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Presidency Orders Apapa Ports’ Decongestion in Two Weeks Omololu Ogunmade in Abuja The presidency yesterday gave a two-week deadline for the removal of all impediments to free flow of traffic and all congestion around the Apapa ports and its environs. It also ordered operators of trucks and tankers parked along access roads to the ports to vacate the area within 72 hours. A statement from the Office of the Vice-President in Abuja, said the directive was the fallout of an emergency meeting convened by President Muhammadu Buhari on April 25, this year and presided over Vice-President Yemi Osinbajo. The statement, issued by Osinbajo's spokesman, Mr. Laolu Akande, said the meeting came up with solutions to protracted gridlock around
Lagos ports, which has continued to impede both port operations and comfort of residents. In pursuit of resolutions at the meeting, the statement said a presidential task force, chaired by Osinbajo, was constituted to restore law and order to Apapa and its environs within two weeks. The taskforce is expected to file a progress report to the president. The taskforce has as its terms of reference, the development of an efficient and effective management plan on traffic in the area; enforcement of permanent removal of all stationary trucks on the highway; the development of an effective manual truck call-up system pending the introduction of the electronic truck call-up system, among others.
"A presidential directive has been issued for the immediate clearing up of the Apapa gridlock and the restoration of law and order to Apapa and its environs within two weeks. The directive mandates the immediate removal of all trucks from the bridges and roads within Apapa and all adjoining streets leading into the Apapa axis. "To facilitate this important assignment, operators of trucks and tankers have also been directed to vacate the port access roads within the next 72 hours. "This directive follows an emergency meeting convened by President Muhammadu Buhari and chaired by VicePresident Yemi Osinbajo (SAN) on the 25th of April, 2019. The meeting proffered lasting solutions to the gridlock
around the Lagos ports, as the traffic congestion has continued to restrict all operations and livelihood in the area,� the statement said. It listed those at the meeting Buhari chaired to include key heads and representatives of Ministries, Departments and Agencies (MDAs) of government, including the Minister of Power, Works and Housing, Mr. Babatunde Fashola; Inspector General of Police, Mr. Mohammed Adamu; representative of the Chief of Naval Staff, Rear Admiral B.E.E Ibe-Enwo; Permanent Secretary, Lagos State Ministry of Transportation, Dr. Salaam Taiwo Olufemi; and the Executive Director, Marine and Operations, Nigerian Ports Authority (NPA), Dr. Sokonte Davies. According to the statement,
the presidential taskforce has included on its terms of reference the development of an efficient and effective management plan for the entire port area traffic, including the cargo, fuel distribution and business district traffic; enforcing the permanent removal of all stationary trucks on the highway, and the development of an effective manual truck call-up system, pending the introduction of the electronic truck call-up system. It also includes the implementation of a workable empty container return and export container truck handling policy. The statement listed members of the task force to include a former Commissioner for Transport in Lagos State, Mr. Kayode Opeifa, who is the Executive Vice
Chairman; representatives of the Presidential Enabling Business Environment Council (PEBEC), the Nigerian Ports Authority (NPA), and the Nigerian Shippers' Council (NSC). To achieve the target, the Nigerian Navy and all other military formations were mandated to quit traffic management duties in and around the Apapa axis while military and paramilitary checkpoints in front of the ports and their environs should be dismantled. LASTMA has also been authorised to move to Apapa to lead traffic management in the area. The government also directed NPA to commence immediately, the use of the Lilypond Terminal and Trailer Park A as a truck transit park.
buying government securities. “The MPC has frowned on that and has directed the management of the CBN to put in place policies or regulations that would restrict the banks from unlimited access to government securities. “It is important and expedient that the committee gives this directive to management because this country badly needs growth. For us to achieve growth, those whose primary responsibility that it is to provide credit, who act as intermediaries in providing credit and are called catalysts to credit and growth in the economy must be seen to perform that responsibility.�
Buffers
CBN’S MOVES TO CAP TREASURY BILLS INVESTMENT UNSETTLE BANKS sector. A treasurer in one of the leading commercial banks, who pleaded to remain anonymous, told THISDAY that if the policy is enforced, banks would be forced to change their investment strategy. According to him, banks may then be compelled to seek opportunities in other investment outlets such as commercial papers. “Investment in treasury bills and bonds are risk-free and the returns are guaranteed. So, limiting the amount of investible funds would definitely hit the profitability of banks,� the source added. Managing Director, Afrinvest Securities Limited, Mr. Ayodeji Ebo, shared the treasurer’s views.
