Business
NIMASA Moves To Encourage Indigenous Ship Owners
Following the stern measures put in place by the Nigerian Maritime Administration and Safety Agency (NIMASA) to ensure that only Nigerians flagged vessels participate in ship-to-ship transfers, indigenous ship owners who have been worried over their inability to participate in lifting petroleum products may soon heave a sigh of relief.
The Tide investigation revealed that the agency had recently sent out a marine notice, declaring that transfer of products from ship to ship to foreign-flagged vessels in Nigeria is illegal. It was gathered that the refined products are brought into the country by mother ship, which anchor on high seas so that smaller vessels could come and transfer the products to the jetties.
A staff of NIMASA, in Port Harcourt office who spoke on condition of anonymity told The Tide that the Director-General of the agency had concluded plan to acquire platforms to enable it carry out enforcement.
He noted that the agency has documentations to buy four boats with 45 horse power each. Also, in this year’s tender, the agency is hoping to buy 28 big boats and an additional helicopter. “When we are talking about 28 boats, we are talking about a big boat that has on board, two or three interceptors,” he said.
According to him, the earlier helicopter was faulty and the engine had been taken back to the manufacturers because it is still within the warranty period, adding that once the helicopter is working, the agency will put the radar on and it is going to be a surveillance helicopter.
He asserted that the boats will go out to sea and when they spot offenders, smaller boats will be used to pursue them, saying that NIMASA Director-General, Omatseye has however, urged the indigenous ship owners to make efforts to meet the requirements set to participate in lifting petroleum products, which include ensuring the vessel is classed and must have P&I cover, because that is what the foreign vessels are using.
He explained that if the indigenous owners get the requirements done, and are still being deprived the contract to lift, they should say it, adding that some of indigenous vessels are actually not good enough.
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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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