Thailand exporters lose N385.2bn rice market in Nigeria

  Thailand exporters have lost 1.2million tonnes of rice valued at N385.2billion ($819.6million) in Nigerian market following import restrictions by the government. The Central Bank of Nigeria (CBN)’s import restriction has boosted local production by 11.2per cent or 600,000 tonnes from 4.8million to 5.4million tonnes in one year. Last month, Thai Rice Exporters Association (TREA), which has also shifted to Benin, Cameroon, South Africa and Angola markets, raised the price of the grain from $678 in August to $683 per tonnes in September, 2020. Data from the United States Department…

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Nigerian seafarers earn 61% less than foreign counterparts

      Nigerian seafarers have rejected the newly approved Collective Bargaining Agreement (CBA) wages after realising that they were earning 61.5 per cent less than their foreign counterparts. The new wage was approved by the National Joint Industrial Council (NJIC) but it is far below international standard.     The newly signed CBA centred on the welfare of the seafarers and implementation of the Maritime Labour Convention (MLC), 2006.     Finding revealed that the new wage approved last July by the International Transport  Federation (ITF)/ International Labour Organisation (ILO)…

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Cashew exporters’ earnings to drop by N52bn

There is strong indication that earnings from unprocessed cashew nuts by Nigerian exporters will fall this year by 60 per cent, following the sharp decline in the global price of the nuts. However, processed cashew nuts will still attract N759.2billion but the country lacks machines and skill to process the commodity. Parts of the challenges facing the exporters in the country include lacks machine and equipment to process the nuts, poor handling, pilferage, defective packaging and delay on the port road. It was learnt that proceed from the projected export…

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14 vessels lift N298.9bn liquefied gas from Onne Port

    As the price of natural gas in Asia remains steady since last month, no fewer than 14 vessels have left Onne Port between June and July this year with 947, 000 metric tonnes of Liquefied Natural Gas (LNG). The liquefied gas is valued at N298.9billion ($830.5million) in the Asian market. In the last six months, the price of LNG in Asia has reached $877 per metric tonnes. It was learnt that the surge in the export of the product is as a result of high demand driven by…

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Debts consume terminal operators’ N3trn investment

    Despite the huge investment in the port industry, operators of bonded terminals are in bad debts.   It was learnt that some terminals have been closed down because of bad debts and poor infrastructure.   According to the Executive Secretary of the Association of Indigenous Bonded Terminal Operators of Nigeria (AIBTON), Mr Haruna Omolajomo, some members of the association had invested more than N3trillion in the Nigerian port sector.   He explained that the investments include building, equipment and other assets.   Omolajomo said in Lagos that the association…

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