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GOVERNMENT’S PLAN TO STOP EXPORTATION OF UNPROCESSED MINERALS
Minister of Mines and Steel Development, Kayode Fayemi’s disclosure that the Federal Government is making moves to stop exportation of unprocessed minerals out of the country will be more meaningful if the plan is all- encompassing. Against all economic and common sense, all of Nigeria’s crude oil is being exported in unprocessed form! And that is where all attempts to add value and make more money for Nigeria should start from.

The minister made the disclosure in Lagos during a Town Hall meeting with stakeholders in the mining sector. The meeting was attended by representatives of local and international mining outfits, officials of federal, state and local governments, financial institutions, manufacturing companies, professional bodies, community organisations, security agencies and civil society. The minister noted that government was aware of the activities of some foreign nationals who export unprocessed minerals through illegal routes, thereby denying the country accruable revenue.

He stressed that unauthorised export of minerals is injurious to the economic plan of the government and reiterated his ministry’s effort to woo operators to set up plants in Nigeria where they could process the minerals before exportation of the finished products.

In a related development during a meeting with members of the Association of Miners and Producers of Barite (AMAPOB) in Benue State, the minister said the Federal Government was considering injection of funds and creation of good market environment to boost mining activities in the country. He announced government’s plan to give tax holidays to miners in an attempt to explore the full potentials of seven minerals out of the 40 known minerals in the country. These minerals include limestone, barite, iron, bitumen, lead and zinc.

The minister regretted that whereas the commercial value of Nigeria’s solid minerals runs into hundreds of trillions of dollars, currently, Nigeria earns a paltry $89 million per annum. While the ideas being pushed by the minister are worthwhile, nothing can be achieved except those ideas are put to concrete use. There have been lots of talks in the solid mineral sector without action, which explains why revenue from the sector is minuscule. Whatever needs to be done should be followed up with action. As a richly endowed mineral producing nation, government has a role to play in formulating a comprehensive framework to make the country reap huge benefits from her natural resources.

Unfortunately, rather than be a blessing, the minerals have become a curse. Part of the problem is failure of the country to have an enduring strategy for exploitation. Something like granting tax holidays ought to be a policy already. But the minister’s submission gives the impression that such an idea is still in the making. Under its mineral strategy, for instance, the United States offers a number of important minerals like gold, coal, clay, copper, and so on. But instead of exporting the mineral, the U.S. imports most of the minerals she needs because of the low supply and high demand.

The over 78 major minerals that the U.S. produces absorb nearly 270, 000 people in direct employment. The industries that support mining account for about three million additional jobs. The situation is different in China, which has huge deposits of coal, iron, copper, aluminum, and others. China exports her minerals to Europe, the United States and some other countries and rarely imports.

South Africa’s economy is largely built on gold and diamond mining. The mining sector is an important foreign exchange earner. In 2009, the country’s diamond industry was the fourth largest in the world. South Africa also produces coal, manganese and chrome. The country also produces energy mineral, non-ferrous metals and minerals, ferrous minerals and industrial minerals.

The Nigerian government should come up with a medium to long-term strategic plan on the mining and export of minerals in the country. But the objective cannot be achieved without a time-line within which the operators are expected to set up structures for processing the minerals. Having said that, the onus is on the ministry to come up with the needed strategy and the minerals in question should be spelt out. Nigerian minerals include coal, lignite and coke, gold, columbite, bitumen, iron ore and uranium, among others.

It may be easy to announce the ban on the export of unprocessed minerals but not easy to enforce. One way to effect change is to hand over the minerals to their owners. Let the states and local governments own the minerals in their domain. The constitutional provision that vests ownership of all minerals in the Federal Government is antithetical to federalism and even productivity. The federating units should own what belong to them and pay appropriate taxes to the Federal Government.

Amid the biting recession, government ought to develop an economic recovery plan that includes the exploitation of the minerals. That solid minerals account for only 0.3 per cent of the country’s GDP is a shame. Prior to the discovery of oil in 1956, Nigeria was a major producer of tin, columbite and coal. The time has come to open the industry further to private investors.

Source: http://www.tectono-business.com/2017/04/governments-plan-to-stop-exportation-of.html

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BONIFACE ANIEBOLAM READS RIOT ACT TO FELLOW FREIGHT FORWARDERS OVER IMPROPER DOCUMENTATION FOR IMPORTS, EXPORTS
Freight Forward practitioners across the country have been urged to comply with the requirements for proper documentation and description of imports and exports in line with Customs operations.The Nigerian Customs Service has issued a review of guidelines on import and export procedures expected to become effective from July 11th.

