NEWS AGENCY OF NIGERIA
NPA establishes Export Process Terminal to simplify Nigerian goods exportation
Economy/Business

NPA establishes Export Process Terminal to simplify Nigerian goods exportation

277 total views today
By Ifeoma Aka
The Nigerian Ports Authority (NPA) says it has established the Export Process Terminal (EPTs) to simplify the process of exporting Nigerian goods.
The Principal Manager Tariff and Billing, Mr Asuquo Okon, made the disclosure during the NPA’s special day at the ongoing Enugu International Trade Fair in Enugu on Thursday.
Okon said EPTs were conceptualised to serve as a one-stop-shop of cargo consolidation, stuffing, documentation, packaging, certification and onward shipment through electronic call-up of the ports in quick turnaround time.
He hinted that the intervention was to eliminate duplications and bureaucratic overlaps that previously rendered Nigerian exports uncompetitive in the international marketplace.
Okon said that to facilitate Port-hinterland connectivity and create pathways for Small and Medium Scale Enterprises (SMEs) to play in the ex value chain, the EPTs would be linked with Domestic Ex Warehouses (DEWs) in synergy with the NEPC and relevant partners.
The manager said that it would also align with the ease of doing business orientation of the Federal Government and the theme of the year’s “Developing Nigeria’s Industrial Sector/SMEs for Economic Advancement and Global Recognition.
Okon explained that NPA was always proud to be associated with the noble cause that this fair represented especially seeing that trade remained the most veritable tool for actualising most of the economic aspirations.
He invited the entire trading and investing public to explore the tailor-made simplified export processes.
“As some of us are aware of our bid to contribute to the strengthening of the domestic economy through the promotion of balance of trade.
“We are aggressively simplifying our export processes to enable made-in-Nigeria goods transit through our ports as seamlessly as possible.
“To achieve this, we are eliminating human interface which encourages underhand dealings by pursuing the full automation of our processes and procedures through the Ports Community System,” he explained.
The manager, therefore, assured every stakeholder that its doors were always open for partnerships even beyond the trade fair.
In a welcome address, the President, Enugu Chamber of Commerce Industry Mines and Agriculture (ECCIMA), Mr Odeiga Jideonwo lauded NPA for their commitment and strategic role they played in the socio-economic lives of people.
Jideonwo, who was represented by his Vice President, Mr Eric Chime, said that a lot needed to be done because importers especially from this part of the country were still experiencing undue delay in clearing their goods.
He suggested that it was time to evolve more pragmatic and proactive approach in resolving the negative issues in the maritime sub-sector. (NAN)(www.nannews.ng)
Edited by Yinusa Ishola/Maureen Atuonwu
Tinubu commissions Afreximbank African Trade Centre Abuja
Economy/Business

Tinubu commissions Afreximbank African Trade Centre Abuja

252 total views today

By Okeoghene Akubuike

President Bola Tinubu has commissioned the Afreximbank African Trade Centre (AATC) in Abuja, calling for more commitment to build a stronger, more interconnected and prosperous Africa.

The President, represented by Sen. George Akume, Secretary to the Government of the Federation, said to achieve this, new trade corridors need to be unlocked.

He added that Africa must also reduce its dependence on imports and empower SMEs and women-led businesses through access to markets and finance.

Tinubu said that digital technology must also be harnessed to streamline cross-border trade and reduce inefficiencies.

“The AATC located in Abuja represents another milestone in this journey, and this aligns perfectly with Nigerians’ strategic priorities under the Federal Government’s 8-point agenda.

“This is particularly in the areas of job creation, economic diversification and regional integration.”

He said that in recognising the potential for growth and trade, the impact of Afreximbank interventions continued to be felt across the continent in the following areas.

“Over 20 billion dollars in trade finance facilities have been disbursed to facilitate intra African Trade and the bank plans to double that amount by 2026.

“Support for industrial parks and special economic zones which are boosting manufacturing and export capacity.

“Also, the AfCFTA Secretariat partnership with Afreximbank which will operationalise the world’s largest free trade area connecting 1.3 billion people with a combined GDP of 3.4 trillion Dollars.”

