Connect with us

Latest News

TAAM: Infrastructural Deficit, FOREX Bottleneck, Inconsistent Policies Remain Industry’s Major Ills



SIFAX boss tasks stakeholders on ICT infrastructure in schools

… Taiwo Afolabi Urges Stakeholders Not To Relent 

A revered Maritime Guru and Chairman, of the SIFAX Group, Dr. Taiwo Afolabi has observed, that despite the utopian perception of the Maritime industry, by Dr. Bashir Jamoh, the Nigerian Maritime terrain is heavily plagued by Infrastructural deficit, foreign exchange bottleneck, and inconsistent policies.

Dr. Afolabi made the observation, while delivering his welcome address on Friday at the 5th Taiwo Afolabi Annual Maritime (TAAM) Conference, organized by the Maritime Forum of the University of Lagos, and held at the J.F Ajayi Auditorium, in Lagos. 

Dr. Afolabi who was represented by Mr. Bode Ojeniyi, the MD of Sky Capital also identified low level of technology adoption, amongst other major issues confronting the maritime sector; all of which “have largely limited the ability of the sector to contribute significantly to the country’s Gross Domestic Product (GDP)”.

The Director General of, the Nigerian Maritime Administration and Safety Agency NIMASA, Dr. Bashir Jamoh on the occasion had painted a robust and utopian state of the nation’s Maritime industry, where piracy is totally curbed; and the Cabotage Vessel Financing Fund is about to be disbursed, to swell indigenous shipping capacity.

While stressing the need to harness the maritime industry’s potential, and make it become a major revenue earner, especially with the declining oil revenue, Dr. Afolabi also cautioned stakeholders in the maritime industry not to lose focus, because the non-oil sector is increasingly becoming the mainstay of the country’s economy.

Some of the guests, listening with rapt attention, during the TAAM Conference

‘We have funded our national budget in the last few years majorly without proceeds from oil but from other sectors. The day of our overreliance on oil is behind us now and it is about time we focus on transitioning from an oil-dependent economy to non-oil reliance. The maritime sector will play a crucial role in this economic transition if more attention is committed to the industry’ he stressed.

In his speech, former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Temisan Omatseye also stressed that there was a lot of potential lying in the maritime sector and urged participants at the conference to take full advantage of it.

‘Nigeria is considered a maritime nation by virtue of having a coastline of over 850 nautical miles extending to an exclusive vote of 250 nautical miles which total over 90,000 square miles of ocean at the same time. In other words, the maritime industry is a great industry and we are not taking advantage of it as we should’ he opined.

Highlights of the event witnessed panel discussion with stakeholders such as Mr. Bodunrin Adewole, President, the Maritime Arbitrator Centre, Barrister Funmi Folorunsho, Secretary General of, the African Ship Owners Association, Dr. Emeka Akabogu, a renowned maritime lawyer and Mrs. Eunice Ezeoke, President, Women International Shipping and Trading Association (WISTA).

Some of the distinguished guests at this year’s TAAM Conference were Jean Chiazor Anishere SAN, Barr. Emeka Akabogu, Prof. Adewale Olawoyin, Barr. Oritsematosan Edodo-Emore, AfCTA Chieftain, Barr. Funmi Folorunso, Maritime Arbitrators Arrowhead, Barr. Bodunrin Adewale; ANLCA Leader, Bola Muse, Olaitan Williams amongst several others.

Continue Reading
Advertisement Simply Easy Learning
Click to comment


Children’s Day: London Academy Business School Celebrates Nigerian Children



...Reiterates commitment to provide high-quality education to Nigerian Child***
Dr. Larry, the Director of London Academy Business School (LABS), joined other Nigerian leaders from other industries to celebrate children on children's Day. In his words, Dr. Larry stated that children remind us of the future.
While speaking to reporters, he emphasized the aura of love that children create in the homes and throughout society, Also that "the joy and happiness from children are amazing, sufficient enough to drive energy for nation building."

Dr. Larry also advocated for effective child protection policies and implementation, urging all critical stakeholders, including parents, teachers, and the government, to protect and celebrate children.
  To ensure that high-quality education is available to children in Nigeria, London Academy Business School has established a Lagos Study Centre with state of the art facility and modern technology with plans to expand across all cities in Nigeria.

Dr. Jones-Esan, who has big plans to change the face of education in Nigeria, has also urged the government and private stakeholders to work with him and his team of professionals to change the face of education in Nigeria. He claims that many children have big potentials but can't realise them because they're not in school.
Continue Reading

Latest News

Tinubu To Adopt Price Control Mechanism For Agro Products



… Vows to Defend Nigeria From Terror, Criminality – Tinubu***

President Bola Tinubu says he will take steps to ensure price control for agricultural products.

