Business
Indigenous Ship Owners To Lift Crude Oil, Soon
The Nigerian National Petroleum Corporation (NNPC) and the Nigerian Maritime Administration and Safety (NIMASA) are set to allow indigenous ship owners to lift crude oil.
NIMASA’s Director General, Dr. Dakuku Peterside disclosed this last Wednesday at the stakeholders meeting held at NNPC Tower in Abuja.
He said this would lead to a change in trade terms from Free On Board (FOB) to Cost Insurance and Freight (CIF).
Peterside, who presented a paper titled ‘The Imperatives of Changing Nigeria’s Crude Oil Affreightment Trade Terms From FOB to CIF’, said the changing landscape of Nigeria’s maritime sector necessitated the adoption of CIF.
Peterside said: “The CIF, if implemented, will encourage indigenous fleet expansion, lead to massive job creation for qualified Nigerian Seafarers, create opportunities for mandatory sea time experience for Nigerian cadets and build expertise and competence in international shipping trade.
“Nigeria is one of the major exporters of oil and gas resource in the world, and she averages an output of 1.92 million barrels of crude oil per day so this volume generates huge freight for carriers. Regrettably, Indigenous shipping operators have insignificant share of the freight earned from the carriage of Nigeria’s crude compared to foreign counterparts”.
He stated that OPEC nations such as Iran, Indonesia, Algeria, Kuwait, Angola, Venezuela, UAE and Libya allowed indigenous operators to participate actively in shipment of the crude oil, stating that with the right policies in place Nigeria can build its own capacity and one of this is the change of terms of trade for Nigeria’s benefit.
NNPC Group Managing Director, Dr. Maikanti Baru, said the corporation had no reason not to allow Nigerians lift crude. He added that the NNPC was aware of the benefits in the CIF trade term but processes have to be followed which may include transition period before finally opting for the CIF trade term.
Shipowners and major stakeholders, who spoke at the engagement, lauded the initiative.
A former DG of NIMASA, Temisan Omatseye, who is also a ship owner, said the CIF trade term would eliminate crude theft, create employment and compliment the diversification drive of the Federal Government.
The President of the Ship Owners Association of Nigeria (SOAN) and Managing Director of Starz Marine Group, Greg Ogbeifun, said what was needed to make the CIF initiative to grow the Nigerian shipping industry and the economy was government support.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
Business
NIS Ends Decentralised Passport Production After 62 Years
Business
FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year
-
Sports5 days ago
CAFCL : Rivers United Arrives DR Congo
-
Sports5 days ago
FIFA rankings: S’Eagles drop Position, remain sixth in Africa
-
Sports5 days ago
NPFL club name Iorfa new GM
-
Sports5 days ago
NNL abolishes playoffs for NPFL promotion
-
Sports5 days ago
NSF: Early preparations begin for 2026 National Sports Festival
-
Sports5 days ago
Kwara Hopeful To Host Confed Cup in Ilorin
-
Sports5 days ago
RSG Award Renovation Work At Yakubu Gowon Stadium
-
Politics4 days ago
Rivers Assembly Resumes Sitting After Six-Month Suspension