Economy
Real Reasons Vessel Operators Don’t Use Eastern Ports—NPA Boss
By Adedapo Adesanya
In line with President Muhammadu Buhari administration’s Ease of Doing Business Policy, the Nigerian Ports Authority (NPA) has reiterated the agency’s commitment to the optimal operation of the country’s Eastern ports.
This was disclosed by the Managing Director of the NPA, Ms Hadiza Bala Usman, while hosting members of the House of Representatives Ad-hoc committee on Ports and Habours at the Marina, Lagos head office of the NPA on Tuesday.
The Ad-hoc committee was on a fact-finding mission to understand the reasons why the Eastern Ports across the nation were not functioning as optimally as the Western Ports, which is in turn affecting national development.
Ms Bala Usman, during her address, stated that a number of factors deterred vessel owners from patronizing Eastern Ports, some of which included: the level of insecurity on the waterways, shallow depths which hinders the movement of big vessels as well as the problems of poor access roads and rail linkages to Ports in these areas.
The Managing Director of the port then said that management of the NPA was working with all relevant stakeholders towards tackling the challenges that hamper patronage of the Ports as the Federal Executive Council approved the contract last year.
Ms Bala Usman explained that dredging works have been completed on expanding the Warri channel draft to 7.5 metres, which was affected by draft limitations.
It was also disclosed at the meeting that consultants have been engaged to advise on level of investments needed to improve the infrastructural capacity of the port in Port Harcourt, Rivers State.
The Onne Ports, according to her, was currently functioning at full capacity.
Ms Bala Usman also used the opportunity to talk about the need for the maritime industry to tap into the potentials of Deep Sea Ports which would assure Nigeria’s future market share in the industry.
To that effect, NPA has granted all requisite approvals for the construction of the Lekki Deep Sea Port for which development has started.
She also noted that the Authority was awaiting response from the promoters of the Badagry Deep Sea Port to enable conclusion on the final outline business case for the project.
On handling the security issued that plagued the waterways, the Managing Director explained that the NPA was purchasing patrol boats and will collaborate with the Nigerian Navy, the Nigerian Maritime Administration and Safety Agency (NIMASA), and the Port Police Command to combat crimes on the nations waterways and assured that progress is being made on this front.
Concerning Port access roads nationwide, Ms Bala Usman explained that the NPA has written to the Federal Ministry of Works and Housing about the need to prioritise the rehabilitation of these roads.
She noted that the ministry has commenced implementation of this process with the recent award of the construction of Ikom Bridge, which is a key road connecting Cross River State to the North Eastern part of the country and expressed optimism that these steps will provide better linkages to the hinterland and attract more business to the Eastern Ports.
The Ad-hoc committee are expected to visit all the Ports in Nigeria to generate a blue print that would improve patronage at the Eastern Ports and prevent agitations from host communities.
By Dipo Olowookere
Transactions on the floor of the Nigerian Exchange (NGX) Limited rallied on Tuesday by 0.75 per cent after investors intensified their demand for local stocks.
It was a tough battle between the bulls and the bears during the session, but the former overcame by a whisker after the bourse recorded 29 appreciating equities and 28 depreciating equities, indicating a positive market breadth index and strong investor sentiment.
The growth posted by Customs Street yesterday could be attributed to the appetite for MTN Nigeria shares, which chalked up 10.00 per cent to settle at N256.30.
SCOA Nigeria appreciated by 9.93 per cent to N2.99, Omatek grew by 9.88 per cent to 89 Kobo, Universal Insurance rose by 8.70 per cent to 75 Kobo, and CAP gained 8.52 per cent to trade at N47.75.
Conversely, Secure Electronic Technology lost 9.88 per cent to quote at 73 Kobo, Abbey Mortgage Bank declined by 9.09 per cent to N3.30, Sunu Assurances tumbled by 8.21 per cent to N6.15, Deap Capital slumped by 7.08 per cent to N1.05, and C&I Leasing depreciated by 6.82 per cent to N4.10.
A total of 440.3 million equities valued at N12.0 billion exchanged hands in 13,087 deals compared with the 1.3 billion equities worth N17.7 billion transacted in 13,891 deals on Monday, representing a decline in the trading volume, value and number of deals by 66.79 per cent, 32.20 per cent and 5.79 per cent, respectively.