Tinubu gave his assurance that the Federal Government of Nigeria would support initiatives that drive inclusive growth, digital transformation and sustainable industrialisation.

Prof. Benedict Oramah, President and Chairman, Board of Directors, Afreximbank, said the Abuja AATC was the first of several AATCs being developed across Africa and the Caribbean.

Oramah said some of the AATCs would be Afreximbank-owned while others would be supported through a franchise scheme.

“With these, we expect to create a sizable network of AATCs that will act as the lighthouses to guide the interconnections and flow of trade and investments within continental Africa and between Africa and Caribbean regions.

“This particular AATC Abuja has been a 41-month journey, one built on hope and determination. Like the other AATCs, the Abuja AATC would serve a multi-purpose goal.

“It will serve as a platform for fostering deeper regional and continental integration and house Afreximbank’s permanent regional office, bringing a three-decade-old aspiration to fruition.”

He said the Abuja AATC would also offer a technology incubation hub, an SME incubation facility, a Digital Africa Trade Gateway, a conference and exhibition facility and a business hotel.

“It also represents a unique offering as it would be connected to all other AATCs across Africa, in Barbados and at Afreximbank Africa Global Gateway in New York, digitally.

“That would make it possible for Afreximbank to procure a top global trainer to train exporters, SMEs, tech experts, etcetera, simultaneously.”

Oramah said It would also make it possible for African and Caribbean businesses to view exhibitions ongoing in other trade centres.

“If any Nigerian business wants to link up with other businesses in other parts of Africa, and the Caribbean, this will be the hub to enable that.

“This facility, therefore, provides a platform for turbocharging engagements of Nigerian businesses in the AfCFTA.”

He said AATC Harare was expected to be opened in August, while AATC Kampala would be opened in 2026, saying that in a few months, “we would break ground for AATC Cairo and AATC Yaoundé and others”.

Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, said the centre was not just for Afreximbank or policymakers, but for African youths who were hungry for knowledge and innovation.

“It is for our women-owned businesses, building legacies with limited access, our SMEs, trying to move from survival to scale, our exporters, daring to compete globally.”

Oduwole said there was a need for the continent to recommit to building a future where Africa was not just a participant in global trade, but a leader and a powerhouse.

The News Agency of Nigeria (NAN) reports that the Abuja AATC is a two modern, elegant, inter- connected nine-storey towers, located on 4th Avenue, Central Business District. (NAN) (www.nannews.ng)

Edited by Vivian Ihechu

CBN announces economic resurgence declares, .83bn balance of payments surplus
Economy/Business

CBN announces economic resurgence declares, $6.83bn balance of payments surplus

439 total views today

By Kadiri Abdulrahman

The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of 6.83 billion dollars for the 2024 financial year.

According to Hakama Sidi-Ali, CBN’s Director, Corporate Communications Department, this marks a decisive turnaround from deficits of 3.34 billion dollars in 2023 and 3.32 billion dollars in 2022.

Sidi-Ali said that the improvement reflected the impact of wide-ranging macroeconomic reforms, stronger trade performance, and
renewed investor confidence in Nigeria’s economy.

“The current and capital account recorded a surplus of 17.22 billion dollars in 2024,
underpinned by a goods trade surplus of 13.17 billion dollars.

“Petroleum imports declined by 23.2 per cent to 14.06 billion dollars, while non-oil imports dropped by 12.6 per cent to 25.74 billion dollars.

“On the export side, gas exports rose by 48.3 per cent to 8.66 billion dollars, and non-oil exports increased by 24.6 per cent to 7.46 billion dollars,” she said.

She said that remittance inflows remained resilient, with personal remittances rising by 8.9 per cent to 20.93 billion dollars.

Sidi-Ali said that International Money Transfer Operator inflows surged by 43.5 per cent to 4.73 billion dollars, up from 3.30 billion dollars in 2023, reflecting stronger engagement from the Nigerian diaspora.

She said that official development assistance also rose by 6.2 per cent to 3.37 billion dollars.

