Business
Customs Agents Score BUA Low
The Association of Nigerian Licensed Customs Agent (ANLCA) Port Harcourt Seaport I branch has rated the operations of BUA Port and Terminal Limited, one of the concessionaires operating in Port Harcourt Wharf very low.
ANALCA which came up with this position in an interaction with The Tide in Port Harcourt stated that BUA has failed on its part to honour the concessionaire agreement it entered into with the Federal Government by the way it attends to matters at the port.
Speaking during the interaction, the chairman of the association, Chief Obi Chima said that if BUA management sincerely commits themselves to the concessioning agreement, the port business activities will flourish far better than what it is at the moment.Rather than embarking on programmes and ideas that will change the condition of the wharf, like what their counterpart, Port and Terminal Operators Limited (PTOL) is doing, BUA is not even prepared to maintain infrastructures it met on ground.
According to the ANLCA chairman “BUA is a disappointment in Port Harcourt Port, and I wonder why the area is being concessioned to it, when there are better operators to do the work”.
He commended the efforts of the PTOL towards ensuring that the Port Harcourt Port returns back to its original status of general cargo operations, which he said is the main crux of maintaining business.
Chief Chima however, express satisfaction with the level of commitment the PTOL has gone within the period if began operations at the wharf, which are made visible in the several infrastructures if has reconstructed, like the four key aprons, customs enforcement centres, were houses, container stacking areas and the purchase of container handling equipment.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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