Business
No better time than now for 24-hr port operations — Ministers, others
Published
4 months agoon

• 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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Business
Fidelity Set to Hold 3rd Edition of FITCC in Atlanta, USA September 2025
Published
1 day agoon
May 30, 2025
Fidelity Set to Hold 3rd Edition of FITCC in Atlanta, USA September 2025
Lagos, Nigeria – [29 May 2025] — Leading African financial institution, Fidelity Bank Plc, is set to hold the 3rd edition of its flagship market access platform, the Fidelity International Trade and Creative Connect (FITCC) Expo from September 18 to 20, 2025, at the Omni Atlanta Hotel at Centennial Park, Georgia, USA.
In a strategic move to deepen diaspora and transatlantic business linkages, Fidelity Bank is partnering with Amplify Africa, the organizers of AFRICON, the leading African diaspora business and culture summit in the United States. This collaboration brings together two powerful platforms committed to bridging African enterprise with global opportunity.
“Since 2022, when we hosted the maiden edition, FITCC has evolved beyond a platform for promoting Nigeria’s non-oil exports to become a veritable showcase of the immense value Nigeria has to offer the global market.
“As part of our commitment to developing platforms that promote economic growth, creativity, and sustainable trade both within Nigeria and internationally, we are pleased to announce the third edition of FITCC. Since 2022 when we hosted the inaugural edition, the FITCC expo has been at the heart of driving global market access for local businesses and I am delighted that this year we will be in the city of Atlanta, USA,” stated Dr Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer of Fidelity Bank Plc.
Following the success of previous editions in London and Houston, which collectively generated a consolidated deal pipeline exceeding US$500 million, FITCC Atlanta 2025 will convene over 100 Nigerian exporters, alongside U.S. buyers, investors, policy stakeholders, and diaspora-led business networks.
The expo will spotlight strategic sectors including agriculture, consumer-packaged goods, energy transition minerals, fashion, beauty, and the broader creative economy. Programming highlights include business exhibitions, B2B matchmaking, policy dialogues, diaspora investment panels, and curated workshops focused on expanding Nigeria’s access to global markets.
FITCC 2025 is expected to attract over 3,000 participants, including development finance institutions, chambers of commerce, trade facilitation agencies, and multinational corporations. The event is also aligned with ongoing government-led efforts to expand U.S.–Nigeria trade and investment under emerging bilateral frameworks.
Interested participants can register to attend by visiting https://www.fidelitybank.ng/fitcc/#start_registering
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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Inclusive Education in Action, Union Bank Sponsors Mathematics Competition for Hearing Impaired Students
Published
1 day agoon
May 30, 2025
Inclusive Education in Action, Union Bank Sponsors Mathematics Competition for Hearing Impaired Students
Lagos, Nigeria— Union Bank of Nigeria, through UnionCares, an arm of its Corporate, Sustainability and Innovation Initiative, recently sponsored the Ajofa Special Education Foundation for the Deaf Mathematics Competition held at the Wesley School for the Hearing Impaired at Surulere Lagos, Nigeria, with the theme “Impacting Deaf Students and Life with Mathematics in Nigeria.”
The Mathematics Competition had in attendance representatives from Union Bank, the Lagos State Education Board, Principals of Schools, and teachers. Ten competitors, drawn from different schools within and outside the deaf community in Lagos, participated in the programme.
The competition, a collaboration between Union Bank and the Ajofa Foundation, aimed to close the gap in inclusive education by creating opportunities for learners with hearing impairments to showcase their academic abilities and intellectual potential.
Speaking about the event, Olufunmilola Aluko, the Chief Brand and Marketing Officer at Union Bank of Nigeria, said,
“At Union Bank, we believe that development must be inclusive. That’s why, through our UnionCares initiative, we continue to invest in meaningful partnerships and platforms like this. We also commend the brilliant students on display today, who have demonstrated that their circumstances do not define them. Rather, they are writing a new story that says disability is not inability. They are mathematicians, thinkers, and problem-solvers whose wisdom whispers and reshapes the world positively”.
Francis Ajomiwe, the Founder and Executive Director for the Ajofa Special Education Foundation for the Deaf, who communicated through an interpreter, expressed appreciation to Union Bank.
He said, “I’m grateful to Union Bank for their Sponsorship of this competition, helping bring our dreams to life. Through the Foundation, we are contributing our share to the overall goals of enhancing the educational experience and developing the deaf community. This we have been committed to upholding through organising education programmes and projects that benefit the deaf community”.
The Lagos State Education Authority, from its School Support Section, was represented by Bukunola Famakinwa, who, during her speech, emphasised the importance of the initiative on deaf learners and their community, stating that, “Deaf learners face unique challenges in accessing quality education, and mathematics is no exception. However, they can excel in mathematics and beyond with the right approach and support.” She emphasised the importance of mathematics as it empowers learners to “make informed decisions, solve problems, and participate fully in society.”
