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Nigeria’s Inflation Will Drop to Single Digit in 2022 – CBN

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Nigeria’s Inflation Will Drop to Single Digit in 2022 – CBN

The Central Bank of Nigeria has said it sees the country’s inflation rate dropping to a single digit next year, with the full implementation of its recent policies, designed to boost different sectors of the economy.

The director of monetary policy department, CBN, Dr. Hassan Mahmud, said this at the virtual mid-year economic review and outlook 2021, which was organised by the chartered institute of bankers of Nigeria’s centre for financial studies.

Recall that, the country’s inflation rate fell slightly from 17.93 per cent in May to 17.75 per cent in June, according to the National Bureau of Statistics.

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Mahmud, said since the economy recovered from recession in the last quarter of 2020, it had maintained a path of recovery, despite certain challenges triggered by the covid-19 pandemic and insecurity.

He said despite challenges such as insecurity, exchange rate market pressure, declining capital inflows, high debt service payments and rising fiscal deficits, the apex bank projected speedy domestic recovery.

According to him, if certain things were in place, the country would experience some positive projections in 2021 and the beginning of 2022.

Mahmud further added that if the CBN forecast for GDP growth is sustained and there is improved vaccination and the health hazards and lockdowns are not resurfacing, Nigeria will see GDP getting close to 3 per cent by the end of 2021.

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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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Customs Corner

Customs MMAC Surpasses Monthly Revenue Target, Records N28.9B in Two Months

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Author: Lucy Nyambi.

The Nigeria Customs Service, Murtala Muhammed Airport Cargo Command has achieved
a milestone revenue collection of N28,997,303.642 for January and February 2024, surpassing the command’s monthly revenue target.

According to a statement signed by the Command’s Public Relations Officer, Superintendent of Customs Victor Ogagbor, the expected target for January and February 2024 was N23,965,232, 280.32.

The N28.9 billion generated for January and February 2024 reflects a geometric increase of N5,032,071,435.68, representing an increase of 20%
of the expected target.

The Customs Area Controller, Comptroller Mohammed Yusuf, attributed the milestone to
the synergy and compliance from both Officers and stakeholders. He urged
officers and men of the command to sustain the tempo.

“In January 2024, the MM Airport Command generated a total revenue of N14,754,044.196 only. This figure exceeds the
Command’s monthly target, which is N11,982,616,104.16 by 23.1%.
Similarly, for February 2024, the Command collected a total revenue of N14,243,259,448 only,
surpassing the Command’s monthly average target of N11,982,616,104.16 by 18%,” he said.

The CAC noted that the Command’s anti-smuggling activities led to the interception of 50 pieces of 9mm live ammunition
which were discovered in a joint examination conducted by the Service and the National
Drug Law Enforcement Agency (NDLEA), “while two suspects were arrested and detained pending further investigation.”

He added that in the area of protecting wildlife and endangered species, 1,164kg of Sea Cucumbers and 58 Kg of Donkey Genitals were
intercepted.

Comptroller Yusuf charged his Officers and Men to remain resolute to justify the confidence reposed on the Service by the Federal Government and also to meet the expectations of the Comptroller-General of Customs, Bashir Adewale Adeniyi, MFR, in the areas of maximum revenue collection, legitimate trade facilitation and suppression of
smuggling.

Furthermore, he reiterated that his office is open to dialogue and suggestions on ways
to improve Nigeria Customs Service delivery and achieve the federal government’s objectives.

The CAC applauded the Officers and Men of the Command
and other Sister agencies for their cooperation while describing the Customs relationship
with them as excellent and geared towards achieving government goals.

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Customs Corner

Nigeria Customs Service Champions Authorised Economic Operators Pilot Program to Enhance Trade

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Author: Folushe Adeogun, Muhammad Bashir.

The Nigeria Customs Service (NCS) has championed an Authorised Economic Operators (AEO) program to enhance the efficiency and predictability of trade facilitation efforts in the country.

