Monday, September 29, 2014
Tuesday, September 16, 2014
Nigeria To Double $40bn Trade With Asia By 2016
VENTURES AFRICA – Nigeria is keen to bolster economic ties with the world’s most populated and fastest growing region Asia, as has agreed to double its bilateral trade volumes with the regions’s countries from $40 billion to over $80 billion within the next to two years.
This decision was made at a stakeholder meeting between the Nigerian Ministry of Industry Trade and Investment and Nigeria’s ambassadors across fourteen Asian countries in New Delhi, India.
Two growing partners, Singapore and Australia have trade relations worth N293.4 billion ($1.8 billion) and N534.3 billion ($3.3 billion) respectively, while India and China – the two largest Asian trading partners of Nigeria – have their trade deals with Nigeria worth N2.95 trillion ($17 billion) and N2.143 trillion ($14.8 billion) respectively.
Aside from boosting bilateral trade relations with existing partners, the meeting which was the first of its kind in over 50 years will see the it open fresh investment commitments to major Indian companies, who were not yet present in Nigeria.
“It is only those who live in the past that still believe that the West can help us. The Asian continent has great regards for Nigeria as a country,” Nigerian High Commissioner to India, Ndubuisi Amaku said.
Nigeria is shifting its attention from the West to Asia which has been declared by Economists the fastest growing region in the world, the only continent to outpace Africa’s surging numbers.
This decision was made at a stakeholder meeting between the Nigerian Ministry of Industry Trade and Investment and Nigeria’s ambassadors across fourteen Asian countries in New Delhi, India.
Two growing partners, Singapore and Australia have trade relations worth N293.4 billion ($1.8 billion) and N534.3 billion ($3.3 billion) respectively, while India and China – the two largest Asian trading partners of Nigeria – have their trade deals with Nigeria worth N2.95 trillion ($17 billion) and N2.143 trillion ($14.8 billion) respectively.
Aside from boosting bilateral trade relations with existing partners, the meeting which was the first of its kind in over 50 years will see the it open fresh investment commitments to major Indian companies, who were not yet present in Nigeria.
“It is only those who live in the past that still believe that the West can help us. The Asian continent has great regards for Nigeria as a country,” Nigerian High Commissioner to India, Ndubuisi Amaku said.
Nigeria is shifting its attention from the West to Asia which has been declared by Economists the fastest growing region in the world, the only continent to outpace Africa’s surging numbers.
http://www.ventures-africa.com/2014/09/nigeria-to-double-40bn-trade-with-asia-by-2016/?utm_source=Monday%2C+15th+September+2014&utm_campaign=PR%2C+Africa+Business%2C+Africa+Economy%2C+Africa+Entrepreneur%2C+Ventures+Africa&utm_medium=email
Nigeria-India Trade Volume to Hit $20bn Says Indian High Commissioner
Indian High Commissioner to Nigeria Shri Ajjampur Rangaiah Ghanashyam has disclosed that the volume of trades between Indian and Nigeria, which currently stands at $19.5 billion, will increase to over $20 billion by ending of the year.
Speaking to journalists after the Diplomatic Dialogue Series organised by Nigeria Leadership Initiative (NLI) in Lagos, Ghanashyam said the trade relationship between the two countries spans different sectors of the economy including education, health, industry and Information Technology (IT).
He said: "This is the only country where Indian companies are run by Nigerians and Nigerian companies run by Indians so there are many sectors of business that bring about collaborations. This kind of relationship is unique only to these two countries. You may not find it in any part of the world.”
Ghanashyam said Nigerian government is currently partnering with the lndian government in the development of Nigeria’s power sector, adding that Nigeria is exploring ways of adopting the lndian power sector model as a way of transforming her power sector.
According to him, currently, Nigeria is in partnership with TaTa of lndia to produce 10,000mw of electricity. Comparatively, lndia has achieved over 400 per cent leap in generation capacity in the last 10 years.
"This has nothing to do with problem of insurgency in some part of Nigeria. In fact, we believe that those areas that currently experience the challenge of insurgency need some kind of assistance. We cannot stop connecting with some areas just because they have some challenges today," the High Commissioner said.
Ghanashyan however expressed regret on the issue of double taxations, which he noted, has been affecting Indian businesses in Nigeria. He said since his assumption of office he has taken it up as a challenge and has sent in correspondences to the Federal Ministry of Finance on the development. He expressed confidence that the issue would be addressed in due course.
"The last figure I have about volume of trade between India and Nigeria as at April 2014was $19.5billion. And it is still growing. The relationship is growing by the day, by the week, months and year. And the trade will shoot beyond $20 billion before the end of the year," Ghanashyan said.
Also speaking, the President, Nigeria-India Chamber of Commerce and Industry, Dr. Umo Itsueli said considering the rising growth rate in the economies of both nations, it is only expedient that the trade relationship is strengthened.
In his remarks, the Chief Executive Officer of NLI, Yinka Oyinlola said the aim of organising the roundtable discussion was to see that business relationships between Nigeria other countries are not only focused on countries of the North but also countries of southern hemisphere where India is a major key player.
Speaking to journalists after the Diplomatic Dialogue Series organised by Nigeria Leadership Initiative (NLI) in Lagos, Ghanashyam said the trade relationship between the two countries spans different sectors of the economy including education, health, industry and Information Technology (IT).
He said: "This is the only country where Indian companies are run by Nigerians and Nigerian companies run by Indians so there are many sectors of business that bring about collaborations. This kind of relationship is unique only to these two countries. You may not find it in any part of the world.”
Ghanashyam said Nigerian government is currently partnering with the lndian government in the development of Nigeria’s power sector, adding that Nigeria is exploring ways of adopting the lndian power sector model as a way of transforming her power sector.
According to him, currently, Nigeria is in partnership with TaTa of lndia to produce 10,000mw of electricity. Comparatively, lndia has achieved over 400 per cent leap in generation capacity in the last 10 years.
"This has nothing to do with problem of insurgency in some part of Nigeria. In fact, we believe that those areas that currently experience the challenge of insurgency need some kind of assistance. We cannot stop connecting with some areas just because they have some challenges today," the High Commissioner said.
Ghanashyan however expressed regret on the issue of double taxations, which he noted, has been affecting Indian businesses in Nigeria. He said since his assumption of office he has taken it up as a challenge and has sent in correspondences to the Federal Ministry of Finance on the development. He expressed confidence that the issue would be addressed in due course.
"The last figure I have about volume of trade between India and Nigeria as at April 2014was $19.5billion. And it is still growing. The relationship is growing by the day, by the week, months and year. And the trade will shoot beyond $20 billion before the end of the year," Ghanashyan said.
Also speaking, the President, Nigeria-India Chamber of Commerce and Industry, Dr. Umo Itsueli said considering the rising growth rate in the economies of both nations, it is only expedient that the trade relationship is strengthened.
In his remarks, the Chief Executive Officer of NLI, Yinka Oyinlola said the aim of organising the roundtable discussion was to see that business relationships between Nigeria other countries are not only focused on countries of the North but also countries of southern hemisphere where India is a major key player.
http://www.thisdaylive.com/articles/nigeria-india-trade-volume-to-hit-20bn-says-indian-high-commissioner/189111/?utm_source=dlvr.it&utm_medium=twitter
Customs Boss Seeks Stakeholders’ Collaboration to Address PAAR Challenges
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The Comptroller General of the Nigeria Customs Service (NCS), Alhaji Inde Abdulahi has called for collaboration between NCS and stakeholders in the maritime sector, especially licensed customs agents to address the challenges still being experienced with the introduction of Pre -Arrival Assessment Report (PAAR) in the cargo clearance regime.
Speaking on the sidelines of the 60th anniversary and official inauguration of the new permanent national secretariat of the Association of Nigerian Licensed Customs Agent (ANLCA), Abdullahi said rather than apportion blames, stakeholders should come together to harmoniously find a lasting solution to the identified challenges in the issuance of PAAR.
Abdullahi’s position was in response to the National President of ANLCA, Olayiwola Shittu’s welcome address at the ceremony, when he called on the Customs boss to set up a committee involving very responsible members of his association to look into the complaints of agents concerning the PAAR.
Shittu’s words: “I will fail if I do not tell you about the yearnings of our people. You have tried and your name will be in the history books for life. You may be in Abuja, but do not know everything that is happening on the field. Our people are crying. I know we are here to celebrate, but please, help us address the issue of PAAR.
“PAAR is the best ever existent clearing document established by any Customs authority all over the world, and this was also confirmed in South Korea. We decided to embrace PAAR because it is a facilitator and world customs brokers who we are members recognised PAAR as a sample for other countries. But some Customs officers and agents may be a stumbling block and I believe it is not your fault that you brought something good to the country”.
However, Abdullahi noted that some of the hiccups could not be completely ruled out, according to him, the beginning of every endeavour will always be met with challenges.
He said it was not in the interest of the service providers to hand over the reign of Destination Inspection to the Nigeria Customs Service (NCS) as they abandoned some unfinished Risk Assessment Report (RAR) documents to the service.
“PAAR is Nigeria’s creation. It is Customs’ creation and it is just nine months. As human beings you should know that every beginning is difficult and we must expect teething problems from the beginning. Do not forget that people who left did not want to leave so they will leave behind a lot of problems, which will cause problems between me and you. So I think it is better we sit down and look at it intelligently and bring about the solving of that problem harmoniously,” he said.