The Founder, National Association of Government Approved Freight Forwarders (NAGAFF), Boniface Aniebonam, who sounded the note of warning to members that in law, wrong description of imports for Customs declaration is in breach of Section 46, 47, and 161 of the Customs and Excise Management 2004 as amended.

The inherent penalty provided in the legislation included but not limited to seizure of goods and prosecution of offenders in a law court and five years imprisonment without an option of fine.

Aniebonam in a statement said it is legitimate and lawful that under destination inspection, the declarant is at liberty to make genuine declaration for Customs purposes, irrespective of the material content of the Pre-Arrival Assessment Report as may have been uploaded to the PAAR Unit of the Customs by the consignees.

He said, “The point herein contained is to advise practitioners to ask questions with a view to obtaining the actual content of laden containers from the importers/exporters before making declaration in the single entry document of the Customs.

“In some of our interaction with the Customs administration, we discovered that the service is highly disturbed at the moment over the non-compliant attitude of practitioners. Aside from the inherent revenue risks and delays associated with clearing goods out of Customs control, the Comptroller General of Customs is not happy that practitioners are messing up Customs systems reliability and integrity”.

“It is therefore very necessary that we must build up integrity in our operations and conduct as professionals. This development as it were, if
not stopped, is a breach of the new order of encouraging ease of doing business in the Customs ports and border locations.”

Source: http://www.tectono-business.com/2017/06/boniface-aniebolam-reads-riot-act-to.html

NNPC DISCLOSES THAT NIGERIA EARNS $2.5BN FROM EXPORTATION OF OIL AND GAS
Nigeria’s total crude oil and gas export receipt from March 2016 to March 2017 stood at $2.50 billion, according to the Nigerian National Petroleum Corporation (NNPC).

NNPC, which made this disclosure in its latest financial report released at the weekend, said the sum of $2.29 billion was transferred to Joint Venture (JV) Cash Call in line with the 2016 Approved Budget and pending 2017 budget approval.

It noted that its share of the JV cash call (JVCC) based on equity holding fell short of the 2016 appropriated amount of $8.64 billion, due to a twin effect of production disruption in Niger-Delta and low crude oil prices during the year.

NNPC explained: “A total export sale of $361.95 million was recorded in March 2017. This is $98.84 million higher than the preceding month’s performance. Crude oil export sales contributed $255.50 million of the dollar transactions compared with $157.65 million contribution in the previous month.”

The Corporation disclosed that a total value of ₦206.42 billion was collected as sales revenue for white products sold by PPMC in March 2017, compared with ₦179.81billion collected a month earlier.

It put the total revenues generated from the sale of white products for the period March 2016 to March 2017 at ₦1,611.09 billion where Premium Motor Spirit (PMS) contributed about 85.11 per cent of the revenues collected with a value of ₦1.371.14 billion.

NNPC said that the domestic crude oil and gas receipt during the month amounted to N134.96 billion, consisting of N2.28 billion from domestic gas, N0.18 billion from other miscellaneous receipt and the sum of N132.50 billion from domestic crude oil.

Out of the Naira receipt, NNPC added that the sum of N46.46 billion was transferred to JVCC being a first line charge, and to guarantee continuous flow of revenue stream to the Federation Account.

NNPC transferred the sum of N88.49 billion (including N2.46 billion from Gas receipts) into the Federation Account during the month under review from the net domestic crude oil receipt of N132.50 billion, while the balance of N46.46 billion was used to fund the JV cash call account as cost of production.

Also, the final 32nd instalment of the refund to FG of N6.33 billion was transferred. During the one year period, the Federation Account, JVCC, and the Federal Government received the sum of N772.52 billion, N512.09 billion and N82.30 billion respectively.

It revealed that trading deficit, which has characterised the Corporation’s operations for some time, as a result of massive disruption and sabotage of its facilities, recorded a huge drop from N14.12 billion in February to just about N5.62 billion.

The improvement was attributed to the increase in the Nigerian Petroleum Development Company (NPDC) crude oil exports revenue by 86 per cent. NPDC is the upstream (exploration and production) arm of the NNPC.

Out of a total cumulative production of 15.7 million barrels from its 10 production fields year-year to, NPDC’s monthly average daily production for March stood at about 39.786 barrels.
Source: http://www.tectono-business.com/2017/06/nnpc-discloses-that-nigeria-earns-25bn.html

Export is the business in vogue in Nigeria.