RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

Buhari’s 8 years Martime Achievements

Rate Captain by Rate Captain
May 20, 2023
in Economy, Politics
Reading Time: 2 mins read
A A
0
Buhari’s 8 years Martime Achievements
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Lekki Deep Seaport, the Deep Blue project, and the electronic call-up system have emerged as the standout projects in Nigeria’s maritime industry during President Muhammadu Buhari’s tenure. These multibillion-naira ventures have successfully been completed and have significantly impacted the efficiency of the country’s ports.

The primary objective of these projects was to streamline operations, reduce waiting times for vessels, and enhance the speed of cargo clearance, ultimately improving the overall throughput of Nigerian ports. The outgoing administration has made substantial investments to achieve these goals, ultimately benefiting port users and reducing costs.

AlsoRead

FG Debt Repayments Overshoot 2025 Budget Allocation by N1.9 Trillion

CBN Raises FX Remittance Limit for Nigerian Students Abroad to $25,000 per Semester

ETF Turnover Drops to N3.67 Billion in May Despite Widespread Price Gains

The Federal Government has recently made progress on the proposed Inland Container Depot (ICD) projects, initiated by the Nigerian Shippers’ Council in collaboration with private sector investors. These projects were planned for seven different locations in Nigeria, including Isiala Ngwa, Aba; Erunmu, Ibadan; Heipang, Jos; Zawachiki, Kano; Zamfarawa, Funtua; Jauri, Maiduguri, and ICNL, Kaduna. However, only the ICDs in Kaduna and Kano have been completed thus far.

On January 30, 2023, President Buhari inaugurated the Dala Inland Dry Port in Kano, establishing it as a port for both import and export activities. Similarly, on February 2, 2023, the Federal Government declared the Funtua Inland Dry Port in Katsina State as a port of origin and final destination. The aim of these initiatives is to bring shipping operations closer to port users, particularly those in the hinterland, thereby reducing costs associated with traveling to Lagos to retrieve their consignments.

Another significant milestone in President Buhari’s tenure was the official commissioning of Nigeria’s first deep seaport, Lekki Port, on January 24, 2023. Situated in the Ibeju-Lekki area of Lagos State, the $1.5 billion project was executed through a joint venture involving Lekki Port LFTZ Enterprise Ltd, China Harbour Engineering Company Ltd, Tolaram, the Lagos State Government, and the Nigerian Ports Authority (NPA).

Industry experts view the completion of Lekki Port within a construction timeline of 45 months as a testament to the unwavering support of the Federal Government, demonstrated by the NPA and the Lagos State Government. Governor Babajide Sanwo-Olu of Lagos State emphasized that Lekki Deep Seaport is the largest facility of its kind in West Africa and is poised to generate thousands of employment opportunities for Nigerians.

Additionally, Mohammed Bello-Koko, the managing director of the NPA, highlighted the port’s significant depth of 16.5 meters, enabling the accommodation of larger vessels and increased cargo capacity. This favorable condition will lead to economies of scale, reducing the cost of doing business for port users and further boosting the efficiency of the maritime industry.

The successful completion of these groundbreaking projects underscores the commitment of President Muhammadu Buhari’s administration to modernize Nigeria’s maritime sector, enhance operational efficiency, and stimulate economic growth in the country.

Previous Post

Founder of FCMB, Mr. Balogun, Passes Away at 89 in London

Next Post

FAAC Allocates N655.9 Billion to Federal, State, and Local Governments in April 2023

Related News

2024 Budget Outline: Oil Price Set at $77.96, Naira Stands at 750 Against the Dollar

FG Debt Repayments Overshoot 2025 Budget Allocation by N1.9 Trillion

by Victoria Attah
June 5, 2026
0

The Federal Government’s debt obligations significantly exceeded its budgeted provisions in the first nine months of 2025, according to data...

CBN Supplies $29.5 Million at FX Auction as Naira Depreciates at I&E Window.

CBN Raises FX Remittance Limit for Nigerian Students Abroad to $25,000 per Semester

by Jide Omodele
June 5, 2026
0

The Central Bank of Nigeria (CBN) has significantly increased the amount of foreign exchange Nigerian students can remit for tuition...

Nigerian Equity Market Sees Impressive N1.08tn Wealth Gain Amidst Bullish Trading.

ETF Turnover Drops to N3.67 Billion in May Despite Widespread Price Gains

by Jide Omodele
June 4, 2026
0

Exchange Traded Funds (ETFs) on the Nigerian Exchange (NGX) saw a marginal decline in trading activity during May 2026, with...

NEC Affirms CBN $3 Billion Loan for Naira Stability

CBN Releases New Foreign Exchange Manual, Grants Easier Access to Domiciliary Accounts

by Jide Omodele
June 4, 2026
0

The Central Bank of Nigeria (CBN) has introduced major reforms to its foreign exchange regulations with the launch of the...

Next Post
FAAC Allocates N655.9 Billion to Federal, State, and Local Governments in April 2023

FAAC Allocates N655.9 Billion to Federal, State, and Local Governments in April 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

2024 Budget Outline: Oil Price Set at $77.96, Naira Stands at 750 Against the Dollar

FG Debt Repayments Overshoot 2025 Budget Allocation by N1.9 Trillion

June 5, 2026
Nigeria Plans New FX Rules, Targeting 750 Naira Exchange Rate

Naira Records Modest Decline at Official Market, Remains Stable in Parallel Market

June 5, 2026

Popular Story

  •  FBN Holdings Achieves N1 Trillion Market Cap Milestone

    First HoldCo Assures Shareholders of Dividend Resumption by End of 2026

    0 shares
    Share 0 Tweet 0
  • Bad Loans Climb to 8.03% Following End of CBN Forbearance

    0 shares
    Share 0 Tweet 0
  • CBN Raises FX Remittance Limit for Nigerian Students Abroad to $25,000 per Semester

    0 shares
    Share 0 Tweet 0
  • Meta plans to cut 11,000 jobs in one of the year’s largest layoffs.

    0 shares
    Share 0 Tweet 0
  • CBN Relaxes PoS Geo-Fencing Rules, Extends Compliance Deadline to August 2026

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>