By Salif Atojoko
President Bola Tinubu has commended the Ministry of Solid Minerals Development over the first commercial transaction under the National Gold Purchase Programme (NGPP).

The President said this when he received gold bars sourced from artisanal and small gold miners from Dr Dele Alake, Minister of Solid Minerals Development, on Sunday in Abuja.

The News Agency of Nigeria (NAN) reports that the gold was refined by the Solid Minerals Development Fund, an agency of the Ministry.

The programme has delivered 5 million dollars into Nigeria’s foreign reserves and injected about N6 billion into the rural economy.

Tinubu said that the ministry had achieved a major milestone in the administration’s drive to diversify the economy.

“This is another concrete step towards the diversification process under the Renewed Hope Agenda,” the President said.

Alake, who presented a symbolic gold bar to Tinubu, said the NGPP would increase the country’s foreign reserves and boost the value of the Naira.

The minister also commended the President for supporting reforms in the solid minerals sector.

“The successful completion of the first commercial transaction clearly demonstrates the National Gold Purchase Programme’s effectiveness.

“It has increased the nation’s foreign reserves assets and shown that using the Nigerian Naira to purchase a liquid asset traded in dollars, such as gold, is a viable strategy.

“This transaction has also underscored the potential of the National Gold Purchase Programme to enhance fiscal and monetary stability.”

Alake said that the over 70 kilograms of gold sold to the London Bullion Market Good Delivery Standard marked a successful aggregation of locally mined gold.

In her presentation, the Executive Secretary of the Solid Minerals Development Fund, Hajiya Fatimah Shinkafi, said that the gold has met the global trade standard.

She said it met the London Bullion Market Good Delivery Standard that is the globally recognised and trusted standard in the global trade in gold and silver bars.

“Only gold and silver bars that meet our Good Delivery standards are acceptable in the settlement of a Loco London contract – where the bullion trade is physically held in London,” she said.

Shinkafi said, through the NGPP, Nigeria had joined countries bolstering their gold reserves by purchasing gold in local currency.

She said this would foster economic confidence, enhance currency stability, and create a more attractive environment for foreign investment. (NAN) (www.nannews.ng)
Edited by Ismail Abdulaziz

By Rukayat Moisemhe

Experts have called for the adoption of good regulatory governance principles to tackle the implications of overlapping regulatory functions on business operations and the manufacturing sector.

They made the call on Thursday in Lagos at the Manufacturers Association of Nigeria (MAN), Ikeja branch, 2024 Chief Executive Officers (CEOs) breakfast meeting.

The News Agency of Nigeria NAN reports that the meeting had as its theme: “Harmonising Regulatory Compliance: The Impact of Overlapping Regulatory Function on Business Operations”.

Dr Muda Yusuf, Founder, Centre for the Promotion of Private Enterprises(CPPE), said the call was particularly important as this was not the best of times for manufacturers and investors in the economy.

Yusuf stated that regulatory risk was one of the biggest risks that businesses had to cope with in the Nigerian economy.

This, he noted, could manifest as overlapping regulatory regimes, too many regulations, sporadic and frequent regulatory changes and absence of dispute resolution mechanism between businesses and the regulators.

“There are several cases of overlapping regulatory functions creating challenges for manufacturers and its impact is with respect to cost, irritation and distraction of having to attend to numerous agencies of government.

“Because manufacturing business is long term, regulatory risk is a major source of worry for manufacturers as manufacturers do not have the luxury of switching easily from one product line to another.

“Hence, the need for regulatory risk needs to be kept to the barest minimum,” he said.

The CPPE boss also stressed the urgent need to harmonise the applicable exchange rate for the computation of import duty.

He said the import prohibition of 41 items by the former Central Bank of Nigeria (CBN), Godwin Emefiele, was a classic case of overlapping and conflicting functions of the CBN and fiscal authorities on trade.

Yusuf noted that while the policy lasted, it created a lot of confusion in the international trade ecosystem as items that were on the CBN import prohibition list were not on the fiscal policy prohibition list.

He stressed that the regulator’s purpose and regulatory objectives should be clearly defined and communicated to the regulator, the regulated, and the general public.

“Governance arrangements for regulators should promote efficiency, effectiveness and integrity.

“Stakeholders should be able to predict, with a high degree of confidence, what decision a regulator is likely to make in particular circumstances.

“Regulators should engage systematically with stakeholders through transparent, formal mechanisms that guard against “regulatory capture” by one or more stakeholders.

