FG moves to improve trade balance amid naira devaluation in Nigeria

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In bid to strengthen the value of the naira against other currencies, the Federal government is making efforts to improve Nigerian Balance of trade.

Speaking in Lokoja, Kogi state, the Minister of Marine and Blue Economy, Adegboyega Oyetola emphasised the need to improve the country’s economy through the maritime sector.

He reaffirmed the need to “improve Nigeria’s balance of trade, which is very crucial to strengthening the value of the Naira and creating employment”.

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The Minister said considering the strategic role that the maritime sector plays, “the Federal Ministry of Marine and Blue Economy under my leadership is determined to ensure the maximisation of the comparative advantages that our maritime resources present.

“I am, therefore, not surprised that like every other agency under my watch, the National Inland Waterways Authority (NIWA), has also keyed into the concerted efforts at achieving the economic goals of the Renewed Hope Agenda of the current administration.

“I must commend the management of NIWA for their visionary intervention in ensuring that the Water Transportation Code comes alive after several years of being in the pipeline.

“The Code, as we may be aware, would now guide the boat operators, regulate the conduct of passengers as well as provide a framework for potential investors in water transportation” he stated.

Oyetola further explained “with the code, I am convinced that we can now standardise Water Transportation, thereby reducing accidents on our waters to the barest minimum.

“This was one of the charges I gave the Managing Director of NIWA when he assumed office. I am happy he is able to take practical steps towards addressing it. I must however urge NIWA to ensure the enforcement of the regulations.

“Apart from the Water Transportation Code, other projects that we are inaugurating today are fifteen (15) boats of varying capacities and uses, comprising three (3) boats with 150Horsepower each for surveillance to ensure that the NIWA Police officers are more visible; five (5) boats with doubles 75Horsepower each for enforcement of safety rules and regulations; one (1) Gun Patrol Boat (combat ready) with 115Horsepower for emergency response to security threat; and one (1) 62-seater passenger boat as a pilot scheme to replace the wooden passenger canoe, three (3) fully equipped water ambulances for prompt response to emergencies and two (2) hydrographic survey boats with multi-beam echo sounders to provide a more detailed and accurate picture of the seafloor among other projects.

“The inauguration of these projects is in further fulfillment of our commitment to ensuring that our Inland Waterways are well utilised both in terms of cargo shipment and passenger transportation.

“I am aware that of the 10, 000 kilometres of our waterways, only 3,000 kilometres are navigable. We are determined to increase them by at least 2,000 kilometres more.

“This is why we should embark on a holistic dredging of strategically important inland Waterways for the passage of goods and people” he noted.

On his part, the Managing Director of NIWA Bola Oyebamiji in his remarks stated that since he resumed office, the country has recorded not less than three fatal boat accidents on its waterways.

He reassured of the Agency’s commitment to close the gaps in their approach to enforcement on the waterways and public enlightenment programmes.

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