The Federal Government, through the Nigerian Ports Authority (NPA), has announced a 15% raise in port tariffs, marking the first hike in 32 years.

This was disclosed by the NPA Managing Director, Dr. Abubakar Dantsoho, during a stakeholders’ engagement in Lagos on Thursday.

He stated that the 15% increment will be applied across board, affecting various services and operations within the ports.

According to Dantsoho, represented by Executive Director of Marine and Operations Mr. Olalekan Badmus, the NPA has maintained the same rates for over three decades despite significant economic changes.

Persecondnews reports that the changes include exchange rate fluctuations, rising wages, fuel and lubricant costs, and inflation.

The tariff increase aims to address these economic realities and ensure the sustainability of port operations.

The decision, however, has been greeted with mixed reactions.

While some stakeholders in the shipping and logistics sectors have expressed concerns about the impact of the tariff hike on the cost of doing business in Nigeria, others have acknowledged the necessity of the move in light of the agency’s financial constraints and the broader economic conditions.

The tariff increase is expected to take effect in the coming months, and the NPA has assured stakeholders that it will work closely with port operators, shipping companies, and other stakeholders to minimize any potential disruptions during the transition.

Additionally, the NPA plans to use the additional revenue generated from the increase to fund improvements of port infrastructure, enhance the capacity of terminals, and improve services such as cargo handling, storage, and security.

Africa’s Global Bank, United Bank for Africa (UBA) Plc, is set to host a Knowledge Series webinar specifically dedicated towards informing and educating Small and Medium business owners on the 2024 withholding Tax Regulations recently implemented by the federal government.

This special webinar has the theme ‘2024 Withholding Tax Regulations, Specific Emphasis on How They Affect SMEs’ and is scheduled to hold online on Thursday, January 30, 2025, by 12noon prompt. Business owners and SMEs who will like to be a part of this eye-opening event can access the session on Zoom via the link: https://ubagroup.zoom.us/webinar/register/WN_6gAJ6SYeQXaaYanXykBuiQ.

The knowledge Series is a regular seminar/workshop organised by the bank as part of its capacity-building initiatives, where leading business leaders and professionals share well-researched insights on relevant topics and best practices for running successful businesses.

This edition seeks to educate business owners on the implications of the new tax regulations and how UBA’s offerings can effectively support their growth.

Renowned leaders from diverse industries, including, UBA’s Head, SME Banking, Babatunde Ajayi; Financial Analysts with Anderson Consulting, Adeyemi Adediran and Vincent Okoukoni will be on ground to share their rich insights and explain how businesses can thrive in the new tax regime.

UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola who spoke ahead of the webinar emphasised the importance of this edition, noting that it will provide a platform for businesses, especially SMEs, to learn more about the new tax regime, implications for their business and attendant benefits for them and the economy at large.

He said, “Getting first -hand knowledge from experts on this important subject, as put together by UBA, will be invaluable for any business owner looking to build a lasting enterprise”

Also speaking on the upcoming workshop, UBA’s Group Head, Marketing & Corporate Communications, Alero Ladipo noted that the sessions frequently organised by the bank, continues to resonate with SME’s and business owners, and has in more ways than one, helped them take major leaps that has helped engender success.

Ladipo said, “At UBA, we remain resolute in our commitment to empowering businesses of all sizes, and that is why we have decided that we will help guide our customers towards making better business decisions and embracing more opportunities in 2025” that will take them to new highs.

“We have assembled an esteemed panel of speakers who will do justice to this topic by sharing their vast wealth of experience and insights on how best to navigate the new tax regime,” she noted, adding that “this is a must-attend event for anyone serious about the long-term success of their enterprise.”

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology

The Central Bank of Nigeria has granted temporary permission to Bureau de Change operators, to purchase up to $25,000 in foreign exchange weekly from the Nigerian Foreign Exchange Market, which was launched earlier this month.

The arrangement will be in effect from December 19, 2024, to January 30, 2025.

A circular dated December 19, 2024, and signed by T.G. Allu, on behalf of the CBN’s acting Director, Trade and Exchange Department, explained that this move is designed to meet seasonal retail demand for forex during the holiday period.

The circular noted that transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1 per cent spread when pricing forex for retail end-users.

According to the circular, BDCs may purchase forex from a single authorised dealer of their choice, provided they fully fund their accounts before accessing the market.

All transactions conducted under this scheme are expected to be reported to the CBN’s Trade and Exchange Department.

The circular read, “To meet expected seasonal demand for foreign exchange, the CBN is allowing temporary access for all existing BDCs to the NFEM for the purchase of FX from authorised dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only). This window will be open between December 19, 2024 to January 30, 2025.

“BDC operators can purchase FX under this arrangement from only one authorised dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1 per cent is allowed on the pricing offered by BDCs to retail end-users.”

The CBN assured the public that Personal Travel Allowance and Business Travel Allowance remain available through banks for legitimate travel and business needs.

These transactions are to be conducted at market-determined exchange rates within the NFEM framework, as the apex bank reiterated its commitment to ensuring a fully functional and liquid foreign exchange market while addressing price volatility.