Maritime

Crude oil revenue crashed by 29 per cent in the first quarter of 2022, according to statistics from the Central Bank of Nigeria. The CBN, in its latest economic and statistical report for the first quarter of 2022, stated that earnings from crude oil dropped to N790bn from N1.1trn recorded …

Nigerian Customs Service proposed a target revenue of N1.33 trillion for 2022, but the House of Representatives Committee on Finance has rejected the target, calling it too low. The committee gave its reaction at its 2022 to 2024 Medium-Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) interactive session with Ministries, Departments and …

President Muhammadu Buhari on Saturday said that his administration has approved four new seaports to create employment opportunities and foreign investment inflows across the country. The President, who disclosed this in his national broadcast to commemorate Democracy Day, said four new seaports have been approved to be constructed under Public-Private-Partnership …

The Lagos Chamber of Commerce and Industry (LCCI) has expressed concern over the state of the country’s seaports, saying this has continued to complicate the ease of doing business at the seaports environment with gross implications for investment promotion. The President, LCCI, Mrs Toki Mabogunje, said at the virtual inauguration …

The import revenue generation at the Tin-Can Island Command of the Nigeria Customs Service (NCS) rose by 23 per cent to N112.7 billion in the first quarter of 2021. The increase of N21.05bn was higher than the N91bn earned in the same quarter of 2020. A statement issued by the …

Investors from Belgium have expressed interest in the National Maritime Transport Policy being developed by Nigeria. Executive officers of the Port of Antwerp International, a Belgium port, stated this in Lagos during a meeting with Director-General of the Nigerian Maritime Administration and Safety Agency, Dr Bashir Jamoh, according to a …

The Central Bank of Nigeria (CBN) has announced the prohibition of all Nigerian exporters who are yet to repatriate their export proceeds, from banking services effective from January 31, 2021. The apex bank has a standing policy that instructs exporters to repatriate exports within 90 days for oil and gas and 180 …

There is an indication that the five faulty scanners at the Apapa ports have been abandoned as the Federal Government rejects proposal to repair them at a cost of N753 million. This development comes at the backdrop of the move by the government to acquire 300 new scanners at the …

…Falsely claims yard ownership …Can’t show proof of capital investment Evidence has emerged that Samsung Heavy Industries Nigeria Limited, SHIN, alledgely collected US$214 million from Total Upstream Nigeria for construction of a shipyard for Nigeria as part of the multi-billion-dollar Egina project, but is now claiming ownership of the yard. …

The lack of smooth business operations at the ports due to system failure has continued to set stakeholders and Standards Organisation of Nigeria (SON) against each other. The system failure witnessed by the Standards Organisation of Nigeria (SON) at the port has caused the industry to lose N84 billion within the past two weeks. The failure, …