Weak economy affecting nation’s trade balance, youths-- Obaseki

Harboursandport.com: Lagos--- 

The Executive Governor of Edo State, Godwin Obaseki, at the weekend expressed said the weak economic situation in the country is affecting the nation’s trade balance as well as the well being on the youths in the country.

The Managing Director, Nigerian Ports Authority

(NPA), HadizaBala Usman (left), The Managing

Director of STARZ Investment Company Limited,

Gregory Ogbeifun (middle) and the Executive Governor

of Edo State, Mr. Godwin Obaseki during the

official Christening and Commissioning of M.V Osanyamo

in Onne over the weekend. PHOTO BY NPA MEDIA

This is even as the Managing Director of the Nigerian Ports Authority, NPA, Hadiza Bala Usman, implored the private sector to take advantage of the enabling environment created by the Muhammadu Buhari administration and invest in the nation’s Maritime sector.

Obaseki made the observation on Friday in Onne, Rivers State, during the official christening of the nation’s latest addition to the Nigerian ‘fleet’, the MV OSANYAMO, a newly built vessel for STARZS Group.

The Governor charged the financial sector, the Local Content Board and other institutional bodies to synergize to create more opportunities and ensure a more assured future for Nigerians, particularly in the maritime sector, in the immediate future.

He noted that it is only in doing so that the maritime sector currently dominated by foreigners can be reversed and the trade balance imbalance corrected. 

He expressed the desire to see the nation’s capacity building institutions synergize, in the bid to boost employment opportunities and consequently improve the citizens’ present economic conditions.

He described the shipping terrain in Nigeria, not only as “scary” but also, seriously dominated by foreign operators.

According to him, “Overtime, the maritime industry, in spite of the supports it had received, such as the Cabotage Law, and the Local Content Law, has continued to be dominated like I said, by foreign companies.

“Apart from the brief spell when we had the NNSL which offered Nigerians sea opportunities, in the maritime industry as we know, just like most other assets, that endeavor failed, and as a country we lost that opportunity to build the human capacity and resources to go ahead to dominate”, the Governor stated.

“This morning’s event is another testament to the commitment of the President Muhammadu Buhari administration to the improvement of the Nigerian economy, not just by diversification but by providing the enabling environment for the private sector to invest more in the country.

“In addition to its contribution to the development of the Maritime industry in the country, the introduction of MV OSANYAMO has the capacity for oil exploration and production in Nigeria. Said to be the largest Damen ASD Tug range till date, the ASD Tug 5114 model vessel is purpose built to assist in tanker lifting operations alongside FPSOs in the Gulf of Guinea.

“At 52.3 meters length, displacing 800 tonnes, a 268sqm deck space, at 5 tonnes load per m, 2 large fuel and water tanks; with transfer capability of 115 tonnes astern and 110 tonnes ahead, two main ABC16 DZC engines delivering 6,700kw powering twin kort nozzle thrusters manufactured by Schottel and additional capabilities like fire-fighting and oil recovery, the MV OSANYAMO is state-of-the-art tug, being a highly maneuverable vessel, fully equipped, for offshore operation,” she noted.