WAF Shipping Focus: Week 20
- Agwe Logistics Solutions
- May 16
- 3 min read
Determined to boost the nation’s economy, the Snake Island Port has reaffirmed its commitment to Nigeria’s trade and industrialisation goals. In a statement, the port disclosed this during a familiarisation tour of the port’s facilities by the Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi. According to the statement, the CGC was warmly received by the Board of Directors and management of Snake Island Management Company, alongside representatives of
the Nigeria Ports Authority. Speaking during the tour, the Chairman and Chief Executive Officer of Nigerdock, Maher Jarmakani, reiterated that the port has strengthened its position as a leader in port infrastructure development, “promoting trade facilitation, and being a catalyst for economic advancement in the region.”
For further information please check the link below:
The management of the Nigerian Maritime Administration and Safety Agency (NIMASA) unveiled the guidelines for the Cabotage Vessel Financing Fund (CVFF), setting the loan repayment period at eight years. Speaking at a stakeholders’ forum on the implementation of the fund, NIMASA Director General, Dr. Dayo Mobereola, stated that the forum was convened to engage stakeholders in establishing a transparent, efficient, and impactful framework for the utilisation of the fund, aimed at empowering indigenous shipowners. Mobereola disclosed that the agency has obtained all necessary approvals for disbursement, emphasizing that the fund has the potential to transform Nigeria’s maritime sector once disbursed.
For further information please check the link below:
The Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Dayo Mobereola, has announced that the Cabotage Vessel Financing Fund, CVFF, to be disbursed by the Federal Ministry of Marine and Blue Economy through NIMASA, shall attract a single-digit interest rate. Mobereola who made this
announcement at a one-day interactive forum organised for stakeholders on the operationalisation of the CVFF, also disclosed a two-year moratorium and an eight-year tenure for the facility, which will be disbursed through twelve Primary Lending
Institutions, PLI. Other issues addressed by NIMASA in collaboration with the PLIs include insurance, fund security, flexible tenures, and the reduction of sundry fees to the barest minimum.
For further information please check the link below:
The Minister of Marine and Blue Economy, Adegboyega Oyetola, yesterday, called for the immediate implementation and acceleration of the newly approved National Policy on Marine and Blue Economy by the Federal Executive Council (FEC). Oyetola, while reaffirming his unwavering commitment and growth of the sector, called on top management of the Ministry and its agencies to recommit themselves to effective leadership, inter-agency collaboration and measurable performance outcomes. The Minister, who signed performance bond with agencies of the Ministry, noted that the sector has been placed at the forefront of
the federal government’s economic growth agenda under the ‘Renewed Hope’ framework, adding that it was incumbent on the Ministry’s leadership to drive the vision with urgency and discipline.
For further information please check the link below:
The newly appointed Controller, Federal Operations Unit, Zone ‘A’ of the Nigeria Customs Service, Comptroller Muhammed Shuaibu, has promised to deploy his wealth of experience to navigate the complexities of the unit and bring to bear intelligence-driven operations rather than stopping containers incessantly on the
highways. Shuiabu declared this during a courtesy visit by members of the Shipping Correspondents Association of Nigeria (SCAN), in Lagos. The Customs anti-smuggling czar warned importers and clearing agents against false declaration as the command tightens the noose against smuggling. He said, “This command is meant to be an anti-smuggling command, but we also facilitate trade. In terms of our anti-smuggling activities, very soon we are going to showcase some of our seizures to the public. These include some illicit drugs and the suspects involved in the deal.
For further information please check the link below:
Nigeria stands to increase its customs revenue by as much as 66 percent if the federal government eliminates arbitrary import bans and aligns its tariff policy with regional standards, the World Bank has said. In the May 2025 edition of its Nigeria Development Update, the Bretton Woods institution warned that Nigeria’s current trade policies are distorting market prices, encouraging petrol and goods
smuggling, and significantly weakening customs enforcement — all at great cost to government revenue. The report attributes much of the lost revenue to the country’s high tariffs, import prohibitions, and non-tariff barriers, which it says create incentives for evasion and make enforcement difficult. These restrictions, the Bank said, also fuel inflation by pushing up consumer prices, especially for essential
goods consumed by low-income households.
For further information please check the link below:
Comments