Business
Revamping Nigerian Ports: A $1.1 Billion Makeover
In an ambitious move, the Nigeria Ports Authority (NPA) is set to embark on a significant revitalization of nearly all of Nigeria’s ports, with a whopping $1.1 billion budget.
This colossal transformation is poised to kick off in the first quarter of 2024, as announced by the Managing Director of NPA, Mohammed Bello-Koko.
Bello-Koko disclosed this exciting development during a panel session at the 43rd annual council meeting of the Port Management Association of West and Central Africa (PMAWCA) in Lagos.
According to him, this overhaul is crucial as the majority of Nigeria’s ports require substantial rehabilitation, starting with the renowned Tincan Island and Apapa Ports in Lagos.
The primary objective of this extensive undertaking is to enhance the physical infrastructure of these ports, making them capable of accommodating vessels of all sizes.
This initiative is set to position Nigerian ports as highly competitive on a global scale.
In addition to the renovation, the NPA is strengthening its collaborations with the private sector to establish new seaports.
Notably, the Lekki deep seaport has already begun its operations, while the Badagry deep seaport recently inked an agreement with a Middle Eastern party, with construction slated to commence early next year.
These endeavors highlight the NPA’s determination to create a seamless multimodal transportation system connecting all ports.
Addressing the challenges of cargo evacuation by road, Bello-Koko emphasized that the agency is actively exploring alternative initiatives such as barges and expanding rail infrastructure.
The groundwork for deploying cargo rail and tracks to Onne port is complete, paving the way for the project’s initiation in the coming year.
The NPA has embraced automation in its collection system and is collaborating with the International Maritime Organization (IMO) to introduce a cutting-edge port community system, promising to optimize cargo clearance processes.
Furthermore, efforts are underway to clarify the responsibilities of government agencies within the ports, reducing overlaps and eliminating duplication of duties.
Acknowledging the security challenges on waterways, Bello-Koko outlined plans for the deep blue sea project, equipped with air and sea assets.
This strategic move will enhance security in the Gulf of Guinea, significantly reducing piracy incidents within Nigerian waters.
The NPA is working closely with the Nigerian Customs Service (NCS) to reduce bottlenecks and streamline the cost of doing business within the ports.
Additionally, the development of a 25-year port master plan is underway, which will guide the location, sizes, and activities of ports, terminals, and jetties in Nigeria.
This master plan will serve as a national working document, uniting all stakeholders towards marine and logistics development.
Martin Boguikouma, the president of PMAWCA, urged African countries to address challenges facing the region to prepare for the surge in traffic due to the African Continental Free Trade Agreement (AfCFTA).
He stressed the importance of efficient transport infrastructure and maritime safety through enhanced interstate cooperation.
The cryptocurrency market is stabilising after a turbulent start to the week, gaining nearly $89 billion and pushing the total market cap to $2.61 trillion.
Bitcoin rebounded above $80,000, with analysts suggesting a breakout past $82,761 could lead to $85,000, supported by strong investor confidence.
In the U.S., Speaker Mike Johnson urged patience, saying, “People need to be patient in waiting to see what President Trump was planning for the economy.”
White House Press Secretary Karoline Leavitt reassured investors, stating, “The recent market volatility was a transitory period, not a trend or a long-term one.”
Earlier in the week, crypto markets saw nearly $1 billion in liquidations as Bitcoin and Ethereum hit monthly lows.
However, stability returned, and in the past 24 hours, total liquidations reached $384.4 million—$138.2 million from long positions and $246.2 million from short positions.
Despite the recovery, analysts remain cautious. While reduced geopolitical risks and trade tensions have helped, inflation data, Federal Reserve policies, and ongoing global uncertainties could still impact markets.
The coming weeks will determine whether the market sustains its gains or faces renewed volatility.
In a move to support Nigeria’s transition to renewable energy, global technology giant Huawei has collaborated with the Office of the Head of the Civil Service and the Ministry of Power to equip Nigerian civil servants with essential skills in the green energy sector.
The two-day training programme theme “Green Energy and Solar Power Training” held in Abuja, targeted Directors of Engineering Departments across various ministries and agencies, aiming to enhance their knowledge of solar energy technologies and further champion its adoption in Nigeria. Participants were trained in making informed decisions on solar product selection, system maintenance, and ensuring energy efficiency in government operations.
Speaking at the opening of the training, Minister of Power Chief Adebayo Adelabu, represented by Permanent Secretary Alhaji Mahumuda Mamman, highlighted Huawei’s critical role in advancing renewable energy solutions.
“Huawei, as a global leader in technology and innovation, has been instrumental in making solar energy more efficient, scalable, and accessible,” Adelabu stated.
“Their involvement in this programme reflects their commitment not only to technological advancement but also to the education and empowerment of Nigeria’s energy leaders.”
Adelabu expressed confidence that the training would equip participants with valuable skills that would benefit their careers and contribute to Nigeria’s goal of energy independence and sustainability.
“The success of our energy transition depends on collaboration—between government, industry, and the technology sector,” he added.
“By working together, we can develop the infrastructure, policies, and human capital needed to accelerate Nigeria’s shift to a green energy economy.”
In his welcome remarks,Huawei Board Director Jim Zhang underscored the company’s longstanding presence in Nigeria, emphasising its contributions to the country’s digital and energy sectors.
“A lot of people know Huawei for our equipment, headsets, and laptops. However, we also provide digital power solutions, smart photovoltaic (PV) systems, and energy storage solutions (ESS) in Nigeria,” Zhang said.
He noted that Huawei has been in Nigeria for 26 years, operating two headquarters in Lagos and Abuja, alongside a training centre, an operations centre, and an innovation hub.
“We have already supplied nearly 100 megawatts of power through our smart PV and ESS systems in Nigeria,” Zhang revealed.
“We also collaborate with several universities, offering training programmes for students and professionals.”
Zhang reaffirmed Huawei’s commitment to working closely with the Nigerian government and businesses to address electricity challenges and enhance energy efficiency.
Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, represented by Permanent Secretary Dr Danjuma Usman Kalba, commended Huawei’s efforts in training civil servants. She stressed the importance of institutionalising such initiatives to ensure continuous capacity building in the public sector.
“We cannot thank Huawei enough for making itself available and organising this training,” Walson-Jack said.
“We hope this will become a continuous initiative within the civil service.”
She further emphasised the economic and environmental benefits of renewable energy, urging ministries and agencies to align their strategies with global sustainability policies.
“The world is increasingly focusing on climate change and its impact. It is essential that Nigeria aligns with global renewable energy policies,” she said.
“I encourage participants to seize this opportunity to understand solar energy systems, particularly their maintenance and practical applications.”
The 2-day training program features technical sessions tailored to enhance participants knowledge and capabilities in solar power, as well as site visits to Huawei-implemented project sites as part of the effort to equip participants with practical knowledge and drive the nation towards a sustainable and energy-efficient future.
By Abubakar Yunusa
Oil marketers have cried out about the negative impacts of unstable prices of Premium Motor Spirit or petrol in the country on their businesses.
President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gilly-Harris raised concern during Channels Television’s Business Morning on Tuesday.
According to him, fluctuating petrol prices in the last few weeks are constituting potential threats to the survival of businesses of its members.
Gilly-Harris’ concern comes on the heels of ongoign price war between the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL).
Following the announcement of a price cut by the Dangote Refinery by N65 at the ex-depot price, the retail price at filling stations affiliated with Dangote dropped from N925-N930 to N860.
No sooner after, the NNPCL also reduced its price at its retail stations, further deepening rivalry between the two dominant players.
Billy-Harris said “In our consistently weekly reviews, we discovered that the size of loss, and the possibility of most of us getting out of business is glaring at us in the face. Because in today’s Nigeria, we have collaborative efforts being made between all the stakeholders, and we reach out to one another to know how the businesses are doing.
“As much as we are making efforts to make sure that Nigerians have product affordability from our end as the last mile in the industry, we also want to stay afloat and liquid.
“The challenge we have is that we buy products at a price today, and before the close of business, the price has reduced. We thought there should be a mechanism by which prices are analysed and ensure it doesn’t impact negatively on the industry.
“I have always said that every business can only survive by making some minimal profits that are commensurate to the price of paying the cost of doing business.
“We are fully aware that the international prices of crude oil and other related expenses are also being reduced. But when we invest to buy products at say N880, we are not going to sell at that price. And if such products become reduced to N840, N850, N860 or even N870 per litre, it becomes challenging how we will be able to recover our costs.”
Commenting on price monopoly in the downstream sector, Gilly-Harris said its members can either import products or buy from local refineries, however, it would not sell products at the expense of the survival of PETROAN members’ businesses.
He said “Yes, we have been in the forefront of always implementing what stakeholders agree. We have the capacity to import our products. We also have the capacity to buy locally refined products. But we see that prices consistently shift up or down, and there is no clear business consultation on how this should be done. That is why we said the NMDPRA and the consumer protection agency should swing into action and be able to work together with other stakeholders so that we can be able to have a stable market and a stable price.”