Business
Maritime Workers Urge Government to Address Forex Crisis Amid Growth
As Nigeria marks its 64th anniversary today, maritime operators are calling on the Federal Government to address the issue of fluctuating exchange rates to enhance importation. Speaking in Lagos on Monday, industry leaders acknowledged the significant growth the maritime sector has achieved in recent years but highlighted ongoing challenges due to fiscal policies.
Sikiru Remilekun, Youth Leader of the Tincan Island Chapter of the Association of Nigerian Licensed Customs Agents, noted that while the sector has grown, the unstable dollar exchange rate remains a major hurdle. “The challenge in the maritime sector, especially in import and export, has experienced some significant growth, but the major challenge remains the fiscal policies on the dollar floating,” he stated.
Remilekun suggested that pegging the exchange rate for cargo clearance at less than N1,000 per dollar could potentially boost the sector by over 200%. “This policy has slowed down the inflow and outflow in the port business. We urge the government to peg the dollar rate to less than N1,000 to significantly enhance growth,” he emphasized. He also pointed to issues with capacity building and excessive bureaucracy as impediments to progress.
Williams Ogunshakin, a ship captain and South-West Director of the Merchant Seafarers Association of Nigeria, echoed these concerns and advocated for improved maritime safety. He urged the government to support the Marine Pollution (MARPOL) efforts by establishing a management authority similar to the Lagos Waste Management Authority to clean the country’s waterways. “We need to stop dirt from entering our waterways, as most accidents are caused by debris dumped carelessly,” Ogunshakin stated.
He added that while maritime security has been challenging, recent efforts by stakeholders in collaboration with military forces have shown improvement. “In the past six years, maritime security has been terrible, but now we are seeing progress in our coast due to these combined efforts,” he noted.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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