Business

EXPORT INFLOW AT LFZ TO HIT $6BILLION BY 2020 – AMBODE

Published

6 years ago

July 6, 2018

Sahara Weekly

…Says Time For Nigeria To Broaden Export Products Beyond Oil

…Advocates 25-Year National Policy On Export Promotion

Lagos State Governor, Mr Akinwunmi Ambode on Thursday said the export inflow at the Lekki Free Zone (LFZ) in Ibeju Lekki area of the State is projected to hit over $6billion (about N2.159trillion) by 2020, saying it was time for Nigeria to develop sustainable roadmap to rev up export with particular focus on multi-sector products far beyond oil.

Speaking at the 2nd National Committee Meeting on Export Promotion of the National Economic Council (NEC) held in Lagos, Governor Ambode said beyond oil, it was now important for the country to put in place infrastructure and other initiatives to support other sectors with the view to preparing them for export.

He said already, the Lagos State Government had keyed into several export-oriented initiatives such as One-State One-Product Initiative, adding that it was gratifying to note that tremendous progress had been made in that regard.

“Our efforts in this area include the development of Lekki Free Zone as a one-stop export processing zone and we are happy to report that we have made tremendous progress in this particular export zone and I hope participants would have the time to see what it is that is actually going on in that place.

“Just to give you a clearer picture of what we are saying. At the end of 2020 when the investment of the Dangote Industries and other Deep Seaport that we are putting in that place will fully come on stream, the export inflows that we are projecting for that place is over $6billion and that is just the way to go,” Governor Ambode said.

He said through the export initiatives being spearheaded and monitored by the Nigerian Export Promotion Council (NEPC), the State Government had identified and commenced the process of developing three key commodities in which the State has comparative and competitive advantage including Coconut, Fish and Vegetables.

“We plan to facilitate the development of these commodities into exportable products. Our export promotion initiatives also include export aggregators designed to boost production capacities of our indigenous micro small and medium industries. The objective is to create locally made products and services that not only satisfy local market but meet competitive export demand.

“We have also developed enterprise zone, small scale industrial estate and light industrial parks in different parts of this State to provide business accommodation and also factory spaces, support made-in-Lagos campaign and to also enhance market access for our MSMEs,” the Governor said.

He said the initiatives were some of the programmes of the State Government to support the Zero Oil plan of the Federal Government, just as he urged participants at the meeting to come up with a viable and sustainable agenda that would at the end of the day help in achieving Nigeria’s economic rebirth without reliance on oil.

While alluding to the visit of French President, Mr Emmanuel Macron to Afrika Shrine in Ikeja, the Governor said the development signposts the need for the country to develop other sectors of the economy especially the creative industry, among others.

“For me, the visit is clear that Afrobeat is a product that we can export but not only that, what about other things such as intellectual property and others that we need to harness to create a final product of our export policy. What about fashion? What about arts? There are lots of export products that we can export beyond Agriculture.

“However, before we can do that, we must put in place the infrastructure and the framework to support these industries and that is the core of this whole story. The message here is that let us expand the scope of our export considerations and increase the wealth of our nation.

“If one of the most powerful men in the world is a lover of our music and culture, then we must look inwards and find ways to export this. Our State is big on arts and entertainment and we believe strongly that this is a very lucrative avenue to create wealth and employment for our people,” Governor Ambode said.

According to the Governor, the economic indicators of the country were such that reliance on oil without planning for the future was dangerous, and so something urgent must be done to promote other sectors.

“For all the years, if you say oil is 90 per cent of what our economy is all about, if there is a flip in the price of oil, what happens to 190 million people on just one product? Who does that? So, the idea is this, if in 2050, Nigeria is targeted to be the third largest country in the world with 400million people and then maybe Lagos population by then will be about 50million people, then there is going to be a problem if by now we are not thinking about other products.

“And then, who cares about oil anyway when there are people using vehicles without oil and so something must be wrong if we are not thinking 2050 in 2018. We have been speaking about this and it is almost sounding like a broken record but if something goes wrong with oil, what are we doing,” he queried.

The Governor said though the Federal Government had shown leadership and good examples about rice production, but that it was important to come up with a national policy on export to create a roadmap to engender sustainable promotion of export.

“Beyond agric product and others, this is one singular opportunity for us to create a roadmap of an export policy that will be known as the National Policy on Export for the next 25 years which each State will key into and follow. The whole message is that we need to be broader in our approach. I believe strongly that the export policy strategy is another way to put Nigeria on the global map and that is the only way we can continue to bring ourselves together to promote export,” he said.

