About 49 per cent or N686 billion ($490 million) of equity in the N1.4 trillion ($1 billion) of the Regional Maritime Development Bank (RMDB) being promoted by the Maritime Organisation of West and Central Africa (MOWCA) has been ceded to private sector stakeholders. This is just as the Federal Government of Nigeria advises on due diligence before the final take-off of the specialised lender.… Read the rest

The Nigerian Shippers’ Council, NSC, said it has  approved negotiated and reviewed haulage rates from Eastern ports to various destinations in the country.

The rates approved were in consideration of  cost moderation,  cargo transport issues and acceptable by all parties, including freight forwarders and truck owners.

Addressing the meeting in Lagos, the Executive Secretary and Chief Executive Officer of NSC, Pius Akutah,  commended the stakeholders for  their concerted efforts  during   the negotiation.… Read the rest

THE former Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dakuku Peterside, has said that implementating attractive roadmap policy framework will boost blue economy.

Peterside said this in an interview with the News Agency of Nigeria (NAN) in Port Harcourt on Wednesday.

He said, the “foundational thing to do to enhance the blue economy is to put in place attractive roadmap that would woo investors into the sector.”… Read the rest

The Minister of Marine and Blue Economy, Adegboye Oyetola, said that the Ministry would continue to support the Maritime Organisation of West and Central Africa (MOWCA) in its activities that would add value to maritime industry.

According to a statement signed by Olujimi Oyetomi, Director, Press and Public Relations, yetola made the promise during a courtesy visit by the Secretary General of MOWCA, Paul Adalikwu, in Abuja.… Read the rest

Billion-dollar new port and marine projects in Nigeria in their preliminary development stages are contending with higher cost of borrowing funds, depreciation of the naira, and foreign exchange volatility.

With the recent adjustment in the benchmark interest rate by the Central Bank of Nigeria by 400 basis points to 22.75 percent, experts say investors would find it difficult to source funds to invest in marine projects.… Read the rest

The Nigerian Maritime Administration and Safety Agency (NIMASA) said it has signed a Memorandum of Understanding with Sternula of Denmark towards enhancing safe navigation of ships on Nigerian waters.

The MoU is expected to see Sternula providing full-scale Very High Frequency (VHF) Data Exchange System space capabilities to the Agency.

The MoU was signed by Jacob Weibrent of Sternula and witnessed by Jette Bjerrum, consul general of Demark to Nigeria.… Read the rest

The Nigerian Ports Authority (NPA) has announced a $1 billion reconstruction plan for Tincan Island, Apapa, Rivers, Onne, Warri, and Calabar port complexes.

The NPA also allocated funds for similar reconstruction as part of the new port development plan for the Badagry deep seaport, Snake Island, Burutu, and Ondo deep seaports.

The plans were disclosed on Wednesday, in a document titled ‘Consolidation of Superior Performance at the Nigerian Ports Authority 2023 — A Synopsis of the Authority’s Performance Improvement 2022-2023’.… Read the rest

The House of Representatives Committee on Maritime Safety, Education and Administration, says it will probe contractors who abandoned projects at the Maritime Academy of Nigeria, Oron, Akwa Ibom.

The chairman, Khadijah Ibrahim, stated this in Oron on Thursday when the committee visited the academy as part of its oversight functions.

Ms Ibrahim said that the committee would investigate all cases of project abandonment from the inception of the institution.… Read the rest

The Nigerian Maritime Administration and Safety Agency (NIMASA) has signed a Memorandum of Understanding (MoU) with Sternula Denmark on full-scale Very High Frequency (VHF) Data Exchange System (VDES) space capabilities between the Agency and Sternula.

The Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA Dr Bashir Jamoh, OFR, who signed on behalf of the Agency noted that the international partnership to enhance vessel to vessel/ land communication in Nigeria will not only enhance safety and security of navigation in Nigerian waters, but also improve productivity of seafarers. … Read the rest

As the Nigerian Maritime and Safety Administration (NIMASA) plans to deploy its N50 billion modular floating dock, the federal government also eyes to generate N12 billion annually from the facility, saying it will help attain the blue economy objectives of the Tinubu administration.

NIMASA also said the dock will not only arrest capital flight, but also boost the nation’s ship repair capacity and transform Nigeria’s maritime industry for wealth and employment creation.… Read the rest