6 BUSINESS DAY C002D5556 NEWS Need for maritime bank re-echoes at NIMASA, stakeholders confab … stakeholders worry if insurers can guarantee change from FoB to CIF IGNATIUS CHUKWU The need to set up a bank dedicated to the maritime economy where ship owners and other investors can borrow at cheap rates re-echoed in Warri, Delta State, when the Nigerian Maritime Administration and Safety Agency (NIMASA) hosted a day stakeholders’ conference to gather ideas to move the industry forward. This is as the ability of the insurance industry in Nigeria to cope with the mooted idea of transferring the sale of crude oil in Nigeria from Free on Board (FoB) basis to Cost Insurance and Freight (CIF) basis. The urgent need for a maritime bank has also found its way into the communiqué at the end of the conference. The conference at the instance of NIMASA with the Federal Ministry of Transportation focused on the executive order one signed by President Muhammadu Buhari on ‘Ease of Doing Business’ and local content push. The fresh call for a marine bank was led by the chairman, Ship Owners Forum, Margaret Onyema – Orakwusi, who spoke on: “Ease of doing business in a secured maritime environment”. Recommending such a bank to boost funding and help Nigerians compete in the maritime sector, she suggested a rate not more than three per cent, saying the commercial rates prevailing in the country would never allow huge capital input into the sector. She said this would continue to put the maritime economy in the hands of foreigners. The chairman further urged the Federal Government to improve security in the nation’s territorial water to restore investors’ confidence in the sector. She however wondered if the insurance sub-sector was ready for the push to move from FoB to CIF would be a success. Maritime experts began the fresh push to sell CIF in 2017 led by Chinedu Jideofo-Ogbuagu, one-time consultant to the United Nations Committee on Trade (UNCTAD, now the president of the Marine Club of Nigeria. Ogbuagu had argued thus; “The cargo, meaning the crude oil and the refined product, which are carried in vessels, must be sold CIF (Cost Insurance and Freight). By this, the person selling will now be able to nominate which vessel will carry either the crude or the refined product. As long as they are patriotic, why would they not nominate Nigerian vessels? But when you sell FoB (Free on Board), you lose 60 per cent of the extra profit in the shipping or insurance that is involved.” The resolutions at the end of the conference at the KFT Centre in Warri also called on the Ministry and its Agencies to promote the automation of all shipping related administrative processes to reduce human subjectivity and corruption; to consider reviving NIMA- REX as a platform for bridging the gap between the Nigerian shipping industry and prospective international investors so as to provide impetus for growth and investment; and to also liaise with relevant Ministries and Agencies in Trade and investment sector with a view to reducing the tax burden and other ancillary costs borne by the indigenous shipping investor”. The report urged NI- MASA to take careful stock of available indigenous tonnage and their current state of health so as to be empirically guided in the determination of the lingering Cabotage waiver issues; and urged the Ministry to consider inviting the Finance and Trade Ministries alongside the Customs Service to subsequent Stakeholders Forum with a view to benefiting from their input on key issues”. Bayelsa gears up for <strong>2018</strong> Africa SMEs Roundtable SAMUEL ESE, Yenagoa Bayelsa State government has concluded arrangements to host the <strong>2018</strong> Africa SMEs Roundtable with the theme: The Position of Africa SMEs Within the Global Economy: Unlocking Market Opportunities. <strong>BusinessDay</strong> gathers that already 15 African countries have registered for the March 1 to 3 event, while 20 African development institutions, 10 global SME funding support institutions and many others have also indicated readiness to attend. The event is expected to provide a platform for business-to-business and government-to-business opportunities, promote bilateral trade and boost inter African trade as part of an African sister cities business fair/exposition. Director-general of Bayelsa Microfinance and Enterprise Development Agency (BYMEDA), Ebiekure Eradiri, described the roundtable as “apt in view of the global economic realities of recession and crude oil negative downward slide.” Eradiri called on African trade and finance ministers, government agencies, entrepreneurs, banks and the African Union among others to participate, as the roundtable will afford opportunities to examine “policies, strategies, best practices, solutions and programmes to upgrade African SMEs and launch them into new growth trajectories.” He said the programme would spotlight evolution of Africa SMEs marketplace, increase foreign direct investment and promote accelerated development of SMEs in the continent. According to Eradiri, the roundtable would also take stock of the implementation of the Consolidated Plan of Action, which would take into account emerging areas and contributions of Africa to the attainment of the Millennium Development Goals (MDGs). On the expected impact of the programme, Eradiri explained that the recommendations are expected to fit into the implementation plan path for the new umbrella group for SMEs advocacy, All Africa Association of Small and Medium Enterprises. The three-day programme would feature exhibitions in two major sectors and encourage exchange of business information, brands promotion and build prospect data and generate sales leads among others. Eradiri said expected results include synthesis of best practices, benchmarking tool for entrepreneurs, guidelines for mainstreaming SMEs into national development, incubation of newly identified entrepreneurs and procurement of loans and monitoring. Monday <strong>26</strong> <strong>Feb</strong>ruary <strong>2018</strong> 25,000 to benefit from <strong>2018</strong> Lagos ready-setwork training pack JOSHUA BASSEY Lagos State government has launched the third edition of its Ready-Set- Work (RSW) training programme targeting to train over 25,000 students of various tertiary institutions in the state. The RSW is an initiative of the state government that brings students of tertiary institutions in Lagos, especially those in the final year, together for a training programme that builds their confidence and prepares their minds towards the world of work and self-reliance upon graduation from school. The special adviser to Governor Akinwunmi Ambode on education, Obafela Bank-Olemoh, who spoke at the launch of the <strong>2018</strong> edition of the programme, on Thursday, said the training would last for 13 weeks, adding that since the takeoff in 2016, thousands had benefitted from it. “What we are doing here is the official launch of The Ready-Set-Work faculty. We are building the largest volunteer faculty in Nigeria. Since the inception of the programme, we have engaged volunteers, who are professionals from various sectors of the economy to train and mentor the students in the 13-week training programme.
Monday <strong>26</strong> <strong>Feb</strong>ruary <strong>2018</strong> C002D5556 BUSINESS DAY 7