Business
Lagos to clamp on Tank Farms without planning permit
Lagos to commence Physical Planning enforcement on all Tank Farms illegally operating in the State from next week.
The Lagos State Government is set to commence Physical Planning enforcement on all Tank Farms illegally operating in the State from next week.
This was disclosed by the Commissioner for Physical Planning and Urban Development, Dr. Idris Salako, during a stakeholders’ meeting held in Lagos on Friday.
READ: SEC says state governments have borrowed N900 billion from capital market
The Commissioner expressed displeasure at the unapproved and illegal operations of many Tank Farms in the State, saying that no such facility should operate without Planning Permit.
He said, “The indiscriminate operations of Tank Farms has negatively impacted the host communities and rendered residents helpless.
READ: Lagos seals 16 properties in Ikoyi, to conduct compliance audit of Osborne Estate
“In most cases, the road capacity is inadequate for the activities of the Tank Farms, whose operations have led to the collapse of road infrastructure, rendered critical social amenities such as schools and hospitals inaccessible and created urban squalor of the host communities.”
According to Salako, the deliberate neglect of host communities by Tank Farms operating in the State despite unhonoured government overtures, was regrettable, especially when viewed against the backdrop that most of the outfits creating these problems were not only unapproved but also not paying taxes to the State.
READ: Buhari to finally send Petroleum Industry Bill to National Assembly next week
“There is no going back on the plan to start enforcing the extant Physical Planning laws on all erring Tank Farms as from next week, since the ultimatum given had lapsed,” he added.
READ: Japual Gold & Ventures Plc partner with Chinese firm to mine gold
LASG GIVES TANK FARMS MARCHING ORDER ON CSR, PLANNING PERMIT
… Says Enforcement Will Commence Next Week@jidesanwoolu @drobafemihamzat @idreezsalako @ud_mpp @gbenga_omo#LASG #ForAGreaterLagos
Read More.. https://t.co/BsiVQ9HTE5 pic.twitter.com/p1BQUlpRNy— The Lagos State Govt (@followlasg) November 20, 2020
READ: Lagos 2021 Appropriation Bill scales through second reading
What you should know
The Ministry of Physical Planning and Urban Development had met with Tank Farm Operators earlier in the year and issued a week ultimatum to regularise their facilities, which was followed by an additional two-week extension, a month after the first ultimatum had expired.
Business
Nigeria’s inflation rate to moderate by first half of next year
The CBN has assured Nigerians that the country’s inflation rate will begin to moderate by the first half of 2021.
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said that Nigeria’s inflation rate which stood as high as 14.2% in October is expected to begin to moderate by the first half of next year.
This is as the Federal Government had introduced a number of measures to help stabilize the economy, increase productivity and ensure recovery from the devastating impact of the coronavirus pandemic.
This disclosure was made by Emefiele during his presentation at the 55th Annual Bankers Dinner organized by the Chartered Institute of Bankers in Lagos on Friday.
The CBN Governor pointed out that inflationary pressure persisted during the year due to several factors which include disruption to global and domestic supply chains due to Covid-19, increase in the VAT rate, increase in petroleum prices, electricity price adjustments and farmer-herder clashes.
It also includes exchange rate adjustment and flooding that occurred in many parts of our farm belt areas.
Emefiele in his statement said, ‘’Inflation in October 2020 stood at 14.2%. we, however, expect inflation to begin to moderate by the first half of 2021 as efforts are being made to enable significant cultivation and production of key staple items during the dry season.’’
It can be recalled that at the 26th Nigerian Economic Summit, the Minister for Finance, Budget and National Planning, Zainab Ahmed, also said that the country is expected to exit from recession by the first quarter of 2021 with the Federal Government working towards reversing the declining economic trend in the country.
What you should know
The National Bureau of Statistics (NBS) had announced that the country had entered its second recession in 5 years in the third quarter of this year, as the Gross Domestic Product (GDP) fell for the second consecutive quarter.
According to figures released by the Nigeria Bureau of Statistics (NBS), cumulative Gross Domestic Product (GDP) for the first nine months of 2020, therefore, stood at -2.48%, just as it recorded a -6.10% in the second quarter.
Business
ASUU says union has not yet agreed to call off strike
ASUU has denied media reports that the union agreed to call off its 8-month old strike action.
The Academic Staff Union of Universities (ASUU) has denied media reports that the union agreed to call off its 8-month old strike action.
There was a bit of relief when news emerged that the strike action has been called off, after the latest meeting between ASUU top echelons and the Federal Government negotiation team, led by the Minister of Labour and Employment, Senator Chris Ngige, on Friday.
