Business
Nigeria’s Power Sector Collapse Imminent, Stakeholders Warn
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By Derrick Bangura
Stakeholders in Nigeria’s power sector have warned that the sector faces imminent collapse as a results of a myriad of challenges.
Speaking with journalists om Sunday, they highlighted the acute foreign exchange shortage in the country as a major challenge affecting the sector. This, according to them was because almost all the materials in the sector are being purchased in foreign currency, adding that the cost of maintaining their facilities is also in dollars.
“We hardly get enough dollars to be able to meet with the maintenance of our equipment and other obligations. This is one of the reasons the sector has been facing all manner of challenges and blackouts in recent time,” one of the stakeholders who pleaded to remain anonymous said.
The federal government had at the weekend explained that the drop in electricity generation was a result of the partial shutdown of the Oben gas plant for the repair of critical gas processing equipment.
It had also disclosed that the 14 reactivated independent power plants (IPP) across the country would produce off-grid electricity of 1,000 megawatts.
“We wish to notify the general public that the current dip in electricity generation is a result of the partial shutdown of the Oben gas plant to address the repair of critical gas processing equipment.”
“The incident, unfortunately, occurred at a time when other power plants on other gas sources are undergoing planned maintenance and capacity testing.
“We wish to notify the public that Seplat Energy Plc has mobilised equipment, material, and personnel to the site to expedite the restoration of normal gas supply to the affected power plants.
“We have been assured that the repair work would be concluded this weekend and normalcy will be restored. While pleading with electricity consumers with the current state of supply, we wish to assure the general public that efforts are being made for a sustained improvement of supply across the country,” the government had explained.
Another of the power sector stakeholder also warned that the lack of adequate forex was precipitating more crisis in the sector, saying that if urgent measures are not taken to make forex available, collapse is imminent.
The Manufacturers Association of Nigeria (MAN) recently appealed to the federal governments to protect industries from collapse due to the erratic power supply in the country.
The Chairman Kwara/Kogi branch of MAN, Bioku Rahmon, called for expedited rescue of players and investors from the imminent orgy of unemployment and mass closure of companies that is imminent due to the energy crisis. He expressed concern that the manufacturing industry was yet to fully recover from the monumental strangulations occasioned by COVID-19 pandemic, while describing the subsisting energy crisis as the exact antithesis of what the industry can’t contain at this time.
He lamented that electricity generated from the national grid had recorded no improvement and was hampering the activities of manufacturers.
“Foreign Exchange scarcity has worsened significantly, even as industry players continue to experience a sharp and growing shrink in the forex windows. This has led to major downturns and stress in the purchase and acquisition of foreign components for production,” MAN said.
Business
Nigeria Customs modernisation project to check extortion of traders
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The Trade Modernisation Project (TMP) of the Nigeria Customs Service (NCS), will check the extortion of traders by facilitating the comprehensive tracking of their goods from the beginning of the trade process until delivery.
This is through its Unified Customs Management System(UCMS), a software that would be deployed to monitor all stages of the transactions by traders.
The News Agency of Nigeria(NAN) reports that the TMP is the automation of the business processes of the NCS, to simplify and enhance the experience of stakeholders in the trade value chain.
It is also aimed at making it easy to obtain export and import clearances, and in paying duties and obtaining release of goods.
NAN further reports that the customs modernisation project, which has three phases, is a 20-year concession agreement.
It was signed on May 27, 2023, between the Federal Government of Nigeria, represented by the NCS Board, and The Trade Modernisation Project Ltd.
Chief Superintendent of Customs, Usman Abba, Head, Business Analyst for the project, told NAN in an interview on Thursday in Abuja that by using the software traders would be able to know when and where there were hitches in their transactions for redress.
Abba said the system would eliminate fraudulent intent and expose those who take advantage of clients who cannot properly track their goods with the current system to extort them.
“This is the platform where the trader has access and is able to track all the stages of transactions and know where the challenge or exactly the issue is until the goods are delivered,“ he said.
He said that the service had received numerous reports of agents attempting to extract additional funds from their clients, by falsely claiming that their goods had not been cleared by customs when the process had already been completed.
According to him, the software, which will soon be inaugurated, is designed to have information on all transactions, including payments and goods clearance, to enable the trader to act as required.
He added that other agencies were also being integrated into the system to examine goods according to their constitutional mandates
On the current stage of the development of the software, Abba said that all internal systems had been completed, and final touches were being done on stakeholder integration.
NAN reports that the TMP is targeting to generate more than 250 billion Dollars in revenue over the 20-year concession.
