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NESG Advocates Revamp Of Manufacturing Sector

Mohammed Shosanya

The Nigerian Economic Summit Group (NESG),has advocated the need for the revitalisation of Nigeria’s manufacturing sector.

The group expressed this at a pre-summit webinar ahead of the 30th Nigerian Economic Summit, focusing on the theme: “Reversing the Decline: Strategies for Stabilising Nigeria’s Manufacturing Sector.”

The event gathered key stakeholders to discuss solutions for halting the decline in Nigeria’s manufacturing industry and examining how current economic reforms impact the sector’s operations.

Speaking,Dr. Muda Yusuf, Thematic Lead of the Manufacturing Group, who represented Engr. Mansur Ahmed, Private Sector Co-Chair of the Manufacturing and Mining Policy Commission (MMPC) Steering Committee, highlighted the significant role of the manufacturing sector in Nigeria’s development.

According to him,despite its potential, the manufacturing sector faces numerous challenges such as inadequate infrastructure, fluctuating exchange rates, and poor access to finance.

He emphasised the import of industrialisation in driving economic growth, as seen in Europe and North America, and stressed the need for a thriving manufacturing sector supported by innovation, infrastructure, and strong economic policies.

In his remarks,Mr. Olakunle Alake, Vice President of Dangote Industries Limited and NESG Board member, said that Nigeria’s manufacturing sector, which contributes only 8% to the Gross Domestic Product faces stagnation due to issues like erratic power supply and inadequate infrastructure.

He stressed the need for collaboration between the public and private sectors to develop policies that stabilise and rejuvenate the sector.

He also noted that prioritising Sustainable Development Goal (SDG) 9, which focuses on building resilient infrastructure and fostering innovation, is crucial for achieving broader economic and social goals.

Lumun Amanda Feese, Facilitator of the Manufacturing and Mining Policy Commission, delivered a presentation on “Re-imaging Industrialisation: Leveraging Nigeria’s Natural Resources to Accelerate Industrialisation.”

Feese suggested that Nigeria could learn from countries like Sweden, Finland, Australia, and the USA, which have successfully used their natural resources to drive industrialisation through innovation and technology.

She underscored the need for robust public-private partnerships and collaboration among stakeholders to ensure the sector’s growth.

Soromidayo George, Director of Corporate Affairs and Sustainability at Coca-Cola Hellenic Bottling Company Plc and Chairman of the Non-Alcoholic Drinks Sector of the Manufacturers Association of Nigeria, discussed the impact of recent economic reforms on the Fast-Moving Consumer Goods (FMCG) industry.

She highlighted the sector’s potential to reduce poverty by creating jobs and promoting economic diversification.

She advocated the urgency of implementing effective strategies and policies that align with Nigeria’s cultural context and are backed by data.

Chijioke Uwaegbute, Partner & Tax Leader at PwC Nigeria, offered strategic recommendations to stabilise the manufacturing industry.

He advocated a temporary freeze on increasing levies and tax rates for one to two years to help the sector recover.

He also called for simplifying processes for accessing export expansion grants and other incentives, noting that some manufacturers currently face tax rates as high as 45%.

Afolabi Olorode, Acting Managing Director of FBN Quest Merchant Bank, spoke about enhancing financial resilience to mitigate risks associated with foreign exchange volatility, scarcity, and inflation.

He stressed the importance of better capitalisation for manufacturing companies to balance debt pressures and suggested that Nigeria’s relatively low labour costs offer an opportunity to develop a skilled workforce in technical production and manufacturing.

admin by — August 26, 2024 in Business 0
Afreximbank Facilitates US$650m Financing For Oando’s Acquisition Of NAOC’s 20% Interest In Nigerian JV

Mohammed Shosanya

African Export-Import Bank (Afreximbank) has arranged a senior US$500-million and a junior US$150-million reserve-based lending facility for Oando Petroleum and Natural Gas Company Limited.

