Economy
Stakeholders Back Joint Vessel Inspection to Boast Ease of Doing Business
By Dipo Olowookere
Acting Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr. Musa Usman Abubakar has stressed the need for all government agencies in the maritime sector to carry out joint inspection of vessels at the ports in order to fully actualize the Ease of Doing Business initiative of the federal government.
Mr Abubakar, who made this known when he led a joint team from the Nigerian Shippers Council (NSC) and the Commission on a courtesy visit to the management of the agency, noted that it will aid the turn-around-time of vessels calling at our part and also bring about efficiency.
The ICPC boss, who was represented by the Director, Public Enlightenment and spokesperson of the commission, Mrs Rashidat Okoduwa, stated that activities in the ports will no longer be business as usual for operators and others who are yet to comply with the ease of doing business initiative, hence the reason they are seeking partnership with NIMASA and other agencies to join in the resolve to ensure a business friendly and conducive maritime sector in Nigeria.
While welcoming the delegation, Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Mr Dakuku Peterside, stated that transparency and integrity are crucial elements that must be put in place in order to realize a robust maritime sector in line with the Ease of Doing Business initiative of the federal government.
“We must be conscious of our international image because people who do business in our ports have alternatives. We must strive to make our ports user friendly and competitive; to achieve this, we need the support of all Stakeholders in the maritime sector,” Mr Dakuku said.
He further said NIMASA has fully keyed into the initiative of the ease of doing business and will continue to partner other relevant government bodies in the ports in order to fully realize the essence, which is geared towards making the nation’s ports competitive, adding that it will in turn bring about more employment opportunities and also generate more revenues to add to the nation’s Gross Domestic Product (GDP).
Mr Dakuku called for sanctions to erring port operatives, stating that it will serve as deterrent to others. He said, “Where there are no consequences for offences, people will continue to err; therefore the need to make people face the consequences for their actions or inactions is not negotiable.”
The NIMASA DG noted that the agency has reviewed its Standards Operational Procedures (SOP) manual and made the operational departments sign a service level agreement whereby boarding any vessel and other transactions will be done in record time, with a view to reducing delay in turn-around-time of vessels and to enhance trade facilitation. This he explained is in order to ensure full compliance to the Federal Government’s Ease of Doing Business agenda.
Executive Secretary of the NSC, Barrister Hassan Bello, who was represented by the Director, Legal Services of the NSC, Mr Samuel Vongtau appealed for more collaborative efforts by all the various agencies in the ports in order to realize an economically viable maritime sector in Nigeria.
The federal government’s Ease of Doing Business initiative is geared towards ensuring faster processes and procedures in ports activities in the country, whereby vessels calling at the nation’s ports get good time value for their businesses, thereby allowing for an improved turn-around-time in all forms of port transactions. To achieve this, all agencies in the ports are expected to collaborate and ensure seamless transactions in line with global best practices.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
