Inside Business Africa INSIDE BUSINESS AFRICA APRIL 2019 - Page 4

I N S I D E B U S I N E S S A F R I C A 14 I N T H I S I S S U E THE MAGAZINE 0F THE CORPORATE WORLD IBCA -OPAL AWARD I N S I D E B U S I N E S S A F R I C A Opinion THE MAGAZINE 0F THE CORPORATE WORLD Cover Feature READY! He was re-elected on Saturday 23rd February 2019. This is his second coming and he said he is ready and will do things differently 6 African News Nigeria’s President Muhammadu Buhari since winning his re-election to run the Africa’s most populous country for another for years has left no one in doubt as to how ready he is to deliver good governance to Nigerians while promising foreign investors better and friendly investment climate 12 Corporate Report 12 Customs seizes 27 trucks of rice, 21 vehicles worth N2.9b Killing the economy through smuggling Despite import ban, foreign Rice dominates Nigerian Markets Meeting the target Why FG couldn’t achieve 2018 revenue target –Udoma 7 D National News It's the system, stupid China's plans for the electrified, autonomous and shared future of the car It does not need to have the best car com panies to win the race 22 Tourism Report Popular Farms and Mills Ltd - Making the Big Difference in Nigeria, Expands Operations 49 National Report Make some changes IMF Express Renewed Confidence in Nigerian Economy 50 Investment: Oil and Gas Reviving tourism in West Africa Increasing investments Shell Plans $15bn Investments in Nigeria, Targets 70% Local Content, looking to power over 1.2 million homes with Ohaji gas project West Africa has huge tourist potential, but factors such as poor transport,security concerns and the ebola virus have held it back. Concerted reforms are needed to boost the number of arrivals. Killing the economy through smuggling Showcasing the continent Despite import ban, foreign Rice dominates Nigerian Markets US $1m Iconic Map of Africa Monument in South Africa unveiled 4 u t APRIL1 4 - 28, 2019 espite concrete and visible interventions of the Central Bank of Nigeria (CBN) via the Anchors Borrowers Programme (ABP) on the rice sub-sector of the Nigerian economy and the ban on the importation of the commodity, over seventy percent (70%) of rice in Nigeria markets are foreign or imported. In a three-week survey on the rice market across the six geopolitical zones in the country, Economic Confidential team observed that foreign rice such as Mama Gold, Royal Stallion, Rice Master, Caprice, Falcon Rice and Basmati are sold alongside Nigerian rice namely: Umza and Fursa Crown from Kano, Mama Happy from Niger, Labana Rice from Kebbi, Olam Rice from Nasarawa, Abakaliki Rice from Ebonyi, Ofada Rice from Ogun State, Swomen Dama from Plateau, Lake Rice of Lagos/Kebbi States among others. The Nigeria Customs service (NCS) and the CBN has reacted to the latest report. Stakeholders in the rice subsector, namely, Rice Farmers Association of Nig eria (RIFAN), Rice Millers Association of Nigeria (RIMAN) and Rice Processors Association of Nigeria(RIPAN) however gave kudos to the apex bank for the timely intervention and banning of rice since 2015, a development that has seen alarming growth in local production of rice and serious saving of foreign exchange. The stakeholders in separate interviews laid the blame for the inflow of the banned commodity on the doorsteps of the Nigeria Customs Service(NCS), adding that for the federal government to make meaningful impact in its fight against smuggling of the commodity, serious attention must be paid to the various porous borders which the Nigeria Customs Service has the constitutional responsibility to man. The development is coming almost four years after the federal government banned the importation of the commodity through land, sea and air. As part of efforts to reach different markets across the six geopolitical zones t 49 u APRIL1 4 - 28, 2019 of the country, the investigative team spread its dragnet to Singer Market Kano; Utako Market, Abuja; Terminus Market Jos; Mile 3 Market Port- Harcourt; , Main Market, Onitsha; Ogbete Market in Enugu, G-Cappa Market, Lagos and Jimeta Main Market - Yola. On-the-spot checks by this intelligence magazine show the preponderance of foreign rice in these markets by merchants who said that profits coming from foreign rice far out-weigh the local rice whom majority of those interviewed believed has more nutritional value than the foreign rice. The dealers buy local rice at about N13,000 per 50kg bag, while they sell it customers for between N15,500 to N16, 000. The same merchants pay about N11,000 for the smuggled foreign rice and sell to consumers between N17,500 and N19,000 per bag. Speaking on the disparity between the cost of local rice and smuggled foreign rice, Paul Nwadike, a rice distributor at Ogbete market in Enugu said "My u