Markets

Stakeholders Set to Revive Logistics, Supply Chain Operations

Published

8 years ago

December 7, 2016

Stakeholders Set to Revive Logistics, Supply Chain Operations

Stakeholders in the logistics and supply chain sector are set to deliberate on the potential of creating new business opportunities in the transportation sector.

Clarion Events West Africa, organisers of the Multimodal West Africa Exhibition and Conference where the stakeholders are expected to meet, said it would create the platform for freight contracts from over 2,500 major cargo owners and generate new leads to over 16,000 cargo owners in the multimodal West Africa network.

The firm added that the conference, holding from 24th to 26th January 2017, in Lagos, had the ability to connect top policymakers in the transportation, logistics and supply chain sector.

“Top players like the Nigerian Ports Authority, Nigerian Railway Corporation, Nigerian Shippers’ Council have been invited as major partners of the Multimodal West Africa 2017,” the firm said in a statement.

It quoted the Vice-Chairman, Institute of Shipbrokers, West Africa, Captain Samuel Olanrewaju, as saying that Multimodal West Africa 2017 would be an avenue to improve transport and logistics business in Nigeria and encouraged all stakeholders to participate in the exhibition.

The organisers said it would also support government’s efforts in increasing ports and terminal activities throughout the freight transport, logistics and supply chain management sectors.

“Currently in Nigeria, there is the need for rapid improvement in the transport and logistics sector, as it plays a crucial role in the growth of organisation and economic development of a country. Multimodal West Africa offers exhibitors a unique platform to showcase latest supply chain solutions and equipment to decision makers from leading cargo owners, importers and exporters,” the statement read in part.

The immediate past President, Chartered Institute of Logistics and Transportation, Gen. Umar Usman, was quoted as saying the conference had the ability to deliver more business than any other transport and logistics exhibition in West Africa, with the attendance of many major decision makers from all sectors.

The Managing Director, Clarion Events West Africa, Dele Alimi, said the conference would rejuvenate the transport and logistics sector in the country.

“It will create opportunities for discourse across the entire value chain of the sector and will provide solutions for cargo owners and provide businesses for service providers across the entire chain. Since it is holding in January, we promise exhibitors enough businesses to last them for the whole of 2017 and beyond. For cargo owners, we aim to provide an easier avenue for the movement of their goods locally and internationally,” he stated.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Crude Oil

Oil Prices Rebound on OPEC+ Output Delay Talks and U.S. Inventory Drop

Published

2 days ago

September 5, 2024

Samed Olukoya

Oil prices made a modest recovery on Thursday on the expectations that OPEC+ may delay planned production increases and the drop in U.S. crude inventories.

Brent crude oil, against which Nigerian oil is priced, rose by 66 cents, or 0.9% to $73.36 per barrel while U.S. West Texas Intermediate (WTI) crude appreciated by 64 cents or 0.9% to $69.84 per barrel.

The rebound in oil prices was a result of the American Petroleum Institute (API) report that revealed that the U.S. crude oil inventories had fallen by a surprising 7.431 million barrels last week, against analysts 1 million barrel decline projection.

The decline signals better than projected demand for the commodity in the United States of America and offers some relief for traders on global demand.

John Evans, an analyst at PVM Oil Associates, attributed the rebound in crude oil prices to the API report.

He said, “There is a pause of breath and light reprieve for oil prices.”

Also, discussions within the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, are fueling speculation about a potential delay in planned output increases.

The group was initially expected to increase production by 180,000 a day in October 2024.

However, concerns over softening demand in China and potential developments in Libya’s oil production have prompted the group to reconsider its strategy.

Despite the recent rebound, analysts caution that lingering uncertainties around global oil demand may continue to weigh on prices in the near term.

Energy

Power Generation Surges to 5,313 MW, But Distribution Issues Persist

Published

3 days ago

September 4, 2024

Samed Olukoya

Nigeria’s power generation continues to get better under the leadership of President Bola Ahmed Tinubu.

According to the latest statement released by Bolaji Tunji, the media aide to the Minister of Power, Adebayo Adelabu, power generation surged to a three-year high of 5,313 megawatts (MW).

“The national grid on Monday hit a record high of 5,313MW, a record high in the last three years,” the statement disclosed.

Reacting to this, the Minister of Power, Adebayo Adelabu, called on power distribution companies to take more energy to prevent grid collapse as the grid’s frequency drops when power is produced and not picked by the Discos.

He added that efforts would be made to encourage industries to purchase bulk energy.

However, a top official of one of the Discos was quoted as saying that the power companies were finding it difficult to pick the extra energy produced by generation companies because they were not happy with the tariff on other bands apart from Band A.

“As it is now, we are operating at a loss. Yes, they supply more power but this problem could be solved with improved tariff for the other bands and more meter penetration to recover the cost,” the Disco official, who pleaded not to be named due to lack of authorisation to speak on the matter, said.

On Saturday, the ministry said power generation that peaked at 5,170MW was ramped down by 1,400MW due to Discos’ energy rejection.

Crude Oil

Again NNPC Raises Petrol Price to N897/litre

Published

3 days ago

September 4, 2024

Investors King

The Nigerian National Petroleum Company (NNPC) Limited has once again increased the price of Premium Motor Spirit (PMS) from N855 per litre on Tuesday to N897 on Wednesday.

The increase was after Aliko Dangote, the Chairman of Dangote Refinery, announced the commencement of petrol production at its refinery.

The continuous increase in pump prices has raised concerns among Nigerians despite the initial excitement from the refinery announcement.

According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the 650,000 barrels per day refinery will supply 25 million litres of petrol to the Nigerian market daily this September.

This, NMDPRA said will increase to 30 million litres per day in October.

However, the promise of increased fuel supply has not yet eased the situation on the ground.

Tunde Ayeni, a commercial bus driver at an NNPC station in Ikoyi, said “I have been in the queue since 6 a.m. waiting for them to start selling, but we just realised that the pump price has been changed to N897. This is terrible, and yet they still haven’t started selling the product.”

The price hike comes as NNPC continues to struggle with sustaining regular fuel supply.

On Sunday, the company warned that its ability to maintain steady distribution across the country was under threat due to financial strain.

NNPC cited rising supply costs as the cause of its difficulties in keeping up with demand.