Business

Snake Island To Attract $1bn Private Investment – Official

Published

1 week ago

May 22, 2023

The Chairman and Chief Executive Officer of Nigerdock, Maher Jarmakani, has said that the new 45-year concession agreement for Snake Island Port with the Federal Government will attract about $1bn in private investment.

He also said that it will allow for expanded operational scope.
Jamarkani said this in a statement over the weekend.

He also said that the Nigerdock and Snake Island Integrated Free Zone has received approval from the Federal Government for the commencement and expansion of Snake Island Port.

Jamarkani added that the approval was an oversight of the implementation of major infrastructure projects across the country.

“This new 45-year concession agreement for Snake Island Port with the Federal Government now allows for an expanded operational scope and will attract about $1bn in private investment.”

Jarmakani expressed happiness to the Federal Government for the development.

“We are immensely grateful for the support the Federal Government has shown to enable the expansion of our operations, which increases our value add to Nigeria’s economy and the actualisation of our long-term vision as a globally recognised maritime operator.

“This Public Private Partnership with the Government will also facilitate job creation and develop critical infrastructure vital for the nation’s growth.”

The statement also said that Nigerdock is a multipurpose port facility sitting on 85-hectare, comprising three terminals located within SIIFZ.

According to him, “In addition to its operations in ship repair, logistics, and free zone solutions, Nigerdock had already been in terminal operations following approval from the Nigerian Ports Authority and Nigeria Customs Service.”

He said that Nigerdock was originally awarded free zone and port Status by the Presidency in 2005, leading to the establishment of Snake Island Integrated Free Zone in the same year.

“The NPA and Nigeria Customs Service also approved direct shipping for the facility in 2017, with the NPA green-lighting cargo handling operations in 2021.”

Business

BREAKING: NNPCL Confirms Increase In Fuel Pump Price

Published

2 hours ago

May 31, 2023

Editor

The Nigerian Petroleum Company Limited (NNPC) has confirmed the adjustment of the pump price of PPM across its retail outlets, citing that the decision was hinged on the current market realities.

Recall report earlier had that the downstream sector of Nigeria’s petroleum industry was thrown into confusion as a document puts the retail price of petrol at over N500 per litre.

The document, obtained by Vanguard, put petrol price in Abuja, Lagos and Kano at N537, N488 and N540 per litre respectively.

Details soon…

Business

BREAKING: Confusion As Document Puts Petrol Price At Over N500 Per Litre

Published

3 hours ago

May 31, 2023

Editor

The downstream sector of Nigeria’s petroleum industry has been thrown into confusion as a document puts the retail price of petrol at over N500 per litre.

The document, obtained by Vanguard, put petrol price in Abuja, Lagos and Kano at N537, N488 and N540 per litre respectively.

The Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Mr. Farouk Ahmed, whose agency regulates sector activities, did not respond when Vanguard called repeatedly for confirmation.

But an oil marketer, who pleaded anonymity, dismissed it as fake, adding: “How can any credible business base its pricing on an obviously fake random list circulating on social media?”

Business

Fuel Subsidy Gulped $10bn In 2022 – Shettima

Published

21 hours ago

May 30, 2023

Editor

Vice President Kashim Shettima has revealed that $10 billion was spent by the immediate past administration of Muhammadu Buhari subsidizing fuel in 2022.

He said the current administration was bent on exiting fuel subsidy because of its negative implications for the country as a whole.

Shettima reiterated his principal’s position on Tuesday, while reporting for duties on his first day in office at the Presidential Villa Abuja.

He said the current administration anticipated that there will be fierce opposition to its decision to remove fuel subsidy.

His words, “The President has already made pronouncements yesterday on the issue of the fuel subsidy. The truth of the matter is that, it is either we get rid of the subsidy or the fuel subsidy gets rid of the Nigerian nation.

“In 2022, we spent $10 billion subsidizing the ostentatious lifestyle of the upper class of society because you and I benefit 90% from the oil subsidy. The poor 40% of Nigerians benefit very little and we know the consequences of unveiling a masquerade.

“We will get fierce opposition from those benefiting from the oil subsidy scam, but where there is a will, there is a way. Be rest assured that our president is a man of strong will and conviction.

“In the fullness of time, you will appreciate his noble intentions for the nation. The issue of fuel subsidy will be frontally addressed. The earlier we do so, the better.’’