Newsroom
Nigeria Food Import Bill Drops: Saved $21bn in 34 months
On Food Import Bill, Nigeria has saved $21bn in 34 Months – CBN Governor
Food Import Bill – The Central Bank Governor, Godwin Emefiele, has said that Nigeria’s monthly food import bill fell from $665.4m in January 2015 to $160.4m as of October 2018.
He said the reductions in food import were recorded on rice, fish, milk, sugar and wheat, adding that the policy would be maintained
He said, “Noticeable declines were steadily recorded in our monthly food import bill from $665.4m in January 2015 to $160.4m as at October 2018; A cumulative fall of 75.9 per cent and an implied savings of over $21bn on food imports alone over that period.
“Most evident were the 97.3 per cent cumulative reduction in monthly rice import bills, 99.6 per cent in fish, 81.3 per cent in milk, 63.7 per cent in sugar, and 60.5 per cent in wheat.
“We are glad with the accomplishments recorded so far. Accordingly, this policy is expected to continue with vigour until the underlying imbalances within the Nigerian economy have been fully resolved.”
Emefiele said this at the bankers’ dinner in Lagos.
While speaking on development finance, he said that in continued recognition of its role as an agent of development and aimed at ensuring self-sufficiency to reduce Nigeria’s excessive dependence on imports, the CBN invigorated its development finance activities.
“We have maintained a particular focus on supporting farmers, entrepreneurs as well as small and medium scale businesses, through our various intervention programmes such as the Anchor Borrowers Program, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending and the National Collateral Registry,” he added.
According to him, the CBN recently introduced the Real Sector Support fund; a facility meant to provide cheap funding at no more than nine per cent to new projects in the agriculture and manufacturing sectors; aimed at boosting output and creating jobs.
In the agriculture sector, he added that the Anchor Borrower Programme, had ensured that Nigeria emerged from being a net importer of rice to becoming a major producer of rice, supplying key markets in neighbouring countries.
As of October 2018, he said, a total number of 862,069 farmers cultivating about 835,239 hectares, across 16 different commodities, had so far benefited from the Anchor Borrowers programme, which had generated 2,502,675 jobs across the country.
“It is in light of the success of the Anchor Borrowers Program with regards to cultivation of rice and maize that the Monetary Policy Committee in its last meeting on the 21st of November, 2018 recommended that the Anchor Borrowers program be applied to other areas such as palm oil, tomatoes and fisheries to mention a few,” Emefiele said
… To be Awarded with Post-Mortem Promotion to Comptroller of Customs
By Abra Iruoghene
The Nigeria Customs Service and the National Hospital held a Service of Songs for the Late Deputy Comptroller of Customs in charge of Revenue Etop Andrew Essien, who passed on on June 25 2024, at the National Assembly while making a presentation before the House Committee on Public Accounts.
The Comptroller-General of Customs, Adewale Adeniyi, while speaking at the event on 23 July 2024, noted he was out of the country when he heard the sad news of Essien’s demise. He said he was greatly bereaved to lose such a professional who was an epitome of excellence.
Describing DC Essien, Adeniyi said he was someone who took on every assignment and gave the best he had. “He was always prepared with facts and figures to defend the NCS”, he added.
Adeniyi said, “If money could bring him back, the Nigeria Customs Service would have done all they could to bring him back to life. The NCS will live up to those values he died for, which are Professionalism and Sincerity. ”
Still speaking, he said, “The NCS will give the late DC a burial of heroes. A meeting has been held on his behalf, and a proposal will be submitted to the Customs Board for a post-mortem promotion to the rank of Comptroller of Customs. Also, the children are now my friends. They are the children of heroes and will be treated as such. ”
He further encouraged officers to serve wholeheartedly with discipline and professionalism. Stating those who sacrifice their lives in the Nigeria Customs Service will not sacrifice in vain but will be remembered forever.