The project is aimed at bringing Nigeria to par with the rest of the world in the deployment of technology to facilitate international trade.
It would also assist the Federal Government in achieving economic diversification by facilitating easier cross-border trading.
(NAN)
Business
SMEDAN introduces business pitch competition to enhance financial literacy
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SMEDAN introduces business pitch competition to enhance financial literacy
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has introduced a business pitch competition known as “SMEDAN Speed Pitch”.
The Director-General of SMEDAN, Charles Odii, in a statement, said the initiative was designed to enhance financial literacy and provide small businesses with opportunities to access funds for growth.
Odii said the participants would receive training and support to develop and clearly articulate unique business innovations, viability, and potential to unlock opportunities.
According to him, this will include private investments in the country and across the globe.
He said: “The first edition of the pitch competition will take place on May 1, at the Eko Convention Center in Lagos as part of the Nano Micro Small and Medium Enterprises (NMSME) Engagement Series.
“It will be hosted by Ms Jennifer Adighije, the Senior Special Assistant to the President on Entrepreneurship and Innovation/Digital Economy.
“This initiative is part of SMEDAN’s ‘GROW Nigerian’ strategy, which focuses on boosting local production.
“It does this by providing Small and Medium Enterprises (SMEs) with financial and non-financial resources, including markets, knowledge, mentorship, and tools, to grow sustainably and spread prosperity.’’
Odii said to participate in the first edition, businesses must be female-owned, registered, and in operation for at least three years.
He said: “Applications will open on April 24 and close on April 27.
“Shortlisted applicants will undergo a test to determine the top five performers who will get the chance to present their pitch at the main event in Lagos.
“The winner will receive a prize of one million naira for workforce support, procurement of work tools, and business expansion.
“ Runners-up will receive 300,000 and 200,000 respectively, along with free Business Development support.”
On how to apply, the Director-General urged applicants to upload a three-minute video pitch to social media.
Odii said: “Introduce yourself in the video and showcase your product/service and the problem it solves, and make a case for why you should be enlisted.
“Follow and Tag SMEDAN’s official pages (@smedaninfo, use the hashtag #SMEDANSpeedPitch), and remember that the application deadline is April 27.
“For pitch criteria, you must possess a clear vision and concept, understanding of the target audience, unique selling proposition (USP), short-term and long-term goals and utilisation of the prize (money).
“The judging criteria will include, clarity, market potential, innovation and differentiation and presentation skills.”
(NAN)
Business
We generated N30.2 bn revenue in three months – Kano NCS Comptroller
![Nigeria Customs Service deepens ties with Benin Republic to facilitate trade](https://accessnews.ng/wp-content/uploads/2023/12/Men-of-Nigeria-Customs-Service.jpg)
We generated N30.2 bn revenue in three months – Kano NCS Comptroller
The Kano Area command of the Nigeria Customs Service (NCS), says it generated N30.2 billion in revenue between January and March 2024.
The Area Comptroller, Mr Dauda Chana, disclosed this in an interview with the News Agency of Nigeria (NAN) on Thursday in Kano.
NAN reports that the Kano area command covers Kano State and Jigawa.
Chana said there was a significant increase in the revenue generation profile of the command when compared to the same period in 2023 when N9.5 billion was realised within the same period.
The comptroller said already the area command has introduced more sensitive security measures to prevent all forms of smuggling in the area.
“We have already positioned our officers at strategic locations to deal decisively with all those involved in the illegal smuggling of materials.
“The area command has deployed officers at border posts in Maigatari, Gumel Local Government Area, Jigawa, to intensify efforts at mitigating activities of smugglers.
Read Also: Kano NCS generated N6.9bn in November – Comptroller
“The same applied to officers at the Jeke outpost in Babura Local Government Area of Jigawa.
“We are battle-ready to end smuggling through our various strategies to pave the way for arrest and prosecution of those involved in illegal businesses,” he said.
Chana appealed to traditional rulers and stakeholders, especially those in border areas, for their support and sensitisation of their residents on the negative effects of smuggling on the nation’s economy.
“We have also reached out to youths in the border communities, to assist our field officers with required intelligence that will assist in curbing all forms of smuggling activities.
“The command’s area of coverage is a no-go area for smugglers as officers have been stationed at identified illegal smuggling routes to ensure arrests and prosecution of offenders,’’ Chana said.
The area commander, however, solicited the support of stakeholders in encouraging residents to shun smuggling and embrace the export of locally produced goods.
(NAN)
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