Connect with us

Finance

Nigeria Creates $2.6 Bn Infrastructure Company

Published

on

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.

YOU CAN FOLLOW US ON FACEBOOK
“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.

Read Also:

COVID-19: NCDC records 1,444 new infections(Opens in a new browser tab)

NITDA Establishes Nigeria First Artificial Intelligence and Robotic Center(Opens in a new browser tab)

Nigerian Banks Commence Implementation of New Cheque Policy(Opens in a new browser tab)

Kano State Government Bans Islamic Cleric Nasir-Kabara for Inciteful Preaching(Opens in a new browser tab)

Continue Reading
Advertisement

ADVERTISEMENT

ADVERTISEMENT

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Customs Corner

Comptroller Chana Re-echoes Commitment to Implementing Government Policies in Kano Free Zone

Published

on

Author: Vivian Daniel.

The Customs Area Controller of Kano/Jigawa Command, Comptroller Dauda Chana, has reiterated the commitment of the Service to facilitate genuine trade without compromising government policy, especially as they affect special economic areas like the Kano Free Trade Zone.

This was conveyed in a press statement signed on 25 April 2024 by the Superintendent of Customs, Public Relations Officer of Kano/Jigawa Area Command, Saidu Nuraddeen.

The Customs Area Controller, Comptroller Dauda Chana, noted that the government revenue through the operations of the Kano Free Trade Zone is untrue and has strategically positioned Officers to ensure due diligence is carried out in the management of finished products within the zone or from any of the excise factories under its watch.

He stated that those who accused Officers and Men of the Nigeria Customs Service (NCS) of illegalities succeeded in displaying ignorance about the activities of the Service, especially in the areas of Duty, Import and Export processes and the laws guiding trade activities in the Free Trade Zones.

He further emphasised that the Kano/Jigawa Command recorded N613,369,204.81 between January and April 2024, as against N132,436,766.00 in 2023, which indicates an increase in revenue generation.

The CAC seized the opportunity to remind the general public that the Nigeria Export Processing Zones Authority (NEPZA) regulates the zone’s activities.

He added that unless there is an intention of exporting to Customs territory, NCS Officers do not interfere with the Zone as it ensures the prevention of smuggling and duty evasion within all its areas of jurisdiction. According to him, records are always taken for proper duty collection and calculation.

Comptroller Chana reminded that the NCS is not the only government organisation in the Zone while restating that the Command will stop at nothing to adhere strictly to the law and defined rules of engagement.

“In the Free Trade Zone, there are productions taking place, there are manufacturing taking place, and the end product of all these are finished products, and for these to go out, duties are paid.” The CAC noted.

“It is also good for the public to know that goods or raw materials locally sourced are duty-free as well as exportation,” he stated.

The CAC gave more insight into the processes involved during the clearance of goods while exonerating the Officers and Men of the Service of any allegations of connivance with business owners.

“Let it also be on record that the process of clearance involves many stages, and we even have a unit domiciled in every Command that checks after clearance of goods cleared for anomalies, so no officer can connive because the documents are all intact to show what transpired. This makes the allegation of compromise baseless,” he opined.

Continue Reading

Customs Corner

JBPT Sector 2 Records Seizures Worth N1.6 Billion Within Six Months

Published

on

Author: Abass Quadri.

The Joint Border Patrol Team (JBPT) Sector 2, Southwest Zone, has recorded seizures of illegal goods, with a Duty Paid Value of N1.6 billion.

Deputy Comptroller Mohammed Shuaibu in charge of JBPT Sector 2, availed the team’s activities under his stewardship in a press briefing held at Abeokuta on Wednesday, 24 April 2024.

The coordinator noted that the team’s area of responsibilities, which covers all six southwestern states, is mandated to “curbing anti-smuggling activities, channelling of procedures, and combating other cross border crimes that threaten Nigeria’s national and economic security.

“The sector wishes to announce the seizures of illegal goods, which include Cannabis Sativa, secondhand clothings, and means of conveyance smuggled into the country with a Duty Paid Value of N1,663,646,360 and petroleum products valued at N52,486,215 which were auctioned out due to their inflammable nature.”

According to him, the seized goods were recorded between November 2023 and April 2024, adding that “no fewer than 15 suspects were arrested with some charged to court and others prosecuted”.

Handing over the seized Cannabis Sativa at Ogun II Command to the representative of the National Drug Law Enforcement Agency (NDLEA), Deputy Commandant Narcotics Ogun state, Nnyigide Alexander, DC Shuaibu commended the dedication, doggedness and professionalism of officers involved in the interception of the substances which would have caused more security threat.

On revenue generation, the border drill coordinator stated that N36,318,727 was generated through the issuance of Demand Notices (DN) on vehicles and other goods improperly imported into the country.

Receiving the seized Cannabis Sativa, DC Alexander thanked Shuaibu for his hard work, adding that this synergy fulfils the existing Memorandum of Understanding (MOU) between NCS and NDLEA.

In his words, “I feel highly happy that we are doing what we call sister agency collaboration, which has led to the result we have here. I expect to see more in the future because I know they are capable.”

Similarly, DC Shuaibu, who was also on a working visit to Seme and Ogun 1, Idiroko Area Commands, also handed over seized Cannabis Sativa to representatives of the NDLEA at Seme.

Continue Reading

Customs Corner

Nigeria Customs Service Reaffirms Commitment to Gender Equality in Decision-Making

Published

on

Author: Bashir Muhammad.

The Nigeria Customs Service (NCS) has reiterated its dedication to promoting gender equality in decision-making processes as part of its efforts to combat gender discrimination and gender-based violence.

At a capacity-building workshop on gender inclusivity, co-organized by the World Customs Organization (WCO) and the NCS in Abuja on Monday, April 22, 2024, the Comptroller-General of Customs, Bashir Adewale Adeniyi, reaffirmed his commitment to fostering a gender-inclusive environment within the service.

Acting Deputy Comptroller-General of Customs, Caroline Niagwan, represented the CGC at the event, where she emphasised the need for clear policies and procedures to address gender discrimination, harassment, and biases within the NCS.

“Our aim is to create a workplace where everyone has equal opportunities to grow and contribute to the service’s success, regardless of gender,” the CGC said. “We are committed to addressing gender discrimination, harassment, and biases within our ranks, and we will work tirelessly to ensure that our policies and practices reflect this commitment.”

The workshop brought together customs officials, gender experts, and stakeholders to discuss strategies for promoting gender inclusivity and addressing gender-based violence in the workplace.

With this reaffirmed commitment, the NCS demonstrates its dedication to creating a more inclusive and equitable work environment where all employees can thrive and reach their full potential.

Continue Reading

Trending