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We’re repositioning NPA for efficiency, safety – MD

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The Acting Managing Director of the Nigerian Ports Authority (NPA), Mr Mohammed Bello-Koko, has pledged management’s determination to reposition the nation’s seaports for greater efficiency, safety and accountability.

Bello-Koko made the pledge in a statement signed by Mr Olaseni Alakija, General Manager Corporate and Strategic Communications, on Monday in Lagos.

The Acting MD, while speaking at the just-concluded strategic retreat organised for NPA top management, said that the organisation was currently poised to creating and sustaining competitive advantage by offering its best in port operations.

The statement said that the retreat was designed to allow management staff to strategise and come up with “smart actionable steps“.

This, according to Bello-Koko, is with the view to ensuring growth, competitiveness and future readiness of the nation’s seaport systems.

“As part of efforts to position the agency towards greater efficiency, safety and accountability, the management has outlined factors that will enhance such prospects, as well as the capacity to garner greater market share.

“This will include infrastructural renewal and expansion, the introduction of barge operations, automation of truck transit through the electronic call up system and improvement in the sources of revenue and collection.

“Others include plugging income leakages and reducing overhead costs, elimination of monopolistic conduct, formulation and implementation of policies aimed to incentivise patronage of the Eastern Ports and encouraging competition,” he said.

Bello-Koko said that management was also keeping up with the dictates of Consolidated Revenue Fund and Fiscal Responsibility Act, compliance with international best practices, elimination of red tape, boosting workers’ morale and capacity building, among others.

He disclosed that these initiatives had laid the groundwork for some milestones with great potential for more as some of the reforms continue to transform into success evidenced by improved cargo throughput and revenue growth.

“Because excellence is a moving target, we cannot afford to rest on our laurels, we must redouble our commitment to continuous improvement as an organisational culture.

“Surpassing internal and external stakeholders’ expectations, which constitute a cardinal objective of this management, will require your unalloyed support as heads of directorates, divisions, locations, departments, port sections and units.

Bello-Koko said he expected that the retreat would churn out specific, realistic, measurable, achievable and time-bound goals and objectives by which NPA would be benchmarking itself in the next five years.

He said that the last time an event of this magnitude was held to chart a new direction for NPA was over a decade ago where the organisation’s present vision, mission and core values were crafted.

“We must, therefore, go beyond rhetoric to churn out implementable strategies aimed at making us equal to the exigencies of the very competitive edge and sector that we operate in,” he said.

Bello Koko pointed out that the disruptions caused by the outbreak of COVID-19 pandemic present a learning curve, especially for organisations such as NPA that operate in a sector that was global in scope to be constantly ready for dynamics in the form of increasing competition and innovation.

“Improving the turnaround time of vessels and reducing cargo dwell time is critical to attracting more vessels to our seaports.

“Optimising the business opportunities that the landlocked countries with whom we share borders presents a critical success factor in actualising our growth projections.

“The need to attract larger vessels and maximally benefit from the economies of scale that come with them show that the ongoing efforts to have deep seaports in Lekki, Badagry and Akwa Ibom, among others, are steps in the right direction,” he said.

He noted that in the meantime, NPA is constantly scaling up its responsibility of dredging the country’s channels to safely berth vessels of reasonable sizes whilst encouraging the use of flat bottom vessels (FBV) in areas of low draught.

He said that the current management would leave no stone unturned in its commitment in implementing the outcome of the retreat.

A highpoint of the event was the presentation of awards of excellence by Renner & Renner, in which the MD was honoured with the visionary leadership award.

The Executive Director Engineering, Prof. Idris Abubakar, was also honoured with the exemplary leadership award.  (NAN)

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Nigeria, UK Move to Close £1.2bn Trade Data Gap with Digital Customs Pact

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Nigeria and the United Kingdom have agreed to deepen customs cooperation through a new digital data-sharing framework aimed at resolving a £1.2 billion discrepancy in bilateral trade figures, a longstanding issue affecting transparency and efficiency between both economies.

The agreement was reached during a high-level meeting in London on March 18, 2026, held on the sidelines of President Bola Tinubu’s state visit under the Nigeria–UK Enhanced Trade and Investment Partnership (ETIP).

According to the Nigeria Customs Service (NCS), the talks brought together Comptroller-General Adewale Adeniyi and Ms. Megan Shaw, Head of International Customs and Border Engagement at His Majesty’s Revenue and Customs (HMRC), with discussions focused on customs modernisation, trade data transparency, and operational collaboration.

At the centre of the engagement is a significant mismatch in trade statistics. Nigeria recorded about £504 million worth of imports from the UK in 2024, while UK data shows exports to Nigeria at approximately £1.7 billion over the same period — leaving a gap of roughly £1.2 billion.

Both sides described the discrepancy as structural and agreed on coordinated measures to address it. Chief among these is the proposed implementation of a pre-arrival data exchange system, which will connect digital customs platforms in both countries to improve data accuracy, strengthen risk management, and enhance compliance monitoring.

