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Business News

NAHCO supports FG to boost IGR on food export 

The Nigerian Aviation Handling Company Plc (NAHCO) is set to support the Federal Government in its determination to diversify the economy by providing the infrastructure that would boost food export businesses.

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NAHCO supports FG to boost IGR on food export , Exclusive: NAHCO to grow revenue by N25.2 billion in 5 years 

The Nigerian Aviation Handling Company Plc (NAHCO Aviance) is set to support the Federal Government in its determination to diversify the economy by providing the infrastructure that would boost food export businesses.

In an interview with Nairametrics, the Group Managing Director and Chief Executive Officer, NAHCO, Mrs. Tokunbo Fagbemi, explained that the company’s agric export business has a huge potential as it is one of the pet projects of the new management.

She said, “We are providing facilities that will encourage cold storage management. In a few months, we are creating cold storage hub for both existing and potential clients, including our new clients that want to transship their goods through Nigeria with a bit of packaging. 

“Our findings from the airlines revealed that a lot of agricultural products exported are destroyed by the time they get to their destinations, which is largely caused by inadequate storage facilities. We just got an approval to develop a facility in our packaging warehouse, which will tackle that challenge because it will help exporters to package their products at a particular temperature rate to reduce the incidence of rejection in the international markets.   

“We also want to provide a CEIV Pharma, which is a project that is designed by IATA, to support the movement of pharmaceutical products via air. What that means is that at every point of the movement of the goods, whether vaccines or drugs, the temperature is maintained.” 

[READ MORE: NAHCO’s shareholders endorse N406 million dividend payment for 2018]

According to her, the company was also expanding its processing area. “Most of our processes are governed by treaties signed by security regulations. So what we do is go back, look at all these processes and run our warehouse the best way we can,” she added.

Fagbemi agreed with the Federal Government that agriculture must be seen as a business and haven for investment and integrating food production, storage, food processing and industrial manufacturing to establish the linkage necessary in the agricultural commodity value chain.

According to her, the value chain must consider the role of players from food production to consumption and design to empower the smallholder producers to ensure that processors have good quality products for consumption.

 “Our new equipment and technology would enable us to improve on its offerings to its clients, as NAHCO had recently invested about N1.9 billion in equipment. The overhaul would help to replace ageing equipment which had increased maintenance cost due to high utilisation of fuel. 

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The Chief Operating Officer of the Company, Mr Herbert Odika pointed out that NAHCO’s strict adherence to global standards stands the Company out in all its operations.

He said, “We have a duty as the leading ground handler in the West Africa sub-region to set standards. We won’t shy away from playing this leadership role in all our operations including the way we process our exports.” 

[READ ALSO: NAHCO to pay N0.25 dividend; set for N3.6 billion expansion]

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It would be recalled that Vice President, Prof. Yemi Osinbajo had recently urged all stakeholders to be involved in the agriculture sector as it is one of the cardinal points of the Economic Recovery Growth Plan of the Federal Government with an emphasis on developing and export-led economy.

He said, “Agriculture sector was to exceed the one trillion dollars and create access to capital by investors to accessing value chain. Our agenda is to guarantee the vibrancy of the sector.

Agriculture must be seen as a business and haven for investment and integrating food production, storage, food processing, and industrial manufacturing to establish the linkage necessary in the agricultural commodity value chain.” 

Osinbajo added that the value chain must consider the role of players from food production to consumption and design to empower the smallholder producers to ensure that processors have good quality products for consumption.

 

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Business News

DPR says it has accurate data of country’s crude production volume

Head, Public Affairs of DPR, Mr Paul Osu, said every litre of crude produced in the country was adequately captured during the process of extraction.

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Nigerian oil cargo

The Department of Petroleum Resources (DPR) has said that the agency has an accurate record of the crude oil produced in the country.

This is in reaction to claims that the exact volume of crude oil produced in the country has remained unknown.

While making this disclosure in a statement in Lagos, the Head, Public Affairs of DPR, Mr Paul Osu, said every litre of crude produced in the country was adequately captured during the process of extraction.

What the Head, Public Affairs of DPR is saying

Osu said DPR has the responsibility of monitoring and accounting for crude oil production which is the basis for determining the government’s revenue through royalty payments by operators for sustainable development.

He said: “As a further step to boosting crude accounting process from production to export, DPR recently launched the National Production Monitoring System (NPMS).

NPMS is an online platform for direct and independent acquisition of production data from oil and gas facilities in Nigeria.

NPMS as an electronic data transmission tool at production and export terminals is designed to better predict the performance of oil and gas reservoirs and better production forecasting.”

