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We gained experience concessioning Onitsha River Port – Moghalu

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3 years ago

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We gained experience concessioning Onitsha River Port – Moghalu
The Managing Director, National Inland Waterways Authority (NIWA), Dr George Moghalu, said the experience gained through the concessioning of the Onitsha River Port will speed up other port concessioning process in the country.
Moghalu told newsmen at the formal handing over of the port to the concessionaire in Abuja that the authority had ”learnt on the job.”
While lamenting on the time taken for the process to be completed, he said it was expected, being the first port to be concenssioned in the maritime sector.
”You cannot even quantify the challenges. First of all, you are doing something you haven’t done before.
”As we speak, Onitsha River Port successful concession, is the first in the maritime industry. So, the first time is certainly different.
”If by the time we do the second, third and fourth ones like we have on the pipeline, they are certainly not going to take as much time this first one took because we have learnt on the job.
”But if it is whether we have gained a lot of experience, we have. Whether we have confidence in the process, we have. As to whether expectations are high, expectations are high and we are going to be guided.
”And when you are doing this type of thing, you must do it properly in line with international best practice.
”PPP arrangements on concessioning processes is not a Nigerian thing, it has international standard that must be followed because you can’t change the rules because we are involved,” Moghalu said.
On vessels, the NIWA boss said lots of vessels fell within the limit of the available draft adding that draft determined the type of vessels expected at any port.
He said the major emphasis however was on using bagging process to move consignments from Apapa and Tincan to Onitsha and other inland ports.
”As we are talking about this, we are already starting the process of concessioning Oguta, Lokoja and Baro River ports which have already been completed,” he added.
On security, Moghalu said arrangements were on ground to ensure adequate security at the port.
”Let me place on record the support we have received from Nigerian Navy. Dont forget that NIWA has its own police, there is also the Marine police, there is also our national police.
”But the truth I want to tell you now is that everybody is concerned, just like the roads, we have security challenges.
”So, we are going to be  addressing the challenges as they come, that, I can assure you, but we are not scared about it, because it is not unsurmountable,” Moghalu restated.
He explained that the concessioned port had not been willed to the concessionaires by the Federal Government, thus, there would be proper monitoring to ensure they met their end of the bargain.
He said: “The Federal Government is going to gain a lot of money. We are expecting about four billion naira in the first instance; the benefit which will be there are more tangeable.
”The traders will be able to access their goods near, the pressure that is going to be on our roads will be reduced, the congestion in Apapa and Tincan will be reduced to the barest minimum.
”We know and statistics has shown that over 60 per cent of the containerised items that arrive both Tincan and Apapa end in the South East.
”So simple put, if  five million containers arrive in Lagos from South East for example, it translates to 10 million trailers being on our road. Five million bringing it and five million taking the containers back.
”So, if we can now move it by water we have reduced that pressure on the road, we have saved our infrastructure.
So, there is quite a lot of advantages in getting that onitsha port functioning optimally.”
On his part, the concessionaire of the port, Dr George Nwangwu, expressed optimism that his company (Universal  Elysium Consortium) would deliver their end of the bargain.
He said Nigeria is not an easy place to do business, bearing in mind the various challenges encountered by business men.
He said they would, however, employ their experience in PPP and privatisation to ensure the success of the project.
”We have serious experience in that and we have been immensely successful.
”We have the right partners. We have the right structure, we have access to finance to do this project, so, we are certainly sure that we will be successful.
Nwangwu, however, urged the government to continue to dredge the channels to ensure the baggies move smoothly.
The News Agency of Nigeria (NAN) reports that the port is expected to generate over N23 billion to the Federal Government in 30 years
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Business

Trade Tensions Hit Nokia As Q1 Ends In €68M Loss

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14 hours ago

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April 24, 2025

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Nokia has reported a net loss of €68 million for the first quarter of 2025, a sharp decline from the €438 million profit recorded during the same period last year.

The Finnish telecoms equipment maker attributed the downturn to global trade disruptions and recently imposed tariffs by the United States.

