Business

WACT Sets to Commission $115m Upgraded Onne Terminal

Published

2 years ago

August 26, 2024

OCHEFA

786 Views

West Africa Container Terminal (WACT), operated by APM Terminals in Onne, Rivers State, has completed works on its USD115 million (about N178.2 billion) upgraded terminal. In a statement, the company’s Managing Director, Jeethu Jose, disclosed that the terminal will be commissioned next week Wednesday by President Bola Tinubu.

Jose said: “We are pleased to announce the successful completion of the upgrade of our terminal at Onne Port. This will be a game-changer for Nigeria, and we’re thoroughly excited about it.

“The fresh investment of USD115 million is a further testament to the trust and confidence that APM Terminals has in the Nigerian economy and contributes to our purpose of improving lives for all while lifting global trade.

”WACT is a greenfield container terminal developed under a Public-Private Partnership (PPP) model. Strategically situated within the Oil and Gas Free Zone, Onne, Rivers State.

The terminal has evolved into the premier gateway for accessing markets beyond the Lagos region and a vital conduit to Eastern Nigeria’s burgeoning economy. On August 15, 2020, WACT made history when it received the largest container vessel ever to berth at any Nigerian port.

Business

NPA initiate trucks movement code to ease traffic at Lagos ports

The initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

Published

1 day ago

July 30, 2026

OCHEFA

30 Views

The Nigerian Ports Authority (NPA) has introduced a movement code to streamline the movement of empty containers into seaport terminals and reduce traffic congestion caused by container trucks along the Apapa and Tin Can Island port corridors.

The Guardian reported that under the new policy, the movement code will serve as a unique identifier generated by a holding bay for every empty container uploaded to the Electronic Call-Up (ETO) platform.

The code must correspond with the details captured on the ETO system before trucks are granted access to port terminals.

In a notice issued to stakeholders, the NPA said the movement code has become a mandatory requirement for completing the truck-container matching process.

Truck drivers are required to obtain the code from designated holding bays before proceeding to the ports.

According to the authority, the initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

Business

Okonjo-Iweala lauds Cardoso for stabilising Nigeria’s monetary environment

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Published

1 day ago

July 30, 2026

OCHEFA

43 Views

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has commended the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, for stabilising Nigeria’s monetary environment.

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Speaking at the forum, Okonjo-Iweala commended Cardoso on the work that he and his team have done on currency and monetary policy stabilisation.

However, she emphasised that Nigeria must sustain broader macroeconomic reforms.

“Nigerians have to feel the dividends of reform in the real economy,” she added.

The forum brought together policymakers, business leaders and development partners to discuss strategies for strengthening Africa’s resilience amid growing global economic uncertainty.

Business

Naira Exchange Rates Thursday, July 30 : Black Market, CBN, Commercial Bank

Sterling Bank publishes both a buy rate and a sell rate for USD, GBP, EUR, and ZAR. The buy rate is what Sterling Bank will pay you when you exchange foreign currency for Naira. The sell rate is what you will pay when buying foreign currency from Sterling Bank at its branches.