The facility was used to finance Oando’s acquisition of the 20 per cent participating interest held by Nigerian Agip Oil Company Limited (NAOC) in the NEPL/NAOC/Oando Joint Venture in Nigeria,a statement said on Friday.

The joint venture, with significant oil and gas assets, including oil mining licenses 60, 61, 62 and 63, has produced 4.4 billion barrels of oil and 12 trillion cubic feet of natural gas to date, with 1.2 billion barrels of oil and 10.7 trillion cubic feet of natural gas remaining.

Afreximbank, retained as mandated lead arranger for the transaction, also served as bookrunner, coordinator, underwriter, escrow agent, facility agent and security trustee, and also participated and underwrote US$350 million of the facility,the statement said.

Also participating in the transaction were Indorama Eleme Petrochemicals Limited, with US$150 million, and Mercuria Energy Group, with US$150 million.

Oando expects the acquisition to significantly enhance its production capacity from the current 20,000 barrels of oil equivalent per day (kboe/day) to 60,000 kboe/day, effectively boosting Nigeria’s oil output and reinforcing the country’s position in the global energy market. It also expects the transaction to drive local economic growth by creating jobs, improving infrastructure and fostering technological advancements in the oil and gas sector.

Leading the Oando participation at the closing ceremony held in London, United Kingdom on August 22, 2024, was Mr. Wale Tinubu, the Group Chief Executive.

He was accompanied by representatives of ENI S.P.A. led by Guido Brusco, Group Chief Operating Officer and representatives from Mercuria Energy Group. Afreximbank was represented by Mr Peter Adeshola Olowononi, Head, Client Relations, Anglophone West Africa and Mrs Ketiwe Lwando, Manager Structured Trade & Commodity Finance.

Commenting on the transaction, Mr. Haytham Elmaayergi, Executive Vice President, Global Trade Bank, Afreximbank, said that the facility marked a critical step in advancing the Bank’s strategy for promoting local content in Africa’s oil and gas sector.

“By supporting the acquisition of key energy assets by an indigenous company like Oando, the Bank is fostering economic empowerment, enhancing regional trade, and contributing to the sustainable development of Africa’s natural resources,” he said.

He described the transaction as a significant milestone in Nigeria’s upstream oil and gas sector, saying that it underscored the increasing role of local companies in the ownership and operation of critical energy assets, in line with Nigeria’s local content policy, energy security and economic sovereignty strategy.

Mr. Wale Tinubu CON, Group Chief Executive OANDO, noted: “Today’s announcement is the culmination of ten years of toil, resilience, and an unwavering belief in the realisation of our ambition since the 2014 entry into the Joint Venture via the acquisition of Conoco-Philips Nigerian Portfolio. It is a win for Oando, and every indigenous energy player, as we take our destiny in our hands, and play a pivotal role in this next phase of the nation’s upstream evolution. With our assumption of the role of operator, our immediate focus is on optimizing the assets’ immense potential, advancing production and contributing to our strategic objectives.

“This we will do while prioritizing responsible practices and sustainable development in ensuring a balanced approach to our host communities, and environmental stewardship as we complement the nation’s plan to boost production output.We thank Afreximbank for its unwavering leadership in bridging the trade finance gap in Africa and ensuring that Oando can consolidate its stake in the Joint Venture via the acquisition of NAOC 20% stake.”

admin by — August 24, 2024 in Banking&Finance 0
Rivers Signs Pact For Establishment Of New Port City

Mohammed Shosanya

Rivers State Government has signed a Public-Private-Partnership framework agreement for the establishment of a New Port City.

The port would be sited on a 1,000 hectares of land that will serve as nucleus of network of urban centres designed to decongest Port Harcourt and break the one-city jinx of the state.

The Memorandum of Understanding (MoU), signed at Government House in Port Harcourt on Thursday, was between the Rivers State Government, under the supervision of the Greater Port Harcourt City Development Authority (GPHCDA) and Rainbow Heritage Group (RHG).

