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No better time than now for 24-hr port operations — Ministers, others

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• It will help realisation of $1 trillion economy by 2031, says FIRS chairman

 

There can be no better time than now for the take-off of the National Single Window initiative aimed at eliminating bureaucratic delays in export and import processes to boost trade efficiency and enhance economic growth.

This was the consensus of stakeholders and industry experts at the opening of a three-day workshop on the presidential initiative called the National Single Window project launched by President Bola Tinubu in April, 2024.

The stakeholders, including the Minister of State for Finance, Dr Doris Uzoka-Anite, Minister of Marine and Blue Economy, Mr Gboyega Oyetola, Minister of Industry, Trade and Investment, Dr Jumoke Oduwole; chairman, Federal Inland Revenue Service, Dr Zacch Adedeji, Managing Director, Nigerian Port Authority (NPA), Dr Abubakar Dantsoho and others are optimistic about the potentiality of the project fast-tracking the realisation of $1 trillion economy.

Speaking at the National Single Window forum at Marriott Hotel, Ikeja, Lagos on Tuesday, Oyetola said the initiative would significantly reduce the cost of doing business in the country and eliminate sharp practices in trade processes.

“As highlighted by the World Bank, the cost of doing business at Nigerian ports can be up to 40 percent higher than in other West African countries due to delays and administrative bottlenecks, leading to an estimated annual revenue loss of ₦2.5 trillion within the business community.

“However, the implementation of the Single Window System can enhance efficiency, potentially reducing these costs by at least 25 percent. By streamlining operations, improving transparency, and minimizing delays, the system not only drives cost savings but also strengthens overall trade facilitation.

“The cumulative impact across all areas—including reduced costs, enhanced efficiency, and greater transparency—ultimately contributes to the overall ease of doing business.

“We are advancing multimodal connectivity by improving road, rail, and inland waterway links to and from the ports. These improvements aim to reduce transportation costs, enhance logistics, and boost trade.

“For example, the Ministry in collaboration with the Lagos State Government, cleared the age-long Apapa – Tincan – Mile 2 traffic for landside operations and provided tugboats, mooring boats, pilot cutters, bollards, and fenders across all port locations for effective seaside operations.

“We maximised crane productivity and ensured a reduced transit time for vessels and trucks. These led to a reduction in both the vessel and truck turn-around times. The vessel turn-around-time went down from an average of seven days to an average of five days, while truck turn-around-time went from an average of 10 days to a few hours. But we are not resting on our oars, as our ultimate goal is to make Nigeria the hub of maritime in West Africa,” the Minister said.

In her own address, the Minister of Industry, Trade and Investment, Dr Oduwole, stressed that the establishment of a National Single Window system for trade is not merely a policy objective but “a transformative reform that will fundamentally redefine the way trade is conducted across our borders.”

“Our single window project will provide a centralized digital platform for traders to submit, process, and access trade-related documentation- eliminating corruption through improved transparency, reducing administrative burdens, and significantly
enhancing the ease of doing business in Nigeria.

“Many of you will recall that in my previous capacities in the Presidency, I have
been part and parcel of the NSW project since 2016. The time for delivery is now!

“Under President Tinubu’s eight-point agenda, economic growth and job creation are key priorities. The NSW will play a significant role in achieving these goals,” she said.

Also speaking, Minister of State for Finance, Dr Uzoka-Anite, stressed that the initiative would not only enhance ease of doing business in the country but also attract foreign direct investment.

“In Indonesia their NSW programme was launched in 2007 to simplify trade, and since then they have achieved significant reduced clearance time. The average time for cargo clearance at ports dropped from seven days to just three days, traders saved millions of dollars annually through reduced administrative costs and delays.

“In 2014 Vietnam introduced its NSW as a part of broader trade facilitation reforms. The programme enhanced trade efficiency by streamlining interaction with over 20 government agencies, reducing paperwork, and manual processes.

“This in turn led to improved compliance and led to increased customs revenue. This ease of trading facilitated by their NSW helped Vietnam increase exports, particularly in manufacturing and agriculture. Such a similar impact would be significant for Nigeria as we continue to build our foreign reserves and strengthen the Naira.

“Here in Africa Rwanda established its NSW in 2012 to promote regional and international trade which has since resulted in speedier border crossing times which decreased by 50 percent thus boosting the movement of goods in Rwanda.

“The NSW reforms contributed to Rwanda becoming one of the fastest-growing economies in Africa and improved Rwanda’s trade within the East African Community (EAC),” the Minister said.

According to the FIRS chairman, Zacch Adedeji, the project would contribute hugely to the realization of a $1 trillion economy by 2031 as envisioned by President Tinubu.

“The National Single Window project represents a pivotal stride in Nigeria’s journey towards economic transformation. For too long, Nigeria’s trade facilitation processes have been hampered by a complex web of bureaucratic hurdles, characterized by cumbersome and inefficient procedures, leading to significant delays at the ports, increased costs of doing business, and a substantial erosion of Nigeria’s competitiveness in the global marketplace.

