Business
Expert Faults Non-Disbursement Of CVFF …Says Maritime Can Generate N7trn Annually
An expert in maritime law, Emeka Akabogu, has faulted the Non-Disbursement of the Cabotage Vessel Financing Fund (CVFF), which has seen the maritime industry in Nigeria lose over $1trillion to foreign players in the local shopping industry, when the industry is capable of generating N7trillion annually.
Akabogu made this disclosure recently in his presentation at the maiden interactive session with maritime stakeholders in Lagos, saying one of the principal mandates of the Nigerian Maritime Administration and Safety Agency (NIMASA) is to develop and implement policies and programmes that will facilitate growth of local shipping capacities.
According to him, the industry can also adequately contribute to the nation’s Gross Domestic Product (GDP), adding that the maritime sector is potentially the largest economic sector outside oil and gas.
Nigeria’s untapped blue economy potential, he continued, is valued at $296 billion, and that the sector can also generate 2 million jobs over 5 years.
“Over the course of the last five years or so, the subject of ‘the blue economy’ has become very popular in Nigeria, and severally adumbrated at diverse fora. This must have played a part in the decision of President Bola Tinubu to create the Ministry of Marine and Blue Economy, a major milestone seen as the culmination of years of advocacy in the industry, and welcomed by many.
“However, we must now go beyond the euphoria of the emergent semantics to interrogating the substance and charting an effective course for Maritime Nigeria.
“The blue economy incorporates everything we know and have been dealing with about the traditional maritime economy, in addition to the entirety of value accruable from all water-bodies”, he said.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
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