The Attorney-General and Commissioner for Justice, Dagogo Israel Iboroma, SAN, and Acting Director General of the Greater Port Harcourt City Development Authority, Dr Tonte Davies signed for the Rivers State Government, while the Group Managing Director (GMD), Mr Oliver Biedima, signed for the Rainbow Heritage Group.

The Rivers State Governor, Siminalayi Fubara, who was represented at the signing event by the Attorney-General and Commissioner for Justice, Dagogo Iboroma, SAN, said that over the years, the state has remained a one-city State.

Governor Fubara, according to a statement signed by his Chief Press Secretary, Nelson Chukwudi, explained that the partnership deal between the Rivers State Government represented by the Greater Port Harcourt City Development Authority and Rainbow Heritage Group Limited will ensure achievement of one of the three new cities his administration has proposed to establish.

He said: “Today, we all are going to be witnesses to a great event that will birth a New Port City in Eleme Local Government Area. That city will sit on 1,000 hectares of land, and it will be a well-planned scheme with all the features of a modern city in place.

“And so, today, we are going to sign the Memorandum of Understanding (MoU), and I assure you that the vision of our Governor with the support of Rainbow Heritage Group Limited, and under the able leadership of the Greater Port Harcourt City Development Authority, we will see the birthing of that New Port City,” he said.

He noted that the bold initiative will help decongest the heavily populated city of Port Harcourt, and break the one-city jinx that Rivers State has been noted for all these years.

Speaking,the Acting Director General of Greater Port Harcourt City Development Authority (GPHCDA), Dr Tonte Davies, explained that the expected New Port City will be executed on a 1,000 hectares of land, and may be expandable.

He said the engagement of Rainbow Heritage Group is evidence of the agency’s commitment to achieving the mandate given to them by Governor Fubara to create more cities in the State.

He stated: “His Excellency said it’s 1,000 hectares, but we are working towards having much more than that, because there are going to be other satellite connecting towns to this New Port City.

“It is called New Port City not because we want to just call it a New Port City, but because we look at that area as having the Onne Ports.

“Looking at the Greater Port Harcourt Master Plan, you will see we have three development notes: the Old City, the International Airport and the Onne Ports.

“The Old City is there already existing. The International Airport is where the Phase 1A of the Greater Port Harcourt City is, and now, we have moved towards the Onne Ports.

“And that is how the Greater Port Harcourt City will be pushed forward, just like Rainbow Heritage Group said, towards other connecting towns that will be created.”

Dr Davies assured that the development of the New Port City will bring about massive employment, before, during and even after construction works are concluded, bearing in mind that cities are not necessarily developed in one day.

He restated the commitment of the agency not to let this State down while also appreciating the massive support from Governor Fubara which will contribute immensely to eventual actualisation of the project.

“Just like His Excellency rightly said, Port Harcourt has been a one-city State, created on the same day with a state like Lagos, but with better potentials that can be compared with Lagos State. But we have foot-dragged on our development.

“We were glad when Rainbow Heritage Group came in, having seen their track record. It has been a long journey. We have done so much in the past months; sleepless nights, working together, to ensure that today, history is made.

“This development will bring about massive employment, before, during and even after construction. Cities are not developed in one day, we know, but for this, we assure you that we have a record time.”

In his remarks, the Group Managing Director (GMD), Rainbow Heritage Group (RHG), Mr Oliver Biedima, stated how, as a group, they had always wanted such partnerships with the Rivers State Government to create a new city that will transform the lives of residents in the State.

Mr Biedima said because of such long expected dream, the group, over the years, made researches on how to truly enhance the abundant potentials of Rivers State to achieve resourceful revitalisation.

He said: “So, the New Port City has been identified to be a strategic location. In fact, I can call it one robust strategic location we have in the region that combines the Blue Economy, Agriculture, Industry, Real Estate, and we can actually grow it as a major economic power-house in the West African sub-region.”

Mr Biedima emphasised: “All the necessary indicators, all the necessary features or parameters needed to build the city are all in place.

