Business
BACITI Urges NPA to Accelerate Ports Digitization, Peering Kenya, Morocco and Rotterdam
BACITI further noted that without the full digital upgrades, the full promise of AfCFTA remains out of reach.
The Bashir Adeniyi Centre for International Trade and Investment (BACITI) of the Nigerian Institute of International Affairs (NIIA), called on the Nigerian Ports Authority (NPA) to accelerate full digitalization of the port community system (PCS) across all major ports in the country.
BACITI made the call in its just released May Economic Insight, noting that the competitiveness of Nigeria’s sea ports are still below that of Morocco, Kenya, Singapore and Rotterdam.
Said the report: “The World Bank recently ranked Lagos ports at 311 out of 370 ports globally in its Container Port Performance Index (CPPI).
” Nigeria is West Africa’s trade gateway. According to the Nigerian Ports Authority (NPA, 2024), Nigerian ports handle over 80 percent of national trade volume.
In 2023, Lagos ports alone processed 1.5 million TEUs (Twenty-foot Equivalent Units) — about 70% of Nigeria’s container trade.”
Conversely, in digitalization and smart ports, Singapore and Rotterdam lead the way: over 95 percent of port transactions are fully digital.
“Equally, in Africa, Tanger Med (Morocco) has become a continental model, reducing dwell times from 12 days to 3 days through Port Community Systems (PCS) whereas, in Nigeria, long port dwell times further raise costs, undermining the competitiveness of African businesses.”
BACITI further noted that without the full digital upgrades, the full promise of AfCFTA remains out of reach.
It added : In a world of unpredictable shocks, Africa’s best defense is a strong, flexible continental trading system. Building resilient port and trade logistics in Africa will nothappen overnight, but the trajectory is set. Nigeria, with its immense economic weight, has a leading role to play in this journey.
By modernizing its ports, investing in infrastructure, embracing digital efficiency, and championing the tenets of AfCFTA, Nigeria can transform to a powerhouse of regional trade.
This transformation is already underway – seen in projects like the Lekki Deep Sea Port and initiatives to streamline port operations.
The ripple effects of a more efficient Nigeria’s ports will be felt across the continent: smoother supply chains, more robust intra-African commerce, and better insulation from global turbulence.”
BLACK MARKET RATES
US Dollar (USD) Buy ₦1,410 Sell ₦1,420
Great British Pound (GBP) Buy ₦1,890 Sell: ₦1,910
EURO (EUR) Buy ₦1,580 Sell ₦1,605
Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080
South African Rand (ZAR) Buy ₦75 Sell ₦90
Ghana Cedi (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 300 Sell ₦2, 400
Central African CFA Buy ₦2,150 Sell 2,250
CBN Exchange Rates
US Dollar (USD) ₦1,357. 61
Great British Pound (GBP) ₦1,840.10
EURO (EUR) ₦1,571.70
Swiss Franc (CHF) ₦1,673.58
Chinese Yuan (CNY) ₦201.37
West African CFA (XOF) ₦2. 39
West African Unit Account (WAUA) ₦1,853.65
Saudi Riyal (SAR) ₦361. 59
South African Rand (ZAR) ₦83.85
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,416 Sell ₦1,423
GREAT BRITISH POUND (GBP) Buy ₦1,890 Sell: ₦1,910
EURO (EUR) Buy ₦1,590 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN Exchange Rates
US DOLLAR (USD) ₦1,357. 65
GREAT BRITISH POUND (GBP) ₦1,834.04
EURO (EUR) ₦1,567.00
SWISS FRANC (CHF) ₦1,671. 98
JAPANESE YEN (JPN) ₦8.53
CHINESE YUAN (CNY) ₦201. 34
WEST AFRICAN CFA (XOF) ₦2. 39
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.02
SAUDI RIYAL (SAR) ₦361.62
SOUTH AFRICAN RAND (ZAR) ₦84.23
Business
Traders shut down Enugu ‘s Obollo-Afor market over N25,000 haulage levy
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
All shops and markets at Obollo-Afor, Udenu Local Government Area of Enugu State were shut yesterday, as traders staged a peaceful protest against alleged selective collection of a N25,000 haulage levy in the market.
The traders, who locked their shops and took to the streets in large numbers, carried placards with various inscriptions, alleging that the Enugu State Internal Revenue Service (ESIRS) had singled out Obollo-Afor Market for the collection of N25,000 haulage fee on every truckload of goods loaded or offloaded in the market.
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
Addressing officials of the Udenu Local Government Council at the council secretariat, where the protesters marched to present their grievances, Chairman, Obollo-Afor Market Traders Association, Charles Eze, lamented that truck operators bringing foodstuffs, building materials, and other commodities to the market had stopped coming because of the levy.
200 Kaduna varsity lecturers resign over poor condition of service
Edo House of Assembly Elect New Speaker Idiaye, Hints Why Agbebaku Resign
NDLEA destroys illicit drugs valued at N301bn in Lagos
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
Politics16 hours agoKebbi Governor picks new running mate , Ibrahim Augie
-
Politics2 days ago#OsunDecides2026: First Results Emerge as Voting Ends, Collation Begins at Polling Units
-
Politics2 days ago(UPDATED) #OsunDecides2026: INEC Uploads 3,119 of 3,763 Polling Unit Results as Collation Continues
-
Politics2 days ago#OsunDecides2026: Adeleke Urges Tinubu to Protect Votes During Collation
-
Politics17 hours agoOsun poll: ADC’s Salaam, Tambuwal Hail Adeleke for Second Term Win
-
News14 hours agoEdo Assembly Speaker Agbebaku Resigns Amid Impeachment Plot (Video)
-
Politics2 days ago
BREAKING: INEC declares Adeleke winner of Osun gov poll
-
Business18 hours agoNaira Exchange Rates Monday,17 August