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Maritime Industry expenses to gulp N939.5 billion by 2023

Nigerian Maritime Administration and Safety Agency (NIMASA) has projected the country’s maritime sector will spend about N939.5 billion ($2.588 billion) on vessels financing in the next four years.

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Maritime Industry expenses to gulp N939.5 billion by 2023

Nigerian Maritime Administration and Safety Agency (NIMASA) has projected the country’s maritime sector will spend about N939.5 billion ($2.588 billion) on vessels financing in the next four years.

NIMASA stated this in Nigeria’s Maritime Industry Forecast 2019-2020, titled “Harnessing The Maritime And Shipping Sector For Sustainable Growth”. The body forecasted growth amid claims of under-exploitation of the sector’s potential. But the political outcome after the general elections will determine the actualisation of the growth.

NIMASA’s positive projection comes at a period industry stakeholders are clamouring for immediate multi-sectoral intervention to aid financing and infrastructure development of the industry.

Despite prevailing domestic and global conditions, the forecast report stated that industry volume is estimated to grow by 10 percent this year, linking it to a successful general election which will commence from February 16 to March 2, 2019.

The forecast will increase awareness on investment opportunities for operators, and also aid in the creation of more businesses and job in the maritime sector, Chairman, NIMASA Board, Gen. Jonathan India Garba (rtd), said.

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Also, the Managing Director, Nigerian Ports Authority (NPA), Hadiza Bala Usman, who was represented by Oladunjoye Rufus, applauded NIMASA for the forecast, stating any nation that fails to plan is definitely planning to fail. Adding that to further grow the industry, there is a need to prioritise infrastructure development.

Nigeria’s position in Africa’s maritime landscape

The growth of Nigeria’s maritime industry is also tied to the level of security across the country, including Nigeria’s territorial waters, due to the challenges insecurity pose to trade. But Director-General, NIMASA, Dakuku Peterside said the industry has the potential to contribute at least 10 per cent of Nigeria’s Gross Domestic Product (GDP) in no distant future.

During the presentation yesterday in Lagos, Nigeria is said to generates about 65 per cent to 76 per cent cargo throughput in West Africa, while 65 per cent of all cargo heading for these regions will most likely end up in the Nigerian market, making Nigeria the biggest market in Africa.

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Funding local operators

NIMASA is in search of other financial sources for local operators, as the Cabotage Vessel Financing Fund (CVFF) is not adequate enough to address the huge demand for maritime assets, according to Peterside. Adding that shipping is capital intensive.

“We have been engaging with government at the highest level to push for special intervention fund, special interest rate of single digit, and other incentives that will drive optimal performance in the sector. We shall not relent in our drive to put the right framework together to help beneficiaries and investors have good return on investment,” he said.

NIMASA Projections for 2019-2023

The forecast report disclosed that tugboats, security patrol vessels, jargon barges, and crew boats, among others, would be among the top five vessels in projected demand between 2019 and 2023. Stating that the estimated industry expenses on Category 1 vessels would be $1.65 billion or 51 per cent of total spend compared to $1.04 billion or 33 per cent for Category 2 vessels, and $519 million or 16 per cent for Category 3 vessels, totaling $2.588 billion (about N939.5 billion).

Meanwhile, in a Guardian report, Nigeria spent about N1.09 trillion on vessels in the last four years. The industry spent $2.21billion on Category 1 of marine vessels representing 73 per cent of total spend. Category 2 was $393 million or 13 per cent, while $437 million or 14 per cent was invested in Category 3 vessels between 2014 and 2018.

Minister of Transportation, Rotimi Amaechi’s reaction to forecast

While acknowledging the security threat the maritime industry in Nigeria faces, the Minister of Transportation, Rotimi Amaechi said the NIMASA forecast will guide the operations of the industry’s players in line with international trends and standards, and assist the operators in harnessing the potential within.

Speaking on behalf of Amaechi, Gloria Ayabe said the government is aware of the security threats from armed robbery, oil theft piracy and other forms of unreported crimes, and with the promotion of the Anti-piracy Bill, currently before the National Assembly, the government is working to curb these form of threats.

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Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Coronavirus

COVID-19 Update in Nigeria

On the 24th of October 2020, 48 new confirmed cases were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 61,930 confirmed cases.

On the 24th of October 2020, 48 new confirmed cases were recorded in Nigeria, having carried out a total daily test of 1,372 samples across the country.

To date, 61,930 cases have been confirmed, 57,285 cases have been discharged and 1,129 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 603,611 tests have been carried out as of October 24th, 2020 compared to 602,239 tests a day earlier.

COVID-19 Case Updates- 24th October 2020,

  • Total Number of Cases – 61,930
  • Total Number Discharged – 57,285
  • Total Deaths – 1,1129
  • Total Tests Carried out – 603,611

According to the NCDC, The 48 new cases were reported from 6 states- Lagos (18), FCT (13), Kaduna (6), Rivers (5), Ogun (5), Ondo (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,807, followed by Abuja (5,961), Plateau (3,594), Oyo (3,423), Rivers (2,770), Edo (2,648), Kaduna (2,611), Ogun (1,995), Delta (1,812), Kano (1,741), Ondo (1,662), Enugu (1,314),  Kwara (1,067), Ebonyi (1,049), Katsina (948), Osun (922), Abia (898), Gombe (883).  Borno (745), and Bauchi (710).

