News

Tinubu secures $600 million investment for Nigerian seaport infrastructure

Published

8 months ago

April 29, 2024

President Bola Tinubu has secured an investment of $600 million from Danish shipping and logistics company, A.P Moller-Maersk, to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.

Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla, disclosed the decision during a meeting with President Tinubu on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, on Sunday.

President Tinubu noted that this investment will complement the administration’s ongoing $1 billion investment in seaport reconstruction across the eastern and western seaports of Nigeria.

The President added that it would further support the country’s port modernization efforts and port process automation through his administration’s implementation of the national single window project, which is aimed at enhancing trade facilitation, easing import/export flow, reducing corruption at the ports, while improving the efficiency and transparency of port processes in Nigeria.

“We appreciate your business and the contribution you have made and continue to make to our country’s economy over time. We do not take our partners for granted. A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere.

“More investment opportunities are available, and my government has worked on various reforms to encourage investments. We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships,” he said.

The President assured Maersk of his administration’s commitment to collaborating and creating an enabling environment for businesses to thrive in the country.

He cited Maersk’s previous partnership in the development of the Ogun State container terminal as a testament to fruitful partnerships with the reputable logistics company.

Highlighting Maersk’s longstanding engagement in Africa’s most populous nation and his belief in the future of Nigeria, Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla said his company had made significant investments of over $2 billion in Nigerian ports and other activities.

He emphasized the potential for Nigerian ports to accommodate larger container ships and stressed the need for expanding port infrastructure to meet this demand while reducing the cost of logistics.

”We have seen a significant opportunity for Nigeria to cater for larger container ships. Historically, most of the West African coasts are already served by smaller ships. Currently, we see an opportunity to deploy larger ships to Nigeria. To achieve this, we need to expand the port infrastructure, especially in Lagos, where we need a bigger hub for logistics services. The growth potential is hard to quantify.

”We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships.

”In my humble view, given that Nigeria is the most populous country in Africa, Nigeria should have the best and biggest port and we are very eager to invest, and we will continue that dialogue with the relevant Nigerian authorities to explore further investment opportunities,” the Maersk Chairman said.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

April 28, 2024

News

Nigeria Needs Comprehensive Reforms To Expand Its Tax Base – Speaker Abbas

Published

9 minutes ago

December 18, 2024

Gloria Ikibah

…say we’re consulting stakeholders to address concerns of 4 tax bill

…assure NASS will ensure equity, protection of vulnerable Nigerians

By Gloria Ikibah

Speaker of the House of Representatives Rep. Tajudeen Abbas has said that Nigeria needs “comprehensive tax reforms to broaden the nation’s tax base.

Speaker Abbas stated this while delivering the votes of thanks during the presentation of the 2025 budget to a joint session of the National Assembly by President Tinubu, said that the leadership of the House has commenced a series of engagements with the relevant stakeholders to address the concerns raised on the four tax reform bills transmitted to the National Assembly by President Bola Ahmed Tinubu.

He reiterated the commitment of the House, and indeed the National Assembly to ensure equity and the protection of vulnerable Nigerians.

He said, “Nigeria’s low tax revenue also remains a major constraint. Our tax-to-GDP ratio, currently at approximately 10.9 per cent for 2024, is among the lowest in Africa, significantly below the continental average of 15.6 per cent. In comparison, South Africa’s tax-to-GDP ratio stands at 25.4 per cent, while Rwanda and Ghana, with much smaller populations, report ratios of 15.1 per cent and 14.1 per cent, respectively.

“Even our VAT collection efficiency – at approximately 20 per cent – is notably below the near 70 per cent efficiency achieved by South Africa, Equatorial Guinea, and Zambia.”

“Addressing these challenges requires urgent and comprehensive tax reforms to broaden our tax base, improve compliance, streamline administration and reduce reliance on borrowing.”

Speaker Abbas, therefore, stated the preparedness of the National Assembly to work with the President Tinubu-led administration towards achieving the required reforms.

“The National Assembly will continue to work with your administration to ensure that such reforms are equitable, effective, and considerate of the needs of vulnerable populations.

“To this end, we have engaged stakeholders to address concerns raised on the tax reform bills, fostering trust and cooperation. I have personally led numerous high-level meetings and consultations with state governors and other key stakeholders on this issue, achieving positive outcomes”, he added

According to Speaker Abbas, the reforms by the Tinubu administration have “disrupted the status quo, sparking resistance from vested interests.”

