Posts in category: General Article

Economic experts have commended the Central Bank of Nigeria on its latest decision to allow eligible International Money Transfer Operators (IMTOs) to sell foreign exchange directly on the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The experts said the decision is likely to encourage foreign exchange inflows in the long term by increasing market efficiency and transparency, and by offering better rates to those using official channels. The development represents a positive step toward integrating Nigeria’s forex market with global practices and could lead to a more stable and robust forex environment, benefiting the economy as a whole, the economic experts say.

However, the experts warn that the CBN and relevant authorities must closely monitor the implementation process to address any challenges swiftly and ensure the policy achieves its intended goals without unintended negative consequences.

The central bank had directed Deposit Money Banks (DMBs) and IMTOs to pay all diaspora remittances in Naira and match with the corresponding foreign currency inflows going forward.

By the new directive of the apex bank, all eligible IMTOs will now have direct access to naira liquidity through the apex bank’s window or via their Authorised Dealer Banks (ADBs), which will enable operators to execute foreign exchange transactions in the market.

“It will increase the supply of forex,” said economic policy analyst Stephen Kanabe, adding that it could also help stabilise the exchange rate by narrowing the gap between the official and parallel market rates.

Kanabe said direct sales by IMTOs can reduce the layers involved in forex transactions, leading to more transparent and efficient forex markets. “This can boost confidence among remitters and recipients, encouraging more people to use official channels for their transactions.”

Many also think that the new policy could incentivise more Nigerians in the diaspora to remit money home through official channels, knowing that their funds can be exchanged at more competitive rates. This could lead to an increase in remittance inflows, which are a significant source of forex for Nigeria.

Professor of economics at the University of Benin, Hassan Oaikhenan, said the increased supply of forex through official channels would reduce the demand in the parallel market, potentially leading to a decline in the parallel market rate. “While this is generally positive, it could also make the parallel market less attractive, which may affect those who rely on it for their transactions,” he said yesterday.

Industry watchers described the move as a significant step towards improving remittance flows into the country. This move is also expected to widen access to local currency liquidity, making it easier for recipients to convert their remittances into naira.

However, the experts agree on the fact that the transition period could see some volatility in the exchange rate as market participants adjust to the new system. They said the uncertainty might temporarily discourage some forex inflows.

Another area of concern is that the IMTOs might face initial challenges adapting to the regulatory and operational requirements of selling directly on the AFEM. Any delays or inefficiencies in this process could temporarily slow down forex inflows.

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As part of efforts to support business owners in cushioning the effects of the increasingly challenging economy, the business community of Daystar Christian Centre is putting together a business boot camp that would provide a significant capacity boost for business owners.

The boot camp, themed “Blossoming Through Chaotic Times,” is scheduled to be held on Thursday and Friday, June 27 – 28, 2024, at Plot A3C, Ikosi Road, Oregun, Ikeja, Lagos.

The senior pastor of the Church, Sam Adeyemi, noted that, “We are in dire economic times globally, and these have a harrowing impact on most businesses. For over a decade, Daystar Business Academy (DBA) has empowered countless business owners. Recognising the current economic challenges, we are bringing our DBA alumni, DBC members and entrepreneurs, and business owners from the wider society to this intensive two-day bootcamp.”

The Daystar Business Community (DBC) is a vibrant community of faith-driven business leaders united by a common purpose: to be role models for economic and social transformation. Their creed is that business can be a force for good, creating prosperity and opportunity for all.

Head of the Daystar Business Community, Dr Blessing Ayemhere, hinted that “our upcoming business Bootcamp is a unique opportunity designed to equip participants with the tools they need to thrive in today’s complex economic climate. This Bootcamp is designed for both startups and established businesses.”

Speakers at the programme are the GMD, Rainoil Limited, Dr. Gabriel Ogbechie, co-founder, Bravewood Limited, Dr. Akinwande Ademosu, Gbenga Afolabi, Group CEO, Hazon Holdings and the founder/CEO, DealRoom Global, Comfort Aruosa-Osemwegie. Also featured in the just concluded Pre-boot camp event is GMD/co-founder, Routelink Group, Femi Adeoti, .

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Dangote Sugar Refinery Plc said it has registered its N200 billion multi-instrument issuance programme with the Securities and Exchange Commission (SEC).

The company made this known through a statement signed by its company secretary/legal adviser, Temitope Hassan released on the Nigerian Exchange.

“The management of the company will take decisions to proceed with issuances of any series of securities under the Multi-Instrument Issuance Programme in due course, subject to prevailing market conditions and obtaining relevant regulatory approvals.