She urged the community to collaborate with the deaf community to create an inclusive education system that supports deaf learners in Nigeria.
The top three winners of the competition were Samuel Megbodofo, Tomilola Shonubi, and Opeoluwa Saka, who finished in first, second, and third place, respectively. The winners, who came from different schools for the hearing impaired competition, received branded gifts from the Bank, among other prizes.
The rest of the competitors, learners and teachers were also not left out as they, too, were gifted branded items from Union Bank.
Note to Editors:
About Union Bank of Nigeria:
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria. The Bank offers various banking services to individual and corporate clients, including current, savings, and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing, and trade finance. The Bank also offers customers convenient
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Two Years of President Tinubu: A Business Perspective By Abdul Samad Rabiu
Published
3 days agoon
May 28, 2025
Two years of President Bola Ahmed Tinubu: A Business Perspective featuring Abdul Samad Rabiu, CFR, CON — Founder & Chairman, BUA Group
As Nigeria marks two years under the leadership of President Bola Ahmed Tinubu, I believe it is important to reflect, not from the lens of politics, but from the perspective of business, of industry, and of the economy. I speak not only as the Chairman of BUA Group – one of Africa’s largest conglomerates, but also as someone who has lived through the complexity of Nigeria’s reforms. I have seen the cost of dysfunction, the burden of inefficiency, but more importantly, the promise of a level playing field and the dividends of decisive governance.
*FUEL SUBSIDY REMOVAL*
The removal of the fuel subsidy is one of the most important decisions taken by this administration. Before that, Nigeria was selling PMS at 200 or 250 Naira per litre, which was about 25 or 30 cents. I doubt there was any country in the world where fuel was being sold at that price. During my trip to Saudi Arabia for the lesser Hajj in February this year, I checked the pump price at one of the petrol stations as we drove from Jeddah to Mecca. When I converted the price to Naira, it was almost 1,500 Naira per litre. That was Saudi Arabia.
We could simply not afford the subsidy. It was not just Nigerians who were benefiting from it. We were subsidising the entire region. I remember visiting Niger Republic a few years ago when President Bazoum honoured us. During dinner, he joked and said, “Thank you for the subsidy.” He said 100 percent of all PMS consumed in Niger was coming from Nigeria because it would cost them three times more to import. There was no incentive for them to bring in their own fuel or refine crude at their own refinery. This was the situation across the region.
Today, I understand that our fuel consumption has dropped by almost 40 to 50 percent. It is not because Nigerians are consuming less, but because neighbouring countries have stopped tapping into our subsidised fuel. The PMS is still cheaper in Nigeria, even at 800 or 900 Naira per litre, but the logistics no longer support easy access. Countries like Niger and Benin Republic still take fuel from Nigeria, but others have stopped.
The removal of subsidies was needed not only to save the economy but to ensure that Nigerians alone benefit from what is imported. Even if there must be subsidy, it should be for Nigerians only. The money saved is now being channelled to infrastructure, to better support for states, and to other developmental priorities. All the states are receiving more money now, and that has made a real difference.
I am of firm opinion that President Bola Ahmed Tinubu made the right decision, and he made it boldly. On the first day he took office, he did what everyone knew had to be done but no one dared to do. He acted immediately. Many criticised him, but he did the right thing, and it saved the country. Had we continued under that burden, only God knows where we would be today. I always say, Mr President is probably the only one who had the courage to take such hard and necessary decisions.
*ON THE UNIFICATION OF THE FOREIGN EXCHANGE REGIME*
The unification of the foreign exchange market is another critical reform. Before this, many of us in the business community spent most of our time chasing foreign exchange. I personally spent half of my time trying to get FX from the Central Bank of Nigeria. The CBN was the only source of official exchange, offering FX at around 500 Naira when the parallel market was 800 or 900. No business could survive outside the CBN structure.
Every two weeks, we would go to Abuja to seek allocations. It was exhausting and inefficient. You had to camp there for three or four days before Allocation Monday, waiting for the CBN to allocate dollars. Today, I have met the new CBN Governor, Mr Cardoso, only once in two years. The reason is simple: I do not need to go to Abuja now to get foreign exchange. The system is open. It is working.
This was also a bold move by President Tinubu. It was necessary, and he took that decision as well. We are very glad because today we can focus on our businesses. These reforms are saving the economy.
*FAIRNESS, SANITY AND STABILITY IN BUSINESS*
Under this administration, we have seen a return to fairness and stability in business. We no longer worry about arbitrary shutdowns or politically motivated disruptions. Let me give a real example. We started a new business in Port Harcourt four or five years ago under BUA Foods, operating at the Rivers Ports under a concession with the Nigerian Ports Authority. It was going very well. One day, we woke up to a letter stating that the concession had been revoked, the terminal shut down, and the lease agreement terminated. There was no prior warning, no issue, no conflict.