“The city is founded on strategic partnerships, and we believe that it will have the opportunity to be able to build enough opportunities for emergence of new jobs, new businesses, anchor industries, out-grower farmers and export.

“It has the potential to interconnect other states to be able to grow and revitalize our economy. So, we are pleased, as an organisation, to partner with the Rivers State Government to make this happen. We are committed, and we believe that it will be delivered on time and on target,” he added.

admin by — August 23, 2024 in Business 0
Diaspora Remittance Hits $553m

Toluwani Shosanya

The Central Bank of Nigeria (CBN) has reported a significant increase in remittance inflows, reaching $553 million in July 2024.

Mrs. Hakama Sidi Ali, the Acting Director, Corporate Communications, in a statement, noted that the figure represents a 130 per cent increase from the corresponding period in 2023.

According to the statement, the figure also represents the highest monthly total inflows on record and reflects ongoing efforts by the CBN to enhance liquidity in Nigeria’s foreign exchange market.

“The substantial growth in remittance receipts is attributable to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market. These measures include granting licenses to new International Money Transfer Operators (IMTQOs), implementing a willing buyer-willing seller model, and enabling timely access to naira liquidity for IMTOs.

“Diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments. The CBN’s initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year.

“The increase in remittances is a strong testament to the success of the CBN’s ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth.

“Recent data from the National Bureau of Statistics (NBS) revealed that Nigeria’s year onyear headline inflation rate slowed in July 2024, for the first time in 19 months a clear indication that the CBN’s monetary policy tightening measures are delivering results.

“The CBN anticipates that these measures will contribute to achieving its broader objective of maintaining stability in the foreign exchange market. The Bank will continue to monitor market conditions and adjust policies as necessary to enable greater remittance flows into Nigeria” reads the statement in part.

admin by — August 21, 2024 in Banking&Finance 0
BigChance Lotto Deploys Modern Lottery Terminals To Cities

Mohammed Shosanya

Big Chance Lotteries Management Limited has deployed its state-of-the-art POS terminals to major cities in Nigeria to complement its online platform, where Nigerians can play and win millions of naira in cash rewards weekly.

At the launch of the terminals in Lagos on Thursday, the Managing Director of Big Chance Lotteries Management Limited, Opeyemi Oguntimehin, said that the firm’s goal is to introduce a new era in Nigerian lottery industry, combining fun, profit and social responsibility.

He disclosed that the android terminal, which will dispense the company’s lottery tickets, is very fast, straightforward to understand, and very rugged.

He also explained that the core goal of their operation is to impact the lives of Nigerians positively by ensuring that fairness and transparency are maintained at all times.

He further stated, “the deployment will go a long way in providing jobs to the populace because we have direct sales agents whom we instead call partners. They will work alongside us, enjoying 35% commission and bringing our core values to the populace.

“Some of these values include being innovative, as well as accountable with a high sense of integrity and profitability. Fusing all of these will enable us to bring goodies to Nigeria, thereby increasing our standard of living.

“Apart from lifting Nigerians from the morass of poverty with its range of exciting games playable with as little as , the lottery will also help combat unemployment.

“At a time when many Nigerians are looking for genuine opportunities to improve their financial well-being, Big Chance Lotto resonates with millions of Nigerians. The game comes from a trusted brand duly licenced by the Nigeria Lottery Regulatory Commission (NLRC).

“Built on a solid value system of reliability, innovation, empowerment, social responsibility, integrity and fun, Big Chance Lotto is an immense and entertaining game, win and cash out game, never seen in Nigeria.

“Our lottery is also online and real-time, meaning you can play and cash out instantly, which makes the platform robust and friendly, with the highest security standards against fraud and hackers.

“Nigerians can play the games all day long all over the country, and they can even play games ahead, meaning they can play for Friday game on Tuesday.

“Our lottery draws are transparent and live on all major social media platforms; you can view live attractions as they happen.

“The wallet can be preloaded and funded via any bank in Nigeria. We are connected to the best and most secure payment platform, and we have partnered with the best in the industry.

