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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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Nigeria’s ETF correction deepens as STANBICETF30, VETGRIF30 see 50% decline in a week

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Nigeria directs all oil, gas revenues to federation account in sweeping reform
Nigerian President Bola Tinubu has signed an order directing that all oil and gas revenues owed to the government be paid directly into the federation account, in sweeping reforms aimed at boosting public finances, the presidency said on Wednesday.
Under the law, the Nigerian National Petroleum Corporation keeps 30% of oil and gas profits for frontier exploration in inland basins. The presidency said those funds will now be paid into the federation account and appropriated by the government.
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NNPC also retains 30% of oil and gas sales as operational costs and receives 30% of proceeds from Production Sharing Contracts. Under the new directive, all revenues under these arrangements will flow directly to the federation account, while the company will instead receive appropriated management fees.
Royalty payments, petroleum profit taxes and other statutory revenues previously collected and retained by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will also be paid directly into the Federation Account. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) will likewise remit its revenues in full, with its cost of collection to be funded through appropriation.
Tinubu’s office said deductions enabled by the law had sharply reduced net oil inflows and contributed to fiscal strain across federal, state and local governments. The president also ordered a review of the law and established an implementation committee to enforce the changes.
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BOI Introduces Business Clinic 

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The Bank of Industry (BoI) has introduced a business clinic model designed to diagnose, treat and rehabilitate the Micro, Small and Medium Enterprises (MSMEs) to ensure long-term growth and sustainability.
The Divisional Head, Business Development, BoI, Dr Obaro Osah, made this known at the bank’s Thrive Summit with the theme: “Driving Growth through Innovation and Financial Empowerment” on Tuesday in Lagos.
Osah noted that traditional banking often treated businesses as mere account opening and management relationships.
He said the BoI business clinic model was created to reimagine the essence of a bank as a specialised teaching hospital.
According to him, just as a hospital requires a thorough diagnosis before service treatment/surgery, the bank must analyse the structural health of a small business before injecting capital.
“Financial distress is often just a symptom, the disease lies in operations and adopted philosophy, strategy, or governance,” he said.
Osah noted the many MSMEs, in spite of their potential, suffer from recurring ailments: restricted cash flow, poor operational structure, lack of proper packaging and market access, poor management among others.
He said the bank’s triage and vital signs included screening SMEs by maturity stage, pulse check to assess cash flow and liquidity and market temperature to evaluate competitive landscape.
Osah said after these evaluation, advanced diagnostics, prescriptions, surgical interventions and recovery and rehabilitation would be carried out where necessary.
“Prescription without diagnosis is malpractice and the Thrive Summit ensures we treat the root cause, not just the symptoms,” he said.
The Chief Strategy and Development Officer, BoI, Dr Isa Omagu, noted that MSMEs needed more than finance to succeed.
Omagu said they needed structure, advisory, capacity building, governance, digital readiness, access to market information and the right business infrastructure to operate and scale effectively.
He said as part of the bank’s 2025-2027 Corporate Strategy, the business clinic would expand BoI’s value proposition to broaden its products and services to better reach target segments.
Omagu said by offering structured business advisory and project development support, the clinic would enable the bank deliver deeper, more holistic value to MSMEs beyond financing.
“This vision of a structured, holistic business clinic; one that strengthens MSMEs across all core business functions and makes them more bankable, competitive, digitally enabled, and sustainable, is fully aligned with our strategic initiative to develop and roll out non-financial product offerings.
“Through this initiative, BoI commits to providing business advisory for MSMEs and project lifecycle support for enterprises, and the business clinic serves as the practical platform through which this commitment comes to life,” he said.
Omagu urged MSMEs to apply the guidance received to strengthen structure, governance, and financial management.
He added that they must adopt digital tools and improve internal processes to boost competitiveness while engaging BoI as a long-term partner in building a resilient, scalable business.
Mrs Eniola Akinsete, Divisional Head, Sustainability, BoI, said adopting Environmental, Social and Governance (ESG), principles often led to business prosperity.
Akinsete, however, noted that in spite of the benefits, adoption challenges persisted.
She affirmed BoI’s support on the adoption of ESG Practices by the MSMEs.
Earlier, the Executive Director, Corporate Finance, Sustainability and Investments, BoI, Mr Rotimi Akinde, said the summit represented a shared commitment to building a stronger, more resilient business ecosystem in Nigeria.
Akinde stated that the business clinic created a platform for practical knowledge sharing where entrepreneurs and small business owners could gain actionable insights to overcome challenges and seize opportunities.
He said discussions would focus on critical areas that drive sustainable growth, including branding and marketing, financials and activities, human rights, human resources, raising capital for equity and technology.
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Dangote signs $400 mln equipment deal with China’s XCMG to speed up refinery expansion

