Business
NNPC, Marketers Trade Blames Over Kerosene Scarcity
The Nigerian National Petroleum Corporation (NNPC) still says there is enough kerosene in circulation.
Dr Levi Ajuonuma, NNPC Group General Manager (Public Affairs Division) told newsmen in Lagos that the scarcity was artificial.
Ajuonuma said that marketers were responsible for the scarcity because NNPC had enough kerosene in stock and wondered what the cause of the scarcity was.
“NNPC has enough kerosene in stock and we are appealing to major and independent marketers to ensure effective distribution to end users.
“We have told them several times to ensure that petroleum products are taken from NNPC depot to the end users to end the scarcity of the kerosene.
“Marketers are the ones causing artificial scarcity to hike the price of the product,” Ajuonuma said. But the independent marketers told journalists on Wednesday that they did not have enough kerosene in stock.
Six marketers, who preferred anonymity, said the allegation that marketers were hoarding the product was false.
They said that marketers would not deliberately hoard kerosene nationwide.
One of them said marketers would not want to join issues with NNPC, adding that the truth was that the cost of kerosene was now high at the international market.
According to him, it is only the NNPC that can import sufficient kerosene to meet nationwide demand.
“Kerosene scarcity will persist in the country for as long as the high prices of crude oil in the international market remained.
“If there is scarcity, it means NNPC is not importing enough. It would have been easier for marketers to import if kerosene business was deregulated.
“Marketers will only dispense what they have and what sense does it make for us to have kerosene in our tanks and not dispense it?” one marketer asked.
Reports have it that the product has become a scarce commodity nationwide.
The price of kerosene has shot up in states like Rivers, Kaduna, Bauchi, Lagos, among others. The price has risen by about 150 per cent.
A survey of some major filling stations showed that a litre of kerosene now sells for between N150 and N180 against the official price of N50.
At the black market, a four-litre jerry can is sold for N1,300 while the 20-litre jerry can goes for N4,800 in Port Harcourt.
Prospective buyers spend several hours on long queues at filling stations before getting the product.
Members of the Indigenous Ship Owners Association of Nigeria (ISOAN) can provide five million jobs if the Federal Government changes its current maritime trade policy, a maritime expert, Chief Chijioke Egwuagu, said on Wednesday.
Egwuagu, the Chairman of a maritime firm, Multi Trade Group of Companies, told newsmen in Port Harcourt that the policy whereby crude oil buyers were allowed to come in and load their consignment with their own vessels was causing the nation colossal economic loss.
“Of all the member countries, which produce oil, Nigeria is the only country that still operates the trade policy of Freight On Board as against Cost Insurance Freight as done by other nations,’’ he claimed.
The maritime expert said the “outdated” policy had resulted in the loss of more than $150 millon monthly in crude oil sales made by Nigeria.
He said the enormous economic loss was regrettable and added that the indigenous ship owners were ready to collaborate with the government to put an end to it.
“The message we have sent to the President is to change Nigeria’s trade policy from FOB to CIF and we will bring in 20 brand new vessels of international standards to lift our crude with Nigerian-flagged vessels,” he noted.
Egwuagu said that, through his effort, the group had already secured a $1.8 billion offshore funding for the acquisition of 20 brand new ocean-going vessels.
A delegation of the association, he said, had also registered its commitment through the Minister of Transport, Alhaji Yusuf Suleiman, to President Goodluck Jonathan.
“As a group, we are ever ready to make bold our position because most crude oil buyers have ripped off the economy of Nigeria through this FOB policy and we are out to stop it,’’ Egwuagu said.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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