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Imo State has recorded 614 cases, Benue (486), Nasarawa (478), Bayelsa (403),  Ekiti (329), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (164), Taraba (122), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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#EndSARS: Governor Uzodimma approves N2bn for youth empowerment after talks with protesters 

Governor Uzodinma has approved the immediate release of N2 billion for youth empowerment.

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Ogun, Imo States give free hand sanitizers

Governor Hope Uzodimma of Imo State has approved the immediate release of N2 billion for youth empowerment, following a fruitful meeting with a group of youths associated with the #EndSARS movement in the State. 

This disclosure was made by Governor Hope Uzodinma in his statement today, during his third state Broadcast to the people of Imo State, this week. 

The Governor in his statement said that his heart is gladdened that a vast majority of the youth heeded the clarion calls to call off the #EndSARS protests, having laid down their points unmistakably. 

However, he revealed that in line with his determination to address the needs of the youth and empower them, he has approved an immediate release of a take-off fund of N2 billion for the empowerment of youth in the state. 

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He reiterated that the task is not complete until every single youth is pulled off our streets and kept a safe distance away from the reach of some unscrupulous elements whose demonic desire is to unleash endless carnage in some parts of the state. 

What you should know 

Recall that the governor on the met with a group of youths embedded in the EndSARS protests. The group was made up of youth leaders from all parts of the country comprising leaders from the National Youth Council of Nigeria, Areewa, Ohanaeze, Afenifere, Hausa, Fulani, Middle belt and Niger Delta Youths 

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However, during his interface with the youth, he assured them of a dedicated empowerment package, as part of his administration’s determination to address the needs of the youths and quell their dissatisfaction. 

  • The N2 billion take-off fund will be deployed for the training of the first batch of the beneficiaries, which will commence next week. The N2billion take-off fund is to be taken from the N6 billion earmarked for the accelerated youth empowerment programme. 
  • The empowerment programme is under the Imo State Special Youth Empowerment and Intervention Programme (IMYEIP). The State’s Ministry of Skills Acquisition and Entrepreneurship is directly charged with its immediate implementation. 
  • The programme is to begin training of the 1st, 2nd & 3rd Batches of an estimated number of 500, 000 Imo youths in different skills acquisition programmes within the next two years, and provide them with start-up capital to begin their own enterprises. 
  •  The training time table will be rolled out on Tuesday, October 27th, 2020. 
  • The 5000 Imo Youths who have already been trained in different skills under the IMYEIP platform, are to be given their start-up capital very soon. 

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ENDSARS

Tinubu visits Sanwo-Olu, speaks on recent violence in the state, travelling out of the country

Tinubu has spoken up about some of the happenings that have led to the recent unrest in Lagos State.

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Tinubu denies advising Buhari to print new naira notes

The former Lagos State Governor and the National Leader of the ruling All Progressives Congress (APC), Bola Ahmed Tinubu, has reacted to the outbreak of violence during the #EndSARS protest which has led to the destruction and looting of public and private infrastructure in the state.

He lamented the invasion and wanton looting and burning of public and private assets in the state of late, including police stations.

This was made known by Tinubu during a courtesy visit to the Governor of Lagos State, Babajide Sanwo-Olu, on Saturday, October 24, 2020, at State House Marina, to commiserate with him on the recent violence in the state, sympathize with the victims through him and seek his permission to visit some of the victims.

While addressing journalists after the meeting with the governor, Tinubu said he asked him if he had ordered the attack on #EndSARS protesters by soldiers at the Lekki Tollgate on Tuesday.

He also said that he did not travel out of the country as reported by some sections of the media, who claimed that he had travelled to France and the UK.

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Tinubu said, “I didn’t go nowhere; I’m a Lagosian and I still hold the title of Asiwaju of Lagos and I am still a Jagaban. Fake news is all over the place. They say Seyi my son was kidnapped and was chased but look at him. I didn’t pay a penny to bring him here.

On the investigation and compensation for victims of violence, Tinubu said, “First, we have to segregate the calendar, those who suffered casualty before the protests from the hands of SARS. You have to separate that from those who suffered casualty due to what happened at the toll gate.

“For those who suffered casualty from SARS, the Commission of Inquiry that is already set up will unearth that and will make their recommendations. I trust the calibre and the character of the people there, they are independent. That is one.

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“Those who suffered casualty during the gunshots need to answer some questions too, how are they there? How long were they there? What kind of characters are they? Even though we want to help, we still must extract information that will help the government to prepare in future and understand how and when to react because the governor, in particular, is a youth.’’

Going further, he said, “As a youth himself, he (Sanwo-Olu) quickly went to Abuja with the 5/5. The government immediately put into action, dissolved the SARS and had to work through other recommended actions, the needs they demanded. Within a few days, he reported back to the public. That is responsive enough.

“But where are we getting the looting, the carnage, the burning, the invasion of police stations, stealing of arms, maiming of the innocent? It is a handshake beyond the elbow.

Tinubu has been under intense media attack over the shooting of unarmed protesters at the Lekki Tollgate on Tuesday. He was accused of being the mastermind of the incident because of his alleged interest in the tollgate which has been blocked for about 2 weeks, an allegation he has denied.

The hoodlums had burnt down some businesses allegedly linked to him in the course of the violence that erupted in Lagos. They include Oriental Hotel, Television Continental (TVC) and Nations newspaper.

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