“Nigeria recorded a net acquisition of financial assets totalling 12.12 billion dollars.

“Portfolio investment inflows more than doubled, increasing by 106.5 per cent to 13.35 billion dollars, while resident foreign currency holdings grew by 5.41 billion, indicating stronger confidence in domestic economic stability,” she said.

The director said that although Foreign Direct Investments (FDIs) dropped by 42.3 per cent to 1.08 billion dollars, the overall financial account posted notable gains.

She said that the country’s external reserves increased by 6.0 billion dollars to 40.19 billion dollars by year-end 2024, bolstering its external buffer.

“Marked Improvement in data integrity notably, net errors and omissions narrowed significantly by 79.5 per cent to negative 5.10 billion dollars in 2024, down from 24.90 billion dollars in 2023.

“This reflects substantial improvements in data availability and capture, representing a major advance in data accuracy, transparency, and overall reporting integrity,” she said.

She said that the 2024 BOP surplus highlighted the effectiveness of Nigeria’s ongoing reform agenda.

According to her, the liberalisation and unification of the foreign exchange market, a disciplined monetary policy approach to managing inflation and stabilising the Naira and coordinated fiscal and monetary measures have all contributed to enhanced competitiveness and investor sentiment.

Meanwhile, the CBN Governor, Yemi Cardoso, said that the positive turnaround in the country’s external finances was evidence of effective policy implementation and unwavering commitment to macroeconomic stability.

According to Cardoso, this surplus marks an important step forward for Nigeria’s economy, benefiting investors, businesses, and everyday Nigerians alike. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

FG committed to reposition textile industry
Economy/Business

FG committed to reposition textile industry

382 total views today

 

 

 

 

 

 

By Vivian Emoni

 

The Federal Government has expressed its commitment to repositioning the Cotton, Textile and Garment (CTG) industry for sustainable growth.

 

 

 

Sen. John Owan Enoh, Minister of State for Industry, said this at a Stakeholder’s Meeting on “Revitalising Nigeria’s Cotton, Textile and Garment Industry’’, in Abuja on Wednesday.

 

 

 

The theme of the meeting was tagged “Co-Creating Solutions to Grow CTG Industry in Nigeria’’.

 

 

 

Enoh said the objective of the meeting was to finalise the review of the policy document for the full revitalisation of the sector.

 

 

 

He added that the meeting was also aimed at ensuring sustainable growth and development of the industry in line with global best practices.

 

 

 

“As we seek to revive and reposition the sector, the ministry is fully committed to building a strong policy and institutional framework that reflects today’s realities and tomorrow’s possibilities.

 

 

 

“Your participation will support transparency, amplify stakeholder voices, and contribute to the development of this vital sector.

 

 

 

“But this cannot and should not be done in isolation.

 

 

 

“Your presence here is a powerful reminder that sustainable solutions are best shaped by those who live the challenges, those who drive the innovations and those who carry the vision.

 

 

 

“We appreciate your usual support and cooperation,’’ he said.

 

 

 

Enoh said that the meeting has been convened not just to consult, but to listen, collaborate and co-create.

 

 

 

“I really appreciate your time, your voice, and your willingness to contribute meaningfully to this process.

 

 

 

“Together we can weave a new narrative for the CTG industry, one of reliance, resilience, competitiveness, and shared prosperity,’’ he said.

 

 

 

The minister said that the Industrial Revolution Work Group has been inaugurated, adding that one of the key objectives was to revitalise moribund industries.

 

 

 

He said that the ministry was working hard to revive moribund industries and ensure they thrive.

 

 

 

Enoh also encouraged Nigerians to embrace locally made goods, adding that it would help to realise the nation’s potential.

 

 

 

Similarly, Amb. Nura Rimi, Permanent Secretary of the Ministry, said that the revitalisation and repositioning of the sector have immense potential for the nation’s economic growth, job creation, and overall industrial development.

 

 

 

Rimi said the industry was a vibrant cornerstone of the economy, adding that it provides livelihoods for millions of families and contributes significantly to the country’s Gross Domestic Product (GDP).

