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Transforming Ship Registry In Nigeria

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Maritime nations all over the world evolve strategies and methodologies of modernising ship registry for the purpose of enhancing national tonnage.
In the pursuit of goal tonnage enhancement and transformation, nations adopt cut-edge technology both direct and indirect marketing of the national flag and other known effective methods in their registration of vessels.
Of course, every maritime country however adopt strategies that influence specific objectives of the country and such objectives are not expected to threaten the interest of global maritime.
Besides the drive for local tonnage to achieve desired goal, the maritime nation players have also adopted systems of close or open registry of vessels. The Nigerian Maritime Administration and Safety Agency (NIMASA) by the statute establishing it is responsible for organising, shipping activities and development. It was in consonance of this that late 2008, NIMASA made its intention known to the registration of ships in Nigeria.
The Nigerian ship registration office performs flag state responsibilities of NIMASA, as enshrined in Section 16 of the Merchant Shipping Act of 2007. Section 28 (2) of the Nigerian Maritime Administration and Safety Agency Act, 2007 also established the office of the registrar of ship and that of the deputy registrar of ship.
The NIMASA ship registry unit conducts all flag registration duty from the head office location of the agency as guaranteed in its regulation.
NIMASA Act of 2007, in accordance with International Maritime Organisation (IMO) global practices, anticipates the efficiency of the Nigerian Ship Registration Office especially when operators can access the services from other operational location.
The creation of the office of the deputy registrars of ship, many believe is a demonstration of the agency’s commitment to structure the Nigerian ship registration office to reflect the changing trend in the modern international maritime operations.
The decision of the Agency to formally establish ship registration desks in Warri and Calabar was to complement registration service offered from Lagos and Port Harcourt as provided in the NIMASA Act of 2007.
By this development, the ship registration service in Nigeria have been taken to the door steps of vessel owners, even as it enables Nigerians in diaspora to take advantage of the increased accessibility offered by the decentralisation through any of the mentioned locations to fly the Nigerian flag.
Preliminary modernisation programmes and measures taken by the agency have resulted in the electronic up-load of over 3,200 vessels of different categories of data being integrated to the web link of the agency. Daily vessel registration details are transferred electronically to the data base with the aim of updating available web information.
NIMASA’s modernisation and transformation programmes could also be appreciated in the area of mutual sharing of vessels details between the agency and the Nigeria National Petroleum Corporation (NNPC). The information sharing approach influences the NNPC and other international oil companies for Nigerian flagged vessels in the award of contract in the current cabotage regime.
The benefits for registration and decentralisation services include enhanced access to registration service, reduced cost of logistics particularly for up-country vessel owners and fast tracked vessels registration process amongst others.
Nigerian ship registration office has also developed relevant templates to guide applicants on-line. On completion of the automation process, applicants are expected to download relevant ship registration forms, upload required documents for vessels registration, effect payment of registration via an on-line payment engine as well as take delivery of provisional certificates of registry on-line.
However, the modernisation of the ship registration process has been extended to cabotage registration. Subject to applicant’s submission of all documents, the Nigerian ship registration office developed on-line templates to achieve cabotage registration of vessels in 48 hours.
The deployment of multi-skilled human capital by NIMASA is another strategy for meeting the technical, administrative and legal requirement. This move informed NIMASA to articulate a “Fly Nigeria” initiative embodying the genuine principles of safety, as a condition for flying the Nigerian flag.
The overall end result of the modernisation and transformation programme is the reformation of processes and procedures of flag state toward promoting efficiency and unparallel advisory services to the external public of the Nigerian ship registration office. Even at times, the Agency has not relented at directing its efforts at professionalising the ship registry as critical vehicle for service efficiency.
Staff of the registry office visit some foreign ship registries, including the Maritime and Coast Guard Agency of the United Kingdom and the Singaporean ship registry office as part of efforts to update knowledge and enhance service delivery.
Similarly, working attachments to the Panama, Hellenic and Malaysian ship registry was also pursued towards full professionalisation of the ship registry, to expose staff of Nigerian ship registry office to challenges of an ICT driven registration services.
Demonstrating commitment to global maritime safety, NIMASA’s efforts to approve the America-Bureau of Shipping, Bureau Veritas and Lloyds registry among others was seen as a welcome development to classify societies for conventional vessels of 500 tonnes and above.
Although much efforts have been made by the agency towards the transformation and modernisation of Nigerian ship registry, even as it was committed to eliminate delay of the past and engender new culture of professionalism and efficiency in service delivery, a lot more is needed to attain and sustain full transformation and modernisation of Nigeria flag ship registration.
In this era of cabotage, and with the quest to be one of the leading maritime nations, it may not be out of place for Nigeria to shift from theories to actual accomplishment goals in this direction.
The international players are on the watch to se Nigeria totally transformed and modernise her flag vessel registry, and the task is before NIMASA.

