The International Transport Workers’ Federation UK (ITF-UK) said it has approved a grant to the Nigerian Maritime Industry through the Maritime Workers Union of Nigeria, (MWUN) for the construction of a Seafarers Recreation Centre in Lagos State.
The Head, ITF Seafarers Trust Fund, Katie Higginbottom, revealed this during a meeting with the Minister of Marine and Blue Economy, Adegboyega Oyetola; DG NIMASA, Dr.… Read the rest
Benedict Oramah, president of African Export-Import Bank (Afreximbank), has addressed the oil-for-cash loan agreement with the Nigerian National Petroleum Company (NNPC) Limited.
In an interview with Arise News posted on Sunday on X, Oramah said the $3.3 billion crude oil pre-payment loan obtained by NNPC will not be repaid with $12 billion.
Oramah, who doubles as Afreximbank board chairman, also said the loan has a 6 percent margin, which makes it one of the best-priced loans.… Read the rest
Modular refineries in Nigeria are currently facing the threat of shutting down operations following their inability to access foreign exchange for the purchase of crude oil, a commodity priced in United States dollars.
Nigeria has 25 licenced modular refineries with a combined capacity of producing 200,000 barrels of crude oil daily.
Although not all of the plants are currently operational, it was gathered that the functional ones were increasingly finding it difficult to purchase crude due to the worsening foreign exchange crisis in the country.… Read the rest