Nigeria Mulls Refloating National Shipping Line

Image

By Adedapo Adesanya 

Nigeria has commenced moves to refloat the moribund national shipping line with a view to targeting a $10 billion value from the global shipping market.

This is the current interest of the newly created Ministry of Marine and Blue Economy headed by the Minister, Mr Adegboyega Oyetola, as he met with various maritime stakeholders with a view to charting a new course for the sustainable development of the nation’s marine sector in Lagos on Tuesday.

He said that Nigeria must be ready for global competitiveness as it hopes to target the $10 billion ship charter market.

According to Mr Oyetola, “The Blue Economy is a pivotal sector that must be harnessed for economic growth.”

He affirmed that the initiative will not in any way impede the growth of local players but rather provide an avenue for them to create and extract more value from the sector, especially through ship construction, maintenance, and repairs.

According to the minister, the forum was convened to bring together players in the sector to discuss and chart a roadmap/direction that will advance the industry’s potential, promote sustainable Blue Economy investments, and ensure global competitiveness within the sector.

He noted that the model, a collaborative synergy between the private sector’s efficiency and the public sector’s oversight, will bring about a transformative impact on the marine and blue economy as well as boost the creation of substantial job opportunities and the facilitation of increased trade and investment in the nation, reinforcing the ministry’s collaborative and forward-looking approach.“

There is an urgent need for a collaborative effort to brainstorm and devise strategies to leverage our marine resources for the betterment of the economy and the safety of our planet. It is imperative we come up with practicable ways of ensuring that our inland rivers, lakes, and waterways are well utilised for cargo shipment and passenger transportation.”

“Our Ministry though new, is not resting on its oars and has continued to foster inter-agency collaborations and implement initiatives to promote Port efficiency, cargo shipment, maritime security and tap into the resources of the seabed.

“The ministry’s decision to consider the re-establishment of a National Shipping Line, through a strategic PPP arrangement, is borne out of our desire to capture a substantial share of the estimated $10 billion annual ship charter market within the country,” he added.

According to him, “This initiative will not seek to impede the growth of local players but rather to provide an avenue for them to create and extract more value from the sector, especially through ship construction, maintenance, and repairs. This would enable our local businesses to better leverage the Cabotage Act, which gives Nigerians the exclusive right to control locally generated seaborne trade.

“Other anticipated outcomes include the creation of substantial job opportunities and the facilitation of increased trade and investment in the nation, reinforcing our collaborative and forward-looking approach”.

Share
Related Stories
Image
27-February-2024

Full List of MDAs to be Affected by Oronsaye Report

By Modupe Gbadeyanka On Monday, February 26, 2024, the Federal Executive Council (FEC) approved the implementation of the Stephen Oronsaye Report about 12 years it was submitted by the former Head of Civil Service. The information has continued to generate reactions from various quarters, with some saying it is just a diversionary tactic employed by the government of President Bola Tinubu to shift attention away from the current economic hardship in the country. The report recommended the trimming of the federal government’s ministries, departments, and agencies (MDAs) to cut the cost of governance, especially because some of them have duplicity

Image
23-February-2024

Applications Open for AIG Public Leaders Programme

By Aduragbemi Omiyale Eligible African public servants have been urged to submit their applications for the AIG Public Leaders Programme Cohort 4 before Tuesday, April 30, 2024. This call for entries was made by Aig-Imoukhuede Foundation and the applications are to be filed through www.aigimoukhuedefoundation.org/leaders-programme, a statement disclosed. Applicants must be working in the public sector in Africa, with a minimum of seven years of active service, at grade levels 12-17, and aged between 35-50 years at the time of application. The AIG Public Leaders Programme is tailored for senior public leaders and delivered in partnership with the Blavatnik School

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
22-February-2024

WINBAFRICA Plans Big for 10th Anniversary

By Modupe Gbadeyanka All is now set for the 10th anniversary of WINBAFRICA themed Bridging the Gap: Celebrating a Decade of Nation-building. The organisation is gathering stakeholders together on Monday, February 26, 2024, for the event at the Alliance Francaise in Ikoyi, Lagos. The group was formed in 2014 and has since then promoted girl-child education and empowered women and young girls in critical thinking and leadership skills in secondary schools across Africa. As part of activities lined up for this year’s celebration, WINBAFRICA organised an annual school debate competition and scholarship programme for 20 young girls across the continent.

More Stories
Image
07-June-2023

Bolt, Uber Drivers Stop Work Over Hike in Petrol Prices

By Adedapo Adesanya Ride-hailing drivers are reportedly embarking on a three-day nationwide strike, demanding a 200 per cent increase in fares before returning to work. According to a report by Tech Cabal, Bolt, LagRide, Indriver and Uber drivers, under the aegis of the Amalgamated Union of App-based Transport Workers of Nigeria (AUATWON), are observing a sit-at-home over the recent hike in petrol prices. In addition to the increase in fare prices, the drivers are also asking for a slash in the commission charged by app operators. For context, Uber and Bolt collect a 20 per cent commission on every ride,

Image
30-June-2017

Chellarams Plc Partners DMK Group to Float New Company

By Dipo Olowookere Information reaching us indicates that a leading Nigerian conglomerate, Chellarams Plc, has entered into a joint-venture agreement with a German based dairy company called DMK Group, to establish a new firm. A statement issued by the Group Company Secretary of Chellarams Plc, Mrs Ezinwanne Dorothy Nnoruka, disclosed that the newly formed firm is called Chellarams DMK Ltd. Mrs Nnoruka explained that the primary goal of the new venture will be to manage the production, marketing, sales and distribution of a full range of dairy products across Nigeria. She said “this partnership will be well-placed to meet the