Osu noted that the NPMS tool enables DPR to exercise surveillance, perform production monitoring and data analysis for utilisation and forecasting.

He said DPR as a business enabler and opportunity house would continue to develop robust and strategic initiatives to ensure timely and accurate payment of rents, royalties and other revenues due to the government.

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In case you missed it

  • It can be recalled that the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Orji Ogbonnaya-Orji, on Thursday said the exact volume of crude oil produced in Nigeria, especially at the deep offshore fields, is not known by anyone.
  • He said the exact volume of crude oil produced in Nigeria had remained unknown because of the absence of meters at wellheads and the lack of capacity to monitor deep offshore fields.

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Business

Sanwo-Olu flags off Red line rail project as Lagos compensates property owners

The 37-km Rail Mass Transit Red Line will traverse from Agbado to Marina, moving over 1 million commuters daily.

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FG inks $3.9 billion deal with Chinese firm for construction projects

The Lagos State Governor, Babajide Sanwo-Olu, has flagged off the construction of the 37-km Rail Mass Transit Red Line, which will traverse from Agbado to Marina, moving over 1 million commuters daily.

This is as the state started the compensation of identified project-affected persons of the Lagos Rail Mass Transit Red Line project with the Governor handing over cheques to displaced property owners who were affected by the right-of-way.

The groundbreaking ceremony which took place at the Ikeja Train Station on Thursday was witnessed by the Minister of Transportation, Rotimi Amaechi, who was represented by the Director-General of the Nigerian Maritime and Safety Agency (NIMASA), Dr Bashir Jamoh, and the Deputy Governor of Lagos State, Dr Obafemi Hamzat.

What the Lagos State Governor is saying

Sanwo-Olu said the Red Line project which is to be fully operational in the last quarter of 2022 with 8 train stations from Agbado to Oyingbo, is another initiative of his administration to deliver enduring infrastructure for the transport system and make Lagos a competitive megacity.

The Governor said: “Today’s flag-off of the construction of infrastructure for the standard gauge Red Line is another promise kept and it demonstrates, in practical terms, our commitment to achieve the objectives of traffic management and transportation pillar in our development agenda. This is because we recognise the role which an efficient transportation system plays in enhancing people’s quality of life and as a major driver of socio-economic development.

The State’s Strategic Transport Master Plan, which encompasses a number of projects that are germane to achieving our vision for a Greater Lagos, is founded on imperatives that seek to increase transport choices for all users and make the transit system integrated, attractive, convenient, affordable and accessible.

Since efficient transportation is the backbone of any economy, we are happy to be committing this investment in our transport infrastructure, so that our people can meet their daily targets and aspirations. This all-important transport project we are all gathered to witness today represents a major step in this direction.

Sanwo-Olu said that in order to facilitate smooth operations of the Red Line, the State Government would be constructing ancillary infrastructure, including 6 overpasses at strategic level crossing points along the rail corridor to eliminate interactions between the rail system, vehicular and pedestrian traffic.

The overpasses will provide grade-separated crossings that will enhance safety for the rail system and road users.

He said: “The unique characteristics of the Red Line is its integration with the Ikeja Bus Terminal, Oshodi–Abule Egba Bus Rapid Transit (BRT) lane, the future Orange Line, which goes from Ikeja to Agbowa, and the General Aviation Terminal One of the Murtala Muhammed International Airport through a skywalk.

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Another unique feature of the Red Line is that all the stations have elevated concourses with either at grade island or side platforms for easy boarding and alighting of passengers. The Red Line also integrates with our Bus Terminals at Oyingbo, Yaba, Oshodi, Ikeja and Iju, giving modal options to our people in their daily commute, either for business or leisure.”

The Governor presented cheques of different amounts as compensation to 25 residents whose properties, businesses and accommodation will be affected by the project. Over 263 properties are affected with many of the property owners and tenants smiling as they got their cheques.

What you should know

  • The Red Line is part of the state government’s vision of an integrated multimodal transportation system contained in the State’s Strategic Transport Master Plan (STMP), developed by LAMATA, which aims ultimately to birth a world-class transportation network that will support the state’s profile, as the economic capital of Nigeria and Africa.
  • It is to raise mass transportation capacity in the State, complementing the Blue Line that traverses from Okokomaiko to Marina.
  • The rail corridor will be constructed in three phases. The first phase (Agbado-Iddo), which will be completed in 24 months, will be sharing the track with the Federal Government’s Lagos-Ibadan Railway Modernisation Project up to Ebute – Metta and will have its dedicated track from Ebute – Metta to Oyingbo and reduce travel time from about two and a half hours to just 35 minutes.

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