to provide opportunities for interested bidders to bid on their desired items, the auctions would be held periodically.

According to the statement, the auctions are set to occur every Tuesday from 12 noon to 6 pm within the specified period. (NAN)( www.nannews.ng)
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Edited by Maureen Atuonwu

By Rukayat Moisemhe

Dr Doyin Salami, former Chief Economic Adviser to ex-President Muhammadu Buhari, says the country’s economic growth prospects in 2024 will depend on a robust agro-industrial development.

Salami said this on Thursday in Lagos at the Nigerian-British Chamber of Commerce (NBCC) January Breakfast Meeting with the theme: “NBCC 2024 Economic Outlook”.

According to him, the country was at the point where agriculture will provide the fix-up for manufacturing to engender a less fragile domestic economy.

He said the outlook for 2024 showed improvement in inflation whilst output growth remained fragile in both global and domestic economic environments reflecting a challenging but defining year ahead.

“The beginning of 2024 is defined by a fragile global economy, slow output growth, high global inflation in spite of tight monetary policy and worsening geo-political tensions.

“Policy in Nigeria needs to stimulate oil production and close the differential between Nigeria-United States inflation and yields to make Nigeria’s financial markets attractive and reduce the incentive for capital flight from Nigeria.

“Inflation is expected to continue dropping in 2024 although the possibility of resurgence on the back of supply shocks cannot be ruled out.

“Yield curves are reflecting market expectation that monetary policy rates will ease in the year ahead with reduced policy rates likely to start in Europe,” he said.

Salami said for Nigeria, areas to be addressed by reforms included improving the security environment, improving food security, easing the financing constraints of the government.

Others, he said, were attaining cost stability (exchange rate and inflation), enhancing liquidity of the foreign exchange market, significantly raising and sustaining crude oil production.

“To succeed, government must restore economic stability, be surefooted and transparent in design, articulation; and ensure proper sequencing and keep its nerve in reform implementation.

“In 2024, though expected to be better than 2023, projections of output growth (estimated at 3.1 per cent GDP growth) show income growth just about matching population growth thus leaving average income per head of population unchanged.

“Whilst general tax rates will remain unchanged, further significant reforms to the structure of taxation, subsidies and their administration is expected.

“A review of wages should be concluded as provided for in the 2019 National Minimum Wage,” he said.

In his remarks, Mr Olayemi Cardoso, Governor, the Central Bank of Nigeria (CBN), said several potential external and domestic factors could influence Nigeria’s economic outlook in 2024.

Cardoso, represented by Dr Ladi Bada Keffi, a Deputy Director with the CBN, stated that the country’s economic outlook for 2024 was faced with upside and downside factors.

He noted that although the CBN had implemented several policies and reforms to enhance the country’s short-to medium-term economic prospects, a successful and well coordinated execution of the various reforms is, mandatory.

The CBN governor said policy options going forward was to increase interest rates, possibly in a series of hikes depending on inflation trajectory.

This, he said, would curb credit growth and reduce money supply, dampening demand and inflationary pressures.

He, however, noted that on the flip side, it could also slow economic activity and increase borrowing costs for businesses.

“The CBN needs to coordinate its monetary policy actions with the government’s fiscal policy to ensure effectiveness and avoid conflicting signals.

“Clear and open communication about policy decisions and rationale is crucial for building market confidence and managing expectations.

“Evidence based policy action hinged on closely monitor economic indicators and adjust policies as needed to respond to evolving circumstances,” he said.

Cardoso reiterated the bank’s commitment to repositioning the Nigerian economy for greater performance through policies that would unlock the growth prospect of the economy.

Ray Atelly, President, NBCC, said the annual event was in alignment with its cardinal mandate and its commitment to elevate the value proposition to members and stakeholders.

Atelly said the event would provide comprehensive assessment of opportunities, challenges, and threats that businesses should expect to contend with during the year domestically and globally.

He added that the NBCC would continue to make significant contributions towards the growth of Nigeria and partner with government to ensure that things work. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

By Lucy Ogalue

The Abuja Chamber of Commerce and Industry (ACCI) and Bangladesh are strengthening their bilateral relationship through the establishment of an ICT Park in the Federal Capital Territory (FCT).

Mr Masudur Rahman, the High Commissioner of Bangladesh to Nigeria, said this when he visited the ACCI president, Emeka Obegolu, in Abuja.

Rahman said that the move was part of a strategy to promote industrialisation and stimulate economic growth in the country.

He also expressed his intentions to collaborate with ACCI in various sectors such as agriculture, ICT, knowledge transfer, garments and textiles, manufacturing, electronics and smartphone assembly.

The High Commissioner expressed optimism that establishing an ICT Park would benefit Nigeria immensely and create a win-win situation for both countries.