The company’s net sales dropped slightly to €4.4 billion, down by one percent year-on-year.

READ ALSO: Trade War: China Strikes Back Wth 125% Tariffs On U.S. Goods

Tariff-related challenges were highlighted by Nokia’s President and CEO, Justin Hotard, who acknowledged the broader economic pressures affecting the industry.

“We are not immune to the rapidly evolving global trade landscape,” Hotard stated. “However, based on early customer feedback, I believe our markets should prove to be relatively resilient.”

He also noted the potential short-term financial impact, saying, “Based on what we see today, we currently expect a EUR 20 to 30 million impact on our comparable operating profit in the second quarter from the current tariffs.”

Earlier this month, U.S. President Donald Trump introduced a 10 percent tariff on global imports, while pausing plans for steeper duties, including a proposed 20 percent levy on products from the European Union.

Despite the quarterly setback, Nokia expressed confidence in its growth prospects.

The company is looking to its Network Infrastructure, Cloud and Network Services, and Mobile Networks divisions to drive sales in the year ahead.

In a sign of continued momentum in the mobile segment, Nokia also announced on Thursday that it had extended its contract with T-Mobile US.

The company said it is continuing “to see positive signs of stabilization” in Mobile Networks.

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Business

Marketers In Anguish, As Dangote, NNPC Ltd War Drag Price To N880/litre

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2 days ago

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April 22, 2025

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The pull of market forces which moved the hands of the Nigerian National Petroleum Company Limited (NNPC Ltd) to reduce the price of Premium Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja appears to be a source of torture to independent markets.

Biztellers reports that the latest price review on Easter Monday saw NNPC retail outlets in Lagos drop from N925 to N880, while those in Abuja adjusted from N950 to N935.

The NNPC Ltd’s price reduction came barely a week after the Dangote Refinery lowered its ex-depot price from N865 to N835 per litre.

ALSO READ: BREAKING: Again, Dangote Cuts Petrol Price To N835 per Litre

In addition, the $20bn refinery also directed its partners like MRS, Heyden, and Ardova to sell a litre of petrol at the rate of N890 instead of N920 in Lagos, N900 in the South West, N910 in the South-South, and N920 in the North East.

Consumers can smile because with the reaction, the NNPC Ltd’s new price in Lagos is N10 lower than what the Dangote Refinery is selling at, which might lead to another reaction, as the price war between the two companies.

Though some NNPC Ltd’s retail outlets were observed selling at the old rate in Lagos, it was gathered that they were given the liberty to exhaust old stock before adjusting to the new prices.

Market sources are of the view that the current price war was ignited by the Federal Government’s implementation of the Naira-for-crude policy.

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Gold Prices Hit Historic $3,500 Amid Trump Tariffs, Fed Tensions

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2 days ago

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April 22, 2025

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Gold soared to a record high of $3,500 an ounce on Tuesday, as mounting fears over a potential U.S. recession and escalating tensions between President Donald Trump and the Federal Reserve drove investors toward the traditional safe-haven asset.

The precious metal briefly touched an all-time high of $3,500.10 an ounce before retreating slightly to trade at $3,467.87.

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The rally marks the latest in a string of record-breaking gains for gold, fueled by a weakening U.S. dollar, sharp declines across global stock markets, and growing concerns over the health of the world economy.

Market sentiment took another hit this week after President Trump ramped up his trade war with China, slapping fresh tariffs on the world’s second-largest economy and intensifying fears of prolonged economic disruption.

Gold has surged more than 30 percent since the start of the year as investors seek refuge from mounting market volatility.

“The rally reflects ongoing recession fears in the U.S. economy and heightened political tensions, especially as President Donald Trump continues to attack Federal Reserve Chair Jerome Powell,” said Rania Gule, senior market analyst at trading group XS.com.

Concerns about the Fed’s independence were further stoked Monday, when Trump publicly lashed out at Powell on social media, branding him a “major loser” for not cutting interest rates — a move the president has repeatedly demanded.

The sharp criticism follows Trump’s recent suggestion that he might attempt to remove Powell from his post.

 

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