… Urges TCIP Officers to Adhere Strictly to Established Procedures
By Ibe Wada
The Zonal Coordinator of Zone A, Assistant Comptroller General of Customs (ACG) Saidu Yusuf, has emphasised the critical importance of intensifying cargo examination at Tincan Island Port to enhance national safety.
During his working visit to the command on Wednesday, 24 July 2024, Yusuf highlighted the necessity of rigorous checks to prevent the entry of expired products and illicit drugs into the country.
“We need to intensify our examination of cargo, as this is a main exercise for the Nigeria Customs Service. There is a need for thorough inspections at every stage, using the various parameters and tools provided by the service,” Yusuf stated.
“We also face issues with illicit and expired products. Beyond revenue collection, our role is to protect the lives and safety of the nation. Failure to do so could result in us becoming victims, directly or indirectly’’. He emphasised.
The ACG stressed that customs officers must adhere strictly to established procedures to ensure accountability and efficiency. “We must be diligent in all that we do to justify the actions required of us. I urge everyone not to relent in following the laid-down procedures. The Tincan Island command, under the leadership of Comptroller Dera Nnadi, has demonstrated efficiency, particularly in intercepting and seizing illicit drugs, arms, and ammunition”.
Yusuf also praised the implementation of new trade facilitation tools, including the Time Release Study and the Advance Ruling System, which have been introduced to enhance operational efficiency.
Acknowledging the ongoing efforts of the Customs Area Controller (CAC), he commended the team for their hard work under his leadership. He called for increased vigilance, especially in light of recent security challenges and rising smuggling activities.
In his address, Comptroller Dera Nnadi explained that the command is committed to its statutory obligations, which include revenue generation, trade facilitation, and securing the nations border.
“We have been creating an enabling environment for stakeholders engaged in legitimate trade, and we declared this year as the year of stakeholders in the command”, he said.
Nnadi reported that as of 24 July 2024, the command had collected six hundred and sixty-nine billion, five hundred and sixty-one million, nine hundred and forty-seven thousand naira (N669,562,947,000) and affirmed that the command remains focused on its revenue target for the year.
He also highlighted challenges, particularly regarding office infrastructure, and stressed the need for renovation.
The CAC appreciated the Zonal Coordinator for taking the time to visit the command and offer valuable advice to the officers.
…Reassures of Command’s Operational Efficiency
By Vivian Daniel
The Customs Area Controller (CAC) of the PH Oil and Gas Free Trade Zone (FTZ) Command, Onne, Rivers State, Comptroller Usman Seriki, on Monday, 22 July 2024, paid a courtesy call to the Managing Director (MD) and Chief Executive Officer (CEO) of the Oil and Gas FTZ Authority, Bamanga Jada, in his office at Mable House, Onne, Rivers State, to consolidate relations with the officials.
This was contained in a press statement signed on Tuesday, 23 July 2024, by the Command Public Relations Officer, Assistant Superintendent of Customs II, Paul Gimba, on behalf of the Customs Area Controller.
According to the statement, this aligns with the policy thrust of the Comptroller-General of Customs, Adewale Adeniyi, to collaborate with stakeholders for efficiency in revenue drive, suppression of smuggling, and facilitation of legitimate trade.
The CAC assured the MD of upholding and improving the established relationship between both organisations regarding trade facilitation and supervising compliance in the Free Zone.
“This relationship is significant because it will enhance operational efficiency, trade facilitation, and regulatory compliance in the Oil and Gas Free Zone,” he re-emphasized.
The MD appreciated the CAC and the Service for contributing to the many success stories of the Free Trade Zone. He added that “this cooperation can further contribute to overall economic growth by boosting trade volume, creating a more efficient and attractive business environment in Nigeria’s Oil and Gas Zone.”
The General Manager of Operations, Oil and Gas Free Zone Authority, Adekunle Ajayi, recognised that the harmony between the two agencies has diminished bureaucratic bottlenecks and ensured seamless processes in the environment.
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