“The specific details of such issuance will be disclosed in the appropriate transaction documents at the relevant time. This announcement does not constitute an offer to sell securities under the multi-instrument issuance programme. Investment decisions to participate in any issuance, and subscribe for securities under the programme will be made based on the investor’s review of the information contained in, and incorporated by reference into, the Shelf Prospectus and Pricing Supplement to be published upon obtaining regulatory approval; after due consultation with its Stockbroker, Solicitor, Accountant, Banker or an Independent Investment Adviser,” it added.

The company is a subsidiary of Dangote Industries Limited and is engaged in the refining, distributing, and marketing of granulated sugar to wholesalers and top players in the skin care, food and beverage, and pharmaceutical industries.

Dangote Sugar is Sub-Saharan Africa’s largest sugar refinery, with a combined installed refining capacity of 1.49 MMT per annum. In the medium term, the Company is targeting an additional 1.5MMT of refined sugar from locally grown sugarcane and is on track to becoming a leading global integrated sugar producer with its backward integration plan.

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As part of efforts to reduce unemployment and provide youths with employable skills, Ihifix Digital Academy in Kaduna has graduated 40 individuals in software development, product design, and data analytics.

The graduates include secondary school leavers, undergraduate students, bankers, housewives, and others who were trained for several months in various tech-related skills.

Notable projects by the students include: Diety, an app to simplify meal planning for individuals with specific dietary needs; Rental App to enhance rental property management by streamlining tenant-landlord communication, rent payments, and maintenance management.

Other projects carried out by the graduates includes creation of TradeCrafts, a platform supporting young artisans and entrepreneurs by showcasing their handmade creations and providing access to mentorship and among others.

Founder of the Academy, Emmanuel Adikpe, stated that the graduates are job-ready and can apply their skills wherever they find themselves. “We will not stop until you get a job,” Adikpe said.

“Learning is not the end. Learning precedes earning. Make productive use of what you have learned.” He also mentioned that graduates would be working as interns with the academy.

“Graduating from Ihifix Digital Academy marks the beginning of a new chapter. These graduates are now equipped with in-demand skills and ready to make their mark in the tech industry. Ihifix Digital Academy is more than just an institution; it’s a community dedicated to fostering future leaders through technology and education. Our flexible learning model accommodates busy schedules, ensuring everyone has the opportunity to thrive,” Adikpe added.

Salimi Muzai, an instructor and software engineer, expressed his pride in the students. “I’m impressed by how far they have come. As long as they keep the fire burning and stay consistent, they will make an impact in the world.” Muzai acknowledged the challenges of the training, noting the high standards set to prepare students for global competition. “The willingness of the students to learn gave us the push we needed.”

In an interview with newsmen on the sideline of the graduation, Fatima Mohamed Kabir, a 19-year-old mathematics student from Kaduna State University (KASU) and a graduate in software engineering, said the program had significantly impacted her life. “I’m confident I will become self-employed because I now have the requisite skill set.”

Jonathan Chris, a 16-year-old data analyst, whose final project won the best award, joined Ihifix after completing his school leaving certificate exams.

“I joined Ihifix because I love research and building dashboards. It was a great opportunity for me to understand the field better. I’ve been able to build a community for myself on X as a data analyst and won the best innovative project in data analytics at Ihifix.”

Chris detailed the tools and languages he learned, including spreadsheets, Python, R, SQL, and Power BI. “My main aim is to apply my ideas and innovation to drive business success and optimise efficiency. I can work anywhere as a data analyst since my job is to maximise growth.”

His award-winning project focused on digital pedagogy, integrating tech into teaching methods. “My motivation is to help others enter the tech field and to advance digital education in Nigeria, which is still developing.”

Chris encouraged fellow youth to be motivated and embrace tech, emphasising its potential to stimulate national economic growth.

Meanwhile, Keynote speaker at the graduation ceremony, Dr. John Aliu spoke to the graduates in the spirit of entrepreneurship.

The keynote speaker who challenged the graduates on believing in their crafts also tasked them on setting right goals, innovativeness and persistence as he said “failure cannot live with persistence. You are too loaded to be wasted, he told the graduates.”

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The Nigerian Senate has called on Civil Society Organisations (CSOs) to leverage grants and public funding to enhance accountability among public officials.

Chairman, Senate Committee on Diaspora and Non-governmental Organisations (NGOs), Sen. Victor Umeh, who made this call in Abuja, yesterday, said civil society groups in Nigeria must brace up to challenge wrong actions.

