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Economy

FG’s Massive Investment in Railways a Game Changer – NPA MD

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Mr Mohammed Bello-Koko, Acting Managing Director of the Nigerian Ports Authority (NPA), has said that the massive investment that had revitalised the Nigerian Railway Corporation was a “game changer” in the maritime sector.

“I must commend President Muhammadu Buhari for investing so much into reviving Railway transportation.

It is really exciting that he has focused on that key sector of the economy.

“I want to particularly thank him for the recent completion of the rail system into Apapa port.

We believe it is a game changer.

“We have been working with the Nigerian Railway Corporation to see how Cargo can be evacuated. The interest is to see how cargo can get all the way to the inland dry port.

“There are meetings taking place between the West African Container Capital in Onne and APMT; this is to assist those inland containers to ensure that it reduces double charges once the cargo comes in.

“The one in APMT, we are hoping to start moving cargo inland by train. This has started but we are working with Nigerian Railway Corporation to give the right window so that once the train comes, the cargo is loaded into the right train without delay.

“There are discussions going on as well to see that railway system gets into Tin can eventually. That is the responsibility of the Nigerian Railway Corporation. They have taken some trains to a few terminals for test run.

“The fact that the railway is already in the port has made the problem half solved. But they need to do a survey to find out what buildings need to come down to create space for the train. The ports are very old, they were not planned for a train going round all the terminals,” he said.

Bello-Koko expressed optimism that a functional rail system would ease the haulage of items and enhance a lot of other activities.

He also spoke on measures NPA was adopting to encourage the usage of other ports in Nigeria.

“What we did first was to provide pegs for shipping lines for ports at Calabar, Warri and Rivers.

“We gave most to Calabar and Delta. The idea here was to take in their vessels into those locations. That has worked a bit, we also specified the kind of vessels that would come in and get those discounts.

“We had stakeholders’ engagement to encourage importers to take their vessels to those locations. We provided more marine services to those locations.

“But the usage of those ports depends on the importer. You cannot force an importer to take his goods to Calabar or Warri.

“For instance, a lot of the cargo coming in, the usage of the cargo is in Lagos, so there must be enough incentives for the importer to take his cargo to Warri and then bring it back to his factory in Lagos.

Some of the issues revolve around the roads also; one cannot import to Calabar and bringing it back to Lagos becomes difficult. We had to write to the Ministry of Works concerning Ikom bridge to encourage people to use Calabar Port.

“Calabar Port is the nearest to the Northeast of the country. So, if we encourage the use of that port, it means that all imports going to the Northeast pass through Calabar.

“The problem there is that it has the longest channel and passing through the channel is very expensive. We are encouraging the use of those ports and we are giving incentives to the shipping companies to bring in their goods to those ports.”

On alleged corruption in the maritime operations, he said the NPA had always strived toward keeping its books clean.

“The NPA has always ensured that the issue of corruption is addressed strictly.

“We are one of the first agencies to have an open budget system overtime. We have also signed in with the Action Group Against corruption.

“We have a department responsible for addressing issues concerned with corruption. We are more open.

“As acting MD, the best I will do is to ensure openness and ensure strict compliance to rules and regulations and policies of government.

“If we find any of our workers engaged in corruption practices, we have penalties and sanctions spelt out.”

On his vision for the ports industry, Bello-Koko said that he was working toward a renewed NPA with better automation and more marine equipment.

“I look forward to an NPA with newer Port facilities which I believe will be achieved.

“We believe that the new Lekki Deep-sea Port will come on stream by the second quarter of next year. The proponents of Badagry Sea Port are more serious and have seen the urgency to move forward.

“We have a 25-year port master plan which will soon be completed. The essence of it is to make the nation take decisions on the best locations for ports.

“In five years, we are going to have an NPA with better facilities, more Marine equipment providing 24 hours service, a more robust infrastructure and less human interference.

“In the next five years, we will be getting back some of the cargo traffic we have lost to other countries because of inefficiency.

The Lekki deep sea will be able to take bigger vessels, so this idea of mother vessel staying somewhere in Lome will stop because those big vessels can now come and berth in Nigeria.

“Imagine if Badagry comes in, and that is just the first phase of Lekki I’m talking about. By the time they conclude it, we would have bigger vessels coming into the country.

“We are modernising the ports; discussions have begun, so we are left now with the issue of funding and business models and viable options to take.

“What that means is that here in Tincan and Apapa, there would be improved ports in the next five years.

“The minister (of transportation) keeps asking about Lekki deep sea and the kick-off of Badagry deep sea port. He is also pushing for the finalisation of discussions and plans for the construction of all the terminals in Apapa and Tincan.

“He shares our visions and is working closely with us. Our collaboration with the Federal Govermnent will yield a lot. The Maritime industry is getting all the support it needs to soar high,” he said. (NAN).

Economy

Minister Says Upgrading MAN to Varsity will Unlock Maritime Opportunities 

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Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.

Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.

Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.

He said that the ministry was already  collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.

“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.

Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.

“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.

“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.

He further said that the Federal Government was working on developing a national policy on marine and blue economy.

“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.

In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.

Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.

“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.

Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.

Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.

“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.

“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.

The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.

Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (NAN)

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Economy

Investors Gain N183bn on NGX

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The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.

Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.

The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.

68, against 98,206.
97 recorded on Tuesday.

Consequently, the Year-To-Date (YTD) return increased to 31.

74 per cent.

Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.

Market breadth closed positive with 34 gainers and 17 losers.

On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.

Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.

On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.

Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.

A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.

Meanwhile, ETranzact led the  activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)

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Economy

Yuan Weakens to 7.1870 Against Dollar

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The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
(Xinhua/NAN)

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