He added: “Yet, these courageous measures underscore your resolve to prioritise the welfare of Nigerians.”

“The National Assembly stands ready to support these reforms through legislative backing and to facilitate public engagement for greater understanding and acceptance.”

He stated that collaboration between the three arms of the government remains essential to achieving the shared objectives.

News

TALL Forcast: 2025 Budget will bring down inflation to 15%, dollar to N1,500-Tinubu

Published

3 hours ago

December 18, 2024

Naijablitznews

President Bola Tinubu has said that the 2025 budget forecasts that inflation will decline from current 34.6% to 15% next year.

He said this during his presentation of the N47.9 trillion 2025 budget proposal to a joint session of the National Assembly on Wednesday.

The President also said that the exchange rate will improve from approximately N1,700 per dollar to N1,500.

According to Tinubu, “this is an ambitious but necessary budget to secure our future.”

“The Budget projects inflation will decline from the current rate of 34.6 per cent to 15 per cent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day,”Tinubu said.

He said the budget projections are based upon observations such as reduction of petroleum products importation, increased export of finished petroleum products, bumper harvest driven by enhanced security, reducing reliance on food imports, among others.

Tinubu listed highlights of the budget to include defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others.

Nigerians are grappling with economic hardship following incessant increase in inflation and volatile exchange rate that has seen dollar exchange as high as N1,700 in recent days.

On Monday, the National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate rose to 34.60% in November 2024 from 33.88% in October 2024.

The November inflation rate showed an increase of 0.72% points compared to the October 2024 inflation rate, according to NBS’s latest Consumer Price Index (CPI) report which measures the rate of change in prices of goods and services.

“On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%). This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023),” the Bureau said.

Significantly, food inflation rate in November 2024 was 39.93% on a year-on-year basis, 7.08% points higher than the rate recorded in November 2023 (32.84%).

News

Finally, PDP Flushes Out Suspended National Vice Chairman, Ali Odefa

Published

3 hours ago

December 18, 2024

Naijablitznews

The Peoples Democratic Party (PDP) Oguduokwor Ward in Onicha Local Government Area of Ebonyi State has formally announced the expulsion of the suspended National Vice Chairman (NVC) of the party in the Southeast, Mr. Ali Odefa from the party.

Ali Odefa was suspended from the party on September 11, 2024 by the Ward Executives of the party for his engagement in various anti party activities. The Federal High Court sitting in Abakaliki while ruling on suit NO: FHC/AI/CS/182/2024 further affirmed the suspension on November 29, 2024.

Announcing the expulsion of Mr. Odefa at a well- attended press conference on Wednesday, the Acting Chairman of the PDP Oguduokwor, Hon. Onyedikachi Herbert Ovuta flanked by other Ward Executives stated that the expulsion of the erstwhile NVC follows the recommendation of the Party’s disciplinary committee that affirmed the allegations of anti-party activities leveled.

According to the party chairman, “The expulsion of Chief Ali Odefa follows the report, findings and recommendations of the Ward Disciplinary Committee of the party which is in line with the provisions of the party constitution.”

The party announced that Mr. Ali Odefa by the virtue of his suspension, therefore “ceases to be a member of the party.”

The party’s statement reads in part:

“The Peoples Democratic Party (PDP), Oguduokowor Ward, Onicha Local Government Area of Ebonyi State hereby announce the expulsion of Chief Ali Odefa, the suspended National Vice Chairman of the PDP, South East Zone from the party which takes immediate effect.

“The expulsion of Chief Ali Odefa follows the report, findings and recommendations of the Ward Disciplinary Committee of the party which is in line with the provisions of the party constitution.

“Recall that Chief Ali Odefa was suspended from the party by the Ward leadership on 11th September 2024.

“Consequent upon the judgement of the Federal High Court Abakaliki in suit number FHC/AI/CS/182/2024 which affirmed the suspension of Chief Ali Odefa, the Disciplinary Committee of PDP Oguduokwor Ward after their sittings on the above subject matter unanimously recommended that Chief Ali Odefa the Suspended PDP National Vice Chairman South East Zone be expelled from the party.

“The Executive Committee of PDP Oguduokwor Ward on 11th December 2024 after receiving the report, findings and recommendations of the Disciplinary Committee of PDP Oguduokwor Ward unanimously approved the expulsion of Chief Ali Odefa from the party which is compliance to section 58(1) and section 59(1) of the PDP constitution.

“Henceforth Chief Ali Odefa, seizes to be a member of our party the Peoples Democratic Party (PDP)