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Prevailing exchange rate determines duty – NCS

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The Nigeria Customs Service (NCS) says the prevailing exchange rate set by the Central Bank of Nigeria (CBN) determines its rates of import duty collection and not market forces.

The Spokesperson of NCS, Abdullahi Maiwada, said this in an interview with the newsmen on Wednesday in Abuja.

Maiwada said that importers transact their businesses in dollars, which required them to obtain “Form M” from the CBN.

NAN recalls that the Nigeria Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) had recently suggested that the collection of customs duty should be charged in Naira instead of dollars.

The President of NACCIMA, Dele Oye, made the call in response to an April 8 circular by the CBN stopping the further use of foreign currency collateral for Naira loans.

Oye had suggested that all bonafide government transactions should also be done in the country’s legal tender.

According to the NCS spokesperson, the service collect duty on imported items using the prevailing rate for its calculations, while exporters use the Nigerian Export Proceed (NXP) form to repatriate their earnings.

He said that the use of the rate was aimed at converting the value of imported items into the Naira equivalent in order to appropriately assess their worth.

“The dollar rate is being used to calculate imported goods to ensure the requisite foreign exchange earnings for the country.

“If people export, it earns us foreign exchange because they will bring dollars back to Nigeria.

“If they are bringing dollars back, when they want to export items, they need to use dollars to buy items into Nigeria,” he said.

Maiwada said that customs value was based on the cost of purchasing the imported items, which involved Cost, Insurance and Freight (CIF).

“Based on that, we will be able to arrive at the customs value, and even the evaluation involves processes at arriving at the value of the item.

“If that value is in dollars, it will be converted to Naira, and the algorithms will be applied, which determines the percentage rate of duty,” he said.

He said that algorithm referred to a set of rules or procedures used by the NCS to calculate the amount of duties and taxes payable on imported goods.

“These algorithms take into account factors such as the value of the goods, their country of origin, any applicable trade agreements or tariffs, and any exemptions or preferences that may apply,” he said.

He said that fluctuation in exchange rate affected trade processes when applied in the clearance of consignments.

According to him, trade is required to be predictable so that issues such as the calculation of landing cost of items and profits can be determined.

He said that unpredictable processes of transactions were inimical to trade facilitation.

Meanwhile, the Comptroller-General of NCS, Adewale Adeniyi, announced that in the first quarter of 2024, CBN approved 28 different exchange rates for calculation of import duty.

He said that such fluctuations resulted in an average applied exchange rate of N1,314 to the dollar in the clearance of customs goods within the quarter.

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Shettima departs for 2024 US-Africa Business Summit in Dallas

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Vice-President Kashim Shettima is expected to depart Abuja for Dallas, United States of America, to represent President Bola Tinubu at the 2024 US-Africa Business Summit.

The summit is organised by the Corporate Council on Africa.

Mr Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications, Office of The Vice-President, said this in a statement on Sunday in Abuja.

Nkwocha said Shettima would join other political and business leaders across Africa, the USA and beyond for the summit.

According to him, the summit will feature high-level dialogues, networking business sessions and the plenary, all scheduled for the Kay Bailey Hutchison Convention Center in Dallas, Texas.

He said that the African leaders expected at the summit include, the President, Republic of Liberia; Joseph Boakai, President, Republic of Malawi; Lazarus Chakwera and the President, Republic of Angola, Joao Lourenço.

Nkwocha said other African leaders that would grace the summit are the President, Republic of Botswana, Mokgweetsi E. K. Masisi, President, Republic of Cabo Verde, José Maria Neves, and the Deputy Prime Minister, Kingdom of Lesotho, Nthomeng Majara.

He said besides the summit’s plenary, Shettima would speak at the Roundtable on African Infrastructure Investment with a focus on impact and returns.

” He (Shettima) is also scheduled to speak on a high-level panel on agribusiness, focusing on transiting “from food insecurity to thriving agribusinesses.

” Additionally, the Vice-President will speak at a plenary session on Navigating Africa’s Energy Future as well as chair a session dedicated to promoting the ‘invest in Nigeria’ initiative.

” He is also expected to attend other meetings and engagements on the sideline of the summit.”

Nkwocha said that Vice-President Shettima is expected back in the country at the end of his engagements in the US.

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Israeli to close Al Jazeera’s operations in the country – PM Netanyahu

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Prime Minister Benjamin Netanyahu said his Cabinet has unanimously voted to close broadcaster Al Jazeera’s operations in Israel.

The move came after Israeli lawmakers recently approved a new media law widely referred to as the “Al Jazeera law” that gives the government powers to ban foreign broadcasters if they are deemed a risk to state security.

Netanyahu announced the Cabinet decision in a post on X, formerly Twitter, in which he called Al Jazeera “the hate channel.”

Israeli Communications Minister Shlomo Karhi said on Sunday that he had signed the closure order and that it would be implemented immediately.

According to Israeli reports, this means that offices in Israel could be closed, broadcasting equipment confiscated, the station removed from cable and satellite television channels and its website blocked.

The Israeli government had accused Al Jazeera, which is based in the Gulf emirate of Qatar and has a wide reach in the Arab world, of biased reporting on the ongoing war against Hamas militants in the Gaza Strip.

Al Jazeera has reported extensively on the catastrophic situation in the Palestinian territory and shown images of death and destruction that are rarely seen on Israeli television stations.

The channel also regularly shows videos of attacks on Israeli soldiers by Hamas’ military arm, the Qassam Brigades.

The channel has rejected allegations of bias and, in the past, accused Netanyahu of spreading “new lies and inflammatory slanders” against the network.

Al Jazeera has also accused the Israeli military of deliberately targeting journalists on several occasions.

Netanyahu has accused Al Jazeera of “damaging Israel’s security, actively participating in the massacre on October 7 and inciting against Israeli soldiers.”

Al-Jazeera was founded in 1996 and is headquartered in Doha. It was one of the first Arab TV stations to publish critical reports on the region and quickly gained popularity.

The Israeli government’s efforts to ban Al Jazeera have drawn criticism from some of the country’s most prominent allies, including the United States and Germany.

The U.S. State Department expressed irritation of the decision and reiterated support for the free press all over the world.

A German Foreign Office spokesman also criticised the so-called Al Jazeera law last month: “A free and diverse press landscape is the cornerstone of a liberal democracy.”

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OTC 2024: PETAN leads stakeholders on sustainable energy solutions for Africa’s future

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The Petroleum Technology Association of Nigeria (PETAN) has led delegates to the 2024 Offshore Technology Conference (OTC) in Houston, Texas U.S. to discuss sustainable energy solutions for Africa’s future.

Mr Kevin Nwanze, Executive Secretary, PETAN, disclosed this in a statement on Sunday in Lagos.

Nwanze said that PETAN’s Nigerian pavilion at OTC 2024 would be hosted under the theme, “Sustainable Energy Solutions for Africa’s Future”.

He said that the conference would have more than 200 hours of multidisciplinary discussions and networking events, including a wide range of topics, suited for every participant.

PETAN scribe, however, called for stakeholders’ participation at the 2024 OTC, holding between May 6 and May 9 at the NRG Park, Houston, Texas, US.

According to him, PETAN has been responsible for hosting stakeholders at the OTC for many years.

“The association is calling on government agencies, stakeholders, oil and gas companies, and Nigerian investors to participate at the Nigerian pavilion at the prestigious event in Houston, U.S.

“Participation in the Nigerian pavilion shall deliver a unique opportunity for exhibitors and delegates to interact with global professionals

“As they share their insights on technological advances, energy transition, safety, environmentally focused solutions, and economic and regulatory impacts of the offshore energy sector,” he aded.

Nwanze said: “It allows organisations to engage with world leaders, CEOs, and government officials from around the world, with the chance to create and develop business relationships.

“And also tap into emerging regions vital to offshore development and obtaining recognition necessary for growth and visibility to thousands across the globe.

“Showcase your company’s capabilities to over 1,000 delegates and over 250 companies in the industry.

“Promote products and services to operators and contractors in the local region.

“Gain access to the latest industry news and access to networking opportunities with professional contacts from across the world.

“Network with the upstream, midstream, and downstream organisations and high-profile government officials and key decision-makers in the industry.

“Build and establish new leads as well as entrench a global presence in the industry.

“Get familiar with competitors’ capabilities to stay ahead in the industry,” the statement read.

The OTC 2024 expects over 31,000 energy professionals as attendees, 45 technical sessions, 450 presentations and over 1,300 exhibitors drawn from different countries, including Nigeria.

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