Lasaco Assurance ended the session as the most traded stock after it sold 108.1 million units valued at N338.7 million, Access Holdings traded 44.0 million units for N1.1 billion, UBA exchanged 27.9 million units worth N945.7 million, Zenith Bank transacted 26.7 million units for N1.3 billion, and Universal Insurance traded 22.7 million units valued at N16.7 million.
On Tuesday, the insurance, banking and industrial goods sectors jumped by 1.03 per cent, 0.30 per cent, and 0.03 per cent, respectively, and the consumer goods and energy counters lost 0.38 per cent and 0.36 per cent apiece.
The All-Share Index (ASI) went up yesterday by 767.63 points to 103,137.99 points from 102,370.36 points and the market capitalisation increased by N472 billion to N63.333 trillion from N62.861 trillion.
By Adedapo Adesanya
Nigeria ranked as Africa’s leading destination for upstream oil and gas investment in 2024, new research from market intelligence firm, Wood Mackenzie, has shown, accounting for three out of four Final Investment Decisions (FIDs) announced by global oil and gas majors, totaling $13.5 billion.
The FIDs announced within the Nigerian market included Shell’s $122 million investment in the Iseni Gas Project, TotalEnergies’ $566 million commitment to the Ubeta Gas Project and Shell’s approval of the Bonga North Tranche 1 project valued at around $5 billion.
According to the Special Adviser to President Bola Tinubu on Energy, Ms Olu Verheijen, these investments reflected Nigeria’s ongoing efforts to unlock its hydrocarbon potential through investor-friendly policies and strategic global partnerships.
Last year, Nigeria introduced several initiatives to create a conducive environment for oil and gas investors, including new tax incentives aimed at attracting up to $10 billion in natural gas investments.
Nigeria, which is Africa’s largest oil producer, also offered tax relief for gas investors, reducing corporate income tax and extending capital allowance benefits – for deepwater gas projects.
Other policies include the Presidential Directive on Local Content Compliance Requirements 2024 to address the reduction in oil and gas investments caused by high operating costs compared to global markets.
Also, the Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines 2024 reduces the time spent to award contracts for oil and gas projects.
In addition to the directives, Nigeria also launched its 2024 oil and gas licensing round, offering 19 blocks for exploration, demonstrating its commitment to continued collaboration with local, regional and international partners.
Market analysts note that with this momentum, further FIDs are anticipated, including TotalEnergies’ expected $750 million commitment to the Ima Shallow Gas Project in 2025.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.22 per cent decline on Monday, January 20, with the market capitalisation shedding N2.35 billion to close at N1.073 trillion compared with the preceding session’s N1.075 trillion and the NASD Unlisted Security Index (NSI) going down by 6.79 points to wrap the session at 3,105.12 points compared with 3,111.91 points recorded in the previous session.
It was observed that the loss recorded on the first trading day of the week was triggered by UBN Property Plc, which crashed by 20 Kobo to trade at N2.00 per share versus last Friday’s N2.20 per share.
However, the share price of Industrial and General Insurance (IGI) Plc went up by 4 Kobo to 40 Kobo per unit from 36 Kobo per unit, it could not stop the bourse from going down at the close of transactions.
The activity chart showed that on Monday, the volume of securities traded by investors increased by 57.9 per cent to 767,610 units from the 486,215 units traded in the preceding session, while the value of shares traded yesterday slumped by 17.7 per cent to N2.3 million from the N2.8 million recorded in the preceding trading day, as the number of deals declined by 14.3 per cent to 12 deals from the 14 deals carried out in the previous trading day.
At the close of transactions, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value on a year-to-date basis with the sale of 4.1 million units worth N162.9 million, followed by Geo-Fluids Plc with a turnover of 9.1 million units valued at N44.0 million, and 11 Plc with the sale of 55,358 for N14.5 million.
Also, Industrial and General Insurance (IGI) Plc closed the day as the most active stock by volume on a year-to-date basis with 25.3 million units sold for N5.9 million, Geo-Fluids Plc came next with 9.1 million units valued at N44.0 million, and FrieslandCampina Wamco Nigeria Plc with 4.1 million units worth N162.9 million.
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