Tinubu said this in his inaugural address on Monday in Abuja.

According to him, rural income shall be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products.

He said that agricultural hubs would be created throughout the nation to increase production and engage in value-added processes.

“The livestock sector will be introduced to best modern practices and steps taken to minimise the perennial conflict over land and water resources in the sector.

“Through these actions, food shall be made more abundant yet less costly. Farmers shall earn more while the average Nigerian pays less,” he said.

On foreign policy, Tinubu said that the crisis in Sudan and the turn from democracy by several nations in “our immediate neighbourhood were of pressing concern”.

He said that his primary foreign policy objective would be the peace and stability of the West African continent.

“We shall work with ECOWAS, the AU, and willing partners in the international community to end extant conflicts and to resolve new ones.

“As we contain threats to peace, we shall also retool our foreign policy to more actively lead the regional and continental quest for collective prosperity, ” he said.

The President called on all Nigerians, irrespective of political affiliations, to support his government in his bid to take Nigeria to greater heights.

“Our administration will govern on your behalf but never rule over you.

“We shall consult and dialogue with, but never dictate. We shall reach out to all but never put down a single person for holding views contrary to our own.

“We are here to further mend and heal this nation not tear and injure it,” he said.

In the meantime, President, Bola Tinubu, has promised to defend Nigeria from terror and all forms of criminality threatening the peace and stability of the country and the sub-region.

Tinubu said this in his inaugural address after he was sworn in as the 16th democratically elected president of Nigeria on Monday in Abuja.

He said that security shall be the top priority of his administration, saying that neither prosperity nor justice could prevail amidst insecurity and violence.

“To effectively tackle this menace, we shall reform both our security Doctrine and its Architecture.

“We shall invest more in our security personnel, and this means more than an increase in number.

“We shall provide, better training, equipment, pay and firepower,” he said.

Tinubu said his mission was to improve the lives of Nigerians in a manner that nurtured humanity, encourage compassion toward one another, and duly rewards collective effort to resolve the social ills that sought to divide the nation.

“Our constitution and laws give us a nation on paper, saying we must work harder at bringing these noble documents to life by strengthening the bonds of economic collaboration, social cohesion, and cultural understanding,” he said.

He called for the development of a shared sense of fairness and equity, adding that the South must not only seek good for itself but must understand that its interests were served when good come to the North.

“The North must see the South likewise.

“Whether from the winding creeks of the Niger Delta, the vastness of the northern savannah, the boardrooms of Lagos, the bustling capital of Abuja, or the busy markets of Onitsha, you are all my people.

“As your president, I shall serve with prejudice toward none but compassion and amity towards all.

“In the coming days and weeks, my team will publicly detail key aspects of our programme,” he said.

Continue Reading


Fuel Subsidy Removal: Don Predicts Reduction In Fuel Price



Prof. AbdulGafar Ijaiya of the Department of Economics, University of Ilorin, has expressed optimism at President Bola Tinubu’s inaugural remarks on the removal of fuel subsidies, saying this may reduce prices at the long run.

Ijaiya, who spoke on Monday in Ilorin, observed that with commitment from the Federal Government in revamping existing refineries alongside Dangote refineries, will increase the availability of petroleum products.

The expert who however explained that though such effect may not be felt immediately, noted that the present pump price is about N200, depending on filling stations across the country.

He questioned if the present fuel price at about N200 was as a result of the subsidy removal, adding that if it is not, then fuel may likely increase with about 50 per cent rate after the removal.

“But the thing is that very soon, what has gone wrong with the refineries will be corrected and Dangote refineries will commence by July/August,” he said.

Ijaiya, who teaches in the Faculty of Social Sciences of the university, pointed out that in the beginning there might be an increase in the prices of foods and services.

He however asserted that in a society like Nigeria where people are used to hike in prices, it would not mean much to the citizens.

“By Economics principle, we have adjusted our expenditure profile consumption to particular items. We have moved from consuming luxury and unnecessary items to necessary items.

“This means people go for what is necessary and do away with those that are not,” he said.

Ijaiya affirmed that in the long run, the fuel pump price will adjust downward and there would be more supply of the products.

He further added that when there are more supply of a particular product in the market, it will automatically reduce the price.

“If we have enough supply, with time and there are no other man-made distortion that has to do with our behaviour, I see us buying it between N80 and N100 per litre,” he predicted.

The economist also foresee filling station advertising and competing for sales, saying it will be good for the nation.

He, however, cautioned that “we are in an uncertain world”, but maintained that fuel subsidy removal would be good for the country eventually as only a minority are benefiting from it.

Continue Reading

Editor’s Pick