 

 

 

He called for strong collaboration with relevant stakeholders to unlock the immense potential and achieve the goals and objectives of the industry.

 

 

 

Mrs. Adenike Ogunlesi, who represented the Garment and Accessories Manufacturers Association of Nigeria (GAMAN), said that garment was the demand engine of the CTG value chain.

 

 

 

Ogunlesi said that the industry was the immediate channel for the creation of jobs, earning foreign exchange and giving national visibility on Made-in-Nigeria products.

 

 

 

Also, Mr. Hamma Kwajaffa, Director-General, Nigeria Textile Manufacturers Association, said that the meeting would promote the industry`s potential and help to address challenges being faced by the industry.

 

 

 

Kwajaffa said that the association provides resources and training for textile and textile-related manufacturers, on manufacturing and human resources matters. (NAN) (www.nannews.ng)

 

Edited by Ifeyinwa Okonkwo/Oluwafunke Ishola

Afreximbank to establish trade centres in Africa’s commercial capitals
Economy/Business

Afreximbank to establish trade centres in Africa’s commercial capitals

278 total views today

By Okeoghene Akubuike

The African Export-Import Bank (Afreximbank) is setting up trade centres in several major commercial capitals across Africa and the Caribbean as part of its efforts to boost intra-African trade.

Dr Robert Tomusange, Director and Global Head of Real Estate and Administration for Anglophone West Africa at Afreximbank, disclosed this while briefing the media on Thursday in Abuja.

He said the trade centres, dubbed “The Afreximbank – African Trade Centres (AATCs),” were designed to promote economic diversification and bridge the gap in trade information and facilitation services across the continent.

He said with nine planned locations, the AATCs would be landmark business complexes and trade hubs housing Afreximbank’s trade capabilities in iconic settings.

“They will provide stakeholders with access to integrated trade services, critical data, and opportunities for networking and partnerships,” Tomusange explained.

He emphasised that the vision of the AATCs was to transform African trade through the creation of integrated service hubs that connect various actors in the trade ecosystem.

He said that the centres would serve as a link between buyers, sellers, suppliers, service providers, enterprises, governments, chambers of commerce, financial institutions, development organisations, and the broader African and global trade and investment community.

“AATCs aim to bring together the trade ecosystem to create a powerful network that can be leveraged to explore local, regional, and global market opportunities.

“AATC offerings will include trade information and facilitation services, capacity building, business hotels, conference and exhibition centres, Grade A corporate office spaces, trade and project finance, export development, guarantees, and advisory services.”

He said the planned locations for the AATCs include Abidjan, Abuja, Barbados, Cairo, Harare, Kampala, Kigali, Tunis, and Yaoundé.

The News Agency of Nigeria (NAN) reports that the Abuja AATC is scheduled to be commissioned on Thursday, April 10, 2025, by President Bola Tinubu. (NAN)(www.nannews.ng)

Edited by Abiemwense Moru

Proactive risk management key to Nigeria’s development- NAICOM
Economy/Business

Proactive risk management key to Nigeria’s development- NAICOM

255 total views today

 

 

 

 

By Taiye Olayemi

 

National Insurance Commission (NAICOM) has called for a proactive, data-driven, and forward-looking risk management approach to boost national development.

 

Mr. Olusegun Omosehin, Commissioner for Insurance, made the call during the Risk Managers Society of Nigeria’s (RIMSON) 40th-anniversary celebrations in Wednesday in Lagos.

 

The theme of the programme is “Risk Management in Nigeria: Evaluating the Impact and Relevance to National Development”.

 

Omosehin urged stakeholders to be committed to advancing risk management practices that align with Nigeria’s development aspirations.

 

He said, “As we evaluate the impact of risk management on national development, we must embrace a proactive, data-driven and forward-looking approach.

 

“Risk management should not be seen as a reactive measure but as a strategic tool embedded in governance, infrastructure planning, enterprise development and public policy.

 

“I encourage all stakeholders to deepen collaboration, share insights, and commit to advancing risk management practices that align with Nigeria’s development aspirations.

 

“Together, we can build a more resilient, secure and prosperous nation.”

