Business
Stakeholders Want FG To Establish Maritime Bank
In its quest to ensure the growth and development of the maritime sector in line with the Presidential order on the Ease of Doing Business in Nigeria, the Federal Government is set to automate all shipping related administrative processes in order to reduce subjectivity and corruption, thereby promoting transparency in the Nigerian maritime industry.
This is one of the major consensus reached in the communiqué issued at a one-day maritime stakeholders’ interactive forum held in Warri, Delta State with the theme; “Implementation of Executive Order One (1) – Ease of Doing Business in a Secure Maritime Environment”.
According to the 18- point communiqué, stakeholders agreed that in order to realise the desired accelerated growth of the Nigerian maritime sector, the Ministry of Transportation and its agencies should explore alternate financing windows such as the establishment of Maritime Bank to address the financing gap created by the unsuitability of lending rates of Nigerian banks for the shipping business; consider reviving NIMAREX as a platform for bridging the gap between the Nigerian shipping industry and prospective international investors so as to provide impetus for growth and investment.
Furthermore, it was established in the communiqué that the ministry and its agencies should take urgent steps to address the challenge of under-declaration of cargo by ships calling at Nigerian ports to plug the substantial revenue leakage thus created; that the Ministry and its agencies should cause the urgent dredging of the Escravos Bar to facilitate the access of large dry cargo vessels into Warri ports.
On the issue of safety and security of the maritime space, stakeholders were also of the view that the ministry and its agencies should collaborate with the maritime communities with a view to relying on their local knowledge and intelligence for fighting maritime crimes like piracy, and vessel hijack.
Also, the need for manpower development and capacity building was discussed as the communiqué urged that the ministry and its agencies should consider a return to the former system whereby the Nigerian Ports Authority (NPA), National Inland Waterways Agency (NIWA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) all contributed to the training of master mariners who are currently counted at 180 with more than 75% above the retirement age.
The issue of the Apapa gridlock and access road challenges was not left out as stakeholders charged the Ministry and its Agencies to consider establishing transit parks for trucks waiting to access the ports and implement an automated call-up system that prevents their proliferation around the ports.
Other areas highlighted are; that the Ministry and its Agencies should consider establishing Complaints Desks and online feedback platforms to promote the ease of doing business in Nigerian maritime industry; amongst other pressing issues, all geared toward the realization of a robust and business friendly maritime sector that can compete favourably with its counterparts in other climes.
Corroborating the stakeholders yearnings as stated in the communiqué, the Director General of NIMASA
Dr. Dakuku Peterside stated that the Federal Government through the Ministry of Transportation and other Agencies under the Ministry will continue to work hard to ensure less human contacts with processes in the maritime sector, which is intended to give way to transparency and discourage sharp practices in the sector and assured the forum that all the points raised will be given urgent and due attention.
“The Federal Ministry of Transportation shapes the policy that drives the industry and we are servants in the industry; hence we will join hands with all Stakeholders to build this industry in order to be able to continue to provide economic opportunities for our people. I therefore charge you all to shape opinions that will help Nigerians know that some people are working hard to take the maritime sector to the next level,” Peterside said.
On their parts, the Executive Secretary of the Nigerian Shippers’ Council (NSC), Barrister Hassan Bello and the Managing Director of the Nigerian Ports Authority (NPA), Ms. Hadiza Bala Usman, also lent their voices and unanimously agreed that automation of all processes and collaboration with all stakeholders are keys to realizing a robust maritime sector, which also demands the support of all industry players.
Buhari said at the presentation that the budget would drive rapid economic recovery.
The president said that, with a benchmark of 45 dollars per barrel of crude oil at an exchange rate of N305 to a dollar in 2018, the budget would consolidate on the achievements of previous budgets to aggressively steer the economy to the path of steady growth.
Nkpemenyie McDominic, Lagos
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos