Connect with us

VenturesNow

Nigeria: Vehicle importation down by 45% over forex crisis— Customs Chief

Published

on

Due to issues with foreign exchange in the country, vehicle imports decreased by 45% in the first quarter of 2024, according to Adewale Adeniyi, Comptroller General of the Nigeria Customs Service.

 

Adeniyi noted in a recent interview with Arise Television that the moment was extremely critical for Nigerians and businesses in general as a result of the fluctuation in exchange rates,

 

“It affected car dealers. We had as much as a 45 per cent decrease in the volume of cars that were brought into Nigeria in that period.

 

“And they were not the kind of cars that fetched optimum revenue for the customs. Not only cars, but even regular imports were also affected because people could no longer import raw materials as they wanted and the volatility did not allow them to plan for tomorrow,” the CGC stated.

 

He expressed optimism that things had begun to improve in the second quarter of the year.

 

“But we see some relative degree of stability in the second quarter because there are lots of discussions going on. Some at the level of the National Assembly, most of them spearheaded by the Minister of Finance and Coordinating Minister of the Economy, bring on the stakeholders that are involved together, to ensure that we achieve stability.”

 

Adeniyi provided an update on the private jet owners’ verification exercise, stating that since the announcement of the verification, a sizable number of private jet owners have begun to leave Nigeria.

 

The departing jets, he said, do not want to be confirmed.

 

He said that hardly many owners have participated in the exercise since it began a few weeks ago.

 

“Very few of them have shown up for verification and we gathered from intelligence that a good number of them have been leaving Nigeria since the announcement was given because they would not want to be verified,” he asserted.

 

Adeniyi stated that if an aircraft is going to be operated in Nigeria, the owners must come to Nigeria Customs and pay the customs duty when the aircraft is brought in and registered. The CGC clarified that more private aircraft were operating outside of legal boundaries, which is why the service initiated a private jet owners’ verification exercise.

 

“We have seen so many of these aircraft flying and our record tends to show that only a few of them have shown up to pay duty and this is why we are bringing this verification up,” he said.

 

The Chief Government Coop underlined that the purpose of the verification process was to verify who was operating legally and who wasn’t. According to the customs helmsman, one of the main motivators for smugglers is the increase in fuel prices in neighbouring nations.

VenturesNow

Dangote Group optimistic about boosting Nigeria’s falling currency with $30 billion revenue

Published

on

The $30 billion in income that Dangote Group plans to generate by the end of 2025, according to company President Aliko Dangote, will strengthen the naira. Dangote made the plan known during a Monday tour of Dangote Fertilizer Limited and Dangote Petroleum Refinery & Petrochemicals.

The plan signals a strategy to become independent from the Central Bank of Nigeria regarding foreign exchange sourcing.

The richest man in Africa stated that the substantial amount of foreign exchange that his companies are expected to bring into Nigeria will naturally increase the value of our local currency and restore the value of the naira in the global exchange market.

When the refinery started operating fully in 2024, its primary focus was on the refinement of intermediate products, including naphtha, polypropylene, RCO, gasoline, diesel, and jet fuel.

He clarified that in March 2024, the refinery began its steady-state production phase. Furthermore, he projected that by August, production will escalate to 500,000 barrels per day with 15 crude cargoes each month, reaching 550,000 bpd by the end of the year, and aiming for 650,000 bpd by the first quarter of 2025.

“Petrol production will commence in July with sales from August,” assured Dangote.

Additionally, he disclosed that the group plans to list Dangote Fertilizer Limited and Dangote Petroleum Refinery & Petrochemicals on the Nigerian Exchange Group in the first quarter of 2025.

He continued by saying that Nigerians would be allowed to take a stake in these businesses.

“Due to the nature of our business with both the refinery and the fertiliser, we are aiming to list them by the end of this year. However, depending on circumstances, worst-case scenario, we anticipate listing them before the end of the first quarter of next year. This will allow us to offer shares for sale and enable Nigerians to participate as shareholders,” Dangote stated.

At full capacity, the Dangote Refinery can process 650,000 barrels of oil per day, making it the largest single-train facility in both Africa and the globe.

Additionally, the largest granulated urea fertiliser factory in Africa is run by Dangote Fertiliser Limited. At the moment, the most capitalized firm in Nigeria is Dangote Cement.

He emphasized that the refinery would produce 53 million litres of gasoline and 1.1 million tonnes of diesel per day, although its total storage capacity is 4.5 billion litres, which is enough to meet Nigeria’s crude needs for 20 days and store products equal to 15 days’ worth of fuel.

Continue Reading

VenturesNow

Tanzania eyes law to promote foreign investment

Published

on

The Tanzanian government has suggested changing its rules to give Tanzanians living abroad special status so they can open businesses in important, high-priority economic sectors to attract more foreign investment.

