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NAHCO to Expand Agric Export, Begins Equipment Overhaul

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NEPC
  • NAHCO to Expand Agric Export, Begins Equipment Overhaul

The Nigerian Aviation Handling Company Plc has revealed plans to expand its agricultural export business following growth prospects in the sector.

The Managing Director and Chief Executive Officer, NAHCO, Mrs Tokunbo Fagbemi, said the handling company planned to spend N3.6bn on equipment as part of the expansion.

“The export business is actually growing especially agric export, which is one of my passions because the potential is large; we are trying to expand our processing area. Most of our processes are governed by treaties signed by security regulations. So what we do is go back, look at all these processes and run our warehouse the best way we can,” she said.

Fagbemi said the planned state-of-the-art equipment and technology would enable NAHCO to improve on its offerings to its clients, adding that NAHCO had recently invested about N1.9bn in equipment.

She stated that the overhaul would help to replace ageing equipment which had increased maintenance cost due to high utilisation of fuel.

Speaking on the company’s planned ‘facts behind figures event’ at the Nigerian stock exchange on Tuesday (today), she said NAHCO’s revenue in 2018 was about N9.8m, which she said grew over 2017 when operating costs went up by about 19 per cent while administrative costs went up by 27 per cent.

She said, “Looking back on why our operating cost appreciated, we have ageing equipment which means higher maintenance cost, high utilisation of fuel where fuel prices went up especially diesel which was mostly used from 2017 to 2018, making it a major cost.

“We also work in an environment that is highly challenged, if you recall in 2017 or 2018 there was a time when baggage attendants went on strike because the environment wasn’t conducive enough to work. The need essentially is to employ more people to compensate for that infrastructure challenge.”

She stated that when she took over the management of the aviation handling company, one of the key considerations for her was to review its business at every point in time.

“It is important for a business like ours to go forward. We cannot plan to move forward if we do not know where we are,” she added.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

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The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

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Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

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Gas-Pipeline

The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

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Economy

Nigeria’s Food Inflation Hits 22.95 Percent in March 2021

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Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.

Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.

Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.

Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.

Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.

The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.

However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.

Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.

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