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Nigeria Creates $2.6 Bn Infrastructure Company

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Buhari

Nigerian President Muhammadu Buhari’s government has approved the creation of a company to fast-track development of critical infrastructure, with around $2.6 billion in initial financing.
Africa’s most populous country slipped into recession in its third-quarter for the second time in four years, hit by the coronavirus pandemic and a fall in oil prices, and faces a huge infrastructure deficit.

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“It is envisaged that, over time, the entity will grow to naira 15 trillion ($39.3 billion), in assets and capital,” a spokesman for Vice President Yemi Osinbajo said in a statement on Friday.
The company, Infra-Co, will be one of the top infrastructure finance entities in Africa and will be wholly dedicated to Nigeria’s infrastructure development, the statement said.
Infra-Co will operate as a public-private partnership and will be initially funded by the Central Bank of Nigeria, the Nigerian Sovereign Investment Authority and the Africa Finance Corporation.
It will focus on developing public assets and reconstruction as well as new roads, rail, power and other key infrastructure sector projects.
The IMF expects Nigeria’s economy to contract by at least 3 percent this year, a situation many fear will further deepen the country’s infrastructure crisis and worsen an economy already struggling with the impact of the pandemic.
Nigeria’s senate last year approved nearly $23 billion (18.9 billion euros) in foreign loan requests by Buhari to support a series of large-scale projects, which the government hopes will revamp the country’s crumbling infrastructure.
Buhari early this week also launched a $1.96 billion rail project linking to neighbouring Niger as the country looks to boost its growth.

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Customs Corner

TCIP Customs Sensitizes Officers, Stakeholders on Current Trends in Management of Cargo

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Author: Lucy Nyambi.

The Nigeria Customs Service, Tin-can Island Port Command, has organised a lecture on the current trends in cargo management at the port.

The lecture, organised for releasing, staff and examination officers and stakeholders held at the Command on Tuesday, March 26, 2024.

The Customs Area Controller, Comptroller Dera Nnadi, noted that the lecture, is in compliance with the directives of the headquarters.

According to him, cargo examination is the bedrock of customs operations at the port. “The idea is to compare the physical content of the container with documentary submission by the declarant or the importer”.

And what we expect is to ensure that there is no revenue leakage within the system, ensure that national security is protected and also to build trade data.”

He further emphasized the importance of trade to the Nigeria Customs Service and to the country’s growth and development.

He said, “Trade is synonymous with the Nigeria Customs Service, and the management of trade has a correlation with the development and growth of any nation. The moment you manage trade effectively in a country, that Country will have prospects and prosperity.”

He emphasised, “We are making our own contribution as a country through the NCS to also develop our environment.”

Participants at the lecture commended the Nigeria Customs Service’s efforts to improve its performance and that of stakeholders.

Assistant Comptroller of Customs, AC Ugochukwu Nwaogugwu, said the lecture “will go a long way to impact positively on our jobs, and the little mistakes will now be a thing of the past”.

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Customs Corner

Customs Forges Partnership With FRCN to Inform Nigerians its Mandates

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Author: Muhammad Bashir.

The Nigeria Customs Service (NCS) has expressed readiness to foster collaboration with the Federal Radio Corporation of Nigeria (FRCN) to enlighten Nigerians on the core mandates of the Service and its contributions to economic development.

Comptroller-General of Customs, Bashir Adewale Adeniyi MFR, made this known on Tuesday, 26 March 2024, during a meeting with the delegation of the FRCN led by the Director-General, Muhammad Bulama, at the Service’s Headquarters in Abuja.

Addressing the delegation, the CGC stated, “Over the years, I have seen that partnership with the media is very effective. So you need the media to amplify whatever we do, and we have found very good support. We have found a very strong partnership from the media, particularly from Radio Nigeria.”

Reiterating his commitment to reshaping the narrative of trade in Nigeria, CGC Adeniyi informed DG Bulama that the Service has made arrangements to implement various initiatives aimed at enhancing the efficiency of international trade.

