Business
…As Onitsha Chamber Hails NPA’s 10% Discount On Vessels
The Onitsha Chamber of Commerce, Industry, Mines and Agriculture (ONICCIMA), yesterday lauded the Nigerian Ports Authority (NPA) for approving 10 per cent discount on vessels calling at the Eastern ports.
The First Deputy President of ONICCIMA, Mr Chris Ukachukwu, gave the commendation in an interview with The Tide source in Onitsha.
Ukachukwu said that the action would decongest the Lagos ports.
Reports says that the management of the NPA had yesterday approved a 10 per cent discount on harbour dues in the concessioned terminals of Calabar, Rivers and Delta Ports.
Ukachukwu said that once implemented, it would help decentralise activities at the Lagos ports and at the same time, create significant economic activity in the various locations of the Eastern ports.
“It will stimulate economic activities at the Eastern ports of the country and will also stem the urban drift. As it is now, it appears as if for you to do anything, you must go to Lagos. The implication is that Lagos becomes overpopulated, while other parts of the country will see the drift which was not the original plan of the country.”
“The idea was that the various economic hubs in the country within the six regions must develop simultaneously, so that wherever you are, you have that sense of belonging,” he said.
According to the ONICCIMA boss, the new policy will reduce the cost of transportation as well as reduce inflation.
“Most times, to transport goods from Lagos ports to the Eastern part of the country cost as much as N600, 000 or more.
“Importers will have no option than to add the cost of transportation to the prices of goods which permeates down, such that prices of goods keep skyrocketing.
“However, once importers know that it will cost less than one third of the previous amount to get the containers to any part of the Eastern region, it will positively affect prices of goods,” he pointed out.
Ukachukwu also called for legislation by the National Assembly to regulate the activities of customs and Police personnel, especially on the highways.
He said that in spite of several announcements that the Federal Government had withdrawn customs and Police officers from the roads, they return within one week or two.
“When you travel from Lagos to the East for instance, you will encounter lots of check points mounted by the Police and Customs which are often targeted at importers.
“For them to stay on the roads mean multiple taxes and creating difficulty for businessmen.
“But, if there is a legislation that will further regulate the activities of these law enforcement agencies, it will create the desired impact needed in the country.
“Officers can easily incur the wrath of the law if they flout the law,” he stressed.
Ukachukwu noted that the initiative was a win-win situation for all Nigerians as the demurrage usually incurred and time wasted at the Lagos ports would reduce.
He advised the NPA to create awareness on the new directive to enable Nigerians to begin to divert their goods to the Eastern ports.
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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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