 

Omosehin noted that risk management could be seen as one of the cornerstones of sustainable development.

 

He said that in today’s interconnected world, the ability of public and private institutions to identify, assess, and respond to risks was central to national resilience and progress.

 

He explained that in Nigeria, it could be observed how the lack of structured risk mitigation had hampered growth.

 

He said this could be seen from business disruptions to the socio-economic consequences of climate-related disasters, cyber threats and public health emergencies.

 

“The insurance industry, under the regulatory oversight of NAICOM, plays a pivotal role in fostering a robust risk management culture in Nigeria.

 

“Through risk transfer mechanisms, insurance not only provides a financial safety net but also promotes stability, investment and innovation.

 

“Our regulatory framework is focused on enhancing the capacity of insurers to underwrite risks while ensuring policyholders are protected.

 

“We are also working to expand insurance penetration, particularly among underserved communities, so that risk mitigation is inclusive and equitable.” (NAN) (nannews.ng)

Edited by Olawunmi Ashafa

Economy/Business

Nigeria to exit financial action task force grey list soon – SEC

273 total views today

 

 

By Taiye Olayemi

The Securities and Exchange Commission (SEC) has expressed optimism that Nigeria is on the verge of being removed from the Financial Action Task Force (FATF) grey list.

 

This confidence stems from the recent signing of the Investments and Securities Act (ISA 2025) by President Bola Tinubu.

 

Dr. Emomotimi Agama, Director-General, SEC, confirmed this in a statement on Wednesday.

 

A key component of this new legislation is the inclusion of comprehensive regulations for digital assets, a factor that the FATF has emphasised in its assessment of countries on the grey list.

 

The News Agency of Nigeria (NAN) reports that Nigeria was placed on the FATF “grey list” on Feb. 24, 2023, alongside other jurisdictions.

 

This was due to deficiencies in its anti-money laundering (AML) and counter-terrorism financing (CFT) regime.

 

Agama said the inclusion of digital assets in the ISA 2025 provided the country with an avenue to exit the grey list.

 

He noted that the new law aimed to curb fraudulent activities in the digital space, fostering trust and innovation in blockchain technologies.

 

He said, “The AML CFT issue is what brought about our inclusion in the grey list; the inclusion of this law today provides us an avenue to exit that grey list, and that is very critical to the international community.

 

“We are telling the international community that we are ready for business, and we are ready to protect every business that operates within Nigeria and all those involved in such activities within Nigeria.”

 

Agama emphasised that trading in cryptocurrencies does not translate into a weaker Naira.

 

He explained that the commission was going to provide guidance for all the actors to ensure that their acts do not go against the national interest.

 

He said, “SEC now has the power to clamp down on such entities. So, we encourage everyone who is in this space to come under regulation to seek clearance.

 

“To seek guidance for whatever reason, and we are ready and able to provide solid guidance so that at least the national economic interest is truly protected.

 

“So we believe that the regulation, the law itself, will bring succor to them, because once clarity is provided, they are safer in dealing in this kind of businesses.

 

“The essence of regulating is to provide fences around the institutions, the products, the persons involved in it, and to make sure that they do not involve in things that are illegal.

 

“We are working with the Central Bank of Nigeria, the Economic and Financial Crimes Commission, the Nigeria Financial Intelligence Unit, and the Office of the National Security Adviser on the regulation of this space, in order that it should not be inimical to the existence of Nigeria as a country.

 

“We want to make sure that everyone that is involved in this space is properly guided, because for every investment, even when it is a traditional investment, there’s usually the risk aspect of it. That risk aspect of it is what we are managing.”

 

Agama disclosed that the commission is currently carrying out moderated regulation as it is not possible to grant licenses to all those that have applied to operate in the space at the same time.

 

“SEC currently has two programmes: the regulatory incubation programme and the accelerated incubation programme, which are tools that will aid in the evaluation of the risks that the institutions pose to the Nigerian economy and its citizens.

 

“It is a process, and in the next quarter, we are going to release the next cohort, and after the evaluation of what has happened in the last two quarters, we are going to do that release in this next quarter.

