FG promises extensive rehabilitation of transport infrastructure
• Loses $ 1tn to non- disbursement of CVFF, say stakeholders
THE Federal Government will spend about $ 1 billion to rehabilitate and modernise the nation’s six seaports.
This is even as it assured that it would soon carry out an extensive rehabilitation and upgrade of road, rail, and waterway infrastructure nationwide.
Speaking during the commissioning of the Funtua Inland Dry Port ( FIDP), in Funtua Local Council of Katsina State, President Bola Tinubu said that the extensive rehabilitation is aimed at facilitating trade, reducing costs, and enhancing the ease of doing business.
Represented by the Secretary to the Government of the Federation ( SGF), George Akume, the President also said six inland dry ports would be sited in the geo- political zones with that of Funtua being the third to be completed and commissioned.
He said that the FIDP would facilitate trade with landlocked agenda of my administration, nations like Chad, Niger, and this development aligns with Cameroon, as that traffic and our commitment to diversify gridlock at the nation’s seathe economy towards non- oil ports would be greatly reexports.”
M duced. EANWHILE, maritime Tinubu said: “The completion stakeholders have said and commissioning of the that the country is losing $ 1 Funtua Inland Dry Port repretrillion yearly to the non- dissents yet another step forward bursement of the Cabotage for Nigeria’s economic develVessels Financing Fund ( CVFF). opment. This port, strategiThey disclosed this, yesterday, cally located in Funtua, in Lagos, at a maritime stakeKatsina State, is the third to be holders group meeting with completed and commisthe new Director General of sioned among the six legacy the Nigerian Maritime Admininland dry port projects istration and Safety Agency spread across our nation’s six ( NIMASA), Dr Dayo Mobereola. geo- political zones. Giving a presentation, titled:
“It is imperative to acknowl‘ Marine and Blue Economy: edge the long anticipation Navigating to the Promised from our hinterland business Land,” a maritime lawyer, Dr communities for such essenEmeka Akabogu, added that tial facilities. The FIDP holds the country was losing $ 4 bilimmense potential to enlion due to a lack of local mahance the ease of conducting rine transportation. international business for inHe said: “There are three legs terior- based shippers, both to shipping; fleet expansion, importers and exporters. In ship repairs, and shipbuilding. line with the renewed hope The country is losing $ 9 billion yearly to the non- participation in international freight services.” Akabogu added that the fishing sub- sector of the maritime industry contributes N282 billion yearly to the economy.
“Nigeria’s coastal resources have an estimated capacity of $ 504 trillion. Current realised capacity is $ 106 trillion in export and import on frozen fish is $ 876 million,” he stated .
Akabugo cited that information given by the former DG of NIMASA, Dr. Bashir Jamoh, who stated that Nigeria loses approximately, $ 25.5 billion yearly to illegal maritime activities, while Nigerian National Petroleum Company Limited ( NNPCL) loses $ 1.35 billion on oil bunkering.
Earlier, the Flag Officer Commanding Western Naval Command, Nigerian Navy, Rear Admiral Mustapha Hassan, said that a lot is required from the NIMASA management in the implementation of the Cabotage Act, which has not been effective since its enactment.