Business
‘Why Importers Abandon Cargoes At Seaport’

A shipping executive, Chief Jonathan Eze, has said that the difficult process in the clearing of cargo at the seaports and the accumulation of demurrages on them is responsible for the abandonment of cargos.
He urged the Federal Government to put things right to encourage importers and users of those facilities.
Eze, who is an executive member of the Shippers Association of Nigeria, in a chat with airport correspondents at the weekend, insisted that it was the cumbersome cargo clearing procedure that led shippers in the country to be moving their consignments to the neighbouring ports.
According to him, most importers abandoned their goods because the demurrage they are to pay is more than the value of the consignment at the port.
He said that apart from the importers, the end users of such goods, industry and the economy also lose out.
“When an importer knows that what he is going to pay on demurrage is more than the value of the goods, he will abandon the goods, and once he does that, everybody is losing.
“The people that use those goods will not have those goods to use. So, that is what we call a kind of strategy in materials in the system. Strategies in revenue both ways, and at the end of the day, you will see the whole of the port littered with abandoned goods helplessly.
“If government is doing what is right, I believe we will be able to make so much money. So, government has to put a lot of things right for the users of those facilities, otherwise the problem will continue.
“Our duty is to bring in the cargos, and we have so many cargos to control.
By: Corlins Walter
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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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