Investments/Capital Market Latest News Maritime Revenue

FG targets N300bn Revenue From Maritime Sector

The Minister of Transportation, Mr. Rotimi Amaechi, has disclosed that the Federal Government is targeting about N300 billion from the maritime sector if ongoing infrastructure interventions in the sector are completed. Listing some of the projects as including the Deep Sea Project, Amaechi said that government’s current intervention in the sector  would in addition to […]

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FG Approves $5.3Bn For Ibadan-Kano Rail Project

Minister of Transportation, Mr. Rotimi Amaechi, on Thursday disclosed that the Federal Government had approved for the execution of Ibadan-Kano standard gauge rail project the sum of $5.3 billion. The disclosure was contained in a statement issued by minister’s Special Assistant Media, Israel Ibeleme, shortly after the 3rd Maritime Stakeholders Interactive Forum held in Lagos. […]

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Peterside Lauds Appeal Court Judgment On Agency/NLNG Case

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, at the weekend described the Appeal Court judgement in the case between the agency and the Nigerian Liquefied Natural Gas (NLNG) Limited over levies payable to the maritime regulator as desirable to the nation’s justice system. The Court of Appeal […]

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Licensed Customs Agents Seek FG’s Intervention Over Port Charges

The National Council of Managing Directors of Licenced Customs Agents (NCMDLCA) has appealed to the Federal Government to take urgent steps towards stopping additional shipping charges being levied by shipping companies on imported cargoes in the country. The group stated that by the imposition of the charges called “the government and port taxes”, the shipping […]

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Clearing Agents Decry Customs’ Multiple Clearance Units At Ports

Licensed freight forwarders have decried what they described as the proliferation of Customs units at the Lagos ports, alleging that the units are being used to extort them and make the cargo clearance procedures more cumbersome. In addition, the concerned agents also alleged that the multiple Customs units aside complicating the clearing process, but have […]

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Senate Committee Rues Slow Pace Of Apapa Trailer Park Project

The Senate Committee on Works has expressed serious concern over the slow pace of the ongoing shoreline protection of the Apapa trailer park project in Lagos. The Chairman of the committee, Sen. Kabiru Gaya, who led members on an inspection tour of the facility’s project on Sunday expressed dismay over the current state of the […]

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Gulf Of Guinea Crucial To Regional Food Security Agenda – Peterside

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside, has harped on the importance of the Gulf of Guinea to food security in West and Central African sub-region and charged the various governments to prevent illegal activities that may hamper food supply in the sub-region. Peterside gave this charged […]

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Nigeria Loses $25bn On Freight Business In Three Yrs – Bello

The Executive Secretary, Nigerian Shippers Council (NSC), Hassan Bello, at the weekend disclosed that Nigeria lost about $25 billion as opportunity loss to foreign ship owners between 2015 and 2017 due to absence of a national fleet. Bello, who made the disclosure when the Nigerian Fleet Implementation Committee paid a courtesy visit to the Minister of […]

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Clearing Agents Petition FG Over Cargo Diversion From Ports

Licensed customs clearing agents in the country have said that the increase in transport cost in Nigerian ports that started two years as primarily responsible for the diversion of cargo from the nation’s ports to neighbouring West African ports. They noted that the situation had been worsened by delay being suffered due to gridlock on […]