Speaking during the 3rd National Organisational Development Summit (NODS), Umeh said CSOs are not being heard effectively in Nigeria. There are so many things going wrong in the country that the civil society should mobilise and push the leaders to do the right things.

“A lot of anomalies are being glossed over but there is no organised noise to ask relevant questions to put leaders on their toes.

“Since last year, a lot of things have been happening, the government is taking actions in certain directions and people are keeping quiet. The CSOs should revive positive activism to keep the government on their toes. We need to work together to put an end to things that do not augur well for the system.

“When you get grants and funding, ensure they are channelled to activism that will drive positive change and make your presence felt in the country.

“I want the CSO groups to drag people in leadership around so that anyone planning something detrimental to the people will know that they will not get away with it.

There are people who have done things wrongly, continue to ask questions until they are brought to book, until the government takes steps to show that they are responsible to the people, he said.
Also speaking, executive director, Spaces for Change (S4C) Victoria Ibezim-Ohaeri, said many people think that CSOs jobs are limited to providing charitable donations to widows, to orphans, and running orphanages.

She however stressed that their work is a lot bigger and more important than that.

“CSOs are making lots of contributions to the society in terms of shaping and influencing policies, demanding policy reforms, demanding shifts in governance practices, methods, measures, making contributions to how policies are developed among others.”

She said, in discharging their roles, the CSOs are faced with significant challenges, which is the essence NOD Summit

According to her, the summit allows stakeholders in the civil society space to come together to reflect on learnings on the past years,

S4C is among the sponsors of this year’s NODS.

Also speaking, Speaker of the House of Representatives, Hon. Tajudeen Abbas called for the support of the civil society organisations to help rebuild Nigeria.

The speaker who was represented by chairman, House Committee on Civil Societies and Developmental Matters, Hon, Victor Obuzor, charged CSOs to embrace innovation and resilience to continue to function.

He said the lower legislative chamber is committed to supporting the work of CSOs and BMOs in view of their critical role in the achievement of national goals.

“We are working to create an enabling environment for these organisations to thrive including legislative reforms and increased funding for their activities,” he said.

Initiated in 2022, the NOD Summit has evolved into a key platform for networking, collaboration, and learning, intending to drive positive change within the sector.

The Summit’s overarching theme for 2024 is “Driving Change and Innovation for Resilience and Performance”, focusing on equipping leaders with the knowledge, tools, and strategies necessary to foster innovation and promote shared learning.

The 2024 Summit will address contemporary challenges such as shrinking donor funding, increased competition for resources, and evolving government regulations. Key focus areas include, exploring how CSOs can collectively address current and emerging challenges, identifying collaborative strategies to unlock new avenues for growth and impact.

‘Promoting evidence-based decision-making within Nigerian CSOs, facilitating the exchange of successful institutional strengthening approaches, showcasing case studies of CSOs leveraging innovative approaches for positive change and discussing reforms and opportunities for enhancing public giving and private sector engagement.

The two-day Summit features a range of activities, including panel discussions with leading CSOs and donor representatives, and presentations of successful models and approaches in organisational development, advocacy, and private-sector engagement.

Innovative tools and digital solutions for capacity strengthening will also be showcased, offering participants practical strategies for enhancing their impact.

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..As FG reaffirms commitment to energy sector growth

ExxonMobil has expressed optimism about investing further in Nigeria’s oil and gas industry, stating that it is not leaving the country despite ongoing divestment plans.

ExxonMobil’s managing director/CEO Shane Harris, gave this indication when he and his team met with the minister of state for Petroleum Resources (Oil), Heineken Lokpobiri, recently.

This is as the federal government reaffirmed its commitment to enhancing production and fostering a conducive environment for investors in the energy sector.

Lokpobiri highlighted the ministry’s strategic focus on creating robust collaborations and sharing innovative ideas with International Oil Companies (IOCs), a statement by his media aid Nneamaka Okafor, indicated.

“We are dedicated to ramping up production and ensuring a supportive environment for all investors by doing everything possible to maintain investor confidence in our country,” Sen. Lokpobiri stated.

During the meeting, Harris hinted at significant new investments that ExxonMobil is injecting into Nigeria’s energy sector. He expressed confidence in the renewed relationship between ExxonMobil and the Nigerian government, assuring that the oil giant is not planning to leave Nigeria. “We are excited about the prospects these new investments bring,” said Harris.

