Business

Apapa gridlock: Train to move 50% of Lagos port containers

Published

4 years ago

March 17, 2021

The Nigerian Shippers Council says about 50 per cent of all containers coming to the Lagos ports will be evacuated by rail in a bid to effectively curtail the chaotic Apapa traffic.

Executive Secretary/Chief Executive Officer of NSC, Hassan Bello, stated this in an interview.

Several measures have been adopted by both the federal and Lagos state governments to address the gridlock around the seaports at Apapa including the recent electronic call-up system. But the problem has not really abated.

Bello, however, said the use of rail would in addition to drastically bringing down haulage cost in the Lagos corridor resolve the chaotic traffic situation in the area sustainably.

He said, “Fifty per cent of all the containers will be evacuated by rail. It is great because it will also bring the cost level down. There would be competition.

“So you have a multi-modal approach to cargo delivery and evacuation. The failure of infrastructure is being addressed by the government; the roads have been fixed. We have Creek and Liverpool road, Mile 2 – Oshodi – Tincan Island road.”

Bello also said, “Shippers’ Council is pushing for digitisation of the port. We have just got the latest report that one of the shipping companies has achieved 100 per cent compliance. It used to be 40 per cent. One of the terminals is 98 per cent. One terminal that used to be 18 per cent is now digitising and they told us that by end of March, they would call me to visit them to see the level of digitisation done.

“Nigerian Ports Authority (NPA) is pushing for a port committee system and that is great. The port committee system will enable us to do all these things. It is not only for terminals to have digitiation, but other users should fit into the integration of the system, where we have a one-stop shop where we see everything going on. The banks must be part of it; the NCS must fit in.”

Related Topics:Apapa gridlock Lagos port railway

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PH refinery: 200 trucks will load petroleum products daily, says Presidency

Published

7 hours ago

November 26, 2024

Trends Admin

Port Harcourt Refinery

PH refinery: 200 trucks will load petroleum products daily, says Presidency

No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.

A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.

Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Business

Breaking: CBN increases interest rate to 27.50%

Published

8 hours ago

November 26, 2024

Trends Admin

Breaking: CBN increases interest rate to 27.50%

The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.

This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.

The Monetary Policy Rate measures the benchmark interest rate.

The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.

He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.

The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.

Business

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Published

12 hours ago

November 26, 2024

Trends Admin

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.

The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.

The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.

“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.

“The unemployment rate among males was 3.4% and 5.1% among females.

“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”

Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.

Employment rate – 76%

The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.

“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.

Self-employment – 85.6%

The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.

It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”