The Centre for the Promotion of Private Enterprise, CPPE, said the Nigerian government should activate all fiscal tools to tackle inflation.

Muda Yusuf, the Director of CPPE, disclosed this on Wednesday, while reacting to Nigeria’s latest headline inflation figure.

However, CPPE urged that the Central Bank of Nigeria double down on tightening monetary policy measures through interest rate hikes, which stood at 22.75 per cent in March.

“Persistent inflationary pressures in the Nigerian economy remain a major cause for concern because they impact purchasing power and operating costs for businesses. “Although the key inflation drivers are yet to significantly moderate.

“Meanwhile, we urge the Monetary Policy Committee to soften its monetary tightening stance for the time being. Businesses are yet to recover from the shocks of the recent bullish rate hikes. Monetary instruments should be put on pause while fiscal policy tools address supply-side factors in the inflation dynamics,” it stated.

Nigerians’ economic hardship worsened as food inflation rose to 40.53 per cent in April.

…Regional Maritime Development Bank Underway

By Seun Ibiyemi

The Federal Government has advanced the process of developing a National Policy on Marine and Blue Economy which is envisaged to deliver the target of over $2.7 billion contributions of the sector to the national economy.

Director, Maritime Safety and Security Department, Ministry of Marine and Blue Economy, Babatunde Hafiz who disclosed this at a stakeholders forum in Lagos, said the ministry has commenced the process of developing a National Policy on Marine and Blue Economy which will play a great role in enhancing the performance of the shipping sub-sector and boost trade facilitation as well as economic growth.

Hafiz said the development of the policy will provide a comprehensive framework/blueprint to deliver the expected over $2.7 billion contributions of the marine and blue economic sector to the national economy and tackle revenue leakages, through the envisaged streamlined approach to the management of the sector.

He said the ministry is determined to work towards the disbursement  of the Cabotage Vessel Financing Fund (CVFF).

CVFF is an intervention fund established by the Cabotage Act to assist indigenous shipping operators in acquiring new vessels to enhance indigenous capacity building.

The CVFF is a strategic instrument within the legislative framework to stimulate the expansion of domestic shipping capability.

He said: “To ensure the full implementation of the CVFF, the Ministry has constituted a Committee to develop clear guidelines and mechanisms to facilitate improved access to the Fund by Stakeholders in the Shipping Sub Sector.

“This initiative is envisaged to ensure that the Fund achieves its goal of providing the required financial support for indigenous shipowners to acquire, construct and repair their vessels.”

“The CVFF will allow the indigenous shipowners to fund the acquisition of more vessels at a single-digit interest rate. Limiting Cabotage trade to Nigeria-owned, crewed and operated ships, will increase the number of ship fleets/tonnage in the country and attract healthy competition with foreign shipping companies in international shipping.

“The CVFF will also enhance the employment of Nigerians in the maritime sector, increase locally induced Cabotage trade and movement of passengers and cargo by indigenous shippers,” he stated.

Besides, Hafiz said the arrangements to herald the establishment of Regional Maritime Development Bank are at an advanced stage.

“The RMDB establishment is ongoing, with Nigeria set to host the headquarters and having the highest share among MOWCA member states.

“The bank’s objectives include funding port infrastructure, vessel acquisition, and human capacity development, among others. The RMDB’s establishment was conceived by the Maritime Organisation of West and Central Africa (MOWCA), which comprises 25 countries.

“The RMDB’s capital base is expected to be $1 billion, with Nigeria having the highest share of 12% among MOWCA member states. The bank will be a private-public sector-driven bank, with 51% shareholding for MOWCA states and 49% for institutional investors.

“The bank’s establishment process is ongoing and an office space has been provided for the bank at the NIMASA, Abuja Office. Its establishment will increase access to funding for the acquisition, construction and repairs of vessels by indigenous shipowners,” he said.

He said the ministry through its Agency (NIMASA) is collaborating with the Nigerian Meteorological Agency (NiMet) to provide accurate sea weather forecasts to aid sea navigation and provide information for seafarers to support safe navigation and efficient operations in Nigerian waters.

“As part of the collaboration, NiMet has invested over N2 billion to enhance its marine meteorological services, including the upgrade and expansion of automatic marine stations, installation of tide gauges and buoy systems, and the establishment of a dedicated Central Marine Forecast Office (CMFO),” he stated.

…We will promote an equitable Maritime Labour industry — Mobereola

By Seun Ibiyemi

The Nigerian Maritime Administration and Safety Agency (NIMASA) has launched the reviewed minimum wage document for Nigerian Seafarers, developed in line with the provisions of the Maritime Labour Convention MLC 2006.

The document, which is for 2023-2025, is a product of a Collective Bargaining Agreement that involved employers of labour in the maritime sector, the leadership of the Maritime Workers Union of Nigeria, MWUN, NIMASA and other stakeholders in the industry.

Speaking at the event, the Agency’s Director General, Dr. Dayo Mobereola, stressed the importance of this revised document in enhancing the working conditions of seafarers.

“Today, we gather to celebrate a significant achievement in our collective efforts to enhance the seafaring industry. I am honoured to present the reviewed minimum standard for the seafaring industry; a landmark document that establishes the benchmark for fair and safe working conditions, decent living wages, and social protection for our seafarers,” stated the Director General.

Dr. Mobereola also emphasised the need for collaboration and swift action in finalizing the Collective Bargaining Agreement (CBA) among Ship Owners, Nigerian Trawlers Operators, Nigerian Merchant Navy Officers and Water Transport Senior Staff Association (NMNO/WTSSA), and Maritime Workers Union of Nigeria (MWUN) on the renewed minimum standards for the Nigerian seafarers, to prevent payment backlogs and ensure timely compensation for employees.

In his words: “The revised standard provides a comprehensive framework outlining the terms and conditions of employment for maritime workers, including wages, working hours, health and safety regulations, and other benefits.

“This reflects the collective expertise and input of stakeholders and our shared commitment to continuous improvement. This effort will contribute to sustaining an equitable and prosperous maritime labor industry.”

The Chairman of the National Seafarers Welfare Board, Alhaji Tijani Ramalan who launched the document, emphasised the need to adhere to the provisions of the Maritime Labour Convention (MLC) 2006, stating that it will not only foster industrial harmony, but also guarantee better working conditions for Nigerian Seafarers.

The launch event concluded with a call to action for all stakeholders in the maritime industry to collaborate in upholding these minimum standards and building a better future for seafarers, the industry, and the nation.