WASHINGTON: The volume of consumer goods being imported into the country has reduced drastically, The Nation has learnt. The sharp drop in demand for consumer goods, findings revealed, is being felt at APM Terminals Apapa, which handles over half of the nation’s imports.
Investigation also revealed that workers at the busiest container terminal may be affected by the steep drop, as global oil prices have fallen by over 50 per cent over the past year, affecting government’s revenues and consumer demand.
The company, in a statement at the weekend, said the effects of the fall in the global prices of oil from $114 per barrel in the summer of last year to less than $50 a barrel in October this year, has ripple effects on the economy, lamenting that it is impacting on the staffing requirements at APM Terminals, Apapa.
Its Head, Human Resources, Ms. Bunmi Pratt said: “With cargo volumes down to 30 per cent compared with a year ago, and even after extensive cost-cutting measures taken throughout the terminal, we are unfortunately being forced to reduce our staffing in view of the business realities of the current economic environment.”
The Terminals, she said, began operations after the 2006 privatisation initiative of the Federal Government and has risen during the past 10 years. Nigeria, with oil and related petroleum products representing more than 90 per cent of total exports, or approximately $90 billion last year, has seen austerity measures permeate the national and local economy.
