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
The United States Coast Guard USCG, has offered Nigeria a three-year plan to work with the Nigerian Maritime Administration and Safety Agency, NIMASA for the removal of the Condition of Entry (CoE), placed on American-bound vessels from Nigeria.
Cdr. Juliet Hudson at the USCG headquarters in Washington DC disclosed this during a peer review visit by a delegation from NIMASA. Hudson announced a bi-annual assessment of compliance level with ISPS implementation at Nigerian Ports working with NIMASA.… Read the rest
The minister said the blue economy had always been there, but not as structured as to generate the kind of revenue a maritime nation like Nigeria should be earning.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, said this at the inauguration of seven patrol boats by the Nigerian Ports Authority (NPA) in Lagos on Thursday.… Read the rest
The Federal Government has banned the exportation of Liquefied Petroleum Gas, popularly called cooking gas, in a bid to increase its volume domestically to warrant a crash in price.
It stated on Thursday that LPG producers in Nigeria and key stakeholders in the industry had been told to stop exporting the commodity out of Nigeria, following the recent jump in the cost of cooking gas.… Read the rest
The Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) on Tuesday decried the continued “dollarisation” of the Nigerian economy, including the collection of charges from operators by the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA).
Briefing the press on the harsh economic conditions that marketers have recently been subjected to, the National President of NOGASA, Benneth Korie, stated that aside rising diesel prices and bad roads, there was no sense in carrying out transactions in dollars within Nigeria.… Read the rest
The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has disclosed that the country’s oil rigs have increased to 30 from 11 in 2011.
He linked the increase to NUPRC and other government stakeholders’ efforts to attract confidence and certainty into the oil and gas industry.
According to Komolafe, Nigeria recorded capital expenditure worth billions of dollars within the last two and a half years due to the implementation of the Petroleum Industry Act.… Read the rest
Maritime workers have issued a warning of a potential nationwide strike if the Federal Government proceeds with its plan to automatically deduct 50% from the revenue earned by the Nigerian Ports Authority (NPA).
This caution was conveyed in a joint statement by the Senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASCGOC) and the Maritime Workers Union of Nigeria (MWUN) in Lagos. … Read the rest
The management of Lekki Port and Lekki Freeport Terminal have assured maritime stakeholders that they will enjoy the use of sea terminal and its state-of-the-art facilities.
This assurance was made during the 2024 Roadshow organised by Lekki Port and Lekki Freeport Terminal in conjunction with the Nigeria Customs Service in Lagos, recently.
The Chief Operating Officer of Lekki Port, Laurence Smith, said that the roadshow was an opportunity to intimate potential port users on the ease of doing business in Lekki Port.… Read the rest
The Nigerian Oil and Gas Suppliers Association (NOGASA) warned on Tuesday that its members may be forced to withdraw their services following the unbearable high operating costs.
This is coming barely 24 hours after the Nigerian Association of Road Transport Owners (NARTO) commenced a strike action on similar issues.
NOGASA National President Bennett Korie, who made the call at a briefing in Abuja, particularly identified the unstable dollar rate as a major challenge for marketers.… Read the rest