“Our partnership with the Nigerian government is crucial for sustainable growth, and we look forward to continuing our collaboration as we have no plan to leave.”

Lokpobiri commended ExxonMobil for their commitment, noting that it aligns perfectly with the nation’s objectives. “ExxonMobil’s planned investments are commendable and greatly appreciated. This renewed relationship is a testament to the mutual goals we share for the future of our energy sector,” he said.

The discussions also hinted at the ministry’s support for both international and independent oil operators. Lokpobiri assured Harris of the government’s support, emphasising the importance of creating a thriving

environment for all stakeholders. “We fully support ExxonMobil and other IOCs, just as we do with independent operators. Our collaborative efforts are key to the sustainable growth of our energy sector,” he added.

The minister stressed the importance of continued dialogue and partnership between the government and IOCs to drive innovation and growth in the sector.

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The Nigeria Sovereign Investment Authority has announced the start-ups to participate in its Accelerator Stage (physical bootcamp) of the NSIA Prize for Innovation.

The two-part accelerator phase initially had 100 start-ups selected after evaluation and due diligence carried out on over 7000 early-stage businesses that registered for the competition, the organisation stated.

NSIA said in a statement yesterday that the list of lucky start-ups emerged after a screening exercise from multiple sectors that would now proceed to the physical bootcamp.

The shortlisted start-ups include Magic Carpet, Materials Pro, Jump n Pass, Awacash, VPay, Betalife, Centio Healthcare, Yalo, Pocket Lawyers, Doktorconnect and Trashcoin.

Others are: One Health, Redease, VPD, Kunda Kids, Agroxchange Technology, Sycamore, Passcoder, Earlybean, Powerfull,  Adashe,  Cash Africa, TownHall, Sakula, Pave, Tribapay.

“While at the physical bootcamp, these businesses will be exposed to interactive training sessions, networking opportunities with other innovators and tailored workshops,” the NSIA said yesterday.

The week-long physical bootcamp will culminate in a mini demo day where the start-ups will pitch their solutions before a panel of judges drawn from the technology and business ecosystem, for a chance to proceed to the Demo Day and vie for a total combined prize value of US$220,000 with an all-expense paid five-week training at Draper University, Silicon Valley, USA.

While commenting on the development, the managing director & chief executive officer, Aminu Umar-Sadiq noted that ‘the Authority remains focused on leveraging the NSIA Prize for Innovation to propel socio-economic development especially by catalysing the technology ecosystem, encouraging youth entrepreneurship, advancing innovative solutions to everyday challenges and positioning Nigerian tech talents for global relevance.’

The NSIA Prize for Innovation is the Authority’s multi-year commitment to identify and nurture early-stage businesses with potential for transformative impact in Nigeria.

Currently in its second edition, NPI has garnered significant attention as high-quality applications from interested businesses grew from 2,000 in the maiden edition to over 7,000 in 2024.

NPI aligns with the Authority’s ongoing commitment to catalyse the technology ecosystem by identifying and rewarding Nigerian innovators, equipping them with the right tools to scale product – market fit, connecting start-ups with potential investors and delivering a robust community of technology innovators and entrepreneurs.

NPI is a phased competition broken into: Pre-selection stage: where innovators submit their application through the application portal.

Accelerator stage: where the top finalists participate in a virtual and in-person training bootcamp.

Demo day: where the top ten finalists pitch their solutions to a panel of technology and business leaders.

Post demo day stage: where the top ten finalists participate in an all-expense paid training programme in Draper University, Silicon Valley, USA.

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The Nigeria Export Process Zones of Authority (NEPZA) has said that the Free Trade Zones only generated N11.1 billion between 2020 and 2023 as against the earlier N11.11 trillion erroneously captured in the Authority’s submission to the Senate Committee on Trade and Investment.

Managing director of the Authority, Dr Olufemi Ogunyemi, on Monday in Abuja described the initial quoted figure as a regrettable `typographical mishap.’

Also the chief executive officer of NEPZA, Dr Ogunyemi, therefore, stated that the sum of N377.33 million was generated in 2020 while N3.11 billion accrued to the Federation Account in 2021 from the scheme.Thung Khe Pass, White Stone Slope, Hoa Binh, Flycam – Nếm TV

According to him in a statement by the spokesman of NEPZA, Martins Odeh,the total remittances from the scheme in 2022 stood at N3.44 billion while an impressive N4.170 billion came through in 2023.

“The attention of the management has been brought to the news making that the Authority remitted a whopping sum of N11.11 trillion to the Federation Account as at October 2023. This piece of information was a classical typography error and it is regrettable.

