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‘NPA Needs About N50bn For Purchase Of Fenders, Patrol Boats’

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Institute of Chartered Shipbrokers
  • ‘NPA Needs About N50bn For Purchase Of Fenders, Patrol Boats’

To fix dilapidated fenders and purchase patrol boats for adequate service delivery across the country, the Nigerian Ports Authority (NPA) will be needing about N50billion.

This was according to a senior officer with the Nigerian Customs Service (NCS) who noted that the marine rubber fenders which are used as “bumper” for ships to berth and prevent collision, is very important and must not be underestimated by the NPA.

According to reports, the dilapidated state of the fenders causes a delay in cargo clearance which prolongs activities at the Lagos Port Complex (LPC).

“Depending on the speed, a big or medium-sized ship will destroy the dock, if there are miscalculations or if the energy is not efficiently absorbed by the “bumpers”, or worse, if there are no fenders to absorb the collision. Ships coming into contact directly with the quay wall or shore is a big problem; they usually cause serious damage at the ports if the fenders are not provided by the agency,” he explained.

“Since Ocean is the most cost-efficient transportation means in the world, there are vessels of all sizes and kinds around the world that are calling at the Lagos Port Complex. From the use of fishing vessels, to bulk carriers, to container vessels, there are a lot of ship types on our waters that need reliable fenders to berth. NPA may need between N30billion and N50billion to provide the modern fenders and purchase the patrol boats for adequate service delivery.

“As ships got bigger, the old timber and tyre structures used before just aren’t strong enough to absorb efficiently. We needed a better solution.

“That is why marine fenders were invented. The ones needed by NPA must be efficient, strong, and able to cope with the new ship designs to avoid unnecessary accident in our ports.”

The senior officer urged the NPA Managing Director, Ms Hadiza Bala Usman to ensure the provision of the fenders and the patrol boats to end the prolonged waiting time for vessels calling at the Lagos seaports.

Reacting to the state of the port, NPA’s General Manager, Corporate and Strategic Communications, Mr Adams Jatto disclosed that NPA had initiated the plan to provide the fenders and the patrol boats to boost efficient service delivery to customers.

Jatti, however, did not mention the amount to be spent but noted that a huge amount of money is required to purchase at least, 4.5M DIameter Yokohama Pneumatic Rubber Fenders and patrol boats to position the Ports for greater efficiency.

Economy

Nigeria Receives £4.2 Million Looted By James Ibori

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James Ibori

The government of the United Kingdom has repatriated the sum of £4.2million that was looted by associates and family members of the convicted former governor of Delta State, James Ibori.

The Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN, on Tuesday confirmed the receipt of the looted fund in a statement he made available to newsmen in Abuja.

In the statement signed by Malami Special Assistant on Media and Public Relations, Dr. Umar Gwandu, the Minister of Justice disclosed that the naira equivalent of the amount was credited into the designated Federal Government account on May 10, 2021.

The AGF had earlier signed a Memorandum of Understanding for the repatriation of the loot fund on behalf of the Federal Government of Nigeria.

According to him, “the development was a demonstration of the recognition of reputation Nigeria earns through records of management of recovered stolen Nigerian stolen in the execution of public oriented projects”.

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Economy

AfDB, European Bank To Bridge $2.5tn Africa’s Financing Gap

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AfDB

The African Development Bank Group and the European Bank for Reconstruction and Development signed a Memorandum of Understanding on Monday to promote sustainable private sector development in Africa.

In a statement issued by its Communication and External Relations Department, the AfDB said, “The MoU will help catalyse new sources of financing to help bridge the $2.5tn annual financing gap for development in Africa.

“This gap requires that development finance institutions work in partnership.”

The bank stated that under this partnership, the AfDB and the EBRD would capitalise on their respective

expertise and experience, with a particular focus on climate change, green and resilient infrastructure and capital markets development.

“They will also work on improving business environments, bolstering the real economy and mobilising private sector investment,” the AfDB stated.

It observed that COVID-19 was threatening progress made towards the United Nations Sustainable Development Goals and was exacerbating the debt vulnerability of many African countries.

The bank stated that sustainable private sector development would be key to recovery and prosperity across the continent.

AfDB’s President, Akinwumi Adesina, after signing the memorandum with his counterpart, EBRD President,

Odile Renaud-Basso, was quoted as saying, “The new partnership agreement between our two institutions will pave the way for us to do more together, especially in supporting the growth of Africa’s private sector.

“The impact of COVID-19 on government resources is huge and we need to mobilise more private resources to help African countries build back stronger.”

On his part, Renaud-Basso, said, “The COVID-19 crisis has made the need for better and ever closer collective action even more urgent.

“Collaboration between the EBRD and the African Development Bank has grown from strength to strength over the years in the region.”

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Economy

Despite Rising Debt Profile, President Buhari Seeks New N2.342T External Loan

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Muhammadu Buhari

President Muhammadu Buhari, on Tuesday, urged the Senate to approve a new external loan of N2,343,387,942,848.00, about $6.183billion, for the Federal Government to finance the 2021 budget deficit.

Senate President Ahmad Lawan read Buhari’s letter of request on the floor of the Senate at plenary.

Last Month, Investorsking recalled that there was a controversy when Edo State Governor, Godwin Obaseki had raised concerns over the financial trouble Nigeria might find herself due to the continuous rising debt profile.

In a recent report carried out by PWC, it was reported that:

“Actual debt servicing cost in 2020 stood at N3.27 trillion and represented about 10 percent over the budgeted amount of N2.95 trillion. This puts the debt-to-revenue ratio at approximately 83 percent, nearly double the 46 percent that was budgeted.

“This implies that about N83 out of every N100 the FG earned was used to settle interest payments for outstanding domestic and foreign debts within the reference period. In 2021, the FG plans to spend N3.32 trillion to service its outstanding debt. This is slightly higher than the N2.95 trillion budgeted in 2020”.

According to DMO Nigeria’s total public debt as at December 31, 2020, was N32.915 Trillion.

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