Economy

27,000MT Crude Exported from Delta Port in Sept – NPA

Published

5 years ago

September 27, 2018

27,000MT Crude Exported from Delta Port in Sept – NPA

The Nigerian Ports Authority said the country exported over 24,800 metric tonnes of crude oil through the Delta Port Warri in September.

According to information from the NPA Shipping Position, Port Harcourt and Calabar are witnessing considerable increase in activities as the Nigerian government strives to live up to its promise of reviving and putting them into more active use

About 10,800MT crude oil left the country aboard a vessel, Harley, and is expected to arrive at its destination on September 30.

Another 7,000MT crude oil aboard a vessel Igbinosa is expected to arrive at its destination on September 27.

A vessel, MT Abiola, lifted 7,000MT of crude oil from the port, expected to have arrived at its destination on September 25.

Other exports in the same month include 2,000MT decanted water by Unicorn voyager with estimated time of arrival put at September 26 and 207MT ceramic tiles by Marie Claire, expected to have arrived at its destination on September 25.

This is even as the government has concluded plans to dredge the petroleum terminal at Escravos at the cost of N13bn to allow for berthing of larger vessels.

Eastern ports currently have berth depth of between six and 11 metres compared to the Lagos port with berth depth ranging from nine to 13.5 metres.

The Olu of Warri, Ogiamen Ikenwoli II, lamented that the Warri port had been dormant for years and prayed that activities would return to the ports so that the citizens could be gainfully employed.

Imports that came through Port Harcourt port in September included bulk wheat and frozen fish ferried by MV Global Aquarius (a 169.34-metre long vessel), MV Furline with a length of 115 metres and MV Glarus (a 189.80-metre long vessel).

Also, more ships are expected to arrive at the port with over 21,000MT of cargo ranging from bulk salt to frozen fish.

Calabar port received over 51,000MT of imports between September 18 and 25.

On September 24, a vessel MT Central berthed with 15,000MT of petrol; while on the following day, September 25, another vessel, MT Portman, berthed with 15,000MT of petrol.

Earlier on September 18, a vessel, MV Pacific Cebu berthed at ECMT with 16,500MT of bulk wheat while another vessel, MT Central, berthed at Northwest with 15,000MT of petrol.

Activities at the eastern ports have intensified since the NPA encouraged flat bottom ships to berth there and removed the monopoly on crude oil lifting, throwing the sector open for competition.

September has also seen a spike in activities as the government seeks to decongest the Lagos ports owing to the amount of delay and cost to business owners arising from the gridlock experienced as the ports access roads undergo rehabilitation.

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Samed Olukoya

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

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Economy

Inflation and Forex Mismanagement Drive Petrol Truck Prices from N7M to N25M

Published

10 hours ago

December 8, 2023

Investors King

The Chairman of the Independent Petroleum Marketers Association of Nigeria in the Satellite Depot branch, Akin Akinrinade, has raised an alarm over the rising cost of petrol trucks in Nigeria.

According to Akinrinade, the cost of a petrol truck has surged from N7 million in May to an astonishing N25 million at present, attributed to inflation induced by poorly managed foreign exchange rates.

Akinrinade pointed out that the forex mismanagement has significantly impacted the landing cost of premium motor spirit (PMS), commonly known as petrol, consequently leading to a surge in pump prices.

The unstable business environment, coupled with the astronomical rise in expenses, has created challenges for marketers in the downstream oil sector.

Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), highlighted in October 2023 that foreign exchange challenges have hindered private companies from importing petroleum products.

As a result, the NNPCL has become the exclusive importer of petrol.

The decision to limit private entities from importing fuel comes after President Bola Tinubu’s initiatives aimed at deregulating the fuel market.

Initially, the plan was to allow private companies to import fuel starting June 2023, aligning with efforts to balance the market after removing petrol subsidies.

The ripple effects of the soaring petrol costs are already evident, with commercial transporters increasing fares, and private car owners seeking fuel-saving alternatives.

As Christmas approaches, the surge in demand for interstate travel is expected to further elevate costs, posing financial challenges for many Nigerians amidst stagnant income levels.

Economy

Nigeria’s Presidential CNG Initiative Allocates N100bn for CNG Buses and EV Adoption

Published

2 days ago

December 7, 2023

Investors King

The Presidential Compressed Natural Gas (CNG) Initiative has allocated N100 billion to expedite the deployment of CNG buses nationwide, according to a statement released on Wednesday.

The initiative, designed to catalyze an Auto-gas and Electric Vehicle (EV) revolution in mass transit and transportation, aims to enhance sustainability and cost-effectiveness.

The statement revealed that the fund would be instrumental in supporting the adoption of auto-gas and electric vehicles, signaling a commitment to a more sustainable and economical future in the transportation sector.

The Presidential CNG Initiative plans to leverage over 11,500 CNG and electric-fueled vehicles, along with the deployment of 55,000 conversion kits.

This strategic approach is intended to reduce transportation costs for Nigerians and mitigate the challenges posed by the rising cost of living.

Under the Renewed Hope Agenda, the Presidential CNG Initiative is dedicated to realizing the President’s vision, guided by its steering committee led by FIRS Chairman Zacch Adedeji.

The statement highlighted recent achievements, including strategic technical partnerships and the ongoing commissioning of CNG Conversion centers in key states such as Lagos, Abuja, Kaduna, Ogun, and Rivers.

Several more centers are slated for commissioning in the coming weeks, reflecting the initiative’s momentum and commitment to achieving its objectives.

Economy

Nigeria’s Power Transformation: 53 Projects Worth N122bn on Track for May 2024 Completion

Published

2 days ago

December 7, 2023

Investors King

The Central Bank of Nigeria (CBN), in collaboration with the Transmission Company of Nigeria (TCN) and power distribution companies, is set to complete 53 power projects by May next year.

Valued at N122 billion, these projects aim to add over 1,000 megawatts to TCN’s wheeling capacity.

During a recent tour of three ongoing projects in Lagos, TCN’s Programme Coordinator, Mathew Ajibade, assured that the projects were not abandoned, refuting speculations.

He confirmed that work is progressing smoothly and is expected to be completed by May 2024, as initially planned.

Assistant Director/Head of Infrastructure Finance Office at the CBN, Tumba Tijani, highlighted the CBN’s support for the power sector, revealing that the bank released a loan at a 9% interest rate in August last year for the projects.

The funding, part of the Nigeria Electricity Market Stabilisation Facility-3, amounts to N122,289,344 and aims to address transmission/distribution bottlenecks, enhance supply to end-users, and unlock unutilized generation capacity.

Tijani disclosed that N85.43 billion has been disbursed into the Advance Payment Guarantee account of the 53 contractors responsible for executing the projects.

The comprehensive project list includes the delivery of power transformers, re-conductoring existing transmission lines, upgrading existing substations, and constructing 33KV line bays.

The initiative reflects a concerted effort to enhance Nigeria’s power infrastructure and meet growing energy demands.