Business
Commuters Besiege Port Harcourt Parks
As most residents of Port Harcourt make for their various country homes to celebrate the New Year, most commuters were yesterday seen at the motor parks scrambling for the few available commercial vehicles.
At the Abali Park on Aba Road commuters defied the increased fares occasioned by shortage of petrol to struggle for seats in the few buses.
A commuter who spoke to The Tide said though the fares have been hiked by about 50 per cent, he could not resist the temptation of going to his home state of Ebonyi to enjoy the New Year festivities.
The commuter who refused to identify himself also decried the exorbitant rate charged by transporters for their luggage and called on government to step-up action at reviving the rail transport system.
The situation was the same at the Mile III Motor Park and others visited by our reporters who noted that hundreds of commuters were seen waiting for vehicles to take them to their destinations.
The position is not different with travelers to the riverine communities who are also groaning over the weight of very high fares.
At the Bonny waterfront, communities complained that the boat operators have hiked their fares from Port Harcourt to Bonny from N1,500 to N2,000 per passenger.
A boat operator who spoke to The Tide on condition of anonymity said the fare increase is in response to the dearth of petrol and called on the federal government to build floating filing stations to supply fuel to riverine communities.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.