Connect with us
Paramount
Advertisement
Ican
Advertisement
IZIKJON
Advertisement
forex
Advertisement
Stanbic IBTC
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
app

Business

Yemi Osinbajo launches Process Manual on Port Operations

Osinbajo has launched the Process Manual on Port Operations to boost efficiency and accountability in Nigeria’s port industry.

Published

on

FEC approves NESP's N2.3 trillion stimulus plan

The Vice President of Nigeria, Yemi Osinbajo, has launched the Process Manual on Port Operations to boost efficiency and accountability in Nigeria’s port industry, and also ensure predictability.

Osinbajo launched the manual at the celebration of the 2020 International Anti-Corruption Day in Abuja on Wednesday, alongside the Minister of Transportation, Rotimi Amaechi, and Lilian Ekeanyanwu, Head, Technical Unit on Governance and Anti-Corruption Reforms (TUGAR).

The Vice President said that the manual would reduce bureaucratic roadblocks for stakeholders in the sector, and ensure that smuggling was stamped out in Nigerian ports.

“In 2017, Executive Order 1 was issued, essentially to address, promote transparency and efficiency in the business environment, designed to facilitate the ease of doing business,” he said.

“The Process Manual on Port Operations is expected to be one of the key indicators for the effective implementation of Executive Order 1. The Process Manual is a step by step trajectory of processes at the ports.

“It outlines the actors and timelines for each process; it guides the user by highlighting all required documentation, payments, timelines and the responsible agencies.

“It equally guides the port operators by detailing the implementation chain and provides clarity on the time required for each process.

“The process manual is expected to ensure predictability, promote efficiency and accountability, reduce corruption in the port processes, eliminate bureaucratic bottlenecks faced by port users and reduce the opportunity for illegal demands in the ports,” he added.

He also said that the gains made by Nigeria would improve the country’s rating on the Transparency International Corruption Perception Index (CPI).

“In terms of utility and relevance, the CPI and its constituent data sources are determined largely by and produced for the consumption of the business community.

“It, therefore, has significant and reputational and economic implications for countries that are being assessed.

“A successful systemic intervention in the port sector will rapidly change the narrative, the perception and the ranking of Nigeria in the CPI,’’ he said.

Osinbajo disclosed that the Manual would need to be implemented by stakeholders, especially the Nigerian Shippers’ Council, to determine its efficiency.

bitcoin train

What you should know 

  • Nairametrics reported earlier this week that Nigeria had experienced increased foreign trade through the ports with China, while trade with the United States had reduced since 2015, slumping to N1.5 trillion as of September 2020, compared to N2.1 trillion recorded in the same period in 2019.
  • According to data from the National Bureau of Statistics, China/Nigeria trade topped N4 trillion in the first 9 months of 2020, compared to N3.6 trillion in the same period in 2019.
  • Meanwhile, Nigeria’s total foreign trade for the third quarter of 2020 rose by 34.15% to stand at N8.4 trillion, compared to N6.24 trillion recorded in the previous quarter (Q2 2020).

Binance
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.

Business

Nigeria signs pact with Morocco’s OCP Group to aid fertilizer production

The pact is expected to utilize Nigerian gas and Moroccan phosphate to produce 750,000 tons of ammonia and one million tons of phosphate fertilizers.

Published

on

Nigeria has signed a pact with OCP Africa to aid the second phase of the Nigerian Presidential Fertilizer Initiative in Morocco. The pact was signed by the Nigerian delegation led by the Minister of State for Petroleum, Timipre Sylva and officials of Nigeria Sovereign Investment Authority (NSIA).

This was disclosed in a statement issued by NSIA and seen by Nairametrics on Tuesday.

This is expected to utilize Nigerian gas and Moroccan phosphate to produce 750,000 tons of ammonia and one million tons of phosphate fertilizers annually by 2025.

To achieve the 750,000 tons target, a number of agreements were signed between OCP Africa, the Fertilizer Producers and Suppliers Association of Nigeria, and the NSIA in order to commit to the second phase of the Nigerian Presidential Fertilizer Initiative.

Similarly, a Shareholders’ Agreement was also signed between OCP Africa and the NSIA for the creation of the Joint Venture Company. This agreement would oversee the development of a versatile industrial platform that will produce ammonia and fertilizers in Nigeria.

It stated, “a Memorandum of Understanding between OCP Africa, the Nigerian National Petroleum Corporation, and NSIA was sealed. The objective of this pact is to evaluate the opportunity of an equity investment by the NNPC in the JVC and for its support on gas.”

What you should know

  • The business visit is a follow up to the industrial project which was officially launched in June 2018 following the success of the first phase of the Presidential Fertilizer Initiative supported by OCP.
  • Through these agreements, the OCP Group has confirmed its commitment to the development of sustainable and inclusive agriculture in Nigeria.
  • The project was first announced during the official visit to Morocco of President Muhammadu Buhari and it is aimed at developing a versatile industrial platform in Nigeria.
  • Recall that in 2016, OCP Group first partnered with the Fertilizer Producers and Suppliers Association of Nigeria under the Presidential Fertilizer Initiative, supported by the Nigerian Sovereign Investment Authority.
  • This collaboration stretched across the entire agricultural value chain, from the introduction of customized fertilizers adapted to local soils and crops to improving the availability of fertilizers in the local market at competitive prices.
  • The partnership also included farmer support initiatives, supply chain development projects along with the strengthening of a close distribution system.
  • These joint efforts have led to the renovation of 13 blending units and packaging for fertilizers and installation by private operators of more than 14 new factories.

Continue Reading

Business

FG declares ‘no-fly zone’ in Zamfara, bans mining activities in the State

The imposition and enforcement of a ban on all mining activities in Zamfara with immediate effect is until further notice.

Published

on

President Muhammadu Buhari has banned mining activities in Zamfara State, as it declared a ‘no-fly zone’ in the northern state.

This was disclosed by the National Security Adviser (NSO), retired Maj. Gen. Babagana Monguno, during the State House briefing at the end of the meeting of the National Security Council on Tuesday.

At the meeting, which was presided by President Buhari, he said;

“The President has approved, based on our recommendations, the imposition and enforcement of a ban on all mining activities in Zamfara with immediate effect until further notice.

“He has directed the Minister of Defence and the National Security Adviser to deploy massive military and intelligence assets to restore normalcy to that part of the country.

“He has also approved that Zamfara State should be declared ‘a no fly zone’ with immediate effect.”

 

President Buhari said, “I join the affected families and the people of Zamfara State in welcoming and celebrating the release of the abducted students of GGSS Jangebe. This news bring overwhelming joy. I am pleased that their ordeal has come to a happy end without any incident.

“We are working hard to bring an end to these grim and heartbreaking incidents of kidnapping. The Military and the Police will continue to go after kidnappers. They need the support of local communities in terms of human intelligence that can help nip criminal plans in the bud.”

 

bitcoin train
Continue Reading
Advertisement




Advertisement

Nairametrics | Company Earnings