Business
Nigeria Customs, WCO, World Bank, IMF Collaborate on Workshop to Boost Trade Facilitation
The Nigeria Customs Service (NCS), in partnership with the World Customs Organization (WCO), World Bank Group (WBG), and International Monetary Fund (IMF), is conducting a five-day workshop on Post Clearance Audit (PCA) to strengthen trade facilitation in Nigeria. The workshop, which runs from October 7 to October 11, 2024, is being held in Abuja.
During the opening ceremony, Comptroller-General of Customs (CGC) Adewale Adeniyi, represented by Assistant Comptroller-General of Customs, Adekunle Oloyode, expressed appreciation for the support from WCO, WBG, and IMF in advancing PCA reforms. Adeniyi emphasized that the workshop aims to establish a robust PCA system that complements the Authorised Economic Operator (AEO) program, both crucial for enhancing compliance and promoting trade facilitation.
“PCA is vital in ensuring compliance and safeguarding national revenue long after goods have exited Customs control,” Adeniyi said. He highlighted the role of PCA in detecting commercial fraud, recovering lost revenue, and fostering a secure trading environment for smoother international trade.
The workshop will focus on risk management, data-driven methodologies for identifying high-risk transactions, and the development of detailed audit plans. It also aims to enhance capacity-building efforts by leveraging international expertise and technology to improve NCS’s PCA processes.
World Customs Organization expert Russell Clark praised the collaboration and commended the NCS for its commitment to improving trade facilitation.
Business
Shehu Sani Criticizes World Bank Over Nigeria’s Economic Outlook
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.
Business
HIG: Building Trust and Driving Innovation in Nigeria’s Insurance Market
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.
Business
Wike Urges Nigerians to Pay Taxes for Improved Social Services
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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