 

“We are happy to note that the processes around that are almost concluding, and we will inform the public of the outcome very soon,” he said.

 

He noted that in a bid to deal with challenges that may arise in the process of regulation, the Commission was introducing risk management as a legal instrument to guide the operations of capital market operators and the issuances of securities.

 

He said this was also to be able to mitigate any risk that will arise in the nearest future.

 

“Now, once this happens, the tendency is that investors will be more confident, because they know that we have their back.

 

“That certainly will improve investor protection.

 

“Therefore, KYC is also beefed up through the risk management process today.

 

“That also helps us to be able to seek out genuine investors from people who do not mean well for the market, and that also will improve investors’ protection,” he said. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

NGX Group approves N4.4bn dividend for shareholders
Economy/Business

NGX Group approves N4.4bn dividend for shareholders

252 total views today

 

 

By Taiye Olayemi

 

Nigerian Exchange Group (NGX Group) on Wednesday approved payment of N4.4 billion to the company’s shareholders for the year 2024.

Dr Umaru Kwairanga, Chairman, Nigerian Exchange Group, disclosed this during the company’s 64th Annual General Meeting (AGM) held in Lagos.

Kwairanga said, “These results mark a pivotal moment in NGX Group’s post-demutualisation journey, reinforcing investor confidence in our long-term vision.

“The approval of a record N4.4 billion dividend, translating to N2 per share, is the highest dividend payout in the Group’s history.

“This is a testament to our unwavering commitment to delivering value to our shareholders while ensuring the long-term sustainability of our business.

“As we continue to invest in strengthening market infrastructure, expanding our service offerings, and fostering innovation, we remain focused on positioning NGX Group as a key driver of Africa’s financial ecosystem.

“The Group’s financial and operational milestones in 2024 serve as a strong foundation for future growth, and we are confident that our disciplined execution and strategic foresight will sustain this momentum in the years ahead,” he said.

According to Kwairanga, the Group’s profit after tax increased by 47.07 per cent from N5.25 billion in 2023 to N7.72 billion in 2024.

He said that the profit before tax also rose from N5.29 billion in 2023 to N13.61 billion in 2024.

He noted that while the company’s income grew by 51 per cent from N11.8 billion in 2023 to N23.99 billion in 2024, total assets also soared by 12.05 per cent from N59.84 billion in 2023 to N67.04 billion in 2024.

According to him, the Group’s expenses soared by 28 per cent from N11.37 billion in 2023 to N14.5 billion in 2024.

He said the gross earnings for 2024 rose by 100 per cent from N16.66 billion in 2023 to N33.32 billion in 2024.

He noted that the revenue soared from N8.299 billion to N16.89 billion in 2024.

“NGX Group remains at the forefront of Africa’s financial market, representing excellence, innovation and good corporate governance.

“At the core of the Group’s mission is our commitment to empowering Nigeria’s economy and driving its transformation into a dynamic and globally competitive financial hub.

“Our vision transcends borders as we aspire not only to elevate the Nigerian economy but also to meaningfully contribute to Africa’s economic prosperity.

“The actualisation of this vision is evidenced by our recent strategic investment in the Ethiopian Securities Exchange.

“Our purpose remains clear: to redefine market infrastructure benchmarks and cultivate a resilient and inclusive financial ecosystem that serves the diverse,” he said.

Also speaking, Mr. Temi Popoola, Group Managing Director, NGX Group Plc, said NGX Group’s strategic focus and operational discipline delivered record-breaking results in 2024.

Popoola said the Group’s profit before tax surged by 157.3 per cent, reflecting both top-line expansion and cost efficiency.

“He said the gross earnings rose by 103.2 per cent to N24 billion, supported by significant growth across key revenue lines.

“Listing fees rose by 397.1 per cent, reflecting renewed market activity.

“Transaction fees grew by 64 per cent, driven by higher trade volumes.

“Technology-Related Income doubled, reinforcing our digital leadership.

“Treasury Income increased by 45.6 per cent, while Market Data Revenue grew by 100.5 per cent.