“Let me emphatically state that the remittances from the Free Trade Zones from 2020 to 2023 stood at N11.1 billion only. We are, however, making good progress to take the scheme to that point where it can generate such huge revenue for the government.

“For instance, in 2023, the Nigeria Customs Service (NCS) generated N59.38 billion, and the Immigration Services received N828.7 million from the free trade zones while the Nigerian Ports Authority (NPA) garnered N8.738 billion from the sub-sector,’’ he said.

Dr Ogunyemi also explained that the Authority was gradually transforming the scheme to become the country’s sustainable economic gateways, adding that more efforts and support were needed to position the scheme for greater exploitation.

“The Nigeria Export Processing Zones Authority (NEPZA) is the major driver of the government’s initiative to diversify the Nigerian economy. With attractive investment packages and a focus on economy-driven sectors, NEPZA provides investment opportunities in different sectors across the country.

“At the moment, the scheme focuses on three critical investment areas which included Manufacturing 45 per cent, Services 30 per cent, and Oil & Gas with 11 per cent active investment exploitation,’’ Dr Ogunyemi said.

The scheme currently has 53 Free Trade Zones harbouring 580 enterprises with a cumulative $30 billion.

The Authority collects 20 types of revenues ranging from 500,000 USD-Declaration fees, 60,000 USD Annually as Operation License (OPL) and 300 USD to 500 USD Registration fees in line with extant regulations on IGR.

There is also 100 USD to 300 USD Examination and Documentation fees per transaction, which occurs on a daily basis.

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The Nigeria Customs Service (NCS), has announced that the Service achieved a remarkable 81.5 percent increase in its Presidential Enabling Business Environment Council (PEBEC) ranking.

Speaking to newsmen, the comptroller general of Customs, Bashir Adewale Adeniyi, said the service moved up 33 places to tie at the top with four other Ministries, Departments, and Agencies (MDAs) out of 36 assessed.

Adeniyi who stated the Service’s trade facilitation measures implemented within the past year contributed to this improvement.Thung Khe Pass, White Stone Slope, Hoa Binh, Flycam – Nếm TV

LEADERSHIP reports that ministries, departments, and agencies (MDAs) are ranked by activities under eight broad indicator levels, including efficiency reforms based on service delivery within stipulated timelines, transparency reforms, the review and update of Services Level Agreements, and support for manufacturing and agriculture export.

Adeniyi said, “between 2020 and 2022, the NCS maintained an average percentage score of 18.45 per cent, ranking 28th out of the 37 MDAs ranked. By 2023, the NCS ranking fell further to 34th out of 39 MDAs, with a percentage score of 18.53 per cent.

However, by 2024, I am delighted to announce that the NCS moved up 33 places, now tied at the top with 4 other MDAs out of the 36 MDAs assessed, with a percentage score of 100%, marking a 81.5 per cent increase.

“This remarkable improvement is directly attributed to the trade facilitation measures implemented within the past year. The NCS remains committed to ensuring that all recommendations and global best practices are implemented to the highest standard.”

He added that the designation of a dedicated terminal for exports also yielded significant gains, facilitating the processing of export goods through the Lilypond Command and accounting for 19.49% of total 38,294 export transactions recorded in 2023.

He said by the first quarter of 2024, the Service has processed a total of 10,786 transactions, with 3,162 (29.32%) of these processed through the dedicated export terminal.

“Initially handling 317 Single Goods Declarations (SGDs) in transactions, the terminal now manages 7,464 SGDs, accounting for 19.49 per cent of the total 38,294 export transactions recorded in 2023,” he said.

“The Service also recorded 724 seizures of 2.93 million litres of PMS (Premium Motor Spirit) that were attempted to be smuggled out of the country.

The illegal dealings in petroleum evacuation have garnered the interest of relevant stakeholders, and the ongoing Operation Whirlwind will continue to intercept and disrupt the activities of smugglers in this regard.

Adeniyi attributed the Service’s success to collaborative engagements with stakeholders, ensuring smooth operations and facilitating revenue generation.

He reaffirmed the NCS’s commitment to protecting society, ensuring national security, and implementing global best practices to the highest standard.

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The rising cost of living in Nigeria has led to a significant increase in personal loans, with the total value of personal credit rising by 14 per cent to N3.03 trillion in just one month, according to the latest data from the Central Bank of Nigeria (CBN)

To maintain their standard of living and ease inflationary pressures, Nigerians borrowed no less than N380 billion from financial institutions in January 2024, according to a recent report from the CBN.

