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Expert Tasks Maritime Engineers on Infrastructure Development

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NIMASA
  • Expert Tasks Maritime Engineers on Infrastructure Development

As the country continues to explore new ways to diversify the economy and increase the revenue base of government at all levels, Engineers in the nation have been advised to impact the lives of Nigerians through the application of engineering and technology through investing in infrastructure and modern maritime best practices.

The General Manager, Business Development and Joint Venture, Nigerian Ports Authority, T. O. S. Talabi, made the call while delivering a lecture titled: “ The Role of Nigerian Engineers in a Recessed Economy-A Maritime Perspective,” at the Nigerian Society of Engineers, Apapa Branch Annual Dinner held in Lagos recently.

Speaking on how the potential of the maritime sector can be harnessed to boost the economy by modernisation and value adding creation, Talabi explained that business opportunities abound in, the nation’s seaports for engineers and other professionals to engage in.

He noted that engineers could engage in value-adding activities inside the port and also applies technology in storage management of produce.

Talabi believed that the country inland waterways are an asset waiting to be optimized in view of its large size and its tremendous resources.
He said this avenue could be used to create new jobs and boost youth employment in the country.

The maritime expert also revealed that engineers could capitalise on the empty ships leaving the nation’s ports after discharging their cargoes to cheaply freight produce from the country to Europe, America and other parts of the world.

Explaining that these ships have collected monies for the return trips back to their port of departure, Talabi said many of them were willing to freight cargo back to their base at very cheap rates for Nigerians.

“About 90 per cent of containers left this country empty. Nigerians can talk to this shipping companies and obtain discounts to ship out their produce,” he said.

Condemning Nigerians failure to strictly observe the standard given to them in packaging produce for European and Asia ports, the Talabi revealed that the Chinese in the country have capitalised on these lapses to use those empty containers to export meats and other edibles at cheaper rate back to their country and other parts of Asia.

Meanwhile, the Pioneer Chairman, Apapa Branch, Chief Tunde Izedome, has thrown his weight behind the ban on importation of vehicles through the land borders, saying neighbouring countries have capitalised on the country’s port inefficiency in the past to attract landing cost to themselves thereby depriving the nation of income.

He said with the port reform, the federal government’s objective is to ensure that vehicles are henceforth shipped to the nation’ ports instead of those of neigbouring countries.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

COVID-19 Plunges Nigeria’s Oil Revenue by 41% in the First Nine Months of 2020

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COVID-19 Plunges Nigeria’s Oil Revenue by 41% in the First Nine Months of 2020

Nigeria’s oil revenue declined by 41.44 percent in the first nine months of 2020 to $2.033 billion, according to the latest data from the Nigerian National Petroleum Corporation, NNPC.

This represents a decline of 41.44 percent from $3.47 billion filed in the same period of 2019 when there was no COVID-19.

In the September 2020 edition of NNPC’s Monthly Financial and Operations Report (MFOR), revenue from oil and gas rose by 16 percent to $120.49 million in the month of September, a 66 percent or $234.81 million drop from $355.3 million posted in the same month of 2019.

The global lockdowns caused by the COVID-19 pandemic plunged Nigeria’s crude oil sales and global demand for the commodity. This was further compounded by Nigeria’s high cost of production compared to Saudi Arabia, Russia and others that were offering discounts to boost sales during one of the most challenging periods in human history.

Experts like Prof. Yinka Omorogbe, President of Nigeria Association of Energy Economics, NAEE, were not surprised with the drop in earnings given the effect of COVID-19 on the world’s economy.

She, however, called for the revamp of the nation’s petroleum sector laws and diversification of the economy away from oil revenue dependence. She said “Covid-19 made 2020 a very hot year and it battered the oil industry internationally and we are not an exception; so we could not have been unaffected”.

She also said the effect of the fall “is definitely a wake-up call; we have to diversify, strengthen our other resources and capabilities”.

Omorogbe, a former NNPC Board Secretary, urged the government and the operators in the sector to look inward and think strategically, stating: “think medium term, think of where they want to be and the government, above all, must think of how best we can utilize our resources, so that we can achieve our objectives once we know and define them.

“It is a clear wake-up call, if not we will just sit here and find that we have become one of the poorest nations in the world”, she noted.

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Commodities

Crude Oil, Other Commodities Closing Price for Monday

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Crude oil

Crude Oil, Other Commodities Closing Price for Monday

Brent crude oil, Nigeria’s crude oil benchmark, gained 47 cents to $55.88 per barrel on Monday, while the US crude oil expanded by 50 cents to $52.77 per barrel.

Gold for February delivery fell $1 to $1,855.20 an ounce. Silver for March delivery fell 7 cents to $25.48 an ounce and March copper was little changed at $3.63 a pound.

The dollar fell to 103.80 Japanese yen from 103.83 yen. The euro fell to $1.2139 from $1.2167.

Wholesale gasoline for February delivery rose 1 cent to $1.56 a gallon. February heating oil rose 2 cents to $1.59 a gallon. February natural gas rose 16 cents to $2.60 per 1,000 cubic feet.

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Gold

Gold Gained Ahead of Joe Biden Inauguration 2021

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Gold

Gold Gained Ahead of Joe Biden Inauguration 2021

Gold price rose from one and a half month low on Tuesday ahead of President-elect Joe Biden’s inauguration on Wednesday.

The precious metal, largely regarded as a haven asset by investors, edged up by 0.2 percent to $1,844.52 per ounce on Tuesday, up from $1,802.61 on Monday.

According to Michael McCarthy, the Chief Market Strategies, CMC Markets, the surged in gold price is a result of the projected drop in dollar value or uncertainty.

He said, “The key factor appears to be the (U.S.) currency.”

As expected, a change in administration comes with the change in economic policies, especially taking into consideration the peculiarities of the present situation. In fact, even though Biden, Janet Yellen and the rest of the new cabinet are expected to go all out on additional stimulus with the support of Democrats controlled Houses, economic uncertainties with rising COVID-19 cases and slow vaccine distribution remained a huge concern.

Also, the effectiveness of the vaccines can not be ascertained until wider rollout.

Still, which policy would be halted or sustained by the incoming administration remained a concern that has forced many investors to once again flee other assets for Gold ahead of tomorrow’s inauguration.

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