“There is also the primary draw in the evening at about 7 p.m., and our odds are very competitive and one of the highest in the industry.
We also plan to launch Jackpot games and another variant of lotteries before the end of the year.

“Our staff are well-seasoned lottery experts with over 25 years of experience, and our CEO has over 30 years of lottery and gaming experience.”

Oguntimehin also stated that Big Chance Lotto can be downloaded from the Google Play store or by visiting our website at www.bigchancelotto.com.

He stressed that the Big Chance Lotto website is the most mobile-friendly, and players can play games on the go.

admin by — August 17, 2024 in Brands&Marketing 0
Hydrogen Launches Healthy Business Initiatives To Promote Wellness Of Business Owners

Mohammed Shosanya

Hydrogen Payment Services Company Limited (Hydrogen), a payment services company,has announced the commencement of its “Healthy Heart, Healthy Business” initiative.

This significant initiative highlights Hydrogen’s commitment to promoting heart health awareness among business owners and professionals, focusing on the importance of managing high blood pressure (BP) and overall heart wellness, a statement said on Tuesday.

The initiative kicked off at the Hydrogen Head Office, Plot 1618 Danmole Street, Victoria Island, Lagos, where business owners and professionals were invited to participate in free heart health checks and other health assessments.

According to the statement,this program aims to equip the business community with vital knowledge and resources to maintain heart health, emphasising its critical role in ensuring business success.

Key features of the initiative include on-the-spot blood pressure checks for attendees, identifying potential heart health risks, and encouraging early intervention.

Informative sessions highlighted the importance of monitoring blood pressure and maintaining a healthy heart, with participants gaining valuable insights from healthcare professionals. Educational materials on healthy living and stress management were also distributed, providing ongoing support for maintaining heart health.

Obinna Ojekwe, Brands and Marketing Lead at Hydrogen, emphasised the prevalence of hypertension in Nigeria and the low level of awareness, particularly among the business community.

“The ‘Healthy Heart, Healthy Business’ initiative is a crucial step in addressing hypertension awareness. Hydrogen is committed to driving this cause among its merchants and the wider business community, advocating for regular health checks, and promoting a healthy lifestyle,” said Ojekwe. “Heart health is essential for business owners to contribute meaningfully to their business growth and overall success.”

Zainab Abu, Head of Merchant Services at Hydrogen, expressed her enthusiasm for the initiative, stating, “At Hydrogen, we believe that a healthy business starts with a healthy business owner. The launch of our ‘Healthy Heart, Healthy Business’ initiative is a testament to the importance of health awareness in our community. We are dedicated to making a positive impact by providing essential health checks and promoting wellness among business owners.”

Hydrogen’s commitment to Environmental, Social, and Governance (ESG) principles is evident in this initiative. By addressing the health needs of business owners, Hydrogen not only promotes individual well-being but also contributes to the overall sustainability and productivity of the business ecosystem.

admin by — August 14, 2024 in Brands&Marketing 0
NDIC Disburses N5m Each To Liquidated Heritage Bank customers

Mohammed Shosanya

The Nigeria Deposit Insurance Corporation has disbursed the insured deposits of N5 million each to 82.36 per cent of the total customers of the defunct Heritage Bank.

It said that 17.64 per cent of the insured deposits is still pending payment mainly belong to depositors with accounts that have Post-No Debits instructions or lack a Bank Verification Number.

This was announced in a statement signed by the Director, Communication and Public Affairs, Bashir Nuhu, on Sunday in Abuja.

The Central Bank of Nigeria,had on June 3,2024 revoked the banking license of Heritage Bank Plc due to persistent financial instability and regulatory breaches.

In a statement issued on Sunday,Nuhu disclosed that disbursement to affected customers started four days after the liquidation.

He added that this feat was achieved using Bank Verification Numbers as a unique identifier to locate depositors’ alternate accounts in other banks.

