Haulage cost drops as NRC resumes cargo movement to Kano, Kaduna dry ports – Newstrends
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Haulage cost drops as NRC resumes cargo movement to Kano, Kaduna dry ports

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The Nigerian Railway Corporation has resumed the movement of cargoes in containers from Lagos to Kano and Kaduna dry ports, more than a year after it suspended the operations.

Managing Director of Inland Containers Nigeria Limited (ICNL), Ismail Yusuf, who stated stated this during an interview with journalists in Lagos, added that the cost of haulage had thus dropped by 50 per cent compared to what the road transporters charge.

In September 2020, the NRC suspended the movement of containers by rail from Apapa port for rehabilitation of the rail tracks.

Yusuf said about 40 containers had been moved so far, adding that 40 empty containers had been returned through the same mode to Lagos from the Kano and Kaduna inland dry ports.

Apart from cost reduction, he said the movement by rail would  save time and ensure the safety of the consignments being moved by rail.

According to him, it will now cost a half of what is presently being spent on road haulage to move containers by rail.

According to him, the ICNL is still in talks with the NRC to deploy additional coaches to the port operation because his company has cargoes on the ground to be moved.

“As you know that the Federal Government is encouraging the Nigerian Railway Corporation to ensure movement of cargo from the seaport to the hinterland and this is very critical to our Kano-bonded terminal and Kaduna Inland Dry Port, which is our subsidiary company,” Yusuf said.

He also said, “The management of ICNL and Kaduna Dry Port has led the management of the railway corporation to discuss the modalities of how they can come back to life. We thank God that our request has been acceded to and this is the outcome of our discussion.

“Presently, they have supplied us with two rails for the last two weeks. We have moved about 40 containers, and this will continue every fortnight until we attain maximum capacity.

“The number of containers being moved also depends on the availability of locomotives, and as long as we have enough cargos to load.

“We have started from somewhere: from one to two rails and from there we can increase it to four or five rails.

“We are talking with NRC on how we can increase the capacity to meet the yearnings of customers who want to use the services of the rail corporation. Time spent on the movement is a minimum of 48 hours and a maximum of 72 hours.”

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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CBN jacks up interest rate amid soaring inflation

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CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

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