Adeniyi emphasised that stronger customs collaboration is vital for economic growth and sustainable trade, noting that customs authorities play a key role in ensuring secure and transparent cross-border trade flows.

The meeting also highlighted advancements in customs technology, with the UK showcasing artificial intelligence-driven tools, digital verification systems, and real-time analytics designed to improve cargo processing, risk assessment, and border security.

In addition to addressing the data gap, both countries agreed on several strategic initiatives, including the development of a Customs Mutual Administrative Assistance Framework, technical cooperation on capacity building, and the establishment of a joint engagement mechanism under ETIP.

The NCS said the outcomes of the meeting would enhance operational efficiency, boost trade facilitation, and support Nigeria’s broader economic reform agenda, positioning the country for improved competitiveness in global trade.

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Nigeria’s “Shockproof” Economy: Cardoso Signals New Era of Stability to London Investors

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Central Bank of Nigeria (CBN) Governor Olayemi Cardoso issued a bullish assessment of the nation’s financial health yesterday, declaring that aggressive institutional reforms and disciplined monetary policy have built a “stronger capacity” to withstand global economic volatility.

Speaking at the Africa Capital Forum—held on the sidelines of President Bola Ahmed Tinubu’s state visit to the United Kingdom—Cardoso painted a picture of a Nigerian economy transitioning from a period of emergency stabilization to one of sustained investment.

A Fortress Against Volatility

The Governor’s address focused heavily on the “de-risking” of the Nigerian financial system. By emphasizing a shift toward a predictable policy framework, Cardoso aimed to reassure international stakeholders that the days of opaque, discretionary decision-making are ending.

“We are reviewing our policies with a view to developing meaningful policies and establishing a predictable policy framework to minimise discretion,” Cardoso stated, noting that consistency is the primary tool for reducing investor uncertainty.

The Governor highlighted several critical milestones achieved under the current administration’s reform agenda:

Banking Recapitalization: The CBN reported that over 30 banks have already met new capital requirements.

Notably, 28% of the newly raised funds originated from foreign investors—a metric Cardoso cited as a clear vote of international confidence.

FX Transparency: A new foreign exchange manual has been deployed, stripping away previous restrictions to boost liquidity and simplify operations for multinational businesses.

Remittance Surge: Increased diaspora remittances have bolstered foreign exchange reserves, providing a crucial buffer against external shocks.

Fiscal-Monetary Synergy: In a departure from previous friction, Cardoso noted that the inclusion of fiscal authorities on the CBN Board and the Monetary Policy Committee (MPC) has synchronized the nation’s broader economic strategy.

The Digital Frontier: “Vision for Nigeria”

Looking ahead, the Governor announced the completion of a new Payments System Vision. This initiative aims to cement Nigeria’s status as the continental leader in digital payments and cross-border transactions, specifically targeting the removal of regulatory hurdles for the nation’s burgeoning fintech sector.

 

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Tinubu Swears in Taiwo Oyedele as Minister of State for Finance

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President Bola Ahmed Tinubu and Taiwo Oyedele
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President Bola Ahmed Tinubu on Monday swore in Taiwo Oyedele as Minister of State for Finance, praising his experience, dedication, and professionalism in public service.

Speaking shortly after the brief ceremony at the Presidential Villa in Abuja, the president described the appointment as a vote of confidence in Oyedele’s competence and commitment to national development.

Tinubu commended the new minister for his role in coordinating the work of the Presidential Committee on Fiscal Policy and Tax Reforms, noting that his expertise and deep knowledge of tax policy had been instrumental in shaping reforms aimed at simplifying Nigeria’s tax system, expanding the revenue base, and improving the business environment.

“We are very proud of your knowledge, your simplicity, ambition, and excellence,” the president said, while also acknowledging the support of Oyedele’s wife, whom he praised for standing by him despite the demands of public service.

Tinubu said Oyedele’s dedication, patience, and determination to serve the country made him well suited for the role, adding that the position carries significant responsibility at a time when Nigeria is pursuing economic stability and growth.

According to the president, the new minister’s efforts in reforming Nigeria’s tax framework have helped address policies he described as outdated and inconsistent with progressive economic thinking.

Oyedele, who hails from Ikaram in Akoko area of Ondo State, is an economist, accountant, and public policy expert.

He obtained a Higher National Diploma in Accountancy and Finance from Yaba College of Technology and later earned a Bachelor of Science degree in Applied Accounting from Oxford Brookes University.

He has also completed executive education programmes at London School of Economics, Yale University, Gordon Institute of Business Science, and Harvard Kennedy School.

Before his appointment, Oyedele spent 22 years at PricewaterhouseCoopers, where he joined in 2001 and rose to become Fiscal Policy Partner and Africa Tax Leader.

He also serves as a professor at Babcock University in Ogun State and as a visiting scholar at Lagos Business School.

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