“We are doing a lot more than people know us for, and this is why we feel necessitated to embrace this offer of strategic partnership that you have extended to us, to reach out to Nigerians, and let them know those things that we are doing, which ordinarily, they don’t know,’’ he explained.

In his address to the CGC and the NCS Management Team, the Director-General of the FRCN congratulated CGC Adeniyi on his appointment and commended the significant progress he has made since assuming office.

“We are convinced that the wisdom of Mr. President, appointing you to this position is already bearing fruits and is amply justified. Thus, we have no doubt in our minds that you shall succeed in repositioning this very important organisation, a very critical organisation in the life of our country,” DG Bulama remarked.

He explained that his team sought partnership with the Nigeria Customs Service, noting that ‘’we are convinced that it is no longer the era of us just sitting down in our office and believing that Nigerians know what we are doing.

“We are not taking our mandate lightly. We thought that we should come so that together, we can collaborate to help our country realise its potential and greatness. It is our duty to support, publicise, and advocate for the activities of the Nigeria Customs Service,” he emphasised.

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Customs Corner

COWA Oyo/Osun Customs Area Command Visits Ibadan Orphanage, Shows Support for Children.

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Author: Vivian Daniel.

The COWA Chairperson of the Nigeria Customs Service, Oyo/Osun Area Command, Mrs Nnneamaka Oramalugo has led a delegation on a heart-warming visit to two motherless babies’ homes in Ibadan, Oyo State.

This was contained in a press release signed by the Command’s Public Relations Officer, Superintendent of Customs, Kayode Wey, on behalf of the COWA Chairperson, noted that the visit occurred on Saturday, March 23, 2024.

The visit was in a bid to carry on the legacy and policy thrust of the National President of the Customs Officers Wives Association (COWA), Mrs Kikelomo Adewale Adeniyi, to alleviate the prevailing economic hardship being faced by Nigerians across the nation.

The Oyo/Osun COWA Chairperson, Mrs Nnneamaka Oramalugo emphasised that the noble visit to Child Care Home for Abandoned, Rescued Children and Juvenile Correctional as well as Home School for Handicapped Children located in Ibadan Oyo State was to extend love, care, and support to the children residing in these homes.

She was accompanied by members of COWA and some other officials from the Oyo/Osun Customs Area Command on what was termed as “a compassionate mission to bring joy and comfort to the lives of the children at the motherless babies’ homes.” The delegation also arrived at these homes with gifts, essential supplies and provisions generously donated by members of COWA.

During the visit, Mrs. Nneamaka warmly engaged with the children in various fun activities. The atmosphere was filled with laughter, smiles, and heartfelt moments as the children embraced the love showered on them by the COWA delegation.

She expressed her deep gratitude to the staff and caregivers of the motherless babies’ homes for their relentless commitment to providing an appropriate environment where the children under their care are well-nourished while reiterating the COWA’s unwavering support for other initiatives aimed at improving the welfare and well-being of such vulnerable members of society.

The Oyo/Osun COWA Chairperson stated that the visit to the motherless babies’ homes exemplifies COWA’s core values of compassion, empathy, and community service. It also underscores the organisation’s commitment to making a positive impact in the lives of the less-privileged and empowering women in society.

Furthermore, Mrs. Nneamaka Oramalugo presented palliative like Rice, Indomie Noddles, Toiletries and Detergent to Widows of Deceased Officers, as well as Widowers whose wives were registered members of COWA.

On behalf of the children, the staff and caregivers of the motherless babies’ homes expressed their gratitude and thanked the COWA Chairperson and member of the Association for their visit to the respective homes.

They also stated that the compassionate gesture and philanthropic efforts are highly appreciated, as they look forward to receiving more of such gestures, which they believe would go a long way to aid adequate provisions, especially, during this period of untold economic hardship in the country.

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