“Also, regulators should be accountable to the government and parliament, the regulated entities, and the general public for their decisions and use of resources,” he said.

President, MAN, Otunba Francis Meshioye, said that while regulations were essential for safety and quality, the overlapping and sometimes contradictory regulations increased operational costs and ultimately hindered business growth.

He noted that Nigeria’s regulatory landscape was characterised by a multitude of agencies, each with its own set of rules and requirements.

Meshioye said that though the intention behind these regulations was often to protect the public interest, ensure compliance, and promote industrial standards, the lack of coordination and harmonisation among regulatory bodies created bottlenecks to businesses.

“These bottlenecks have adverse effects such as operational inefficiencies, increased compliance costs, delayed production, uncertainty and risks.

“It is pertinent to note that the need for harmonisation of regulations is not about reducing standards or compromising on safety and quality but about creating a more coherent, predictable, and business-friendly regulatory environment,” he said.

Elder Robert Ugbaja, Chairman, MAN Ikeja Branch, underscored the importance of collaborative efforts in addressing regulatory challenges and driving positive change.

Ugbaja called for the development of practical strategies that promote regulatory harmonisation that had the potential to unlock the full capacities of Nigerian businesses and industries. (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa

By Martha Agas

The Nigeria Customs Service (NCS), is determined to smoke out food hoarders as part of its contribution to checking inflation, its Comptroller-General (C-G), Adewale Adeniyi, has stated.

“The service will continue to work tirelessly to ensure that the business of food hoarders is unprofitable,” Adeniyi declared in Abuja on Wednesday at a media briefing on achievements in the past one year.

He said that the NCS recorded 1,744 cases of rice and grains seizures valued at N4.4billion, in the efforts to curb smuggling.

“These concerted efforts underscore the NCS’ commitment to protecting society and ensuring national security,’’ he said.

He said that in the past one year, one of the leading policy measures it implemented was the transition from the repealed Customs and Excise Act of 2004 to the newly signed Nigeria Customs Service Act of 2023.

He explained that the new act strengthened the modernisation of NCS operations and promoted innovation within the service.

The C-G emphasised that the new act also formed the basis for several trade facilitation measures currently being pursued by NCS, including the recent transition from Fast Track 2.0 to the Authorised Economic Operators (AEO) concept.

He highlighted that the Advanced Ruling system, which also originated from the act, represented a significant advancement in aligning NCS operations with global best practices.

“This initiative is now at an advanced stage of implementation,’’ he said.

He added that Time Release Study was also inaugurated in February to identify and address bottlenecks in the clearance process aimed at easing trade facilitation.

The C-G further noted that it decongested ports and reopened previously inaccessible access roads.

“In response to the need for dedicated terminals to process export goods, the NCS command at the Port of Lilypond was designated to handle export transactions.

“Other targeted measures to jointly facilitate trade and enhance revenue collection by the service include implementation of the presidential approval to decongest the ports area and improve logistics around the port in line with the Nigeria Customs Service Act 2023.

“NCS also commenced 24-hour clearance at the Port of Tincan Island, Lagos, in line with the Presidential Directive to enforce 48- hour clearance of goods,’’ he said.

According to the customs boss, NCS also implemented measures to address national security concerns which include strengthening and reinforcing the Federal Operating Units to pursue, intercept, arrest and dismantle smuggling networks.

He said that new frontiers of interagency cooperation were established with the Federal Road Safety Corps (FRSC), finalising arrangements to integrate both systems to minimise the registration of smuggled vehicles.

“The service also commenced engagement with critical stakeholders like the Health Federation of Nigeria (HFN), with the support of the Federal Ministry of Finance, to facilitate the clearance of medical goods.

“This collaboration aims to ultimately reduce challenges and costs, making these services more affordable for Nigerians and specifically targeting the Presidential Priority Areas on healthcare,’’ he said.

He said that NCS was recently ranked by the Presidential Enabling Business Environment Council (PEBEC) among the top five Ministries, Departments, and Agencies (MDAs).

The assessment was conducted among 36 MDAs, with NCS achieving a perfect score of 100 per cent, marking 81.5 per cent increase from its previous average scores of 18.45 per cent between 2020 and 2022, and 18.53 per cent in 2023. (NAN)(www.nannews.ng)

Edited by Abiemwense Moru

By Martha Agas

The Nigeria Customs Service (NCS), says it has recorded 74 per cent increase in revenue growth in the last one year.

