The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has described 2024 as a challenging year for industries, citing persistent economic hurdles. The association pointed to factors such as high inflation, foreign exchange volatility, and rising production costs as critical issues affecting business operations across the country. In a statement, NACCIMA noted that while the government has implemented some measures to stabilize the economy, the industrial sector continues to face significant headwinds. “Industries are grappling with an uncertain operating environment marked by escalating costs and declining consumer purchasing power,” the statement read. Energy costs, limited access to…
Author: Temitope N.
Egbin Power Plc has launched an outreach program to provide free medical services to communities surrounding its operations. The initiative is part of the company’s corporate social responsibility (CSR) efforts, aimed at improving the health and well-being of its host communities. The program offers a range of medical services, including consultations, diagnostic tests, medications, and minor treatments, all at no cost to the beneficiaries. Residents of the benefiting communities have commended Egbin Power for its impactful gesture, noting that access to quality healthcare has been a longstanding challenge for many. A representative from Egbin Power stated that the initiative underscores…
Zacch Adedeji, the Special Adviser to the President on Revenue, has applauded the Nigerian Ports Authority (NPA) for its instrumental role in advancing the naira-for-crude oil initiative. This strategy seeks to reduce Nigeria’s dependence on foreign currency in crude oil transactions by promoting the use of the naira in international trade. Adedeji highlighted the NPA’s operational contributions, which have been vital in facilitating the initiative’s smooth implementation. “The NPA has shown outstanding commitment to national economic goals by ensuring that this program is effective and aligned with the broader agenda of currency stabilization,” he stated. The naira-for-crude policy is part…
The Nigerian Shippers’ Council (NSC) has announced plans to establish a comprehensive databank for the maritime sector to enhance operational efficiency, transparency, and informed decision-making. The databank will serve as a centralized repository of information, providing stakeholders with access to critical data on shipping activities, port operations, and trade logistics. According to NSC officials, the initiative aims to address longstanding issues such as information gaps, inefficiencies, and lack of accountability in the sector. The databank will leverage modern technology to provide real-time insights, facilitate data sharing among stakeholders, and support the implementation of policies to improve maritime operations. Speaking on…
The Nigerian Maritime Administration and Safety Agency (NIMASA) has been recognized with the prestigious SERVICOM Award for its commitment to exceptional service delivery. The award acknowledges NIMASA’s efforts in enhancing operational efficiency, stakeholder engagement, and adherence to the principles of transparency and accountability in the maritime sector. At the award ceremony, SERVICOM officials lauded NIMASA for consistently upholding service excellence and implementing reforms that have improved the agency’s responsiveness to public and private sector needs. “NIMASA has set a benchmark in ensuring that its services meet and exceed the expectations of Nigerians,” stated a SERVICOM representative. In his acceptance speech,…
The adoption of advanced technology at Nigeria’s ports has been identified as a crucial step in eliminating corruption and inefficiencies, according to a logistics and maritime expert. Speaking at a recent industry forum, the expert emphasized that digital transformation could streamline port operations, improve transparency, and significantly reduce human interference, which often leads to corrupt practices. Key technologies such as automated cargo tracking systems, electronic payment platforms, and digital documentation are seen as game-changers for the industry. These tools can enhance operational efficiency by reducing delays, simplifying clearance processes, and providing real-time data on cargo movement. The expert stressed that…
Maersk Nigeria has announced the expansion of its operations with the introduction of enhanced services and the inauguration of a new office in Lagos. The development is part of the company’s strategy to strengthen its presence in the Nigerian market and improve its logistics offerings to meet growing demand. The new office, located in a strategic area of Lagos, is equipped to handle a wider range of client needs, including shipping, warehousing, and supply chain management. According to Maersk Nigeria, the expanded services will provide customers with more efficient, end-to-end solutions designed to streamline their operations and reduce costs. Speaking…
Oando Plc has significantly increased its oil production capacity to 30,000 barrels per day (bpd) following the acquisition of Agip’s Nigerian oil assets. The strategic move marks a major milestone for the indigenous energy company, reinforcing its position as a key player in Nigeria’s upstream sector. The acquisition includes key oilfields and infrastructure that have bolstered Oando’s production portfolio. According to company officials, the increased output aligns with its long-term growth strategy and commitment to enhancing Nigeria’s energy security. “This acquisition is a game-changer for Oando, allowing us to double down on our production capabilities and deliver greater value to…
In a bid to alleviate transportation challenges during the festive season, the Nigeria Customs Service (NCS) has announced the auction of seized petrol. The decision comes as part of efforts to stabilize fuel supply and reduce the burden of high transportation costs, which tend to spike during the yuletide period. A spokesperson for the NCS explained that the auctioned fuel, which had been confiscated due to various contraventions, would be made available to licensed depots and distributors across the country. This move is expected to improve fuel distribution and ensure more consistent supply, particularly in areas that face shortages or…
A leading company in the oil and gas sector has launched a training program aimed at equipping young individuals with vital safety skills required in the industry. The initiative, designed to address the growing need for safety awareness and preparedness in the sector, will provide hands-on training in various aspects of oil safety, including hazard identification, emergency response, and environmental protection. The company’s spokesperson emphasized that the training is part of its corporate social responsibility (CSR) efforts to build a safer and more skilled workforce for Nigeria’s oil industry. “Safety is paramount in the oil and gas sector, and we…