Over 20,000 new jobs are underway as the federal government moves to strengthen Nigeria’s blue economy with the modernization of the ports in Eastern Nigeria......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
The Minister of Marine and Blue Economy, Adegboyega Oyetola, stated in an interactive session with pressmen that the government is fast-tracking the procurement processes to ensure the completion of the Eastern ports modernization project.
This project will harness Nigeria’s marine resources and unlock earning potential in the maritime economy to position the country on the global stage.
National Policy on Marine and Blue Economy
According to the Minister, the National Policy on Marine and Blue Economy has been drafted after extensive stakeholder consultations, and will soon be presented to the Federal Executive Council (FEC) for approval.
Oyetola added that the Western Ports modernization project has also secured approval, and will cover the Lagos Port Complex, Apapa, as well as the Tin Can Island Port Complex, the SUN reports.
He also addressed ongoing efforts around other greenfield port projects in places like Burutu, Snake Island, Ilaje, Olokola, Badagry, Ibaka, and Bakassi Deep Seaports, river ports and jetties, noting that all of the projects will facilitate trade.
The inland dry ports in Borno, Abia and Plateau states are still ongoing while, Kano and Kaduna Dry Inland Ports are already hosting and supporting trade operations.
He announced that the Funtua Inland Dry Port, Katsina state has been completed and commissioned.
Recall President Bola Tinubu commissioned the newly upgraded West Africa Container Terminal, Onne, Rivers State, reputed to be the largest in West Africa.
FG to ensure efficiency in port operations
The minister assured that the federal government’s reforms in the last two years have improved operations and export volumes, thus, translating into a positive trade balance for the nation.
Recall that the National Single Window (NSW) platform was also introduced to electronically link all the ports and streamline compliance processes with the relevant agencies so that cargoes can be cleared within 24 hours.
Oyetola added that the Nigerian Ports Authority (NPA) is collaborating with the ministry to introduce the Port Community System (PCS) to complement the NSW project and automate the bulk of the processes in port services.
New FX rate for cargo clearance
Meanwhile, the Central Bank of Nigeria (CBN) has slightly increased the Customs exchange rate for cargo clearance from Nigerian ports.
The apex bank fixed the new rate for cargo clearance at N1,499.482, up from N1,498 the previous day.
This development came as the naira depreciated in the Nigerian Foreign Exchange Market (NFEM).