About 49 per cent or N686 billion ($490 million) of equity in the N1.4 trillion ($1 billion) of the Regional Maritime Development Bank (RMDB) being promoted by the Maritime Organisation of West and Central Africa (MOWCA) has been ceded to private sector stakeholders. This is just as the Federal Government of Nigeria advises on due diligence before the final take-off of the specialised lender.… Read the rest
The Nigerian Shippers’ Council, NSC, said it has approved negotiated and reviewed haulage rates from Eastern ports to various destinations in the country.
The rates approved were in consideration of cost moderation, cargo transport issues and acceptable by all parties, including freight forwarders and truck owners.
Addressing the meeting in Lagos, the Executive Secretary and Chief Executive Officer of NSC, Pius Akutah, commended the stakeholders for their concerted efforts during the negotiation.… Read the rest
The Nigerian National Petroleum Company Limited (NNPC) on Thursday said that it plans to replace almost all the over 5,000 pipelines network scattered across the country in the next three years.
Nigeria currently transports a large portion of its fuels through tankers and other inefficient means, considerably raising the cost of production and by extension the pricing of products.
Speaking at the 2024 edition of the Society of Petroleum Engineers Oloibiri Lecture Series and Energy Forum (SPE OLEF) held in Abuja, the NNPC Group Chief Executive Officer, Mr Mele Kyari, explained that pipelines remain the most efficient and cost-effective way of transporting petroleum products.… Read the rest