The Comptroller General (C-G) of the service, Adewale Adeniyi, stated this on Wednesday in Abuja, during a Press briefing on NCS’ achievements in the last one year.

Adeniyi said that the service recorded a total revenue collection of N4.49 Trillion between June 2023 and May 2024, compared to the N2.58 trillion collected during the corresponding period of the previous year.

“This achievement was underpinned by a sustained increase of 70.13 per cent in average monthly revenue collection, compared to the previous year.

“ NCS recorded an average monthly revenue collection of N343 billion, compared to the N202 billion monthly average.

“ Notably, there was a substantial 122.35 per cent increase in revenue collection during the first quarter of 2024, compared to the same period in the previous year,” he said.

The C-G said these giant strides recorded were as a result of the service’s various strategic initiatives, which included the collection of N15 billon by the Revenue Review Performance Recovery exercise.

He explained that N2.79 billion was realised from the 90-day window for the regularisation of documents of uncustomed vehicles.

The News Agency of Nigeria (NAN), reports that the NCS in March, granted a 90-day grace period for payment of import duties on improperly imported vehicles, as part of its commitment to facilitating compliance.

He added that N1.5 billion was realised from the decongestion of 1,705 overtime containers and 981 vehicles from the port.

“It is also worthy of note that on June 13, 2024, NCS recorded a daily All-Time-High of N58.5 billion in revenue collection,“ he said.

Adeniyi also noted that the NCS’ anti-smuggling efforts in the last year resulted in 63 seizures related to animal and wild life products, valued at N566 million, and seven seizures of arms and ammuition made through the ports and borders.

“ In terms of illicit drugs, a combined total of 127 cases involving narcotics and pharmaceutical products, valued at over N6 billion, were seized.

“The Service also recorded 724 seizures of 2.93 million litres of PMS (Premium Motor Spirit), that wad being attempted to be smuggled out of the country,“ he said.

He explained that the illegal dealings in petroleum products had remained an issue of great concern to relevant stakeholders, adding however, that the Operation Whirlwind would continue to intercept and disrupt the activities of smugglers.

NAN reports that Operation Whirlwind was recently inaugurated by NCS to combat smuggling of petroleum products to neigbouring countries.

The C-G said as part of its effforts to ensure food security and curb the smuggling of food in and out of the country, the service recorded 1,744 cases of rice and grain seizures, valued at N4.4 billion.

“These concerted efforts underscore the NCS’s commitment to protecting society and! ensuring national security,“ Adeniyi said. (NAN (www.nannews.ng)

Edited by Nyisom Dore

By Lucy Ogalue

An entrepreneur, Mr Innocent Ogu, says manufacturing and commercialisation are critical to driving Nigeria’s economic growth.

Ogu, the President, African Legacy International, told the News Agency of Nigeria (NAN) in Abuja that his organisation was committed to fostering economic development through strategic initiatives.

He said one of such efforts was the upcoming 2024 Industrial and Commercial Expo, designed to catalyse technology transfer among stakeholders in the sector.

According to Ogu, the 2nd edition of the Expo, themed “Driving the Nigerian Economy to the Global Markets Level,” is scheduled to take place from August 21 to August 23 in Abuja.

He said various measures had been taken to ensure the event’s success, including the participation of more than 300 exhibitors and about 10,000 attendees.

“The event will feature high-level Government to Business meetings, and we expect about 300 exhibitors from different countries.

“Delegates will have the chance to meet local and international manufacturers, brands, and suppliers from various countries .

“The countries include China, South Korea, India, Pakistan, the Philippines, Indonesia, Thailand, Brazil, Poland, the Netherlands, South Africa, Egypt, and many others,” he said.

Ogu encouraged local manufacturers to showcase their products and engage with international producers, promoting an exchange of ideas and fostering business collaborations.

According to him, such interactions can significantly benefit Nigerian businesses by exposing them to global markets.

He expressed optimism that the programme would drive the Nigerian economy toward global market competitiveness.

“The Expo aims to provide Nigerians with the opportunity to compete on an international level, offering greater value for their goods and services.

“Local exhibitors are expected to gain enhanced visibility and appreciation for their participation, while international exhibitors will find direct end users for their products and services.

“The projected 10,000 visitors expected at the event highlights its potential impact on both local and international business communities.

“The 2024 Industrial and Commercial Expo represents a significant step towards economic growth and development in Nigeria.

“It will showcase the nation’s potential to engage with the global market and foster valuable business connections,”he Ogu said. (NAN)

Edited by Ese E. Eniola Williams