Pinnacle’s Facility To Checkmate Apapa Gridlock, Freight Cost

Pinnacle Oil and Gas Limited has stated that its billion dollar project which was commissioned by president Muhammadu Buhari, on Saturday, would address the incessant traffic grid lock caused by the inefficiencies at the Apapa port.

Indeed, the nation loses about N5 billion on a daily basis due to the gridlock at Apapa port caused by the inability to evacuate the dry cargoes at the port which also hinders the federal government’s ability to generate revenue by way of excise duties.

Apart from this, the freight cost of Nigeria bound vessels would have to pay ten times more because they spend days on the nation’s waters due to port congestion.

The chief executive officer, Dr. Peter Mbah, at a press conference in Lagos, said the offshore intake facility will help in the free movement of dry cargoes, noting that, vessels that would ordinarily wait for months to berth at the ports would have the number of berthing days reduced.

“This will go a long way to impact on the freight cost. The earnings of the federal government will also be enhanced because of the fast movement of cargoes. Our facility would also ensure that there is a quick turnaround time for businesses. What typically you should have done in 32 days, would be reduced to 48 hours.”