Containers are piling up at the nation’s seaport terminals. Government agencies not directly involved in cargo clearing are now making doing business more difficult for importers by detaining containers already released by the Nigeria Customs Service (NCS).
BusinessDay discovered that agencies such as the Maritime Police Division of the Nigeria Police Force, the Agricultural Quarantine Service, the Nigerian Drug Law Enforcement Agency (NDLEA) and the Standards Organisation of Nigeria (SON) interfere with containers released by Customs.… Read the rest
Nigeria’s petrol imports declined in the second quarter of the year on the back of the removal of subsidy, even as the further rise in global oil prices is expected to push up the cost of bringing the product into the country.
BusinessDay’s analysis of new data from the National Bureau of Statistics shows the importation of petrol dropped by 17.5 percent to N1.23 trillion from N1.49 trillion in Q1.… Read the rest
Electric vehicle sales have been growing exponentially, and several countries are showing it’s possible to scale up EV sales fast enough to meet climate goals. Netherlands, one of them is a major buyer of Nigerian crude, a development that puts a clock on the resource.
The rise in electric vehicle adoption does not bode for oil producers especially Nigeria which is unable to exploit fully its crude oil resources at a time when energy think tanks are placing the commodity’s all-time high demand period as early as the next seven years.… Read the rest