Nigerians obtained a total value of personal loans that stood at N3.03 trillion, a 14.3 per cent increase from the N2.648 trillion obtained in December 2023, according to the report.Thung Khe Pass, White Stone Slope, Hoa Binh, Flycam – Nếm TV

“Total consumer credit outstanding increased by 11.9 percent to N3.823 trillion in January 2024, driven, mainly, by the rise in personal loans on the back of heightened inflation,” the CBN report said.

The report also stated that personal loans outpaced retail loans, accounting for 79.2 per cent of consumer credit, while retail loans accounted for 20.8 per cent of total consumer credit.

Nigerians are borrowing more at a time when accelerating inflation has lowered their purchasing power, and reduced their standards of living.

Driven by the Naira devaluation, Nigeria’s annual inflation rate reached 29.90 per cent in January 2024, according to the Nigerian Bureau of Statistics.

Inflation also quickened for the 17th consecutive month to 33.95 percent in May 2024 from 33.69 percent in April 2024, driven by food and non-alcoholic beverages.

A study by SBM Intelligence found that 27 per cent of Nigerians across different income categories now resort to loan apps to keep up with their living expenses in the wake of record inflation.

The growing demand for personal loans coincides with the growth in the population of digital lenders.

The total number of approved digital lenders in Nigeria has surged by 64.16 percent since April 2023, reflecting the growing credit appetite of Nigerians facing weaker purchasing power and higher prices, BusinessDay earlier reported.

According to the Federal Competition and Consumer Protection Commission (FCCPC), the number of digital lenders rose to 284 in May 2024 from 173 in April 2023.

Bukola Sunday, an eggs retailer in Lagos, said that she had to resort to loans to keep her business running.

“With the prices of items rising so rapidly, I have been struggling to keep my business. I had no choice but to resort to LAPO to boost my business, and put food on the table,” she said.

“Rising cost directly impacts the need to access more funds,” Adeshina Adewumi, chief executive officer/ founder of Trade Lenda, earlier told BusinessDay.

percent increase in its Presidential Enabling Business Environment Council (PEBEC) ranking.

Speaking to newsmen, the comptroller general of Customs, Bashir Adewale Adeniyi, said the service moved up 33 places to tie at the top with four other Ministries, Departments, and Agencies (MDAs) out of 36 assessed.

Adeniyi who stated the Service’s trade facilitation measures implemented within the past year contributed to this improvement.

LEADERSHIP reports that ministries, departments, and agencies (MDAs) are ranked by activities under eight broad indicator levels, including efficiency reforms based on service delivery within stipulated timelines, transparency reforms, the review and update of Services Level Agreements, and support for manufacturing and agriculture export.

Adeniyi said, “between 2020 and 2022, the NCS maintained an average percentage score of 18.45 per cent, ranking 28th out of the 37 MDAs ranked. By 2023, the NCS ranking fell further to 34th out of 39 MDAs, with a percentage score of 18.53 per cent.

However, by 2024, I am delighted to announce that the NCS moved up 33 places, now tied at the top with 4 other MDAs out of the 36 MDAs assessed, with a percentage score of 100%, marking a 81.5 per cent increase.

“This remarkable improvement is directly attributed to the trade facilitation measures implemented within the past year. The NCS remains committed to ensuring that all recommendations and global best practices are implemented to the highest standard.”

He added that the designation of a dedicated terminal for exports also yielded significant gains, facilitating the processing of export goods through the Lilypond Command and accounting for 19.49% of total 38,294 export transactions recorded in 2023.

He said by the first quarter of 2024, the Service has processed a total of 10,786 transactions, with 3,162 (29.32%) of these processed through the dedicated export terminal.

“Initially handling 317 Single Goods Declarations (SGDs) in transactions, the terminal now manages 7,464 SGDs, accounting for 19.49 per cent of the total 38,294 export transactions recorded in 2023,” he said.

“The Service also recorded 724 seizures of 2.93 million litres of PMS (Premium Motor Spirit) that were attempted to be smuggled out of the country.

The illegal dealings in petroleum evacuation have garnered the interest of relevant stakeholders, and the ongoing Operation Whirlwind will continue to intercept and disrupt the activities of smugglers in this regard.

Adeniyi attributed the Service’s success to collaborative engagements with stakeholders, ensuring smooth operations and facilitating revenue generation.

He reaffirmed the NCS’s commitment to protecting society, ensuring national security, and implementing global best practices to the highest standard.

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