Rahman said if the collaboration was properly harnessed, it could generate sustainable development, economic growth, job creation, poverty reduction and expand trade volume for both countries.

“Nigeria’s vast market provides significant opportunities and entrepreneurs should consider targeting areas of interest for employment opportunities, leveraging the expertise and resources available in Bangladesh,” he said.

He emphasised the importance of formalising the collaboration by establishing a Memorandum of Understanding (MoU) between ACCI and the Dhaka Chamber of Commerce and Industry (DCCI).

Rahman also acknowledged the crucial role ACCI played in facilitating this partnership.

Responding, Obegolu appreciated the High Commissioner’s visit and commended his efforts to strengthen the relationship between Bangladesh and Nigeria.

He acknowledged the highlighted opportunities and expressed interest in tapping into them to benefit ACCI members.

He added that ACCI’s mandate was to support business growth in the FCT and its environs.

“Nigeria, being a nation interested in transiting from importation to local manufacturing, stands to gain from opportunities introducing new companies to ACCI members.

“We are interested in the proposed skill transfer, as it can bolster Nigeria’s position as a production base.

Meanwhile, Director-General, ACCI, Agabaidu Jideani, emphasised the chamber’s keen interest in job creation while welcoming the prospect of companies from Bangladesh establishing themselves in the FCT.

Other ACCI team present during the visit were Aisha Ado Abdullahi, VP of Legal; Emeka Nnam, Executive Director of Abuja Trade Centre and Hauwa Kaka-Usman, General Counsel.

The News Agency of Nigeria (NAN) reports that the visit by the High Commissioner of Bangladesh to Nigeria signifies a shared commitment to enhance bilateral relations between the two countries.

Through collaboration in various sectors and establishing an ICT Park, Nigeria and Bangladesh aim to achieve economic growth, job creation, and increased trade volume. (NAN)(www.nannews.ng)

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Edited by Folasade Adeniran

By Lucy Ogalue

The Nigerian Export Promotion Council (NEPC) says the volume of Nigeria’s non-oil export in 2023 stood at 6.685 million metric tonnes of exportable products.

The Executive-Director/Chief Executive Officer (CEO) of NEPC, Nonye Ayeni, said this in Abuja on Thursday, during the presentation of the non-oil export performance for the year 2023.

Ayeni said this continued increase in volume of the nations non-oil export reaffirms the widely held assertion that the sector held the key to the revitalisation of the country’s economy.

“An increase in the volume and value of exportable goods and services and the repatriation of export proceeds will enhance foreign exchange inflow into the country.

“It will also help to stabilise the value of the Nigerian Naira.

“For this reason, my management team and I have resolved to double our efforts towards playing our part in repositioning the sector for sustainable and inclusive economic growth,” she said.

The executive-director however acknowledged a decline in monetary terms of our export from about 4.8 billion dollars in 2022 to 4.5 billion dollars in 2023.

Ayeni listed the factors responsible for the decline to include political instability in many exportable countries, rejection of some of our products, and exchange rate, among others.

She, therefore, expressed the council’s commitment to tackle most of these challenges to ensure growth of sector in the shortest possible time.

“This aligns with the Industrial Revitalisation Agenda of the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite and the Renewed Hope Agenda of President Bola Tinubu.

“For job creation, poverty alleviation and economic growth, development and diversification.

“Considering that one of the major challenges facing exporters is the issue of export reject, the Council is already addressing the issues.

“By collaborating with relevant authorities to create awareness, build capacity in the area of good agricultural practices, labelling and packaging and ensure adherence to quality and standards of our exports in the global market,” she said.

On products exported, the NEPC boss said 273 different products were reported to have been exported in the period under review ranging from manufactured, semi-processed, solid minerals to agricultural commodities.

She said this figure reflected a notable increase of approximately 28.04 per cent compared to the preceding year.

Ayeni said the Pre-shipment Inspection Agents (PIAs), listed some among the top 20 products exported in 2023 to include Urea, Cocoa Beans, Sesame Seed, Soya Beans/meal, Cashew Nuts/Kernels, Aluminum Ingots, and Hibiscus Flower.

“The top commodities in terms of total exported products were Urea/Fertilizer, which accounted for 20.10 per cent while Cocoa Beans came second at 13.19 per cent.

“Sesame Seeds took the third position at 9.03 per cent, and there were quite a number of other exportable products that contributed significantly to this huge volume of exports recorded in 2023.

“So many exportable products and their derivatives such as wheat, bran. Lithium, ore, and sorghum are progressively gaining prominence as the demand for these products in the global market continues to increase.

“While their contributions are still in the process of attaining significant levels, their regular inclusion on the export table suggests a growing presence in the export landscape,” Ayeni said.

The executive director said that the top-20 exporting companies in Nigeria, Indorama-Eleme Fertilizer, and Chemical Limited took the lead with 524,327,305.66 dollars in value.