Later, we discovered that the Managing Director of NPA at the time decided to close the business simply because our operations were competing with those of her friend. She wanted to impress her friend. That was the only reason. Today, that kind of thing cannot happen. Nobody would dare take such an action under President Tinubu. You can wake up now without fear that your business has been shut down by an agency or politician.
That stability is critical. That Port Harcourt plant alone has seen over 500 million dollars in investment and has employed over 4,000 people. The confidence this government has brought is real, and it is helping us plan better.
I must also personally acknowledge former President Muhammadu Buhari. When our Port Harcourt plant was unfairly shut down, it was his intervention that saved it. I had the privilege of explaining the situation to him. He agreed it was wrong and acted. He said he would not permit injustice under his watch. That decision saved the business. But the reality is, I had access. What if I did not? That is the difference today. Now, nobody needs access to the President to be treated fairly. Everyone knows that if you do something wrong under President Tinubu, you may lose your job or even face prosecution and go to jail. That is why I can now spend more time focusing on the business and relaxing.
The President Tinubu reforms are creating a level playing field. Like I said previously, every business had to lobby the CBN for FX. If you did not, your business would collapse. Now, you do not need to go to Abuja. You just focus on your operations.
*INFRASTRUCTURE AS A KEY DRIVER OF DEVELOPMENT*
In infrastructure, the difference is also clear. Look at the Lagos-Calabar highway. Look at the Sokoto-Badagry road. Look at the Kwara projects we are executing under the tax credit scheme. Look at Kano-Kongolam. Look at the Okpella to Kogi State corridor. These projects are progressing because of the savings from subsidy removal and FX unification. With more revenue, Nigeria is building.
These roads and others being built are critical because logistics have become a major challenge. Transporting goods from Lagos to the North is very expensive due to bad roads. Now, the President is addressing this. With better infrastructure, logistics will improve, and businesses will grow. These reforms have enabled long-term planning and serious investment.
*BUA WILL CONTINUE TO BET ON NIGERIA*
Since President Tinubu took office, BUA Group has invested over one billion dollars in the Nigerian economy. We are expanding our food business, doubling our flour and pasta facilities in Port Harcourt and building another in Lagos. Demand is increasing. People are earning more. Confidence is returning. We have also completed the first POP plaster manufacturing plant in Nigeria which is now operating and are soon starting construction of a 30MW solar energy project in Sokoto State.
In the oil and gas sector, we are completing our LNG project in Ajaokuta, Kogi State. These investments are possible because of stability that has been brought about by President Tinubu’s reforms. We can plan now. The exchange rate has been fairly stable for almost a year. FX is accessible. Money is coming in from different sources, and investors are responding. If you want 200 million dollars a week for trade, you can get it without lobbying anyone at the Central Bank. These are the results of good policies.
*ON FOOD SECURITY*
When I met President Tinubu recently, he raised concerns about food prices. He wanted to know what BUA Foods was doing. I explained that his six-month tariff waiver had worked. It disrupted hoarding in the rice market. In Nigeria, the rice harvest is short and runs for about three months. Middlemen were buying paddy rice, hoarding it, and raising prices post-harvest. This artificial scarcity drove prices to as high as 110,000 Naira per bag. The farmers did not benefit. Farmers just wanted to sell and move on yet some people were buying from them, hoarding it, and creating a food crises in the country.
The temporary waiver allowed rice to be brought in, and milled immediately. The hoarders were cut out. Prices began to drop. It was a short-term solution, but it worked. It showed foresight. I told the President it helped and that if the situation persists, further steps can be taken. But for now, it has made a difference.
*PRESIDENT TINUBU’S NIGERIA FIRST POLICY AND BACKWARD INTEGRATION*
President Tinubu’s Nigeria First policy has aligned well with our own belief in backward integration. Our cement business is almost entirely local. We mine our own limestone. We use Nigerian gas even though it is dollar-denominated. The only foreign element is the equipment, and even that benefits from government concessions for mining equipment which everyone else in the industry benefits. If we had to import cement today, prices would be over 15,000 Naira per bag. Nigeria does not have the port infrastructure to even handle the import volume. Producing locally has saved the economy and stabilised the sector.
We are doing more, and we will continue to do more. Nigeria has everything—population, arable land, resources, water, and now, strong leadership under President Tinubu. We believe in Nigeria because the fundamentals are now strong. My advice to all is to take a Bet on Nigeria. This is the place to be.
So for me, what has this administration done right? First, it removed the fuel subsidy which was the biggest economic scam in our history. Second, it unified the foreign exchange market and third, it restored stability, fairness, and confidence in the economy. These are the foundations of growth. Nigeria is full of potential. With the right leadership, which we now have, there is no limit to what we can achieve.
_Abdul Samad Rabiu is the Founder and Chairman, BUA Group._ Watch the full, exclusive interview on youtube – https://bit.ly/pbatbua
#TinubuAtTwo #BUAGroup #PresidentBolaTinubu #AbdulSamadRabiu #BetOnNigeria
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