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NPA to Begin Call-up System at Lagos Ports

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Nigerian ports authority
  • NPA to Begin Call-up System at Lagos Ports

The Nigerian Ports Authority (NPA) said on Tuesday that it would begin automation of the call-up system in August.

Mr Adams Jatto, NPA’s General Manager, Corporate and Strategic Communication, made this known in an interview with the News Agency of Nigeria (NAN) in Lagos.

According to him, what is holding back the take-off of the call-up system, is the shoreline protection for the Tin-Can axis, of the truck terminal.

“We have concluded the procurement process to be able to engage our investors to manage the truck park.

“So with this, I believe we should be able to have something on ground for people to be proud of.

“Call-up system is not just the areas we are looking at, for us to ease the congestion along ports access roads.

“It is a kind of temporary measure for us to ensure that we have a free flow on the axis that leads to the ports.

“The call-up system is for us to be able to have truck parks along ports area and some of the truck owners have assured us that they have truck parks, where they can park their trucks.

“A call-up system is to ensure that in each of the areas where there are truck parks, the trucks are there and when it is time for them to come to the ports, we have to adopt the call-up system to call them.

“On the basis of this, we will be able to streamline the trucks coming into the ports, to ease congestion,” Jatto said.

He said that the authority was looking forward to implementing sustainable solutions to the gridlock.

He said that the agency had provided short, medium, and long term solutions to the gridlock.

Jatto maintained that the present management of NPA had also engaged the support services of other government agencies, which built part of the road in partnership with NPA.

The agencies included: the Federal Ministry of Works, Power and Housing, Dangote and Flour Mills.

He said that between Lagos Port Complex and after Leventis, the road had been constructed for short-term, saying that the medium-term plan was to construct the Creek Road, down to Tin-Can Island Port and Mile-2.

Jatto further disclosed that the road would be constructed from Mile-2 to Oworonsoki.

He said that under the long-term solutions provided, the Federal Ministry of Transportation would ensure that cargoes were evacuated to the hinterland through the rail system being put in place.

“A truck terminal park had been constructed at Tin-Can Island port, but the shoreline protection was not done.

“The Federal Ministry of Works had re-awarded the contract for completion.

” Our Managing Director, Ms Hadiza Bala-Usman had taken a bold step to ensure that the truck terminal will be managed by Public Private Partnership (PPP).

“That is where we are having real automation of call-up system.

“The management of NPA is working toward ensuring that Lillypond terminal is converted to a truck transit park for easy flow of traffic, along ports access road in Lagos, ” he said

He, however, urged ports users to bear with the NPA management, as it was not in the authority’s character to allow congestion on the access road to the port.

Jatto said that the management was doing its best possible to ensure that Ports in the country became user friendly so that revenue collection would improve.

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.

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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