Category: News and Updates

  • Nigerian Ports Authority set to begin dredging of Warri Port

    Nigerian Ports Authority set to begin dredging of Warri Port

    Dredging of Warri Port

    The Nigerian Ports Authority has concluded plans to commence the dredging of Escravos Channel, Warri Port. The agency gave this indication on Tuesday when the Managing Director, NPA, Hadiza Usman, paid a courtesy call on the Olu of Warri, Ogiamen Ikenwoli II, in Warri, Delta State.

    Usman, who was represented by the Executive Director, Marine and Operations, Dr Sekonte Davies, expressed appreciation to the monarch for persuading the Federal Government to approve the dredging of the channel and also facilitating the project.

    In his response, Ikenwoli said he was happy that there was hope for the revival of the Warri Port, which has been inactive for years.He said, “I have two ports, Warri and Sapele ports, and I am not happy that these ports are not working, but I am happy that now there is a ray of light. When the ports were working, there was a lot of progress and improvement in the living condition of our people.“I was happy when the President approved the dredging of the ports”. “Government has invested a lot of money and resources to establish these ports”.

    He promised to assist the agency in every way possible to make the task of dredging the port successful.

    “I want to hear that ocean liners are coming to Warri to berth”, the monarch added.

    Earlier in his welcome address during the Delta Port Second Quarter Stakeholders’ Forum, the Port Manager, Delta Port, Mr Simon Okeke, stated that Warri was the number three port in the nation until the challenge of the channel prevented bigger vessels from coming to berth.

    He noted that the port had continued to witness enhanced and improved business environment since keying into the Executive Order of the Federal Government.

    “We are proud and happy to acknowledge that Warri Port has never had it better than now. This is reflected in what this management has done to improve operational efficiency,” Okeke stated. He said tugboats had been provided for the port and contract awarded for the repair of more tugboats.

    “From all indications, these boats will be inaugurated in August this year,” he added. In addition, he stated that the entire port was now fully illuminated; documentation and payment processes had improved owing to e-payment and other facilities put in place by the management, thereby reducing human interface and blocking revenue leakage.

    The Federal Government had in April approved the dredging of Warri Port at a cost of N13bn.The contract will also cover the replacement of the bad navigational aids at the seaport whose shallow channels have prevented larger vessels from berthing in the region.

    Source: The Punch

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    Dredging of Warri Port

  • European Investment Bank plans €700 million investment in Nigeria

    European Investment Bank plans €700 million investment in Nigeria

    European Investment Bank in Nigeria

    EUROPEAN INVESTMENT BANK PLANS €700 MILLION INVESTMENT IN NIGERIA

    Ms Isabelle Grunderbeeck, the Regional Representative for West Africa of European Investment Bank (EIB), says the bank plans to invest 700 million euros in some identified projects in Nigeria.

    Grunderbeeck disclosed this at the bank’s interactive meeting with its clients and other stakeholders in Abuja on Tuesday.

    She said that the planned investment was in addition to the fund already committed to the Nigerian economy.

    “EIB is currently identifying new projects for a total amount of 700 million euros on top of the funds already committed.

    “We finance large infrastructure project, and we are also important financier of climate, we are looking into the renewable energy sector of the economy,” she said.

    The official said that the bank had so far invested 296 million Euros in Small, Medium Enterprises (SMEs) in Nigeria in the last eight years.

    She said that the European Investment Bank in Nigeria had also invested 87 million euros in 65 companies through the investment funds.

    “Since 2010, EIB disbursed 296 million euros under seven facilities signed with nine Nigerian banks and 210 million euros for 50 sub-projects disbursed to be on-lent in foreign currency.

    “Average allocation amount per project was 4.5 million euros.

    “It was spent on wholesale and retail trade, education, manufacturing, construction, transportation, accommodation, human health, information and communication, electricity and gas, agriculture, scientific and technical activities.

    “In 2018, EIB disbursed 17 million euros equity participation in Development Bank of Nigeria funding intermediaries for on lending to Micro Small and Medium Enterprises in local currency,” she said.

    The EU Ambassador to Nigeria and ECOWAS, Mr Ketil Karlsen described the bank’s investment in Nigeria as valuable addition to the existing cooperation between the EU and Nigeria.

    Karlsen said that Nigeria had the largest EIB investments in the African Caribbean and Pacific (ACP) countries.

    “With development cooperation through policy dialogue and many efforts, the biggest investment bank in the world is engaging more decisively with Nigeria; this is a wonderful progress that we are seeing now.

    “If you look at the figure and the continuous engagement of the bank in Nigeria and its increasing portfolio, Nigeria is number one country in the ACP that is having the bank’s support for private businesses.

    “And we are doing this in order to find a lasting solution to the migration problem in the country; the bank is creating opportunity for the youth in the country to be engaged.

    “The investment will help to address the challenge of migration and to provide long term solution to the irregular migration issue, this is the best opportunity,” he said.

    Source: Todayng

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    European Investment Bank in Nigeria