Business
Lekki Port Strengthens Operations with New Pilot Boats from NPA
▪︎MD/CEO, NPA, Dr Abubakar Dantsoho
The management of Lekki Port, has taken delivery of two new state-of-the-art pilot boats, “PC Jalingo and PC Nadiya”, from the Nigerian Ports Authority (NPA).
The Managing Director/CEO of Lekki Port, Du Ruogang, explained that the new PC Jalingo and PC Nadiya would further enhance Lekki Port’s operational excellence by ensuring smooth and safe navigation of large vessels in and out of the port’s channel.
Ruogang noted that the addition of PC Jalingo and PC Nadiya will bolster the port’s operational capacity to manage increased cargo volumes and facilitate smoother maritime operations, thereby strengthening its position as the gateway to West Africa’s trade network.
Mr. Yang Xixiong, the Operations Manager for Lekki Port, described the arrival of two Pilot boats as a positive signal and another significant step toward achieving the Port’s goal of becoming the leading gateway to West Africa.
Xixiong noted that the addition to the fleet would enhance navigational capabilities by ensuring vessels’ safe and efficient movement in and out of the terminal.
“With these boats, our pilots can better guide vessels of all sizes, improving safety in challenging weather and sea conditions.
The expanded fleet also means quicker responses and more efficient vessel handling, allowing us to serve more ships in less time,” he said.
BLACK/ PARALLEL MARKET RATES
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₦1800 POUND (GBP)
₦1510 EURO (EUR)
₦970 CANADIAN DOLLAR (CAD)
₦65 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED)
₦190 CHINESE YUAN (CNY)
₦100 GHANAIAN CEDI (GHS)
₦2300 WEST AFRICAN CFA F.(XOF)
₦2200 CENTRAL AFRICAN CFA F.(XAF)
₦850 AUSTRALIAN DOLLAR AUSSIE (AUD)
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SWISS FRANC (CHF)₦1608.23
JAPANESE YEN (JPN)₦8.4
CFA FRANC (XOF)₦2.27
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1802.33
CHINESE YUAN (CNY)₦199.01
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SOUTH AFRICAN RAND (ZAR)₦80.49
Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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