The statement said: “In the discharge of its deposit guarantee mandate, the Corporation began the payment of the insured deposits of N5m maximum per depositor within a record time of four days of the bank closure.

“This was achieved using Bank Verification Numbers as a unique identifier to locate depositors’ alternate accounts in other banks.

“This unprecedented achievement of direct payment through BVN-linked alternate accounts without the need for depositors to visit NDIC offices or fill out forms marks a historic shift for the NDIC in the prompt reimbursement of depositors with payment of about 82.36 per cent of the total insured deposit to date.”

For depositors with more than N5m, the director explained that the remaining balances (classified as uninsured deposits) would be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank.

“It is instructive to state that, the remaining 17.64 per cent of the insured deposits yet to be paid were largely depositors whose accounts have post no debits instructions or have no BVN. Others are those with no alternative accounts in other banks or accounts with a KYC limit on the maximum lodgment per day and are yet to come forward for verification.

“However, depositors with balances exceeding Five Million Naira have been paid the initial insured sum of Five Million Naira, while the remaining balances (classified as uninsured deposits) will be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank,” the statement added.

admin by — August 12, 2024 in Business 0
Afreximbank’s Intra-African Trade Financing To Hit $40bn In Two Years

Mohammed Shosanya

African Export-Import Bank,plans to double its financing of intra-African trade from US$20 billion in 2021 to US$40 billion by 2026, Mr. Haytham ElMaayergi, Afreximbank’s Executive Vice President, Global Trade Bank, has said.

He told participants and guests in Abuja at the African Caucus Meeting of the World Bank Group and the International Monetary Fund (IMF),recently where he represented Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank.

The meeting had the theme “Facilitating Intra-African Trade: Catalyst for Sustainable Development in Africa”, and was aimed at identifying key challenges facing Africa in achieving full integration and at engaging in strategic dialogues to engender sustainable solutions.

He said that Afreximbank had been a champion in facilitating intra-African trade since its founding and that it had committed US$1 billion to support the funding of the AfCFTA Adjustment Fund and a US$10-million grant to facilitate the establishment and operationalisation of that fund.

“The Bank is also partnering with the AfCFTA Secretariat and the African Union Commission (AUC) to ensure a successful implementation of the Pan-African Payments and Settlements System, the African Trade Gateway and the Afreximbank African Collaborative Transit Guarantee Scheme,” he added.

Mr. ElMaayergi noted that Nigeria was a key founding member of the Bank and had continued to play a critical role in its growth and success as its second largest shareholder, adding that Afreximbank had also played a critical role in supporting the country’s development agenda.

He said:“Since inception in 1993, the Bank has approved over US$40 billion in support of Nigerian public and private sector entities,” he said, adding that it was currently implementing several of its flagship continental initiatives in the country, including the African Medical Centre of Excellence and the Afreximbank African Trade Centre.

Highlighting the existence of several other continental multilateral financial institutions created to help address the critical financing gaps in Africa and facilitate trade, with privileges and capitalisation granted them in order to enable them to fulfil their mandates, Mr. ElMaayergi indicated that it was to enhance their effectiveness that the Alliance of African Multilateral Financial Institutions (AAMFI) was launched, in collaboration with the AUC, on the margins of the 37th Ordinary Session of the Assembly of the Heads of State and Government of the AU in Addis Ababa in February.

He noted that the AU had recognized African multilateral financial institutions as crucial for strengthening the continental financial framework and advancing the AU’s Agenda 2063 and called on the meeting participants to reaffirm their commitment to those institutions. He urged the World Bank and the IMF to work with AAMFI in addressing the continent’s challenges.

“Most especially, we call on you to reaffirm that the special privileges and immunities that you have given these institutions, including the preferred creditor status, are essential for addressing the continent’s development needs, and to call upon all stakeholders to respect the treaty obligations you have made to these institutions,” added Mr. ElMaayergi.

admin by — August 9, 2024 in Banking&Finance 0
OMT Onne Receives Largest Containership,KOTA CEMPAKA On Second Port Call

Mohammed Shosanya

Onne Multipurpose Terminal (OMT), Onne, Rivers state,has received KOTA CEMPAKA, the largest container ship ever to carry out full operations at Nigeria’s eastern ports.