“Other fees and income climbed by 174.8 per cent and 102.6 per cent, respectively, underlining the diversification of our revenue base.

“These numbers are more than metrics; they are evidence of a business model that is increasingly resilient, technology-enabled, and diversified for long-term growth.

Mr. Nonso Okpala, Mrs. Fatima Wali-Abdurrahman, and Mrs. Mosun Belo-Olusoga were re-elected as Non-Executive Directors of the NGX Group.

The News Agency of Nigeria (NAN) reports that shareholders raised pertinent issues around delisting, dividend policy, and remuneration of Directors.

Mr. Sam Ayinninuola, Mr. Oluwadare Adejumo, and Mr. Peter Eyanuku were elected as statutory audit committee members. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

Inadequate digital infrastructure impeding customs operations in Africa – C-G
Economy/Business

Inadequate digital infrastructure impeding customs operations in Africa – C-G

345 total views today

By Martha Agas

The Comptroller-General (C-G) of the Nigeria Customs Service (NCS), Adewale Adeniyi, has identified inadequate digital infrastructure as one of the several technical challenges impeding customs operations across West and Central Africa (WCA).

Adeniyi made the disclosure at the opening of the fourth World Customs Organisation (WCO) Donors Conference for the West and Central African region on Wednesday in Abuja.

The C-G said that the digital gap was affecting seamless processing of declarations and risk management in their operations, while limited interconnectivity between national customs systems was obstructing effective information exchange.

According to him, insufficient technical capacity to implement advanced customs procedures, such as post-clearance audits and authorised economic operator programmes, is also among the technical challenges the region is experiencing.

“We (WCA) have challenges in effectively implementing technical aspects of the African Continental Free Trade Area (AfCFTA) Rules of Origin and other trade facilitation instruments.

“Technical barriers to implementing coordinated border management with other regulatory agencies, fragile borders and the fast-paced evolution of e-commerce,” he said.

He noted that the technical challenges were impeding effective trade facilitation and revenue collection but could be addressed with the right technical support and partnerships.

The C-G stated that Nigeria has made significant progress in addressing these challenges through its various interventions.

“Our experience offers valuable insights into the impact of targeted modernisation initiatives.

“We have successfully deployed the indigenously developed B’Odogwu platform, enhancing our digital capabilities for customs processing.

“We have established technical interfaces with other government agencies involved in trade, facilitating coordinated border management.

“We are deploying advanced scanners at our major ports, significantly enhancing our non-intrusive inspection capabilities,” he said.

According to the C-G, the NCS has trained more than 5,000 officers in specialised technical areas such as valuation, classification, rules of origin, and post-clearance audit.

He stated that the interventions had yielded measurable results: reduced clearance times, a 90 per cent increase in revenue collection (exceeding targets by 20 per cent), and improved compliance rates.

Building on the NCS’s experience and the WCO’s regional needs assessment, the C-G highlighted five priority initiatives that warrant support, including regional interconnectivity and a competency-based human resource management system.

Others include technology-driven illicit trade detection, AfCFTA implementation support, and regional single-window integration.

According to him, the technical challenges faced by customs operations in WCA require a collaborative approach.

The C-G urged all participants at the conference to identify practical, scalable solutions that could be sustained through local capacity building as they engaged in discussions at the conference.

He described the theme of the conference ‘Partner mobilisation around the priority projects of the WCO’s WCA Region: A genuine pledge to meet the modernisation goals and performance targets of member customs administrations’ as apt.

He said that the theme reflected a shared commitment to transforming customs operations through strategic technical interventions, supported by development partners.

In his remarks, Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, highlighted that the conference aligns with the government’s efforts to mobilise resources for programmes and activities aimed at enhancing customs operations within the region.

The conference, he said, provided a valuable platform for the region to not only highlight its needs but also reinforce its commitment to the effective and transparent use of donor resources.

Edun urged all participating customs administrations to engage actively in the discussions, clearly articulate their strategic priorities, and be ready to implement the resulting recommendations with dedication and accountability.

In his remarks, the Secretary of the WCO, Mr Ian Sanders, said that the primary objective of the conference was to strengthen the network and dialogue between the WCO customs administrations and development partners.