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FG Approves ?758bn Bonds To Clear Pension Backlogs, Says PenCom 

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The Federal Government has approved ?758b in bonds to offset long-standing pension liabilities, including pension increases owed since 2007.
The Director-General, National Pension Commission, Omolola Oloworaran, disclosed this at a two-day Sensitisation Workshop on the workings of the Contributory Pension Scheme for Employees and Pensioners in the North-East, in partnership with the National Salaries, Incomes, and Wages Commission (NSIWC), and held in Yola, last Thursday.
Represented by the Commissioner for Administration in PenCom, Alhaji Bello Abubakar, Oloworaran described the approval as a bold step by President Bola Tinubu to bring relief to vulnerable pensioners and restore confidence in the pension system.
She said the workshop formed part of ongoing reforms to enhance awareness and deepen understanding of the CPS among retirees and other stakeholders.
According to her, other key interventions under the reforms included pension increases for over 241,000 retirees, representing 80 per cent of those under the programmed withdrawal arrangement.
“The increases raised monthly payments from ?12.15 billion to ?14.83 billion, effective from June 2025.
“The commission has also eliminated waiting time for pension payments, ensuring that, since July 2025, retirees now access their benefits immediately after retirement.
“The proposed reintroduction of gratuity for civil servants, with a framework developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the Pension Reform Act (PRA) 2014,” she said.
The PenCom DG explained that the initiative was aimed at further enhancing post-retirement benefits and improving the welfare of pensioners.
Oloworaran stressed that the sensitisation workshop would help address misconceptions and build public confidence in the CPS while offering an opportunity for engagement, feedback, and trust-building with stakeholders.
Also speaking, the Chairman, National Salaries, Incomes and Wages Commission, Ekpo Nta, represented by the Deputy Director of Compensation, Chika Ochor, said the workshop would promote better understanding of the CPS and its benefits.
Nta insisted that pension provides financial security in old age, enabling retirees to maintain their standard of living, reduce poverty, and avoid dependence on families and government adding that the current administration had introduced far-reaching reforms in pension administration to ensure prompt and sustainable payment of retirees’ benefits.
In his remarks, the Director-General, National Orientation Agency (NOA), Lanre Issa-Onilu, commended PenCom and NSIWC for their collaboration in bridging knowledge gaps on the CPS and online enrolment processes.
He reaffirmed NOA’s commitment to promoting national values, policy awareness, security consciousness, and disaster preparedness.
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Banks Must Back Innovation, Not Just Big Corporates — Edun

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Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on Nigerian banks to channel more credit to young innovators and small businesses, saying the era of concentrating lending on big corporates must give way to inclusive, innovation-driven financing.

Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.

Edun emphasised that while the reforms under President Bola Tinubu have begun to yield tangible progress since May 2023, inclusive growth remains critical to sustaining the recovery.

“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.

The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.

“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.

The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.

He commended the Central Bank of Nigeria (CBN) for maintaining monetary discipline under its current leadership, describing the tight policy stance as a necessary step to curb inflation, stabilise the financial system, and restore investor confidence.

Also speaking, Chairman of the Committee of Bank CEOs and Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA) Plc, Oliver Alawuba, commended the CBN and the Federal Ministry of Finance for their coordinated policies that have eased pressure on the foreign exchange market and restored investor confidence.

“We thank the Minister of Finance and the CBN Governor. We have seen the difference. A year ago, customers were asking for dollars; today, we are asking them if they need any. Thanks to the efforts of the coordinated economic team,” Alawuba said.
He urged newly inducted Fellows and Senior Members of the Institute to champion digital transformation, strengthen trust, and promote collaboration within the banking industry.

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FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment 

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The Federal Government has begun discussions with the World Bank for a new $1 billion loan under a programme designed to accelerate private investment, job creation, and economic diversification.

The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.

According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.

If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.

The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.

The loan would back reforms intended to expand access to credit and digital financial services, lower prices for households and firms, and boost productivity in key agricultural value chains.

“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.

The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.

To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.

The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.

Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.

Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.

The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.

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