Port Congestion Chokes Nigeria's Economy
Worsening congestion at Nigeria's major ports is crippling the economy of the West African sub-region. Manufacturers say essential cargoes are stranded at the ports and their factories are on the brink of closing down, as a standoff between importers and the government showed no signs of easing. "A number of those containers that have been out there for weeks contain industrial raw material," an industry source said. Prices of manufactured goods in Nigeria and in the sub-region are reported to have increased noticeably, some goods by as much as 35 percent since the problems at the ports began three weeks ago. Officials of the Manufacturers Association of Nigeria (MAN) said they would comment on the situation after a meeting in southeast Nigeria later on Thursday.
NLNG Buys Two Gas Vessels
Nigeria Liquefied Natural Gas (NLNG) purchased two vessels owned by Duke Energy to transport gas from the Bonny LNG plant. The company said it had long-term chartered the ships in 1995 for 22.5 years with provisions for an extension or outright purchase within the period 2001 and 2006. The company is exercising the right to buy the vessels outright one year ahead of schedule. The $3.8 billion Bonny plant in southeast Nigeria began LNG production in October.