Connect with us

Economy

I’ll Tell Niger to Use Kaduna Port, Not Lagos

Published

on

Lekki Deep Seaport
  • I’ll Tell Niger to Use Kaduna Port, Not Lagos – El-Rufai

The Governor of Kaduna State, Nasir El-Rufai, plans to send a delegation to the Republic of Niger to tell it to start receiving goods at the Kaduna Inland Dry Port instead of using the seaports in Lagos State.

El-Rufai disclosed this on Tuesday while speaking on the sidelines of the ceremony for the commencement of cargo delivery by rail to the Kaduna Inland Dry Port.

He said, “We are very grateful today’s event has opened a new vista of commercial opportunities, not only for northern businessmen but even for our neighbouring countries.

“I intend to send a delegation to the Republic of Niger to sensitise the government of that country on the opportunities of receiving their goods in Kaduna instead of Lagos and having to truck them, as well as any of their exports from Kaduna port to any part of the world.”

According to the governor, the transportation of goods from the dry port and containers from the seaport in Lagos to Kaduna by rail has confirmed that the inland dry port is functioning.

El-Rufai said, “You can ship your goods directly from Kaduna to any part of the world and you can also import goods from any part of the world directly to Kaduna without your containers or any of your goods being opened up for inspection in Lagos.”

The Executive Secretary, Nigerian Shippers Council, Hassan Bello, said the commencement of cargo delivery by rail at the port would address the challenges faced by importers and exporters and guarantee the seamless movement of cargoes from the seaports in Lagos to Kaduna Inland Dry Port.

On efforts taken to attract investors to use the facility, Bello said, “We are in preliminary discussion with the Commonwealth Enterprise and Investment Council in London and we want to bring them to Kaduna so that they will know what value they can add to the dry port.

“We are talking with the Nigerian Railway Corporation to create more space for associated industries, for it is an industrial hub where things are also processed. We don’t want to be exporting raw materials without having them processed. So, there is also a need to improve on our packaging.”

Bello also noted that the dry port might become a free trade zone, as the council had been engaging with all relevant authorities to achieve the target.

He said, “About 24,000 direct jobs will be created from this project. If we are able to connect the Niger Republic and Chad to use the port as the destination port for their cargoes, it will have a multiplier effect for Kaduna and its environs.

“We can then be able to decongest the ports in Apapa and Tincan Island and we won’t be having the gridlock we are experiencing now. It will take two days for the train to arrive from Lagos to Kaduna because we are using the old track, but we are improving and the movement must improve.”

According to Bello, the rail cargo delivery service currently has about 24 wagons and will bring in about 24 containers on each trip, and this will cut down cargo delivery cost by about 50 per cent.

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.

Continue Reading
Comments

Economy

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

Published

on

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.

Continue Reading

Economy

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

Published

on

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.

Continue Reading

Economy

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

Published

on

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.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending