Category: Maritime

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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    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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    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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