READ: FG offers N65 billion to ASUU, N15 billion revitalization fund to end strike
According to a report from Vanguard, the ASUU President, Prof. Biodun Ogunyemi, said he is not aware of any agreement to call off the strike. However, he noted that it was agreed at the meeting that the union would convey government’s message to their various organs and then report back to the government.
Ogunyemi said, “I am not aware of that. All I know is that we had a meeting and we are going to report to our members. But, I don’t know about suspension of the strike.”
READ: FG says it will look at other options if ASUU continues with strike
It was also reported that ASUU reached an agreement with the Federal Government after the latter increased its offer for Earned Allowances and funding for the revitalization of public universities from N65 billion to N70 billion.
However, ASUU in a tweet insisted that the funding should be implemented before the union suspends its strike action.
READ: Federal Housing Authority gives debtors 21 days to pay up or have names published
#GoodNews The Academic Staff Union Of Universities ASUU, has accepted a newly pledged amount N70 billion to be released by the FG.
The union however insisted that the funding should be implemented before the strike would be suspended.
— Official_ASUU (@ASUUNGR) November 28, 2020
READ: British Airways Pilots strike over pay disputes
What you should know
Nairametrics earlier reported that ASUU had called off its 8-month-long strike. It said that the union took the decision after it agreed to accept government’s total payment of N70 billion and that the payment of their outstanding salaries must not be done through the Integrated Personnel Payroll and Information System (IPPIS).
ASUU embarked on strike in March 2020, following its disagreement with the Federal Government over the funding of the universities and implementation of the IPPIS, which according to the union, negates the autonomy policy for the universities.
ASUU, however, has its own developed and preferred payment platform, University Transparency and Accountability Solution (UTAS), which the government said it is looking into.
Business
Export of our products in West African sub-region now less competitive – MAN
President of the Manufacturers Association of Nigeria has lamented the less competitive nature of made-in-Nigeria products.
The export of made-in-Nigeria products in the West African sub-region has become less competitive according to the President, Manufacturers Association of Nigeria (MAN), Mansur Ahmed. He made this remark in a statement seen by Nairametrics.
According to Ahmed, MAN members are losing market share daily to other African countries due to the closure of the border, as the sub-region has now become less competitive.
READ: Finance Bill: No plans to increase tax — FG
READ: AfCFTA: Nigeria’s borders to remain closed till we can trust our neighbours- Trade Negotiator
He said,
“Major manufacturers of beverages, polypropylene bags, tobacco, cement, toiletries, and cosmetics industries were losing markets they had worked very hard to secure in the West and Central African region.
“These manufacturers were hoping to leverage their market share to secure a strong position in the African Continental Free Trade Area, which kicks off in January 2021.
READ: Nigerians pay heavy price as laptop scarcity bites harder
“Since the closure, the association has conducted a research with its members, the outcome is that some sectors had considerable increase in their productivity, while some sectors recorded sharp decline.”
He emphasized that the export group of the association clearly suffered huge losses due to logistics issues occasioned by the closure, as it takes an average of 8 weeks for the carriers to ship and truck goods within countries in the same region vis-à-vis trucking through the land border, which takes an average of 7 to 10 days.
READ: Afreximbank’s African commodity index dips by 1% q-o-q in Q3 2020
“The increased traffic through our seaport as a result of the closure has increased the perennial congestion at the Apapa and Tin Can Island Ports, leading to greater challenges for exporters and increased demurrage cost, as well as other port levies,” he added.
READ: Coalition of African lawmakers seeks debt relief for African states
What it means
Nigeria’s President Buhari recently signed the Africa Continental Free Trade Agreement exposing local Nigerian manufacturers to the regional competition.
- Whilst border closures impact positively on local markets due to restrictions on imports, it is unhealthy for local businesses looking to export across borders to regional African countries.
Explore Data on the Nairametrics Research Website
Transmission company of Nigeria gives reason for nationwide blackout
Nigeria’s inflation rate to moderate by first half of next year
FG to start the installation of 5 million solar power across the country next week
World’s biggest crypto exchange says Bitcoin will replace gold
No one should get a car that steals his peace of mind – CEO Betacar.ng
COVID-19 Update in Nigeria
Export of our products in West African sub-region now less competitive – MAN
MTN, Vodacom launched 5G in sub-Saharan Africa in 2020 – GSMA Report
Ripple gains 12%, CTO owns at least a million XRP
AutoGas: President Buhari to launch scheme on December 1
