Business
FG Approves Construction Of Six Pilot Cutters In Onne Port
In a bid to reposition the effectiveness of Nigerian ports, the Federal Government has approved the construction of six pilot cutters and tugboats in Onne Port to enhance efficiency.
Managing Director, Nigerian Port Authority, (NPA), Mrs hadiza Bala Usman disclosed this yesterday in Port Harcourt during the stakeholders’ forum at the Onne Port.
Usman also said, the Federal Government is working seriously to tackle the issue of sea pirates in the Onne water ways to improve traffic at the port.
Represented by the Executive Director, Finance and Administration, Mohammed Bello Koko, Usman said, the improvement in security at the port would attract more investors to the ports and increase revenue for the nation.
She noted that, other marine facilities would be constructed, saying that Onne Port is strategic to the nation.
The Managing Director stated that, the aim of the stakeholders meeting with terminal operators and other key players is to brainstorm on ways forward and improve the operators in the port.
On erosion, the NPA boss said, the authority is carrying out studies on the possible ways of tackling erosion and other environmental challenges at the port.
She also decried the indiscriminate anchoring of water vessels at the port and appeal to stakeholders and companies to remove wrecked vessels from the waterways to ease traffic.
– The Managing Director who frowned at the collection of charges by third party agents, warned that such act must stops as it is only the NPA that has the sole right to collect charges from companies.
According to Usman, “no third party is allowed to collect or levy charges on companies operating in the port than NPA, it is only NPA that has the sole right to level and collect charges from companies in the port”
Hadiza Bala Usman called for collaboration between NPA and managers of companies, including oil & gas in the ports for effective productivity in business, than work as enemies of progress in the Federal lighter Terminal (FLT).
Earlier, Port Manager, NPA, Onne, Alhatan Ishamela Abubakar said, Onne port has recorded improvement in areas of service delivery to its operators, especially as it relates to doing business.
Onne port, he said, recently received six CCTV cameras and two security patrol vans to enhance its surveillance operations from its corporate headquarters.
The port manager also disclosed that the gross tonnage at the Onne port has increased from 39,887,31MT in 2016 to 42,903,447MT in 2017 showing that the port has appropriately aligned with Presidential Enabling Business council PEBEC.
He also told the stakeholders that Onne port has witnessed improvements in vessels traffic handling from 662 in 2016 to 684 in 2017.
The port manager equally said the port has commissioned six classroom blocks at Ikpokiri and a transformer project at Onne, while works are ongoing to complete a civic centre projects and water project at Owogono in Ogu community.
He called for cooperation and understanding among terminal operators at the port for higher productivity.
Chinedu Wosu
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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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