Federal Government Announces Landmark Deal With UAE
- Federal Ministry of Marine and Blue Economy signed an MoU with Abu Dhabi Ports Group to enhance ports development
- The agreement, long in consideration, was signed during Abu Dhabi Sustainability Week, with Nigerian officials briefing President Bola Tinubu
- Also, Freight forwarders in Lagos, under the ANLCA Western Zone, are protesting a recent hike in charges to clear goods
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Nigeria’s Federal Ministry of Marine and Blue Economy has signed a Memorandum of Understanding (MoU) with Abu Dhabi Ports Group to deepen cooperation in ports development, maritime logistics and digital transformation, officials said.
The agreement was signed on the sidelines of the recently concluded Abu Dhabi Sustainability Week, marking a significant step in Nigeria–United Arab Emirates economic relations and highlighting both countries’ push to expand trade and investment ties.
Source: Twitter
New deal to boost trade
Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, led the Nigerian delegation, while Abu Dhabi Ports Group was represented by its chairman, Mohamed Hassan.
The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dayo Mobereola, was also present.
In a statement, Osagie Edward, deputy director and head of public relations at NIMASA, said the MoU forms part of wider trade and investment engagements between Nigeria and the UAE, with a focus on modernising port infrastructure and improving operational efficiency across the maritime value chain.
Following the signing, the Nigerian delegation briefed President Bola Tinubu on the strategic importance of the partnership, which officials say could accelerate growth in Nigeria’s maritime and blue economy sectors, TheSun reports.
The agreement, which has been under consideration for more than two decades, is being viewed as a renewed commitment by both countries to strengthen economic ties, upgrade port facilities and promote sustainable development in the maritime industry.
Source: Getty Images
Agents protest hike in charges
Meanwhile, Freight forwarders operating in Lagos ports have shut down business operations at shipping companies in Apapa over the recent hike in charges.
Aggrieved freight agents who are members of the Association of Nigeria Licensed Customs Agents (ANLCA), Western Zone, trooped out in scores at the Mediterranean Shipping Company (MSC), Apapa office, stopping operations at about 1:35 p.m.
Punch reported that they demanded that activities at the shipping company would be closed from 6:00 a.m. daily until the shipping company reverts to its former charges.
The freight agents stressed that the planned increments, coming barely three years after shipping lines raised tariffs by over 400 per cent, are difficult to justify given foreign exchange rates and diesel prices challenges.
Speaking on the issue, the Western Zone Coordinator of ANLCA, Femi Anifowose, stressed that the cumulative burden of port-related charges is steadily pushing up the cost of imports, with consequences that will ultimately be borne by consumers.
Customs exchange rate
Earlier, Legit.ng reported that the cost of bringing goods into Nigeria is set to drop even more, as the Central Bank of Nigeria (CBN) has lowered the customs duty rate to N1,421.23 per dollar.
This new rate marks a notable drop from the previous N1,487.396/$1 recorded on Tuesday, October 7, showcasing the naira's continued recovery in the foreign exchange market.
In a directive issued in 2024, the CBN instructed the Nigeria Customs Service and other relevant parties to use the closing foreign exchange rate on the day a Form M is opened for import transactions as the standard for calculating import duties.
Source: Legit.ng