Represented by the Deputy Director of the Capacity Building Directorate, Mr Ebenezer Tafili, Sanders added that the conference also aims to raise awareness within the region’s customs administrations on the priorities, initiatives, and approaches of the development partners operating in the region.

According to him, the conference also seeks to coordinate the development of regional and national project initiatives and mobilise funding for their implementation. (NAN) (www.nannews.ng)

Edited by Peter Amine

ARFSD-11: Gatete urges bold action for Africa’s sustainable future
Economy/Business

ARFSD-11: Gatete urges bold action for Africa’s sustainable future

325 total views today

 

 

 

 

 

 

By Kamal Tayo Oropo

Mr Claver Gatete, Executive Secretary of the Economic Commission of Africa (ECA), has called for a bold action to achieve sustainable development in Africa.

 

Getafe, in a statement by ECA on Wednesday, made the call during his address at the 11th Africa Regional Forum on Sustainable Development (ARFSD-11) in Kampala.

 

Speaking under the theme of “Job creation and economic growth through sustainable solutions”, Gatete stressed the urgency with just five years left to meet the 2030 Agenda goals.

 

He praised Uganda’s hospitality and President Museveni’s commitment to Africa’s development, while recognising the role of key partners, including the African Union Commission and UN system.

 

Gatete warned that Africa’s structural vulnerabilities – from debt to climate shocks – threaten progress, with public debt now at 64.3 per cent of GDP.

 

He noted Africa’s GDP growth hovers at just 3 per cent, far short of the 7 per cent required to meet SDG 8 on decent work and economic growth.

 

“Traditional aid can no longer suffice,” he said, urging evidence-based, inclusive investment in people and institutions to drive transformation.

 

“Out of 144 SDG targets, only 10 are on track, while 106 lag and 28 are regressing. This pace is unacceptable,” he warned.

 

He called for action on five SDGs: health, gender equality, decent work, life below water and partnerships, linking them with AU Agenda 2063 targets.

 

On health, he noted four in five African nations spend under $86 per person—far below the WHO’s $249 minimum—calling for increased domestic investment.

 

On gender equality, Gatete decried low women’s representation in leadership and a 12 per cent gender gap in mobile finance, stressing inclusive policies and access.

 

He described Africa’s informal workforce and unemployment crisis as dire, calling for skills training, job formalisation and entrepreneurship support to harness labour potential.

 

Gatete highlighted the blue economy’s potential, with projected growth from $296 billion in 2018 to $576 billion by 2063, but only 3.5 per cent of SDG funding.

 

Illegal fishing costs Africa $10 billion yearly, he said, urging investment in aquaculture, blue carbon and coastal tourism, citing Seychelles’ and Gabon’s debt-for-nature swaps.

 

On SDG 17, Gatete stressed Africa cannot succeed in isolation and must build strong global, regional and national partnerships to meet development targets.

 

He proposed four key strategies: raise domestic revenue, attract private capital, expand inclusive finance, and fully implement the African Continental Free Trade Area.

 

Tackling illicit financial flows, currently costing Africa $89 billion a year, could unlock critical resources for the continent’s development, he said.

 

He urged unlocking private sector investments using credit guarantees, blended finance and deepening capital markets to finance renewable energy and agriculture.

 

Also, as women and youth face steep barriers to finance, Gatete called for scaled-up microfinance, impact investing and digital inclusion to empower marginalised groups.

 

Gatete championed AfCFTA as a path to raise Intra-African trade by 45 per cent and spark growth in industry, agriculture, services and job creation.

 

He urged investment in AI, blockchain and digital policy, saying an AU Protocol on Digital Trade could revolutionise commerce and job creation continent-wide.

 

Gatete emphasised that bold leadership, decisive policies and strong partnerships are crucial to deliver on the SDGs and Africa’s development agenda.

 

“The clock is ticking.

 

“Together, we can deliver the Africa we want,” he said. (NAN) (www.nannews.ng)

 

Edited by Vivian Ihechu

X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
Email SubscriptionSite SearchSend Us Email