Besides, Governor Ambode advocated synergy among all the Federal Government agencies and State Governments to promote export, while also calling on Nigeria to immediately ratify the agreement on African Continental Free Trade Area which had already been signed by 49 out of 55 countries, adding: “Nigeria must show leadership because the whole of Africa is waiting for us to show leadership and we must drive the economy of the continent.”

Earlier, Executive Director/Chief Executive Officer of NEPC, Mr Olusegun Awolowo called on State Governments to seriously consider bringing export products in their respective States for the Committee on Export Promotion to look at, saying such was important going forward.

Business

FIRS ANNOUNCES AN ONGOING RECRUITMENT

Published

2 hours ago

December 23, 2024

Sahara Weekly

FIRS ANNOUNCES AN ONGOING RECRUITMENT.

The Federal Inland Revenue Service (FIRS) has rolled out an exciting opportunity for experienced professionals to join its team.

In a public notice via its X handle, the agency announced job openings for positions like Assistant Manager, Deputy Manager, and Assistant Director in fields such as Tax, Public Relations, Legal, ICT, and Risk Management.

Interested candidates are encouraged to review the eligibility criteria and apply via the official portal at careers.firs.gov.ng before January 11, 2025. This recruitment drive is aimed at bolstering public service efforts and maximizing national development.

Business

UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

Published

20 hours ago

December 22, 2024

Sahara Weekly

UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

The newly renovated departure section of the Murtala Muhammed International Airport, Lagos, refurbished by United Bank for Africa (UBA) Plc, was officially commissioned on Friday, December 20th, 2024.

The laudable project, which marks a transformative moment in Nigeria’s aviation sector, underscores UBA’s unwavering commitment to national development and highlights the immense value of strategic public-private partnerships (PPPs).

The ceremony was graced by distinguished stakeholders, including the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN; the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku; other Directors, and Heads of Agencies operating at the Airport.

Speaking at the event, UBA’s Group Managing Director/CEO, Oliver Alawuba,lauded the collaboration that brought the project to fruition as he emphasised the need for public and private institutions to come together to build and revamp the nation’s assets.

“This renovation is a testament of UBA’s belief in the transformative power of investing in national assets. By modernising our airports, we not only enhance infrastructure but also position Nigeria as a global hub for tourism, trade, and investment,” he stated.

Alawuba took time to highlight the broader economic impact of such initiatives, urging increased private-sector participation in national development. “Public-private partnerships like this demonstrate what can be achieved when we unite for a shared vision of progress and investing in infrastructure catalyses economic growth, improves travel experiences, and creates opportunities across various sectors of the economy,” he added.

Alawuba reflected on the power of unity and collaboration, quoting Helen Keller: “Alone we can do so little; together we can do so much.” The commissioning of the renovated departure section serves as a reminder of what strategic partnerships can achieve in driving national development and elevating Nigeria’s global standing.”

While commissioning the project, Keyamo commended UBA for executing the project, a feat he termed a landmark achievement in Nigeria’s aviation sector. “This renovated departure section exemplifies the bank’s commitment to elevating aviation infrastructure, improving passenger experiences, and fostering international partnerships. It is a proud moment for the ministry and all stakeholders involved, and I thank the management of UBA for pioneering this initiative,” he remarked.

The minister highlighted other key achievements of his ministry, including compliance with the Cape Town Convention, the launch of a consumer protection portal, and advancements in major infrastructure projects such as the second runway at Abuja Airport and solar energy integration in airport operations.

The Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, commended UBA and other stakeholders for their contributions, adding, “This project reflects FAAN’s dedication to delivering world-class aviation infrastructure. The enhanced departure section not only elevates passenger experiences but also strengthens Nigeria’s competitive position in global aviation,” she said.

She called for more private-sector participation, emphasising that “partnerships like these are essential to transforming the aviation sector into a beacon of excellence.”

The newly renovated departure section boasts cutting-edge facilities designed to enhance efficiency and passenger comfort. This upgrade reaffirms the Murtala Muhammed International Airport’s status as a critical gateway to Nigeria and a major hub for international travel in Africa.

United Bank for Africa is Africa’s Global Bank. Operating across twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.

Business

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

Published

2 days ago

December 21, 2024

Sahara Weekly

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.