WAF Shipping Focus: Week 13

FG Committed To Disbursement Of Cabotage Fund – Edun

The Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, has reaffirmed the commitment of the Federal Government to the disbursement of the Cabotage Vessel Financing Fund, CVFF. This was the focus of discussions when the Director-General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Dayo Mobereola, led a delegation from the agency to meet with the minister. Mr. Edun emphasised that the CVFF disbursement remains a priority, as it is expected to have a positive ripple effect on the economy, drive growth, create employment opportunities, and strengthen Nigeria’s position as a major maritime hub in Africa. On his part, Dr. Mobereola stated that the Ministry of Marine and Blue Economy has identified the CVFF disbursement as a key performance indicator for 2025.

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FG committed to disbursement of Cabotage Fund - Edun

NSC Collaborates With NIMAREX To Boost Maritime Industry

The Execu2ve Secretary of the Nigerian Shippers’ Council, NSC, Dr. Akutah Pius Ukeyima, met with the planning committee of Nigeria Maritime Conference and Exhibition, NIMAREX, at the Council headquarters in Lagos. The meeting aimed at exploring areas of collaboration to resuscitate the Nigeria Maritime Conference and Exhibition, showcasing Nigeria’s maritime potential, attracting investors, and promoting industry growth. Dr. Akutah Pius emphasised the Council’s commitment to driving the renewed hope agenda of the President in the

maritime industry. He noted that the Nigerian Shippers’ Council, as the Port Economic Regulator, plays a crucial role in moving Nigeria towards becoming a ship-owner country and creating an enabling environment for private sector investment.

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NSC collaborates with NIMAREX to boost maritime industry

Nigeria Pushes For Alternative Energy In Maritime Industry

The Federal Government has called for the adoption of alternative energy sources in the maritime industry to reduce greenhouse gas emissions, warning that Africa could face severe economic impacts if left behind in the global transition. The Minister of Marine and Blue Economy, Adegboyega Oyetola made this call in Abuja while declaring open the African Strategic Summit on Shipping Decarbonisation, themed “Ensuring a Just and Equitable Decarbonisation for Africa.” The Minister cautioned that the ongoing shift to low-emission shipping fuels could increase transport costs for Africa, disproportionately affecting developing nations. “With over 90% of global trade relying on maritime transport, reducing GHG emissions is not just an environmental necessity but an economic imperative,” Oyetola stated.

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Nigeria pushes for alternative energy in maritime industry

Nigeria Customs Service Seizes Record PMS Smuggling Haul in Kebbi Under Operation Whirlwind

In a historic crackdown, the Nigeria Customs Service (NCS) has made its largest single seizure of smuggled Premium Motor Spirit (PMS) in Kebbi State since the launch of Operation Whirlwind. Speaking on behalf of the Comptroller General of

Customs, Bashir Adewale Adeniyi, the National Coordinator of Operation Whirlwind, Assistant Comptroller General (ACG) Hussein Ejibunu, disclosed this during a press briefing in Kebbi State. Ejibunu highlighted the grave economic consequences of PMS smuggling, including revenue losses, trade distortions,

artificial scarcity, and threats to national security. He emphasised that this landmark seizure demonstrates the NCS’s unwavering commitment to curbing illegal fuel smuggling.

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Nigeria Customs Service Seizes Record PMS Smuggling Haul in Kebbi Under Operation Whirlwind - Ships & Ports

Pharmaceuticals Now Exempted From Import Duty, VAT – Customs

The Nigeria Customs Service has announced a two-year exemption from import duty and Value Added Tax for critical raw materials essential for the production of pharmaceuticals. The exemption, granted under a presidential executive order,

was disclosed in a statement issued by the NCS National Public Relations Officer, Assistant Comptroller Abdullahi Maiwada. Maiwada specified that the relief covers active pharmaceutical ingredients and other essential raw materials needed for

producing medicines, long-lasting insecticidal nets, rapid diagnostic kits, reagents, and packaging materials. The statement read, “Drawing from Presidential directives aimed at enhancing local manufacturing of healthcare products.

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Pharmaceuticals now exempted from import duty, VAT – Customs

NIMASA’s Crusade To End War Risk Insurance Premiums Will Save Nigeria Over $400bn Annually

War risk insurance (WRI) is an additional surcharge imposed by international shipping companies on cargo bound for Nigeria. It comprises two key components: war risk liability, which covers people and goods aboard the vessel and is calculated based on the indemnity amount, and war risk hull, which covers the vessel itself and is determined by its value. This financial burden was initially introduced during the height of Niger Delta militancy and piracy. Although the

Nigerian Bureau of Statistics does not have precise data on the total WRI payments made to international insurers, available figures indicate that Nigeria has paid over $1.5 billion in the past three years alone to Lloyd’s of London,

Protection and Indemnity (P&I) insurance, and other foreign insurance firms.

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NIMASA’s crusade to end war risk insurance premiums will save Nigeria over $400bn annually – Maritime Today Online