Maritime
Ghana Export Promotion Authority moves to penetrate Nigerian market
ACCRA – In what is a strategy to penetrate the Nigerian market, the Ghana Export Promotion Authority (GEPA) plans to create a ‘Ghana market’ in one of the neighbourhoods in Lagos, Nigeria, to showcase Ghanaian products.
Gideon Kwame Boye Quarcoo, acting chief executive officer of GEPA, said GEPA hoped to hit a $5 billion non-traditional export revenue target by 2017, from the current figure of $2.4 billion, Ghana Web reported.
He said GEPA was upbeat about Ghana’s export prospects but feared that accessing the European Union (EU) markets could hinder the country’s potential because of standard restrictions by the EU.
He noted that the situation required a lot of innovative programs with the view to maximising the growth potential in existing markets, as well as identifying and developing new ones.
GEPA recently won an award from the Nigerian Government for being the best participating country in the Lagos Fair, but is currently struggling with other agencies and exporters for funding from the Export Development and Agricultural Investment Fund, thus stifling its activities.
It was said to have achieved $2.4 billion export revenue in non-traditional exports and hopes to double that figure by 2017. Nigeria, with a population of over 160 million and a relatively large middle-income class, is the biggest market within the ECOWAS sub-region and therefore presents opportunities for Ghana’s NTEs.
Out of the total national non-traditional exports of $2.364 billion in 2012, exports to Nigeria constituted about $144.84 million. “All things being equal, our exports to Nigeria should rise to $306 million if GEPA is to achieve its objective of $5 billion by the year 2017,” Quarcoo said.
GEPA, which recently sponsored 56 companies to participate in the 2013 Lagos International Trade Fair, was hailed by the Nigerian Government for being the largest and best participating country. According to Quarcoo, Ghanaian products enjoyed high patronage and goodwill from Nigerians at the fair.
“Products such as aluminium utensils, garments, cocoa products, herbal preparations, cleaning products, toiletries, handicrafts and alcoholic beverages, among others, were highly patronised by the Nigerians.”
As a follow-up to the Lagos Fair, the Ghana-Nigeria Chamber of Commerce is being revived to champion trade between the countries. That, Quarcoo said, would be the platform to discuss trade matters in each other’s country.
– BUSINESS DAY
Maritime
Maritime Governance: Minister Deposits Three Accession Instruments At IMO
The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola has deposited three Instruments of Accession to IMO Conventions signed by President Bola Ahmed Tinubu with the global body.
He did so on Tuesday, at the headquarters of the International Maritime Organization (IMO), which acts as the repository for these conventions.
This move, coming a few weeks after Nigeria declared its intention to contest election for a seat on the IMO Council, is expected to enhance Nigeria’s maritime governance and align its practices with international standards, promoting maritime safety, security, and environmental protection.
Shortly after the presentation ceremonies, Oyetola informed the IMO Secretary General, Arsenio Dominguez, of the President’s commitment to ensuring that Nigeria aligns with international maritime standards regarding maritime safety, security, and sustainable marine practices.
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He also called on the IMO to extend technical support to Nigeria.
In his words, “These instruments, duly acceded by His Excellency, the President of the Federal Republic of Nigeria, signify Nigeria’s continued commitment to aligning with international maritime standards, ensuring maritime safety and security, and promoting sustainable marine practices.
“We hereby request tailored technical cooperation under the Integrated Technical Cooperation Programme (ITCP) to enhance Nigeria’s compliance with IMO conventions and improve our maritime governance and implementation of the instruments we submitted today.”
On his part, Dominguez, acknowledged with appreciation the formal deposition of the Instruments of Accession, stating that it underscores Nigeria’s steadfast commitment to aligning with global maritime standards.
“I congratulate Nigeria for its exceptional efforts in acceding to these six critical IMO instruments. I encourage continued momentum by securing presidential assent to additional key conventions. We at the IMO remains fully committed to supporting Nigeria through technical cooperation and capacity-building initiatives to ensure the successful implementation of these instruments,” he stated.
The instruments Oyetola handed over to Dominguez include the instrument of accession to the 2005 Protocol to the Convention for the Suppression of Unlawful Acts against the Safety of Fixed Platforms Located on the Continental Shelf (SUA Protocol 2005), the instrument of accession to the International Convention on Standards of Training, Certification, and Watchkeeping for Fishing Vessel Personnel (STCW-F), and the instrument of accession to the Protocol Relating to Intervention on the High Seas in Cases of Pollution by Substances Other Than Oil (Intervention Protocol 1973).
It was gathered that three other Instruments of Accession signed by President Tinubu are undergoing further steps to complete the processes for their deposit.
Maritime
Capacity Dev’t: NIMASA Assures On Cabotage Vessel Financing Fund
Funds accrued under the Cabotage Vessel Financing Fund (CVFF) are intact and currently held with the Central Bank of Nigeria (CBN) under the Single Treasury Account (TSA).
This assertion was made by the Nigerian Maritime Administration and Safety Agency (NIMASA), in a statement in Lagos on Tuesday.
The clarification became necessary to address “a misleading publication alleging that funds have disappeared from the CVFF account”.
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The statement reads, in part, “The report of a missing money is both misleading and false.
“For the record, the Cabotage Vessel Financing Fund, securely held in the NIMASA account at the Central Bank of Nigeria (CBN), remains intact. There has been no disappearance of funds, and no illegal transactions, as the article suggests. This misinformation is a figment of the authors imagination, aimed at undermining NIMASA’s integrity, and mislead the public about the Agency’s operations.
“The Management of NIMASA will ensure that the CVFF is utilised in line with its statutory purpose. NIMASA Director General, Dr Mobereola has assured stakeholders of the safety of funds under the CVFF.”
The statement cited the DG thus, “Let us be clear that the CVFF account at the Central Bank of Nigeria is safe, intact, and secure. We at NIMASA will continue to manage it with the utmost responsibility, and there are no irregularities or illegal activities surrounding the funds. I urge the public to disregard this false narrative and to continue trusting the Agency’s ability to uphold the integrity of Nigeria’s maritime sector”.
It was gathered that the CVFF is a fund established under section 42 of the Coastal and Inland Shipping (Cabotage) Act 2003 to promote the development of indigenous ship acquisition capacity and to provide credit facilities to local maritime operators.
The NIMASA, assured of its commitment “to transparency, accountability, and the advancement of Nigeria’s maritime sector.”
Maritime
Okpebholo Hits Ground Running, Flags Off Edo’s 1st Flyover Bridge
Edo State Governor, Senator Monday Okpebholo appears eager to deliver the dividends of democracy to his constituents.
This is discernible from the frenzy of activities being witnessed in his first few days on the job, including dissolution of boards, constitution of investigative panels, flagging off of infrastructure projects, among others.
In the bid to address the perennial road traffic congestion negatively impacting economic and social activities in Benin City, the state capital, Gov Okpebholo on Wednesday flagged off the construction of a flyover bridge.
Biztellers reports that the flyover bridge around the popular Ramat Park in the city centre is the first of such in the history of Edo State.
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The Edo State Government made the disclosure in its verified handle on micro-blogging site, X, on Wednesday.
It wrote, “Traffic decongestion: Gov Okpebholo flags off first flyover in Edo.
“Edo State Governor, Sen. Monday Okpebholo has flagged off the construction of a flyover bridge at Ramat Park, Benin City, the State Capital, as part of immediate efforts to reduce traffic congestion in the city.”