An expert in the maritime sector and member of the International Chartered Institute of Logistics and Transportation, Mr. Adeniyi Adeoye has raised alarm on the areas identified by him as possible obstacles to the effective implementation of the Export Processing Terminal (EPT).
Adeoye, who stated this in Ibadan on Wednesday after delivering paper at a seminar titled Assessing Economic Benefits of Maritime and Blue Economy in Nigeria organised by the Research Center for Integrity Assessment and Evaluation (RCIAE) commended President Bola Tinubu for the establishment of a new federal Ministry to take care of maritime sector, Ministry of Maritime and Blue Economy.… Read the rest
Goldman Sachs raised on Wednesday its 12-month ahead forecast for Brent Crude oil prices to $100 per barrel from $93 previously expected on stronger inventory draws with the extended OPEC+ cuts and global demand growth. But this trigger economic challenges for Nigeria.
“We have nudged up our 12-month ahead Brent forecast from $93 a barrel to $100 a barrel as we now expect modestly sharper inventory draws,” analysts at Goldman Sachs wrote in a note on Wednesday, as seen by Reuters.… Read the rest
The Natural Oil and Gas Suppliers’ Association of Nigeria (NOGASA) has raised alarm over the incessant increase in the price of Automotive Gas Oil (AGO) called diesel.
The National President of NOGASA, Mr. Benneth Korie, in a statement on Tuesday, said that the rapid increase in diesel prices has made it difficult for suppliers to access products and loans from commercial banks for doing their business.… Read the rest
There are indications that pressures are mounting on the pump price of petrol as the landing cost has risen by 19.3 per cent to N596.93 per litre as of yesterday, from about N500 per litre in July 2023, when the last pump price adjustment was effected across all retail outlets in Nigeria.
Petroleum marketers attributed the development to the continued rise in crude oil prices in the international market as well as exchange rate volatility in Nigeria’s foreign exchange market which was N970 to the dollar yesterday.… Read the rest