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Kenyan Port of Mombasa, largest port in East Africa, records highest transshipment traffic

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The Mombasa Port in Kenya, reputed to be the largest in the whole of East Africa, is experiencing its highest volume of traffic in substantive transshipment business as more ships evade berthing delays and waiting at the neighboring Port of Dar es Salaam in Tanzania.

Official statistics released on Tuesday by the Kenya Ports Authority indicate that at the beginning of this month, 7, 894 Twenty Feet Equivalent Units (TEUS) transshipment to the Dar es Salaam port landed at the Port of Mombasa to await nomination for second carriers to the ports of Dar es Salaam and Zanzibar.

The statistics also revealed that the Mombasa Port has witnessed a noticeable growth in transshipment volumes by an average of 2.5 percent in the last one month, making it one of the busiest in the world.

“Over the last one month, the Port of Mombasa has handled over 10 feeder ships transshipping from the Port of Dar es Salaam with containers advancing her opportunities for a regional transshipment hub.

“MSc Shipping Line, the second top on the world’s liner rankings has confirmed using the port of Mombasa until the situation normalizes in Dar es Salaam. Others include CMA CGM and Maersk Shipping Lines,” the Kenyan Ports Authority said.

The General Manager Operations, Sudi Mwasinago, also confirmed that amongst the shipping lines discharging transshipments at the Port of Mombasa for Dar es Salaam, MSC accounts for 75 percent of the total transshipment volumes while CMA CGM and Maersk accounted for 24 percent and 9 percent respectively.

He said following the significant rise in transshipment business, MSc increased to three feeder services to Mombasa, on a weekly basis service.

Mwasinago noted that the delay of the MSc vessels at the port of Dar es Salaam means that more traffic is diverted to the Port of Mombasa.

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Emerging African enterprise, Harvest Group, spreads reach to Zambia, launches fillings stations, foundation

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One of Africa’s emerging conglomerates, Harvest Group of Companies Limited, has made bold its announced plan to expand its business reach by opening a chain of filling stations in Zambia.

The Group, which has business interests across sectors like energy, e-commerce, logistics, hospitality, and infrastructure development had announced that it would open forty filling stations in the East African country by year-end 2022.

Speaking recently at the commissioning of Harvest retail outlet on the International Airport axis in Lusaka, the Group’s chairman, Ugo Ikoro-Ngadi remarked that “Harvest Group is making huge strides that are not only bolstering our bottom line and transforming the Zambian and sub-Saharan African economy but also improving lives of people.”

The chairman, Ikoro-Ngadi further revealed that the group’s commitment to human development has birthed the Harvest Foundation through which it aims “to incubate at least 50,000 small businesses across Africa in the next half decade “through mentoring, knowledge-sharing and financial support.”

“As a responsible corporate entity, we will keep our promises to impact communities around us, especially vulnerable African women and youths” he added.

He also admitted the group’s understanding of the challenges that may lie ahead in its recent quest but reiterated that as perceptive entrepreneurs, they see bright prospects.

“Our convictions are guided by market intelligence which shows Africa’s youths as an emerging powerhouse, and the continent as an investment destination.” He added.

With over $10 million in annual revenue and the capacity to handle other non-oil offerings that are associated with filling stations, Harvest has the vision is to be the most innovative distributor of quality refined petroleum products in Sub-Saharan Africa.

Petroleum products contribute 9.4% to the total national energy demand in Zambia. The country imports all its petroleum products, that is, petroleum feedstock and finished products.

But the distribution line is largely local, a turf which players like Harvest Group of Companies hope to dominate. The products are distributed to various government-owned depots where Oil Marketing Companies lift the finished products and distribute them to their own depots, service stations, and commercial customers.

Zambia’s Minister of Energy, Peter Kapala while speaking at the commissioning in Lusaka, said that the government was keen on reforms in the energy sector and formulation of policies that are targeted at specific areas of interest for the private sector and centred on the ease of doing business.

The minister also mentioned that such investments are products of “deliberate and intentional private sector-supporting policies fully and meaningfully employed” by the government.

Harvest Group’s investment in Zambia is capable of “empowering the mass of underserved African women and vulnerable youths” in the country.

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Nigeria: Despite high oil theft, fuel subsidy rises to ₦525.714 billion in August

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Nigeria’s oil subsidy regime has continued to bleed the country of public funds as subsidies rose to 525.714 billion nairas ($1.22 billion) in August.

According to figures submitted to the government by a state oil company, Nigerian National Petroleum Company Limited (NNPC), the August number brings the total spent in 2022 to 2.568 trillion Naira,

Reports say oil production in August averaged 1.18 million barrels per day, well below the nation’s OPEC quota of 1.8 million bpd, due in large part to theft from pipelines that has curtailed production.

Nigeria’s oil auditing agency, NEITI, indicated that in 2019, the West African country lost 42.25 million barrels of crude oil to oil theft, valued at $2.77 billion.

Despite her increasing debt profile, Nigeria’s government in January postponed its planned removal of subsidy on petroleum products till further notice. Petrol subsidy payments reportedly gulped overN1.15 trillion 2021 alone, resulting in low revenue for federal, state, and local governments to cater to developmental projects.

The Finance Minister, Zainab Ahmed in July revealed that West Africa could spend up to 6.72 trillion nairas ($16.2 billion) next year on subsidies.

Although Nigeria is one of the largest oil producers in the world, the West African country does not refine crude oil locally. State-owned Nigerian National Petroleum Corporation (NNPC) has four refineries, two in Port Harcourt (PHRC), and one each in Kaduna (KRPC) and Warri (WRPC) but none has worked to capacity for years despite several investments to succinate the refineries.

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