The government has introduced the Miscellaneous Amendments Bill 2024 to Parliament for discussion, aiming to offer special status to Tanzanians residing abroad so they can establish businesses in their home country, thereby relaxing its burdensome regulations and legislation.

Through the Diaspora Tanzanite card, Tanzanians living abroad will be eligible for inheritance rights and investment incentives under the proposed immigration law revisions.

Only citizens of Tanzania have been allowed to possess land and other properties. The Miscellaneous Amendments Act, 2024, was released on June 26 and suggests amending the Land Act, cap 113, and the Immigration Act, cap 54, to grant land occupancy titles to Tanzanians residing abroad.

Tanzania is one of the African nations with stringent immigration laws and restrictions on property ownership rights that are placed on foreign nationals and residents who hold dual citizenship.

Before this, President Samia Suluhu Hassan had pledged to examine the Immigration Act. During her six-day official visit to Seoul in June, she addressed Tanzanians living in South Korea and promised her government would make sure Tanzanians living abroad would receive special treatment, including the opportunity to settle in Tanzania without having to go through a laborious visa application process.

As of 2018, the manufacturing sector in Tanzania attracted the greatest concentration of foreign direct investment (FDI) among all economic sectors, according to Statista. It totalled 1.4 billion dollars, which was split among 133 projects. After that, FDI in agricultural activities totalled more than half a billion dollars.

She promised to provide the legislative framework necessary to allow Tanzanians living abroad to send money home through their families to invest in, acquire, and use technology and knowledge that are primarily required for manufacturing, services, and agricultural output.

Samia informed the Tanzanians in Seoul that by 2023, Tanzanians living abroad had invested almost Tsh280 billion ($106 million) in housing, while others had purchased shares in UTT Asset Management and Investors Services (UTT AMIS) for Tsh6.45 billion ($2.4 million).

Through unified laws throughout the EAC, the Tanzania Investment Center (TIC) has been encouraging members of the East African Community (EAC) to form cooperative companies in Tanzania.

To identify and help Tanzanians living abroad register for business and investments, the Ministry of Foreign Affairs and the East African Co-operation built a diaspora database. The database is based on the availability of enough land that would be a good investment.

Tanzania lacked active agricultural investments, had a weak agro-industrial basis, and received little revenue from cash crops despite having abundant agricultural land.

Tanzania has 44 million hectares of arable land in total, according to data from the Ministry of Agriculture, but only 15 million of those hectares are being farmed for both food and commercial crops.

Continue Reading

EDITOR’S PICK

Metro5 hours ago

Statistics reveal over 600k Nigerians sought asylum abroad under ex-President Buhari

A new report released by Statisense, a data collection organisation, has revealed that well over 600,000 Nigerians filed for asylum...

Tech22 hours ago

d.light closes $176 securitized financing for off-grid solar in Kenya, Tanzania, Uganda

Global provider of household products and affordable finance for low-income households, d.light, has announced closing $176 million in securitized financing...

Culture23 hours ago

Ghanaian music producer wins $250k in copyright damages against CAF

A Ghanaian music producer, Kwabena Ofei-Kwadey Nkrumah, also known as Spiky, has won $250,000 and legal costs of GH¢40,000 against...

Metro1 day ago

Zambia’s Anti-Corruption Commission DG resigns amid public outcry over corrupt practices

The Director-General of the Zambian Anti-Corruption Commission (ACC), Thom Shamakamba, has resigned from his position following public outcry over the...

Metro1 day ago

Nigeria: Tinubu seeks senate approval to ‘inject’ N6.2tn into 2024 budget

Nigerian President, Bola Tinubu, has sent a request to the Senate for the consideration and approval of the injection of...

VenturesNow2 days ago

Dangote Group optimistic about boosting Nigeria’s falling currency with $30 billion revenue

The $30 billion in income that Dangote Group plans to generate by the end of 2025, according to company President...

Metro2 days ago

Nigeria: President Tinubu okays distribution of 20 trucks of rice to states to tackle food crisis

In a bid to tackle food crisis in the country, Nigerian President, Bola Tinubu, has approved the release of trucks...

VenturesNow2 days ago

Tanzania eyes law to promote foreign investment

The Tanzanian government has suggested changing its rules to give Tanzanians living abroad special status so they can open businesses...

VenturesNow2 days ago

Dangote says stake of Nigeria’s oil company in its refinery now down to 7.2%

According to Aliko Dangote, the owner of Africa’s largest refinery, the Nigerian state-owned oil company NNPC’s stake in its refinery...

Metro2 days ago

Legislation to outlaw female genital mutilation rejected by Gambian parliament

Gambian Parliament Speaker, Fabakary Tombong Jatta, has announced that the parliament voted down every provision of a bill that would...

Trending