Export - NEWS AGENCY OF NIGERIA

isaac aregbesola
Mar, Mon, 2025

TAJBank, AIFC partner to boost non-interest banking

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By Kadiri Abdulrahman

TAJBank Nigeria has signed pact with Astana International Financial Centre (AIFC) Kazakhstan to promote non-interest banking, boost Nigeria’s merchandise trade with Asian countries, and enhance the nation’s foreign exchange (FX) earnings.

Its Managing Director, Hanid Joda, said this at the signing of Memorandum of Understanding (MoU) between the two institutions in Abuja.

The MoU was formalised with the Ooni of Ife, Oba Enitan Ogunwusi, and other prominent dignitaries in attendance.

”It specifically focuses on promoting and developing non-interest banking products and services in Nigeria, in line with Islamic financial principles.

”It also aims to streamline and secure the management of export proceeds, particularly for agricultural commodities like cocoa.

”The agreement seeks to explore innovative financial instruments and mechanisms to enhance trade finance and provide comprehensive support to Nigerian exporters,” he said.

Joda emphasised that the partnership represented another significant milestone in the bank’s ongoing commitment to support Nigerian businesses across the country.

He described the development as the financial institution’s dedication to fostering growth and prosperity nationwide.

“We are excited to have our Royal Father, the Ooni of Ife here at this event, which is a clear demonstration of his endorsement of our partnership with the AIFC.

“I assure all our customers and potential ones that TAJbank will continue to do its best to support them with world-class non-interest banking products and services,” Joda added.

In his remarks, Ogunwusi commended TAJBank’s management for formalising a strategic framework with AIFC, leveraging non-interest banking opportunities to benefit Nigerians, Asians, and their businesses.

He recalled its remarkable efforts and achievements towards deepening financial inclusion through non-interest banking model in the country over the past few years.

“I believe this MoU between TAJBank and AIFC is another initiative that I strongly feel will foster export ties between Nigeria and Kazakhstan.

”We look forward to better international trade involving cocoa and other commodities as I hear that you have the best chocolates in Kazakhstan,” he said.

The royal father expressed delight that the MoU would promote and develop non-interest banking products and services within Nigeria.

Yernar Zhanadil, AIFC’s Director, noted that the Islamic market, with over eight million users in Kazakhstan was still untapped.

“We can issue Ijara or Sukuk using Nigeria’s model. It has so much potential. With the Ooni’s involvement and TAJBank.

”I am even surer of the immense benefits of the MoU for bank customers and the economies of the two countries,” Zhanadil stated.(NAN)(www.nannews.ng)

Edited by Isaac Aregbesola

Executive Director/Chief Executive Officer (CEO) of NEPC, Nonye Ayeni

Rabi'u Sani Ali
Feb, Tue, 2025

Economy/Business

Nigeria’s trade growth hits 20.7% in 2024 – NEPC

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JBy Vivian Emoni

The Nigerian Export Promotion Council (NEPC) has said that the country’s trade volume reached 7.2 metric tons in 2024, with a 20.7 per cent increase in value, totaling 5.45 billion dollars.

Dr Nonye Ayeni, Executive Director of NEPC, said this on Monday in Abuja during the presentation of the 2025 roadmap organised by the Ministry of Industry, Trade and Investment.

“In terms of value, we grew by 20.7 per cent to 5.45 billion dollars, and we are now represented in 126 countries.

“This is a clear indication that Nigeria is making significant progress.

“The Renewed Hope Agenda of President Bola Tinubu is making a positive impact, and our efforts are showing results.

“We expect even better performance in 2025 as we continue to strengthen our drive,” he said.

Ayeni highlighted that the NEPC’s mandate was to diversify the nation’s economy dependency on oil by promoting non-oil exports.

She reiterated the council’s commitment to build the capacity of exporters, from the farm gate to market access.

“We are dedicated to working with exporters, improving their capacity in good agricultural practices, and ensuring we achieve the council’s mandate,” Ayeni said.

She said in 2024, the NEPC conducted about 629 capacity building programmes across the country, partnering with development organisations and agencies.

According to Ayeni, the council is working across all borders, from the North to the South and West, to mainstream export efforts.

“By mainstreaming these initiatives, we aim to increase the volume and value of non-oil exports, which will, in turn, help to build the capacity of exporters.

“We also want to offer international certifications to our exporters free of charge, enabling them to access niche markets and sell their products globally,” she said.

Ayeni emphasised the NEPC’s focus on connecting Micro, Small, and Medium Enterprises (MSMEs) with experienced exporters, offering training in various skill programmes.

“Our commitment to these efforts will significantly contribute to increasing the volume and value of Nigeria’s non-oil exports,” she said.(NAN) (www.nannews.ng)

Edited by Abiemwense Moru

Philip Daniel Yatai
Feb, Fri, 2025

Economy/Business

Bill on Port Economic Regulation ‘ll enhance efficiency – Shippers Council

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By Diana Omueza

The Nigerian Shippers Council (NSC), says the Bill on Nigerian Port Economic Regulatory Agency currently awaiting presidential assent will enhance efficiency at the ports and boost export.

Dr Pius Akutah, Executive Secretary of the council, said this on Thursday in Abuja, after receiving a delegation from the Technical Unit on Governance and Anti-corruption Reforms (TUGAR).

Akutah said that with a new law and a new regulatory agency responsible for port enforcement, there would be enhanced ports, clearly defined mandates of agencies and issues of overlap of duties would be addressed.

“Over the years, there has been a battle with the issue of a legal regime that guarantees the council’s capacity to act as a proper regulator in the sector.

“The minister has taken a step forward, and the bill that was taken to the national assembly for the enactment of the Nigerian Port Economic Regulatory Agency has been passed at the Senate and House of Representatives.

“At the moment, the bill awaits presidential assent and in that bill, enforcement issues were critically dealt with,” he said.

Akutah said the bill when assented to would empower oversight committees with adequate supervisory and enforcement powers.

According to him, with the new bill coming on board, and a new agency with all the enforcement powers in the law, it will further enhance the quality of work of the committee.

Akutah noted that the steering committee such as the Port Standing Task Team (PSTT) which oversaw issues around enforcement of the manual as it related to all agencies within the port sector, as well as the private sector needed to be commended.

The News Agency of Nigeria (NAN) reports that the PSTT is a group that works to ensure compliance with the Nigerian Port Process Manual and to promote integrity in the maritime sector.

Akutah lauded the efforts of other committees that had worked to enhance the council’s service delivery and called for appointment of sufficient members to each team for adequate management.

Akutah also commended TUGAR for its inter-agency collaboration and removal of rivalry between agencies of government at the ports.

He expressed satisfaction with the synergy between agencies working together, supporting and complementing each other to achieve collective and individual agency mandates.

He urged heads of agencies to continue to strive to improve the sector to build the nation’s economy.

On his part, the Representative of the Ministry of Marine and Blue Economy, Mr Olusanya Immanuel commended NSC on working toward enhanced service delivery in ports.

“We are glad to see your level of commitment to the success of this project and of course, the sensitisation of the entire maritime sector.”

Ms Jane Onwumere, Head, Technical Unit of TUGAR also commended the shipper’s council for the synergy and partnership which had improved the efficiency of Nigeria’s port operations. (NAN)

Edited by Edith Bolokor/Chioma Ugboma