Premium News reports that,this is the second visit of the ship to the terminal in three months.

KOTA CEMPAKA, owned by Pacific International Lines (PIL), is 300 metres long, has the capacity to carry 6,600 TEUs of containers.

The ship made its first visit to the Onne Port on April 27, 2024, when it loaded and discharged over 2,000 containers full of Nigerian imports and exports.

The vessel was received on its historic second voyage on Monday August 5, 2024 by the officials of Nigerian Ports Authority and Onne Multipurpose Terminal.

“The arrival of such large vessels is part of a global trend where shipping lines are upscaling vessel sizes to achieve economies of scale and reduce transport costs for importers and exporters,” The Chief Operating Officer of (OMT) Onne, Jim Stewart said.

He expressed gratitude to the Nigerian Ports Authority (NPA) for ensuring that the vessel was able to berth successfully.

He explained that the visit of KOTA CEMPAKA to Nigeria would support the efforts of the Federal Government to diversify the country’s economic base by boosting non-oil exports. He said it would also generate more revenues into the coffers of the government.

“Again, we are excited that this very large container ship has been able to return for the second time in three months. This is a mark of confidence in Nigeria, in Nigerian Ports Authority (NPA) and in the professionalism of the Onne Multipurpose Terminal.

The OMT Chief Operating Officer also commended the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho and the Port Manager of Onne Port Complex, for making the port channels navigable and for equipping the NPA harbours department to handle such large ships.

“We are proud of this milestone. We started operations only three years ago, and we are happy to contribute to reducing vessel waiting times in Onne Port while also doubling container capacity and enhancing competition to the benefit of all customers.

“We are investing in new equipment including more modern cranes to enable us handle even bigger vessels. We have also acquired trucks and lands for expansion,” he added.

Also speaking, Hussein Abdulrahmon, the Port Manager of Onne Port, who represented the Managing Director of NPA at the brief reception for the container ship, said KOTA CEMPAKA brought in more cargoes on the second voyage to the port than it did 8during its first call.

He commended OMT and other stakeholders for the successful berthing, discharging and loading of the vessel.

admin by — August 8, 2024 in Business 0
CBN Boosts Forex Market With $876m

Mohammed Shosanya

The Central Bank of Nigeria’s (CBN),has offered $876m to fulfil bids submitted by customers at an auction concluded on Wednesday, August 7.

In a statement,the CBN noted that the move is in line with its pledge to provide transparent access to foreign exchange for all legitimate customers,adding that it has introduced an additional mechanism through the Retail Dutch Auction System (RDAS) to directly facilitate FX sales to end users.

It explained that,this approach aims to foster a more transparent market, reducing information asymmetry and supporting price discovery.

It complements the two-way quote system deployed over the past few months to enhance liquidity in the interbank market, through which over $305 million of foreign exchange has been sold to authorised dealers in the last three weeks.

It added:”The CBN’s policy objectives are yielding tangible results and bolstering market confidence. Net foreign exchange flows rose to $25.4 billion between January and June, marking a 55% year-over-year increase. This growth has been driven by a rise in capital importation, which reached $6 billion in June 2024, and record inflows from diaspora remittances through formal channels.

“The foreign exchange market is also showing signs of improvement and increased depth, with more robust and diversified sources of liquidity contributing to the sustained convergence of exchange rates across all segments of the market. The official market recorded a turnover of $43 billion in customer transactions by the end of July 2024, with CBN-supplied liquidity representing less than 5% of total market activities.

“The CBN remains steadfast in its commitment to fostering a transparent, market-driven foreign exchange market, and it will continue to strengthen the market’s capacity to meet the needs of all legitimate participants”.

admin by — August 8, 2024 in Banking&Finance 0