Business

IMO Joins AACE To Boost African Trade

Published

2 years ago

December 5, 2024

OCHEFA

579 Views

International Maritime Organization (IMO) has joined States of the African Alliance for Electronic Commerce (AACE) to support work on ‘The Role of Single Windows and Digitalization in Boosting African Trade.

The members of AAEC are: Burkina Faso, Cameroon, Djibouti, Cote d’Ivoire, Gabon, Mauritius, Kenya, Libya, Morocco, Madagascar, Mali, Mozambique, Nigeria, Republic of Congo, Senegal and the WAEMU Commission.

This was disclosed by the Organization at a workshop held in Casablanca, Morocco (4 December). During the workshop, the participants learned about the 2022 amendments to IMO’s FAL Convention, which now mandates the electronic exchange of mandatory data in ports for the completion of formalities.

Since 1 January 2024, all IMO Member States are required to use a centralized digital platform or ‘Maritime Single Window’ to collect and exchange information with vessels when they dock at ports.

The workshop will boost States’ ability to implement a MSW, which aims to significantly reduce time and costs associated with port procedures and thereby enhance the efficiency of shipping worldwide.

The workshop was organized by the AACE in partnership with the Moroccan Single Window, Portnet SA.

Business

NPA initiate trucks movement code to ease traffic at Lagos ports

The initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

Published

11 hours ago

July 30, 2026

OCHEFA

23 Views

The Nigerian Ports Authority (NPA) has introduced a movement code to streamline the movement of empty containers into seaport terminals and reduce traffic congestion caused by container trucks along the Apapa and Tin Can Island port corridors.

The Guardian reported that under the new policy, the movement code will serve as a unique identifier generated by a holding bay for every empty container uploaded to the Electronic Call-Up (ETO) platform.

The code must correspond with the details captured on the ETO system before trucks are granted access to port terminals.

In a notice issued to stakeholders, the NPA said the movement code has become a mandatory requirement for completing the truck-container matching process.

Truck drivers are required to obtain the code from designated holding bays before proceeding to the ports.

According to the authority, the initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

Business

Okonjo-Iweala lauds Cardoso for stabilising Nigeria’s monetary environment

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Published

12 hours ago

July 30, 2026

OCHEFA

21 Views

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has commended the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, for stabilising Nigeria’s monetary environment.

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Speaking at the forum, Okonjo-Iweala commended Cardoso on the work that he and his team have done on currency and monetary policy stabilisation.

However, she emphasised that Nigeria must sustain broader macroeconomic reforms.

“Nigerians have to feel the dividends of reform in the real economy,” she added.

The forum brought together policymakers, business leaders and development partners to discuss strategies for strengthening Africa’s resilience amid growing global economic uncertainty.

Business

Naira Exchange Rates Thursday, July 30 : Black Market, CBN, Commercial Bank

Sterling Bank publishes both a buy rate and a sell rate for USD, GBP, EUR, and ZAR. The buy rate is what Sterling Bank will pay you when you exchange foreign currency for Naira. The sell rate is what you will pay when buying foreign currency from Sterling Bank at its branches.