Connect with us

Markets

FG to Facilitate Infrastructural Devt to Boost Ports Operational Efficiency

Published

on

Nigerian ports authority
  • FG to Facilitate Infrastructural Devt to Boost Ports Operational Efficiency

The Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala Usman has reiterated federal government’s commitment to providing enabling environment for relevant stakeholders and other port users to carry out their businesses in line with global best practices.

This, she said, is in line with the Authority’s efforts to reposition the Nigerian ports as a reference point in sub-Saharan Africa.

Usman made the remarks at the 5TH edition of the Women in Logistics And Transport (WILAT) International Conference held at the Oriental Hotel, Lagos with the theme, ‘Effective and Efficient Logistics and Transport, As Key Components of Successful Organisation and Business’.

In her paper, ‘Government Directives on Ease of Doing Business in the Port: Its Challenges and Sustainability,’, the NPA boss stressed that the federal government would put in place machinery to achieve full implementation of the Executive Order in the areas of enabling and conducive environment, Customer Service Delivery to Stakeholders by way of Standard Operational Procedure (SOP) and transparency.

She stated that operational efficiency was pivotal to effective implementation and sustainability of the Executive Order of the federal government as its concerns the sub-sector.

Bala-Usman called on all stakeholders to imbibe the culture of leading by example at all times through the direct supervision of activities assigned to individuals and groups, stressing that it is critical in the area of optimising productivity by way of motivation and mentoring.

The NPA boss noted that there are challenges faced in the sub-sector in the area of security on the Nigerian waters, slow evacuation of Cargo out of the terminals and poor Intermodal system and the dilapidation of the rail lines in the Terminals. She stated that the NPA Management was willing and ready to partner with the Nigerian Railway Corporation (NRC) as a sister agency of the federal government towards the realisation of its policy on Ease of Doing Business.

In her welcome address, the Global Convener of WILAT, Aisha Ali Ibrahim, who doubles as Port Manager, Apapa Port Complex eulogised the numerous contributions of members over the years towards the actualisation of the vision of the international body.

According to her, “WILAT should strive at achieving its core values in the area of strategic employment and social responsibility.”

She charged for greater synergy in sponsoring and training women in the Middle East, whilst promising to make sure that the body’s chapters increase appreciably from 19, up from 12 in 2013 to 18 in 2017.

Bala-Usman had told journalists during the inspection of the rehabilitation of Apapa roads, recently that the federal government was interested in ensuring that the gateway to the nation’s economy-the ports are effectively and efficiently serviced in order to tap into the financial dividends accrueable to the national economy.

According to her, “This would impact most positively in the nation’s Gross Domestic Product (GDP).

She stated that the inspection was part of the NPA’s aggressive strategy to ensuring that all the components required to meet deadlines were achieved.

Similarly, she noted that efforts were being made by the federal government to facilitate express funding of the project, which she stressed, would create a more enabling environment for doing business at the ports on completion, and subsequently attract investment in the sub sector.

The NPA chief stated that the federal government would appreciate swifter operational deployment by the construction company, A G Dangote whilst assuring port users of quality of work.

She added: “Efficiency is key in the NPA management’s operation, thus, all stones would be turned to actualise the reason for the ports roads rehabilitation which basically cascades to the stimulation of the ease of doing business at the ports across the country.”

She noted that the role of Holding Bays in decongesting the traffic gridlock in Apapa is critical, pointing out that a licensing regime on the subject is being perfected between the NPA and the Lagos State Government to enable operators in this regard have access into the ports and function under guided directives.

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

Crude Oil

Dangote Mega Refinery in Nigeria Seeks Millions of Barrels of US Crude Amid Output Challenges

Published

on

Dangote Refinery

The Dangote Mega Refinery, situated near Lagos, Nigeria, is embarking on an ambitious plan to procure millions of barrels of US crude over the next year.

The refinery, established by Aliko Dangote, Africa’s wealthiest individual, has issued a term tender for the purchase of 2 million barrels a month of West Texas Intermediate Midland crude for a duration of 12 months, commencing in July.

This development revealed through a document obtained by Bloomberg, represents a shift in strategy for the refinery, which has opted for US oil imports due to constraints in the availability and reliability of Nigerian crude.

Elitsa Georgieva, Executive Director at Citac, an energy consultancy specializing in the African downstream sector, emphasized the allure of US crude for Dangote’s refinery.

Georgieva highlighted the challenges associated with sourcing Nigerian crude, including insufficient supply, unreliability, and sometimes unavailability.

In contrast, US WTI offers reliability, availability, and competitive pricing, making it an attractive option for Dangote.