“This has resulted in substantial revenue losses to the country, reduction in foreign direct investments, and hindered the full realization of our nation’s economic potential.

“I believe by establishing an integrated platform that seamlessly connects all the critical actors- seaports, airports, free trade zones, government agencies, financial institutions, and the private sector – we are set to revolutionise the way we conduct international trade.”

“Now is the moment for Nigeria to establish itself as a leading trade hub on the African continent by implementing a robust and efficient National Single Window system,” Adedeji said.

Comptroller General of the Nigeria Custom Service, Bashir Adeniyi, who was represented, said the concept was not new to Nigeria as similar efforts had been made in the past, suggesting ways to overcome the challenged that stunted similar efforts in the past.

“Over the years, we have witnessed various efforts aimed at integrating government agencies, streamlining processes, and fostering efficiency in trade facilitation.

“However, these attempts have been fraught with challenges, ranging from fragmented technological systems and institutional silos to misaligned stakeholder expectations and inadequate physical a n d technological infrastructure.

“While these obstacles have slowed our progress, they have also provided invaluable lessons that shape the roadmap for future s u c c e s s.

“To succeed, we must embrace a singular purpose backed by unwavering
governmental resolve, ensuring that the Single Window is not perceived as the sole
mandate but as a national strategy supported by all stakeholders, including the
private sector, financial institutions, and regulatory agencies.

“The centrality of Customs in this ecosystem is undeniable, but success requires a symbiotic relationship where each stakeholder plays its part with precision and commitment,” he said.

Managing Director of NPA, Dr Dantsoho, emphasised the need for all stakeholders to work in unity to achieve the goal of the project.

He referenced the one stop shop initiative as demonstrating the possibility for government agencies to collaborate and work in harmony with zero tolerance for delays in service delivery and timely interventions without bottle necks.

Speaking earlier, the Head of NSW Secretariat, Mr. Tola Fakolade, said the project will simplify the ways things are being done, adding that NSW was first implemented in Singapore and also used in Djibouti, Kenya and others and where it recorded successes.

Fakolade said the first phase of the project would start this year with training and testing, saying his office expects cooperation from all stakeholders.

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BUA Foods Achieves Record-Breaking Growth: Revenue Soars 109% to ₦1.53 Trillion in FY 2024

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BUA Foods Achieves Record-Breaking Growth: Revenue Soars 109% to ₦1.53 Trillion in FY 2024

BUA Foods Achieves Record-Breaking Growth: Revenue Soars 109% to ₦1.53 Trillion in FY 2024

 

BUA Foods Plc, a leading name in Nigeria’s food manufacturing industry, has delivered an impressive financial performance for the fiscal year 2024, showcasing substantial growth across all key metrics. The company’s relentless pursuit of innovation and efficiency has solidified its leadership position in the market.

 

Founder and Chairman, Abdul Samad Rabiu, CON, attributed this success to strategic investments and operational excellence. “Our exceptional growth in 2024 underscores our commitment to ensuring food security in Africa. We remain focused on sustainable growth and delivering superior value to our stakeholders.”

Key Financial Milestones:

Revenue: ₦1.53 trillion (+109.3%)
Gross Profit: ₦541.71 billion (+107.9%)
Profit After Tax: ₦274.95 billion (+145.3%)
Earnings Per Share: ₦15.27 (+145.3%)
EBITDA: ₦499.4 billion (+131.5%)
The company recorded impressive growth across its product categories, with sugar sales rising 74% to ₦733.8 billion, flour sales surging 172% to ₦589.5 billion, and pasta sales increasing 125% to ₦197.6 billion.

Engr. (Dr.) Ayodele Abioye, Managing Director of BUA Foods, highlighted the company’s resilience amidst macroeconomic challenges. “Our expansion strategy and operational excellence have driven strong growth and positioned us for future success.”

With a clear roadmap for expansion and a commitment to innovation, BUA Foods is well-poised to continue delivering sustainable value while addressing Africa’s evolving food security challenges.

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BUA, NNPC Gas Marketing Ltd commence development of a 700TPD, 45mmscf Mini-LNG Plant with Ground-breaking in Ajaokuta

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BUA, NNPC Gas Marketing Ltd commence development of a 700TPD, 45mmscf Mini-LNG Plant with Ground-breaking in Ajaokuta

BUA, NNPC Gas Marketing Ltd commence development of a 700TPD, 45mmscf Mini-LNG Plant
with Ground-breaking in Ajaokuta

 

Kogi State, January 30, 2025 – BUA, one of Africa’s largest infrastructure, manufacturing and mining companies, has commenced the development of a 700-ton-per-day (700TPD), 45mmscf Mini-LNG Plant with a ground-breaking ceremony held today in Ajaokuta, Kogi State. In attendance at the event was Founder/Executive Chairman of BUA Group, Abdul Samad Rabiu; Kogi State Governor, H.E. Ahmed Usman Ododo; Minister of State for Petroleum Resources (Gas), Hon. Ekperipe Ekpo; NNPC Board Chairman, Chief Pius Akinyelure; GCEO NNPC, Mele Kyari; Authority Executive of NMDPRA, Engr Farook Ahmed and other eminent dignitaries including various stakeholders.

 

 

Speaking at the event, the Founder/Executive Chairman of BUA Group, Abdul Samad Rabiu, said in his speech: “This BUA LNG plant, which we are constructing in partnership with NNPC, is a major step towards ensuring energy security for Nigeria. Upon completion, it will ensure that BUA’s captive power plants are provided with much-needed gas with limited supply downtime, thus enhancing our production and manufacturing capacity while positioning BUA to be fully integrated into the value chain of our energy supply operations”.

BUA, NNPC Gas Marketing Ltd commence development of a 700TPD, 45mmscf Mini-LNG Plant
with Ground-breaking in Ajaokuta

He further stated that the project is a win-win for Nigeria and is in line with President Bola Tinubu’s vision of promoting gas usage for cleaner energy. NNPC will provide critical gas feedstock for a 10% stake in the plant, and BUA will provide 100% financing while driving execution. This is a testament that public-private partnerships under the right government policies can deliver transformative results.

 

The BUA LNG plant will ensure cost efficiency, supply stability, and sustainability for our operations while reinforcing Nigeria’s industrial future. Covering a land area of about 16 hectares, it will primarily serve BUA’s captive power plants across its manufacturing businesses and provide gas for other uses across Nigeria.

In his speech, the GCEO of NNPC, Mele K. Kyari, stated that it is rightly timed to have these five mini-LNG plants in Kogi State, of which BUA LNG is one. This is considering its strategic location at the crossroads of Nigeria’s North and South, in Ajaokuta, Kogi State. This will provide easy access to the Eastern and Northern parts of the country.

The project’s signing ceremony, which took place within the week at NGML headquarters in Abuja, was attended by BUA’s Group Executive Director, Kabiru Rabiu, Chief Legal Officer, Oluseye Alayande, and NGML’s leadership team, led by its Managing Director, Justin Ezeala.

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Access Bank to Host Pioneering Africa Trade Conference in Cape Town

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Access Bank to Host Pioneering Africa Trade Conference in Cape Town

Access Bank to Host Pioneering Africa Trade Conference in Cape Town

 

Cape Town, South Africa – January 29, 2025: Access Bank PLC is set to host its first-ever Africa Trade Conference (ATC), a landmark event focused on advancing Africa’s economic transformation under the theme, ‘Empowering Africa Through Trade, Innovation, and Sustainable Growth’. Scheduled for March 12, 2025, in Cape Town, South Africa, the conference is poised to bring together the most influential voices in trade, finance, and policy to address the future of commerce across the continent.

 

Access Bank to Host Pioneering Africa Trade Conference in Cape Town

With Africa’s trade finance gap estimated at $81 billion annually, the conference aims to tackle the systemic challenges hindering trade, particularly for SMEs and domestic firms. By fostering collaboration among key stakeholders, the Conference will explore innovative solutions, sustainable trade practices, and strategies for expanding African economies into global value chains.

Roosevelt Ogbonna, Group Managing Director/Chief Executive Officer, Access Bank PLC, emphasised the importance of the Africa Trade Conference, in addressing these pressing issues. “The Africa Trade Conference represents a crucial step in redefining Africa’s trade potential. By creating platforms for dialogue, innovation, and actionable solutions, Access Bank is enabling African businesses to connect and thrive in the global economy.”

Access Bank’s presence across 24 countries globally, including 16 in Africa, provides a unique advantage in facilitating inter- and intra-African trade. The Bank’s growing network positions it as a key player in addressing trade complexities and promoting inclusive growth across the continent.

Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank, highlighted the broader vision of the forum, saying, “The Africa Trade Conference is a platform to not only address Africa’s trade challenges, but to champion the continent’s opportunities. Through strategic partnerships, tailored financial solutions, built on the ethos of sustainability, we are paving the way for Africa’s businesses to take their place on the global stage.”

This flagship event will convene a distinguished line-up of seasoned speakers, and top executives from leading international banks, Development Finance Institutions (DFIs), and captains of industry in Africa.

The ATC will also shine a spotlight on the transformative potential of the Africa Continental Free Trade Area (AfCFTA), which aims to reduce trade barriers, enhance infrastructure, and integrate African economies into global trade networks. Furthermore, the event will explore critical themes shaping the continent’s economic future, including the transformative role of digitisation and innovation in global trade, solutions for overcoming trade barriers to enhance market access, as well as sustainable trade practices and innovative financing models, thereby providing a comprehensive roadmap for advancing Africa’s position in global commerce. Please visit https://africatradeconference.accessbankplc.com/ for more information.

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