Business
Boat Owners Decry Dredging On Waterways
The Okrika Speedboat Owners Association has lamented the dredging activities along Abuloma to Marine Base waterways, which it says pose grave danger and hazards to boat operations.
The association, in a statement signed by its Chairman, Chief Epeyo Sunday Okari, the Secretary, Clever Atorudibo and the Public Relations Officer, Hon George Ottah stated that the dredging operations by an indigenous oil firm on the Abuloma waterway, which is also their route from Okrika to Marine Base in Port Harcourt had become of great concern and threat to marine life and people plying the route.
According to the statement, the company’s dredging equipment on the waterways poses a great danger for them and others plying the route, adding that, one of their dredging pipes that had been under the water is now made to float on the water surface, there by making navigation a problem.
It also stated that the pipe destroyed their engines and boats as well as caused accident recently, but thanked God that, no life was lost or injury sustained by the passengers on board the ill-fated speedboat.
They opined that for safety of their commuters and others plying the waterways, the company should check and control all their equipment and vessels that pose danger inorder to avert future occurrences for the benefit of all operators of the waterways.
It also requested that, the engines and boats that were destroyed as a result of the dredging operations be replaced or repaired since there was no caution sign to direct or inform other users of the route about the danger ahead.
The statement said several letters had been sent to the company but to no avail, the issue was also reported to the security agents including the security manager and security co-ordinator of the company in the presence of the officers and men of the Nigerian Navy.
Collins Barasimeye
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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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