According to him, banks would not be comfortable with the policy because it undermines their chances of making money. “So, it is going to be a difficult push for the central bank. The CBN needs to look for a more structural way to boost lending to the real sector. “This looks like more of direct control. It is better to adopt moral suasion on this matter,� he added. Ebo, cited the difficult operating environment as one of the factors discouraging lending to the private sector. On his part, the Head of Research and Strategy at FSDH Merchant Bank Limited, Mr. Ayodele Akinwunmi, said there could be a rule directing banks on how to structure their
balance. Akinwunmi also noted that CBN could use moral suasion to achieve its objective of making banks lend to the real sector, just as he highlighted the risks in lending to the real sector. “The short-term impact of this policy if implemented is that commercial paper market will increase; there would be tendency for banks to rediscount and trading on other papers would increase. “But everybody will be happy if interest rate in the economy drops and the risks in the economy reduces,� he added. While announcing the restrictions on Tuesday, Emefiele had said the intention was to stimulate growth in
the economy. Emefiele had said the Monetary Policy Committee (MPC) expressed concern over a situation whereby banks abandoned their key roles of stimulating growth in the economy by investing in government instruments at the detriment of the economy. He added: “The truth is that yes, according to our own regulations, there is a minimum percentage of treasury bills or government securities that the banks must invest in, in order to remain liquid. But again, we have observed and unfortunately and increasingly so, that the banks, rather than even focusing on granting credit to the private sector, they tend to direct their focus mainly on
EmeďŹ ele Calls for Stronger Fiscal
of the Economic Recovery and Growth Plan (ERGP), which he said aided the country's exit from recession, social investment programme, provision of bailout funds to states as well as road and rail infrastructure. "I want you all to leave this meeting proud to have served your nation to the best of your ability. You should be proud to have been part of the government that liberated the local governments previously under Boko Haram rule. "You should be proud to have contributed to our food security and economic diversification agenda which led to the revival of our rural agrarian economy. You should be proud to have been part of the team that developed the Economic Recovery and Growth Plan, which led Nigeria to exiting its worst recession in decades. "You should be proud to have introduced the social investment programme that enhanced livelihoods of millions of Nigerians. You should be proud to have participated in settling outstanding pensions of many senior citizens abandoned by previous governments while supporting state governments to meet their salary arrears. “And of course, you should
all be proud to have overseen the most ambitious road, rail and airport rehabilitation programmes in the history of our country. "I want to put on the record, that your achievements in the last three-and-a-half years have guaranteed your position in the history books of this nation. You have certainly built the foundations for an improved economy and a more purposeful government," the president said. Buhari also directed the ministers to formally hand over to permanent secretaries in their ministries on May 28, 24 hours before the end of this tenure. The president, who said yesterday's FEC meeting would be the last to be held before the end of this first term, directed the ministers to submit their handover notes to the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, before the expiration of their tenure. He said: "Although today is our last council meeting, I expect all of you to continue working until Tuesday, 28th May, 2019 when you will officially hand over your schedules to your respective permanent secretaries. "Your handing over letters should be submitted to the
Office of the Secretary to the Government of the Federation. Today’s Federal Executive Council meeting is the last time we will meet as a cabinet before the commencement of the second and final term of this administration." The president who recalled that the first cabinet meeting was held in November 2015, said the team had worked effectively together since then to deliver the campaign promises of the ruling All Progressives Congress (APC). He also recalled the death, in an accident, of former Minister of State for Labour, Mr. James Ocholi, along with his wife and son barely four months after the take-off of the cabinet. Vice-President Yemi Osinbajo and the ministers, in their valedictory speeches, paid glowing tributes to the president for choosing them to work with him. The vice-president thanked the president for the trust he had in him, recalling that on the occasions when he handed over power to him as acting president, he told him that he was giving him unfettered platform to act, a promise he said Buhari kept. Most of the ministers praised the combination of the president and the vicepresident as the drivers of the
Meanwhile, Emefiele yesterday reiterated the need to enhance fiscal buffers in order for the country to be able to withstand external shocks. This he said was essential, considering the uncertainties and threats to global economy. Emefiele listed other global uncertainties to include the normalisation of monetary policy by the US Federal Reserve System, which could lead to acute capital reversals; increased financial fragilities in emerging markets; volatility of global crude oil market due to the US sanctions on crude oil imports on Iran and Venezuela, along with output Continued on page 7
BUHARI: WHY I KEPT MY CABINET INTACT a sense of pride that they had served Nigeria to the best of their abilities. According to the president, when the cabinet took off in 2015, it was confronted with challenges, which he said included a crisis-ridden economy that later went into recession in the face of insecurity and massive corruption. He said whereas many would have given up in the face of the daunting challenges, the cabinet confronted the challenges with unity of purpose. He added that it was that principle of collective responsibility, which encouraged him to keep the cabinet intact, saying every minister had a unique skill, which was a reflection of the state of Nigeria they came to serve. "You will recall that when we started this journey, our country was facing numerous challenges. We inherited a broken economy, which eventually went into recession in the second quarter of fiscal year 2016. The situation was further compounded by insecurity and massive corruption. "Many would have given up. Indeed, many outside commentators said our
situation was well-nigh hopeless. However, we all came together and pushed forward to deliver our campaign promise to rescue our country from its parlous state. "Although we all had a common vision, we frequently had heated debates in this room on the best way to achieve our goals. These differing views are what made the decisions we took all the more rational. "It is this quality that made me retain my cabinet for the full term. Each of you in this room has a unique skill and strength. We are a reflection of the Nigeria we aspire to achieve. A diverse but tolerant nation where no one is silenced and where every opinion should be heard and considered," Buhari said. At the occasion, the president presented the scorecard of his administration, which he believed should make the ministers proud. Among the achievements of the administration are the liberation of some local governments hitherto under the control of Boko Haram before its advent; food security and diversification agenda of the government. Other achievements he listed were the development
country's affairs, describing Buhari as a man of character and Osinbajo as a true man of God. They also praised Buhari whom they said gave them unfettered freedom to discharge their respective responsibilities without any interference.
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NGN NGN 13.15 144.85 0.38 4.25 18.00 203.00 0.03 0.40 0.10 1.80 NGN 0.04 0.40 0.85 9.15 0.02 0.22 COURTVILLE 0.02 0.23 NESTLE 110.00 1,430.00 HPE Nestle Nig Plc â‚Ś1,320.00 Volume: 294.573 million shares Value: N17.468 billion Deals: 4,835 As at yesterday 22/5/19 See details on Page 41
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