By Chinwendu Obienyi
First Bank has said the newly commissioned Pinnacle Terminal project will enhance Nigeria’s trade competitiveness.
Deputy Managing Director, First Bank of Nigeria Limited, Gbenga Shobo, stated this at the commissioning of the Pinnacle Oil and Gas Terminal facility in Lekki FTZ, Lagos at the weekend.
Shobo stated that given the inadequate port infrastructures in the country, the new terminal will facilitate the berthing of large delivery vessels which are more efficient for shipping products.
“It will also reduce discharge time, which will result in lower landed prices for petroleum products. Other benefits include the eradication of delivery losses which would typically occur during the ship-to-ship transfers which is necessary in the delivery model in use today; the facilitation of efficient storage of large volumes and one can say with all modesty would be considered the largest storage facility in Africa,”he said.
According to him, maritime transport is an essential component in facilitating trade. “Good terminals which are essential aspects of ports contribute to the resourcefulness of ports and is key to reducing trade costs, including transport costs, connecting supply chains and supporting global trade,” he said. Consequently, this enhances trade competitiveness of countries”, he said.
Shobo said First Bank being one of the major financier of the Pinnacle Terminal project, is delighted to be part of the success story and added that the terminal will transform sub-regional products storage and handling.