Image
30-June-2020

CashNation Record Label Owner in EFCC Net

By Dipo Olowookere Owner of a music outfit based in Lagos State, CashNation Entertainment Limited, Mr Oyerinde Babatunde Abidoun, has been arrested by officials of the Economic and Financial Crimes Commission (EFCC). A statement from the anti-money laundering agency disclosed that suspect, also known as Kashy, was apprehended in connection with an alleged internet fraud. In the disclosure, the EFCC said the record label owner was allegedly involved in cybercrimes and in order to quiz him and prosecute him if found guilty, he was picked up by its operatives. It was further disclosed that Kashy was arrested at his residence

Image
16-December-2020

Crude Oil Defies Demand Pressures, Gains 0.93%

By Adedapo Adesanya Crude oil prices maintained positive momentum on Tuesday as the boost from the distribution of vaccines outweighed the demand pressures caused by new lockdowns across Europe. More countries in Europe and some states in the US are tightening the coronavirus restrictions over Christmas and the new year, which is likely to weigh on demand. This is happening despite widespread vaccinations in Western Europe and North America. The vaccine development has, however, led to a surge in optimism for the market. As at last night, the price of the Brent was up by 47 cents or 0.93 per

Image
16-May-2021

SERAP Tasks NASS to Identify Lawmakers Involved in Missing N4.1bn

By Adedapo Adesanya The leadership of the National Assembly has been tasked to probe the N4.1 billion budgeted for the parliament alleged to be missing. This charge was given by the Socio-Economic Rights and Accountability Project (SERAP) in a letter addressed to the Senate President, Mr Ahmad Lawan, and Speaker of the House of Representatives, Mr Femi Gbajabiamila. In the letter dated May 15, 2021, and signed by SERAP deputy director, Mr Kolawole Oluwadare, the parliament was asked to “urgently probe and refer to appropriate anti-corruption agencies fresh allegations that N4.1 billion of public money budgeted for the National Assembly

Image
22-March-2022

Local Currency Crashes to N584/$1 Amid FX Scarcity

By Adedapo Adesanya More pressure is pilling on the Naira at the Peer-2-Peer (P2P) segment of the foreign exchange (forex) market amid a shortage in foreign currencies in Nigeria. The local currency depreciated against the United States Dollar on Monday at the market window by 0.34 per cent or N2 to close at N584/$1 compared with N582/$1 it was exchanged last Friday. The nation has been struggling with FX scarcity despite the prices of crude oil rising on the global scene and efforts by the Central Bank of Nigeria (CBN) to continue to defend the Naira are not yielding the

Image
10-December-2019

Naira Records Mixed Trading at FX Market Segments Monday

By Adedapo Adesanya The value of the Nigerian currency, the Naira, closed mixed against the United States Dollar at the various segments of the foreign exchange (FX) market on Monday, December 9, 2019. The various markets monitored by Business Post on the first trading day of the week showed that while the local currency depreciated at the Investors and Exporters (I&) window, it appreciated at the official interbank segment of the Central Bank of Nigeria (CBN). At the parallel market, the domestic currency traded flat. Data from the FMDQ OTC Securities indicated that yesterday, the Naira was strengthened against the

Image
09-November-2021

FAAN Moves to Curb Extortion at Airports With Stiffer Sanctions

By Ashemiriogwa Emmanuel The Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mr Rabiu Yadudu, has said that the authority will execute stiffer sanctions against violators to curb the issue of extortion by airport officials. Mr Yadudu disclosed this on Monday, November 8, 2021, in Abuja, after the authority`s management meeting, noting that such a miscreant act is detrimental to the integrity of the nation`s airports and Nigeria’s reliability. The action also responded to the concerns raised by stakeholders, passengers, and others over extortion at airports from officials and some agencies. He disclosed that, henceforth, any official caught

Ad
Ad
Recent Stories
Image
03-March-2024

Dangote Cement’s African Subsidiaries Contribute 41.2% to FY 2023 Sales

By Dipo Olowookere Dangote Cement Plc has revealed that sales from its factories outside Nigeria, its base, improved in the 2023 fiscal year by 12.7 per cent, contributing about 41.2 per cent to its total volume for the period under review, with its Nigerian operations accounting for the rest. In its audited financial statements for the year ended December 31, 2023, filed to the Nigerian Exchange (NGX) Limited, the cement maker said revenue generated from its pan-African operations increased by a record 123.2 percent to N925.9 billion, while EBITDA surged by over four-fold to N263.7 billion. Business Post reports that

Image
03-March-2024

Nigeria Pays N1trn Monthly Subsidy to Keep Petrol at N650/Litre

By Aduragbemi Omiyale Despite the federal government claiming it has stopped the payment of subsidies on premium motor spirit (PMS), well-known as petrol, more people are countering this. Recall that a few weeks ago, the International Monetary Fund (IMF) said the government had returned fuel subsidies through the backdoor and kept Nigerians in the dark about this. It then advised the government of President Bola Tinubu, which announced an end to it on May 29, 2023, to completely stop the payment as it was increasing his administration’s fiscal deficit. The global lender, in a report released last month, said the

Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of