Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Business News

FG approves $3.1 billion for automation of Customs, targets $176 billion revenue

The approval for the e-Custom modernization project followed a memo she presented to the council.

Published

on

Power: Mambilla Power Project not prioritised by Ministry of Power for 2021 Budget - Finance Minister
0

The Federal Government has approved $3.1 billion for the automation of the operations of the Nigerian Customs Service (NCS).

This is in pursuit of the diversification of the economy with a target of $176 billion revenue from the $3.1 billion concessionary investment.

This was disclosed by the Minister for Finance, Budget and National Planning, Zainab Ahmed, during a press briefing, with State House correspondents, after the Federal Executive Council Meeting on Wednesday.

READ: Port loses N84 billion to SON’s system failure in 14 days

Ahmed disclosed that the approval for the e-Custom modernization project followed a memo she presented to the council.

Ahmed said: “The purpose of the memo we presented to Council was for a project that will enable the complete automation of the Nigeria Custom Service processes and procedures using the application and information and technology in all aspects of Customs administration.’

She said the main objective is to completely automate every aspect of the customs business and institutionalize the use of smart and emerging technologies to boost the statutory function of the Nigerian Customs Service in the area of revenue generation.

READ: NigComSat at risk of losing $150 million Chinese loan over dissolution of FEC 

She revealed that the project would be financed through a Public Private Patnership (PPP) under a concessionary period of 20 years.

SSKOHN

She listed the sponsors of the project as Bionca Technologies West Africa Limited and Bargain Securities and Supplies Nigeria Limited. She also listed the African Finance Corporation (AFC) as the lead financier and Huawei Technology as a technical service provider.

READ: BUA Group chooses French giant, Axen, for its multibillion dollar refinery project

She explained that the $3.1 billion that was approved by the Federal Executive Council was an anticipatory contract for customs’ full-fledged transformation.

Zainab Ahmed said, “So, Council today ratified Mr President’s approval for the PPP concession for a 20-year period to Messers E-Customs HC Project Limited as a concessionaire for the delivery of customs modernization project.’’

Stanbic 728 x 90

READ: FG to establish petroleum depot, oil and gas logistic centre in Akwa Ibom

“This is a project that will not have an immediate cost to the government, the investors are providing all of the financing and this revenue will be deployed in three phases and they will look over the investment in the concessionary period of 20 years.’’

“The key point is that it is not costing the federal government one thing, the 3.1 billion dollars being proposed will be sourced by the sponsors and the partners,’’ she said.

0

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Corporate Press Releases

N1m up for grabs with Quickteller Business contest

To join in the contest, entrepreneurs are to post a 1-minute video of themselves explaining how N1 million will boost their businesses.

Published

on

0

Interswitch has announced a virtual pitch tagged ‘Boost your business with Quickteller’ where one business owner has the opportunity to win N1 million cash. The promo is believed will help businesses signed onto the Quickteller Business platform boost their business further.

To contest for the prize money, business owners are simply required to complete their account activation on Quickteller Business and they stand a chance of winning.

To join in the contest, entrepreneurs are to post a 1-minute video of themselves explaining how N1 million will boost their businesses. The videos should be uploaded on Facebook, Instagram, Tiktok or YouTube with the hashtag #boostwithquickteller. To submit an entry, business owners are required to paste their post’s URL in the video URL section of the entry form on the Quickteller Business site, share the entry with friends and family and invite them to vote.

They must register and activate their businesses on the Quickteller Business platform using the referral code ‘Boost’. Any entry without a referral code will be rendered invalid.

Speaking about the promo, Cherry Eromosele, Group Chief Marketing and Communications Officer at Interswitch noted that the promo is important to Interswitch as it helps business owners – not only to boost their businesses – but to provide solutions that addresses some of the pain points of business owners. “At Interswitch, we are committed to growing the business community by providing simple and scalable payment solutions because it is critical to their growth and essentially to the national economy at large,” she added.

The Quickteller Business platform provides seamless payment solutions for businesses and their customers. The platform is an intuitive and robust one that enables businesses of all sizes, small, medium, large, to take their businesses online even if they did not have prior technology infrastructure or website.

The top 10 entries with the highest votes by 11:59pm on Friday, April 30, 2021 will qualify to participate in the grand finale.

Apart from the numerous benefits enjoyed on the Quickteller Business platform, such as generating invoices to track sales and payments, customized storefront to display products and brand image, backend access to manage inventory, dispute management options to settle chargebacks and refunds, the platform further exposes its users to a ready market of over five million potential customers from Nigeria, Gambia and Kenya.

Hotflex

On the Quickteller Business platform, business owners can get paid by anyone, from anywhere without hassles. From massive corporations to smaller tech-savvy businesses, Quickteller Business makes payment easy for entrepreneurs and their customers.

SSKOHN

About Quickteller Business

Quickteller business provides various payment tools for freelancers and small businesses operating without a website to receive payments easily. The platform seamlessly integrates with your existing website or store to provide various payment options.

About Interswitch

Interswitch is a leading technology-driven company focused on the digitisation of payments in Nigeria and other countries in Africa. Interswitch’s vision is to make payments a seamless part of everyday life in Africa, and its mission is to create transaction solutions that enable individuals and communities to prosper across Africa.

Stanbic 728 x 90

We began in 2002 as a transaction switching and electronic payments processing business, building and managing payment infrastructure, delivering innovative payments solutions and driving transactions across Nigeria and other African markets. We provide secure solutions and services that facilitate convenience and real value for consumers, businesses, governments and other organizations, helping to reduce costs, improve operational efficiency and drive sustainable revenue growth.

0
Continue Reading

Business

FG launches National Gender Steering Committee for Gender Policy in the agricultural sector

The policy document is a developmental strategy for poverty reduction and it is expected to empower small scale holder farmers who are predominately women.

Published

on

FG moves to reduce gender inequality in agriculture, De-risking the agricultural sector
0

The Federal Government has announced its inauguration of a National Gender Steering Committee for the Implementation of the Gender Policy in the Agricultural sector, in a bid to offer equal access and gender-sensitive approaches towards food production.

This was disclosed by Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Dr Ernest Umakhihe, who inaugurated the Committee on Wednesday in Abuja.

“The initiative will promote and ensure the adoption of gender-sensitive responsive approaches, plans and programmes in such a way that men and women will have equal access and control of productive resources,” he said.

He added that availability of the policy document was expected to address the vulnerability of women to biases in the Agriculture sector, integrate gender perspectives in National Planning, create more jobs and financial empowerment for women, citing that the National Gender Policy in Agriculture was consistent with the Global 2030 Agenda for Sustainable Development adopted by World Leaders at the United Nations Summit in New York, USA, in September 2015.

Director, Special Duties in the Ministry, Mrs Fausat Lawal also stated that “Women, small scale holder farmers constitute about 70-80% of the agriculture labour force and they produced the bulk of food for domestic consumption.”

She added that the policy document is a developmental strategy for poverty reduction and it is expected to empower small scale holder farmers who are predominately women.

What you should know 

  • Female unemployment rate in Nigeria as of Q4 2020 increased to 35.2% from 31.6% recorded in Q2 2020. This is according to the recent labour force report released by the National Bureau of Statistics (NBS).
  • A total of 61.63 million women were in the working population (15 – 64 years of age) as of Q4 2020 accounting for 50.5% of the total working population. Only 30.15 million of these women were willing and able to work, which represents about 43.3% of the total labour force in the period under review.

0
Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.