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Work at Lagos-Ibadan Standard Gauge Ongoing, NRC Insists

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rail project- Investorsking
  • Work at Lagos-Ibadan Standard Gauge Ongoing, NRC Insists

Barring any further delay, the Managing Director of the Nigerian Railway Corporation (NRC), Fidet Okhiria, has disclosed that with the pace of work going on in the Lagos-Ibadan standard gauge project by the contractor, the corporation will meet the expected date for inauguration of the project by next month.

He gave the assurance at the recent inspection tour of the ongoing project in Ogun State by the management of the corporation. He admitted that with all challenges confronting the rail corridor removed, it would be set for inauguration by February.

Okhiria, stated that the only impediment that may confront the project was the mobilisation of equipment to project sites.

“With the sequence they are going, the formation is ready as they are putting steel post and the coal dust to enable them put the rail tracks as well as balancing it.

“So lifting and balancing will be done mechanically to ensure the fittings are in place with the help of virtual effects.

“We are using what is called screen to remove dust and sand and re-balance the standard gauge, because it needs to be maintained till the period it will last to avoid deterioration, and there is a percentage of balance you must replenish which is not less than five percent of every year,” the NRC boss said.

Meanwhile, the management of the Nigerian Railway Corporation (NRC) has advised the Nigerian public against patronising a ‘false’ online e-ticketing payment website, where fraudsters request prospective passengers especially those of the Abuja-Kaduna train service to purchase or reserve tickets.

In a statement, the corporation’s acting Chief Public Relations Officer, Akinrinlola Lola Olawale, stated: “The NRC hereby pleads with our passengers of the Abuja- Kaduna train service in particular to disregard any of such mails, messages or calls as they are scam and not from the corporation.”

She added that the sales of train tickets are only done at the various designated stations in hard copy and not yet on any online e-ticketing platform.

According to Olawale, the only official website of NRC remains www.nrc.gov.ng, adding that “all information concerning the corporation which includes train service operation and time schedule details is uploaded and updated therein whenever the need arises.

“We therefore appreciate the continuous patronage of our esteemed customers as we are also committed to serving them better.”

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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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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