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FedEx Establishes Direct Presence in Nigeria to Support Customers with International Trade

Customers in Nigeria now have greater access to a wider portfolio of FedEx Express shipping solutions

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FedEx Express (FedEx), a subsidiary of FedEx Corp. and the world’s largest express transportation company, has announced that it has established a direct commercial presence in Nigeria, to meet the country’s growing international shipping demands.

With a direct presence in the country, businesses and customers in Nigeria now have greater access to a wider portfolio of FedEx Express shipping solutions, while Red Star Express Plc, our service provider in Nigeria continues to provide the infrastructure for ground operations.

Customers will also have access to a range of FedEx digital tools that makes shipping easier and more efficient through www.FedEx.com.  These services include opening a new account, tracking shipment status, creating shipping air waybills, scheduling courier pickups, and managing billing. Additionally, FedEx will now have dedicated Sales and Customer Technology teams on ground to interact and provide enhanced logistics expertise to help local businesses grow internationally.

Nigeria is the largest and fastest growing economy in Africa, and the African Development Bank projects that the average growth rate for the country’s economy will increase by 3.2% between 2022 through to 2022.

Taarek Hinedi, vice president for FedEx Middle East and Africa operations, said, “Today we are closer to our customers than ever before. This strategic step makes it easier for local businesses to ship with us as they look to tap more import and export opportunities and grow their customers around the world.”

“Nigeria is on the right path for further growth and FedEx is committed to supporting this growth and connecting Nigeria to some of the biggest trading partners located in Asia and Europe. The FedEx network is crucial to provide businesses with greater connectivity between Africa and Europe as well as within the Asia Pacific, Middle East and Africa (AMEA) region,” said Hinedi.

“As Nigeria continues with its 2021 to 2025 National Development Plan to increase the share of its exports to Africa up to 35% from a base figure of 20%, businesses will require a range of international services and solutions to help boost the economy.”

FedEx has been facilitating trade in Nigeria since 1994, offering its international solutions through Red Star Express Plc. With this latest initiative, FedEx will continue to leverage the capabilities and infrastructure of the service provider, Red Star Express Plc, that will continue to provide pick-ups, deliveries, customs clearance services, and retail locations across the country.

FedEx remains committed to supporting the Nigerian Government’s Economic Recovery and Growth Plan (ERGP), to drive structural reforms to diversify its economy and reduce dependency on oil. The FedEx direct presence in the country will help connect Nigerian business owners, exporters, importers, and consumers to more than 220 countries and territories worldwide, covering more than 99% of the world’s gross domestic product.

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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IBEDC Disconnects UCH Over N500m Debt, Critical Services Affected

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The University College Hospital (UCH) in Ibadan, Oyo State, experienced a disruption in its power supply after the Ibadan Electricity Distribution Company (IBEDC) disconnected the hospital over a debt amounting to N500 million.

Dr. Jesse Otegbayo, the Chief Medical Director of UCH, confirmed the disconnection but refrained from elaborating on the exact cause.

IBEDC’s spokesperson, Busolami Tunwase, acknowledged the outstanding debt owed by UCH but denied that the disconnection was intentional.

Tunwase stated that while UCH owed the substantial amount, the power outage was due to a technical fault in the area, coinciding with the debt situation.

Despite repeated attempts to engage UCH in discussions to settle the debt, IBEDC had resorted to disconnection as a last resort.

The disconnection poses significant challenges to UCH’s critical services, affecting patient care and hospital operations.

While IBEDC emphasized its understanding of the hospital’s importance and commitment to resolving the issue amicably, the situation underscores the financial strains faced by healthcare institutions and the essential need for reliable power supply.

Efforts to negotiate and find a resolution between UCH and IBEDC are ongoing to restore normal operations and ensure uninterrupted healthcare services.

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Oil and Gas Dealers Threaten Withdrawal as 70% of Downstream Businesses Collapse

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Eternal Oil - Investors King

The downstream oil sector in Nigeria faces a looming crisis as oil and gas dealers, represented by the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), issue a stern warning of potential service withdrawal.

In a recent resolution following their executive committee meeting in Abuja, NOGASA expressed grave concerns over the collapse of approximately 70% of businesses in the industry due to the harsh operating environment.

President of NOGASA, Benneth Korie, highlighted the dire situation, emphasizing the challenges faced by oil marketers in funding operations amidst soaring bank interest rates.

Korie underscored the overwhelming burden faced by operators who are compelled to acquire funds at exorbitant interest rates upwards of 30%, exacerbating financial strain and hindering business viability.

The primary demand voiced by NOGASA is the pegging of the foreign exchange rate at N750/$ to facilitate refinery operations and stimulate the production of refined products domestically.

Failure to address these pressing issues, Korie warned, could result in the withdrawal of services by NOGASA’s over 200 members starting from the next month.

The downstream oil crisis coincides with heightened anticipation for the release of refined petroleum products from the Dangote and Port Harcourt refineries, seen as critical for alleviating supply shortages nationwide.

However, amidst forex crises and inflationary pressures, operators in the oil and gas sector confront mounting economic challenges, necessitating urgent government intervention.

As Nigeria navigates through turbulent economic waters, stakeholders eagerly await decisive action from authorities to salvage the downstream oil sector from imminent collapse and avert potential disruptions in fuel supply chains.

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Developers Reject Federal Government’s Cement Price Reduction Agreement

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Real estate developers across Nigeria have voiced their strong disapproval of the recent agreement between the Federal Government and cement manufacturers to reduce the price of cement to a range between N7,000 and N8,000 per 50kg bag.

This decision has been met with skepticism and criticism from key players in the built industry.

Dr. Aliyu Wamakko, the President of the Real Estate Developers Association of Nigeria, expressed his concerns, stating that the proposed reduction would not bode well for the economy.

He pointed out that cement is a fundamental component of construction and lowering its price to such levels would not be conducive to addressing the country’s housing deficit, currently estimated at 28 million units.

Wamakko referenced an earlier commitment by the Chief Executive Officer of BUA Cement, who pledged to reduce the price of cement to N3,500 per bag by January 1, 2024.

He questioned why the current negotiation was proposing prices significantly higher than what was promised earlier.

Other stakeholders echoed similar sentiments, emphasizing the need for more affordable building materials to enable the construction of housing units accessible to low-income earners.

They criticized the reliance on imported materials and advocated for the exploration of locally sourced alternatives.

The discontent among developers underscores the challenges posed by rising construction costs and the implications for housing affordability and development in Nigeria.

As discussions continue, stakeholders are urging a reevaluation of the proposed cement prices to better align with the goal of addressing the country’s housing needs.

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