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Ghana May Overtake Nigeria as Preferred Maritime Hub

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NIMASA
  • Ghana May Overtake Nigeria as Preferred Maritime Hub

The paperless clearing system introduced in Ghana’s port of Tema in May 2017 is yielding result and about to transform the port into the most preferred hub for maritime investment in Africa.

Under the system, exporters and importers are required to provide detailed and timely information about their shipment in advance on a global online platform, thus modernising operations to facilitate the movement of legitimate trade and the fast commencement of review processes well in advance in line with international best practices.

The policy has made port processes less stressful, resulting in effective time management.

Our correspondent gathered that already, major shipping lines have started investing in the West African coast.

One of them is Maersk which has already invested $1bn in ultra modern cranes and framework for the port.

According to a statement from AP Meller-Maersk, seven ship-to-shore and ultra-modern gantry cranes have already arrived the port and are set for inauguration in June.

The statement read in part, “This new gigantic port infrastructure will be able to accommodate Ghana’s trade and industry growth as well as serve as the regional hub for West Africa and beyond.

“Expanding the port using superior infrastructure and modern, advanced technology will allow Ghanaian companies to compete for business in the most cost-effective way.

“MPS’s terminal efficiency, accessibility, variety of shipping lines, frequency of vessel calls, fast vessel turnaround time, high port capacity and berth availability are the optimal criteria for making Tema Port, the hub port for Africa.”

Ghana’s President, Nana Akuffo-Addo, restated the importance of Ghana’s ports as national assets in his State of the Nation address, on February 21.

He had said the introduction of paperless operations aimed at aiding the clearance of goods within a day to three, was yielding results to the commendation of importers and stakeholders.

The President further articulated the announcement of other reforms to enhance the competitive position of Ghana’s ports and its impact on the cost of living in the country.

Going forward, the President expressed the preparedness of government to put in place initiatives – modernising Ghana’s ports in terms of infrastructure and ICT, to position them as the preferred maritime trade hubs of business in West Africa.

According to reports, Ghana’s ports have received major reforms in the 18-month of the Akuffo-Addo government, including the implementation of a paperless clearing system.

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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