Nigeria’s struggles to meet its OPEC+ quota and sustain its crude production capacity have been ongoing for at least a year.

Despite an estimated production capacity of 2.6 million barrels a day, the country only managed to pump about 1.45 million barrels a day of crude and liquids in April.

Factors contributing to this decline include crude theft, aging oil pipelines, low investment, and divestments by oil majors operating in Nigeria.

To address the challenge of local supply for the Dangote refinery, Nigeria’s upstream regulators have proposed new draft rules compelling oil producers to prioritize selling crude to domestic refineries.

This regulatory move aims to ensure sufficient local supply to support the operations of the 650,000 barrel-a-day Dangote refinery.

Operating at about half capacity presently, the Dangote refinery has capitalized on the opportunity to secure cheaper US oil imports to fulfill up to a third of its feedstock requirements.

Since the beginning of the year, the refinery has been receiving monthly shipments of about 2 million barrels of WTI Midland from the United States.

Continue Reading

Crude Oil

Oil Prices Hold Steady as U.S. Demand Signals Strengthening

Published

on

Crude Oil - Investors King

Oil prices maintained a steady stance in the global market as signals of strengthening demand in the United States provided support amidst ongoing geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, holds at $82.79 per barrel, a marginal increase of 4 cents or 0.05%.

Similarly, U.S. West Texas Intermediate (WTI) crude saw a slight uptick of 4 cents to $78.67 per barrel.

The stability in oil prices came in the wake of favorable data indicating a potential surge in demand from the U.S. market.

An analysis by MUFG analysts Ehsan Khoman and Soojin Kim pointed to a broader risk-on sentiment spurred by signs of receding inflationary pressures in the U.S., suggesting the possibility of a more accommodative monetary policy by the Federal Reserve.

This prospect could alleviate the strength of the dollar and render oil more affordable for holders of other currencies, consequently bolstering demand.

Despite a brief dip on Wednesday, when Brent crude touched an intra-day low of $81.05 per barrel, the commodity rebounded, indicating underlying market resilience.

This bounce-back was attributed to a notable decline in U.S. crude oil inventories, gasoline, and distillates.

The Energy Information Administration (EIA) reported a reduction of 2.5 million barrels in crude inventories to 457 million barrels for the week ending May 10, surpassing analysts’ consensus forecast of 543,000 barrels.

John Evans, an analyst at PVM, underscored the significance of increased refinery activity, which contributed to the decline in inventories and hinted at heightened demand.

This development sparked a turnaround in price dynamics, with earlier losses being nullified by a surge in buying activity that wiped out all declines.

Moreover, U.S. consumer price data for April revealed a less-than-expected increase, aligning with market expectations of a potential interest rate cut by the Federal Reserve in September.

The prospect of monetary easing further buoyed market sentiment, contributing to the stability of oil prices.

However, amidst these market dynamics, geopolitical tensions persisted in the Middle East, particularly between Israel and Palestinian factions. Israeli military operations in Gaza remained ongoing, with ceasefire negotiations reaching a stalemate mediated by Qatar and Egypt.

The situation underscored the potential for geopolitical flare-ups to impact oil market sentiment.

Continue Reading

Crude Oil

Shell’s Bonga Field Hits Record High Production of 138,000 Barrels per Day in 2023

Published

on

oil field

Shell Nigeria Exploration and Production Company Limited (SNEPCo) has achieved a significant milestone as its Bonga field, Nigeria’s first deep-water development, hit a record high production of 138,000 barrels per day in 2023.

This represents a substantial increase when compared to 101,000 barrels per day produced in the previous year.

The improvement in production is attributed to various factors, including the drilling of new wells, reservoir optimization, enhanced facility management, and overall asset management strategies.

Elohor Aiboni, Managing Director of SNEPCo, expressed pride in Bonga’s performance, stating that the increased production underscores the commitment of the company’s staff and its continuous efforts to enhance production processes and maintenance.

Aiboni also acknowledged the support of the Nigerian National Petroleum Company Limited and SNEPCo’s co-venture partners, including TotalEnergies Nigeria Limited, Nigerian Agip Exploration, and Esso Exploration and Production Nigeria Limited.

The Bonga field, which commenced production in November 2005, operates through the Bonga Floating Production Storage and Offloading (FPSO) vessel, with a capacity of 225,000 barrels per day.

Located 120 kilometers offshore, the FPSO has been a key contributor to Nigeria’s oil production since its inception.

Last year, the Bonga FPSO reached a significant milestone by exporting its 1-billionth barrel of oil, further cementing its position as a vital asset in Nigeria’s oil and gas sector.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending