BUSINESS
Lekki Seaport ‘ll Restore Nigeria’s Lost Trade, Port Competition – NPA DG
From Anthony Nwachukwu, Lagos
With a draft of -16.5 and full automation for its expected technology-driven operations, Lekki Deep Seaport will enable Nigeria regain some of the businesses it had lost to neighbouring West African countries due to draught limitation in its existing ports.
Expressing this optimism Tuesday on the sidelines of President Muhammadu Buhari’s tour of the facility, the Managing Director of the Nigerian Ports Authority (NPA), Mohammed Bello Koko, said the facility will also compel a change in business ethics at the Apapa and Tin Can ports with its expected short cargo dwell time.
He explained that the new port, which will be test-run on completion in September, will create competition among the terminal operators across the nation’s ports.
He disclosed that the port, located on about 90 hectares of land, is planned to have three container terminals, as well as Ship-to-Shore (STS) cranes to enable faster offloading of cargo.It will be the first automated port in Nigeria, which implies speedy cargo clearance, and its commencement will reduce the traffic at Apapa and Tin-Can Island Ports, he added. “Some of the businesses we have lost to other neighbouring West African countries due to draught limitation will be regained,” Koko stated.
“There will be employment creation and increased revenue for government. It will create competition and compel other terminal operators to up their games to reduce cargo dwell time at their terminals. “Apapa and Tin-Can Island ports have been operating far beyond their capacity, which means that the excess cargoes that have been going there would be diverted to Lekki Port.”
Meanwhile, ahead of the expected heavy traffic on the narrow access road that also services Dangote Refinary and a host of others, Koko said the Minister of Transportation, Chibuike Amaechi, has directed the Nigerian Railway Corporation (NRC) to carry out a survey on the possibility of linking the port to the Lagos-Ibadan railway.
For the Executive Secretary, Nigerian Shippers Council (NSC), Mr. Emmanuel Jime, Lekki Deep Seaport will change the face of cargo operation in Nigeria. “From the point of view of an economic regulator, it has been something we have been looking forward to. We have dreamt that this day would come for a number of very important reasons.
“We have to understand that because of the draft we are going to have at Lekki Seaport and for the first time in our maritime domain, we are going to have the kind of vessels that have never berthed in our ports. “So, this is the first deep seaport we are having in our country.
That perspective alone gives us the comfort and recognition that as far as the economy of scale is concerned, we are going to have a boost in commercial activities in ways that we have never envisaged and experienced. “We at the Shippers Council are indeed very happy to see this port happening; because of the automation that this port will provide, businesses will be conducted in an efficient way and manner, and service delivery will be cost-effective.”
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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