Ayeni said Dangote Fertilizer Limited recorded the second-highest value of 383,071,252.58 dollars, respectively, adding that other companies also made significant contributions in that space.

The News Agency of Nigeria(NAN) reports that Nigeria’s non-oil products penetrated markets across 124 countries in the Americas, Asia, Europe, Oceania, and Africa.

Thirteen member countries of ECOWAS (excluding Cape Verde) actively imported Nigerian products with 1,145 exporting companies actively exporting Nigeria’s products in the year 2023.

According to the NEPC boss, this figure can be improved with adequate funding, capacity building, and mentorship. (NAN)(www.nannews.ng)

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Edited by Sadiya Hamza

By Kadiri Abdulrahman

A financial expert, Mr Okechukwu Unegbu, has urged the media and other stakeholders to always get the right information about Nigeria’s debt profile before disseminating it.

Unegbu, a past president of the Chattered Institute of Bankers of Nigeria (CIBN), said this in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja.

According to Unegbu, spreading false information about the debt situation and the economy in general can lead to negative reactions from global rating agencies and also make the economy vulnerable.

He said that the Debt Management Office (DMO) was saddled with the responsibility to centrally coordinate the management of Nigeria’s debt.

“Any enquiry about the Nigerian debt situation should be directed to the DMO, which is statutorily responsible for managing the country’s debt.

“Sometimes, a visit to the website of the DMO is all that is needed to get all required information about the Nigerian debt situation,” he said.

He said that there was the need to protect the financial market as well as the economy from the ripple effects of misinformation and fake news.

NAN reports that Nigeria’s total public debt stock hit N87.91 trillion (114.35 billion dollars) in Sept. 2023, according to the latest figures from the DMO.

The DMO said that the amount represented the domestic and external debts of the Federal Government, the 36 state governments and the Federal Capital Territory (FCT).

The N87.91 trillion total debt stock represents a marginal increase of 0.61 per cent when compared to the June figure of N87.38 trillion.

The DMO said that this trend was explained by the decrease in external debt from 43.16 billion dollars as at June 30, 2023 to 41.59 billion dollars as at Sept. 30, 2023.

It said that there was also a relatively moderate increase of N1.80 trillion in the domestic debt.

“External debt decreased due to a redemption of 500 million dollars Eurobond.

“It also decreased due to the payment of 413.959 million dollars as first principal repayment of the N3.4 billion dollars loan obtained from the International Monetary Fund (IMF) in 2020 during COVID-19,” it said.

It said that the servicing of all the debts is a clear demonstration of the Federal Government’s commitment to honouring its debt obligations.

It said that President Bola Tinubu’s revenue generation initiatives remained important to Nigeria’s overall fiscal balance. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

By Constance Athekame

Mr Sanusi Garba, Chairman, Nigerian Electricity Regulatory Commission (NERC), says the Federal Government will continue to subsidise electricity to ease the financial burden on Nigerians due to the high cost of living witnessed in the country.

Garba said this during a news conference in Abuja on Wednesday.

“Government has decided for now, arising from the cost of living crisis and so many others, to in the meantime continue to subsidise electricity.

“In the new tariff order just published by the commission, you will discover that tariff is not going up but you will see what the Electricity Distribution Companies (DisCos) should be charging.

“You will also see in the tariff order the amount of subsidy the government will be providing to cover the gap between what they will charge and what they are allowed to charge,” he said.

According to him, the new tariff contains what the DisCos are allowed to charge based on government policy, if they are to remain in service.

He said that in the tariff, NERC included some provision that would ensure that the DisCos pay what they are obligated to pay.

“The DisCos are in the business of buying electricity from the Nigeria Bulk Electricity Trading Company (NBET), so they are to pay,” he said.

Garba said that the Electricity Act that was signed by President Bola Tinubu in 2023 presented an opportunity for states to make laws and take charge of providing electricity in their franchise areas.

He said that the commission remained committed to working with the states in such a manner that the existing public utilities were nurtured to provide services to Nigerians and were utilised for what they were intended for.

On metering, the chairman said that the commission had identified that the Electricity Distribution Companies had challenges with finances to meter their customers.

He said that the rate of metering had been adversely impacted by the inability of DisCos to raise the required capital from the banks.

“To reduce the rate of estimated billing, the commission created a framework under which the distribution companies can raise some amount of money to meter customers.

“So we decided that from the market revenues, we set aside a fixed amount that is dedicated for the provision of metering

“We are not saying that the money from the market on a monthly basis is the money to buy a meter.

“It is a potential lender to raise a pathway to pay whatever loan DisCos are going to get to provide meters,” he said. (NAN)(www.nannews.ng)

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Edited by Benson Iziama and Emmanuel Afonne