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ENL, Chinese Firms to Move Cargoes Using Barges

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chemical importation
  • ENL, Chinese Firms to Move Cargoes Using Barges

As part of efforts to find a lasting solution to the perennial gridlock in Apapa, the ENL Consortium, operators of Terminals C and D at the Lagos Port Complex, has entered into a strategic partnership with a Chinese logistics giant, Sinoma Cargo International, to evacuate cargoes from the port using barges.

According to a statement on Sunday, the partnership also incorporates Josephdam Port Services and Lianyungang Port of China.

“The Lianyungang Port is among the 10 largest ports in China and the 30 largest ports in the world. The cargo throughput of the Lianyungang Port is 210 million tonnes per year, while its container throughput is five million TEU per year,” the statement read in part.

It quoted the Executive Vice Chairman/Chief Executive Officer, ENL Consortium, Princess Vicky Hasstrup, as saying during the China-Nigeria Core Liner Conference in Lagos on Friday that the existing poor transport infrastructure in Nigeria was affecting the economic performance and competitiveness of the ports.

She said the partnership became imperative given the persistent gridlock on the port access roads in Apapa, which had made cargo evacuation from the ports difficult.

Hasstrup said the initiative, which will be implemented in conjunction with the Lianyungang Port of China, would facilitate the evacuation of cargoes from the terminals through barges, and also help to promote mutual cooperation and exchange between Liayungang and the Lagos ports.

She stated, “We have been to the Lianyungang Port on the invitation of Sinoma, and there, we signed a friendship agreement sometimes in July. They also expressed their willingness to come to the Nigerian ports to see what ENL and other ports look like.

“This conference was organised to brainstorm on how to have a better operational logistics, which is Sinoma’s core duty. We know what it is getting in and out of Apapa and discharging of cargo, because of the present traffic situation in Apapa and its environs.

“So, this afforded us the opportunity to brainstorm on what else can be done under a Public-Private Partnership arrangement other than road since their core business is logistics.

“Sinoma has told us they would want to bring barges that can evacuate cargoes at the seaside in large volumes. The barges are the types that we have not seen in Nigeria that can take several hundreds of tonnes of cargo at once.

The General Manager, Sinoma Cargo, Li Zhanzhu, was quoted as saying that the firm had established good cooperative relationship with the ENL Consortium and Josephdam Port Services, which both handled several consignments shipped to Nigeria from China.

He said from January 2018 till date, the firm had operated 12 batches of Lianyungang- Lagos logistics line, organised and transported more than 410,000 dead weight of general cargo and transported more 2,000 TEU of containers.

The products, according to him, cover steel and templates, engineering equipment and tools.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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