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Nigeria’s Dangote Group has signed a $400 million equipment deal with China’s Xuzhou Construction Machinery Group to speed up the expansion of its oil refinery toward a planned 1.4 million barrels per day, the company said on Tuesday.
The additional equipment is expected to support major projects under construction across refining, petrochemicals, agriculture and infrastructure.
Dangote said the XCMG agreement would allow it to acquire a wide range of new heavy-duty machinery to complement existing assets deployed for the refinery build?out, which the company expects to complete within three years.
As part of the expansion, polypropylene capacity will rise to 2.4 million tons per year from 900,000 tons. Urea production in Nigeria will triple to 9 million tons per year, alongside an existing 3 million-ton plant in Ethiopia, positioning the conglomerate as the world’s largest urea producer, the company said.
The output of linear alkyl benzene – a key raw material for detergents – will increase to 400,000 tons annually, making Dangote the biggest supplier in Africa. Additional base-oil capacity is also planned in the programme.
Dangote Group described the equipment deal as a strategic investment aligned with its ambition to become a $100 billion enterprise by 2030.
“The additional equipment we are acquiring under this partnership will significantly enhance execution across our projects,” it said in a statement.
Owned by Nigerian billionaire Aliko Dangote, the $20 billion refinery began operations in 2024 after years of delays. Once fully operational, it is expected to reduce Nigeria’s heavy dependence on imported refined fuel and reshape fuel supply across West and Central Africa.
Reporting by Isaac Anyaogu; Editing by Anil D’Silva
The Nigeria-Slovenia Chamber of Commerce on Thursday urged the Nigerian business community to explore business opportunities in Slovenia to widen their horizons.
The Tide source reports that the chamber made the call at its 2025 Last Quarter Business Forum held in Lagos State.
The forum is the chamber’s routine session aimed at informing businesses about the latest opportunities of mutual benefit between both countries, encouraging people to explore them to improve their livelihoods.
Speaking at the event, which was attended by businessmen and trade regulatory agencies, the Director-General of the Nigeria-Slovenia Chamber of Commerce, Mr Uche Udungwor, described the relationship between the two countries as a bilateral economy.
Udungwor said the body, established to build, promote and facilitate trade and investment activities between Nigeria and Slovenia, had positively impacted both nations.
He said the mandates of the chamber include: “To provide a forum representative of Nigeria and Slovenia’s interests for the development and improvement of commerce and industry between the two countries.
“Also, to create, promote and sustain broad exchanges and interactions in commercial, industrial and economic fields between the countries.
“To promote cooperation on technical and scientific innovations between institutions of the countries through the exchange of regular information on trade and investment opportunities.
“To advise members on opportunities, challenges, legislation or otherwise arising from the pursuit of trade between Nigeria and Slovenia, and to encourage the exchange of ideas and views on trade matters within the context of trade promotion between both countries.”
According to him, Slovenia’s major imports include organic chemicals, agro products such as cocoa beans, iron and steel/metal scraps, wood, and mineral fuels/petroleum products.
He said the trade balance between Slovenia and Nigeria is “not quite encouraging”, citing United Nations COMTRADE data indicating that Slovenia’s imports from Nigeria in 2022 amounted to $5.7 million.
Udungwor described the Republic of Slovenia, located in Central Europe with about 2.1 million inhabitants, as a promising business frontier for Nigerians.
He noted that the country features Alpine mountains, thick forests and a short Adriatic coastline.
“Slovenia, which borders Italy to the west, Austria to the north, Croatia to the south and southeast, and Hungary to the northeast, has a 2024 GDP of 72.49 billion dollars, a sound economy and a low-risk business environment.
“Slovenia has been a member of the European Union since 2004 and of the Schengen Group since 2007. It is also a member of the Organisation for Economic Co-operation and Development (OECD).
“Slovenia today is a stable, vibrant democracy that offers a stimulating business environment and represents a bridge between the Balkan, Central European and Western European countries.
“The Nigeria-Slovenia Chamber of Commerce is at your service to provide up-to-date information and advice about Slovenia’s economy, business opportunities, companies, products and services for the mutual benefit of all,” he said.
A participant, Mr Muyiwa Ajose, said his partnership with the chamber had bolstered his agro exports to Slovenia.
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