Abdullahi maintained that the erstwhile three service providers will no longer perform Customs job or collect duty on its behalf, hence the need to critically look at addressing the problem rather than the blame game.
“Let me assure you that even if I leave the Comptroller-General position, no other agency will come back and collect duty on behalf of the NCS, so it is better while we are perfecting whatever is the problem, let us look at it and solve it between ourselves,” he said.
Speaking on the sidelines of the 60th anniversary and official inauguration of the new permanent national secretariat of the Association of Nigerian Licensed Customs Agent (ANLCA), Abdullahi said rather than apportion blames, stakeholders should come together to harmoniously find a lasting solution to the identified challenges in the issuance of PAAR.
Abdullahi’s position was in response to the National President of ANLCA, Olayiwola Shittu’s welcome address at the ceremony, when he called on the Customs boss to set up a committee involving very responsible members of his association to look into the complaints of agents concerning the PAAR.
Shittu’s words: “I will fail if I do not tell you about the yearnings of our people. You have tried and your name will be in the history books for life. You may be in Abuja, but do not know everything that is happening on the field. Our people are crying. I know we are here to celebrate, but please, help us address the issue of PAAR.
“PAAR is the best ever existent clearing document established by any Customs authority all over the world, and this was also confirmed in South Korea. We decided to embrace PAAR because it is a facilitator and world customs brokers who we are members recognised PAAR as a sample for other countries. But some Customs officers and agents may be a stumbling block and I believe it is not your fault that you brought something good to the country”.
However, Abdullahi noted that some of the hiccups could not be completely ruled out, according to him, the beginning of every endeavour will always be met with challenges.
He said it was not in the interest of the service providers to hand over the reign of Destination Inspection to the Nigeria Customs Service (NCS) as they abandoned some unfinished Risk Assessment Report (RAR) documents to the service.
“PAAR is Nigeria’s creation. It is Customs’ creation and it is just nine months. As human beings you should know that every beginning is difficult and we must expect teething problems from the beginning. Do not forget that people who left did not want to leave so they will leave behind a lot of problems, which will cause problems between me and you. So I think it is better we sit down and look at it intelligently and bring about the solving of that problem harmoniously,” he said.
Abdullahi maintained that the erstwhile three service providers will no longer perform Customs job or collect duty on its behalf, hence the need to critically look at addressing the problem rather than the blame game.
“Let me assure you that even if I leave the Comptroller-General position, no other agency will come back and collect duty on behalf of the NCS, so it is better while we are perfecting whatever is the problem, let us look at it and solve it between ourselves,” he said.
http://www.thisdaylive.com/articles/customs-boss-seeks-stakeholders-collaboration-to-address-paar-challenges/189110/?utm_source=dlvr.it&utm_medium=twitter
Friday, September 12, 2014
Africa Spends $35bn Importing Food Annually – Adesina
Nigeria’s minister of agriculture and rural development, Dr Akinwumi Adesina, has said that given the abundant endowment in Africa, the continent should not be spending $35billion annually on food importation.
Adesina made this observation yesterday in Nairobi, Kenyan capital, during the official launch of the Kenya-Nigeria Agribusiness Forum and the signing of MoU on bilateral trade between the two countries.
“With the unfolding global realities, where you are going to have the greatest impact is in making agriculture a business everywhere in Africa,” the minister posited.
“Whether in seeds, fertiliser, storage, processing or adding value, everything about agriculture is business. That is why I don’t understand how Africa will be spending $35billion every year importing what it produces. It should be producing a lot more. Africa has no business importing food.”
Adesina noted that “Africa should be a dominant player in global food and agricultural market,” adding “we have land and water; we have cheap labour, and so, we should be dominant. We shouldn’t be spending $35billion a year importing what we produce. Because if we do that, we export jobs; we decimate our own rural economy; we fast-track the whole process of rural-urban migration and we have congested cities.”
His Kenyan counterpart, Hon Felix Koskei, lamented the backward state of agriculture in the continent and in Kenya and Nigeria in particular, observing that “the dominance of primary production and marketing in crude forms are common to Nigeria and Kenya. These translate to low prices, few job opportunities and low income for farmers. Changing these will increase the income to our farmers.”
Koskei too wondered why Kenyan tea has to make a detour to another African country after first going to Europe. He disclosed that Kenyan tea comes to Nigeria through Europe under different trade names, but called for an end to the trend.
http://www.sardaunamagazine.com/index.php/component/k2/item/15102-africa-spends-$35bn-importing-food-annually-%E2%80%93-adesina
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