The Comptroller-General of Customs (CGC) Adewale Adeniyi MFR, during a stakeholders Meeting on Tuesday, 19 March 2024, in Abuja, said the program would foster collaboration between the Nigeria Customs Service, Other Government Agencies (OGAs) and Experts to boost AEO programmes.

The CGC underscored the determination needed to work together and ensure that the narrative is changed about the ease of doing business in and around Nigerian ports.

“And if you have observed, you will also see that AEO cuts across virtually every player in the sector, the exporter, the importer, the government agencies, regulatory agency, the customs and everybody in one way or the other.

“So this allows us to address some of those issues. So that when next operators talk about compiling how much it takes them, we will see data that are a little bit more friendly,” he said.

He recalled that the NCS in February 2024 launched a Time Release Study (TRS) as another measure to optimise the trading experience within Nigeria.

Assuring the stakeholders of Nigeria Customs Service’s commitment to run the pilot program of AEO successfully, the CGC said, “As we are taking the steps with you with the implementation of the Authorised Economic Operator program, which hopefully will start from the 15th of April 2024.”

He also explained that the objectives of the pilot program as a course were to evaluate the visibility and effectiveness of implementing the AEO program within the Nigeria Customs Service and to solicit feedback from all our key stakeholders.

He said, “All these pilots that we want to run, we aim to identify potential challenges, fine-tune our processes, and lay the groundwork for a full-scale rollout of the AEO program.”

He expressed optimism that the Service will be committed to fostering transparency, inclusivity and collaboration while ensuring that the program’s designs and execution align seamlessly with international standards.

“Why we do this is we want to remain attuned to the unique realities of our local context.

“Seven key stakeholders that are legal entities whose operations span across the international supply chain have been carefully selected by the pilot programs.”

The CGC revealed that selected Importers, Exporters, Small and Medium Enterprises, Customs Licence Agents, Logistics Operators, and Government Agencies as pilot stakeholders to run the pilot scheme of the AEO program in Nigeria.

He expressed his readiness to partner with business stakeholders to enhance trade in Nigeria.

He also urged the participants to expedite their commitment to ensuring the potential of the AEO program, which would foster a culture of efficient customs processes compliance, integrity, and collaboration that will propel Nigeria.

“This is a collective and transformative journey we must come together with renewed determination. Knowing that together we can shape a future that knows no boundaries and prosperity with no limits,” he said.

Also, Awa Nnenna, Chief Superintendent of Custom and Project Manager of the Authorised Economy Operator said the pilot phase of the program is designed to streamline Customs clearance processes while ensuring transparency and inclusivity in line with international standards.

Awa noted that the key benefits of the AEO program include expedited Customs clearance procedures and the establishment of mutual trust between Customs authorities and accredited operators.

“By facilitating smoother trade operations, the programme aims to stimulate economic growth.”

On his part, Charles Odii, Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), commended the Nigeria Customs Service for its proactive approach to engaging small-scale business owners through the Authorised Economic Operator (AEO) program.

Odii, while reiterating his commitment towards supporting the AEO programme, said the initiative will contribute to the growth of Nigeria’s GDP and Foreign Exchange reserves.

He emphasised the importance of creating avenues for domestic business owners, particularly SMEs, to participate and benefit from such initiatives.

“I believe that this program will enable SMEs to enhance their investments and leverage the opportunities presented by the AEO window.”

He added that the program will not only streamline trade processes but also change the narrative surrounding trade in the country, ultimately fostering a more conducive environment for business growth and development.

“As we are launching this scheme, I am looking forward to the many more testimonials within the next six months.

“What we want to do is get all the testimonials to help ease the operations at the port and see how these will trickle down to job creation and just helping to increase livelihoods of small business owners in Nigeria,” he added.

Mr Pius Akutah, CEO of the Nigeria Shippers Council, commended the NCS for the initiative and reiterated the council’s commitment towards supporting and ensuring the success of the AEO programme.

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