National Economy
Thursday, October 2, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home News

NIMASA Floats Dock to Curb N180bn Annual Capital Flight

by Yusuf Babalola
2 years ago
in News
Reading Time: 2 mins read
Share on FacebookShare on TwitterShare on Telegram

The Nigerian Marítime Administration and Safety Agency (NIMASA), on Tuesday, set to deploy its N50billion modular floating dock for dry docking of vessels operating on the nation’s waters tostem capital flight,

NATIONAL ECONOMY reports that NIMASA took delivery of the N50billion modular refinery in 2018 with the aim of ensuring that ships of various sizes calling at Nigerian ports repair their vessels in the country and thus help save the country from capital flights as a result of dry docking vessels outside the country.

According to the former president of the Ship Owners Association of Nigeria (SOAN), Engr. Greg Ogbeifun, Nigeria is losing up to N180 billion annually to neighbouring countries due to lack of ship repair yards in the country.

However, in a press statement by the assistant director, Public Relations,

You May Like

Dangote Group To Redeploy Sacked Refinery Workers After Government Intervention

Tinubu Says Tax-to-GDP Rises To 13.5%, Debt Burden Halved

NIMASA, Osagie Edward, the agency has commenced preparations to deploy the Modular Floating Dock for commercial operations.

According to him, the agency has moved the Floating Dock to a jetty at the Standard Flour Mills in Apapa in preparation of its movement to the scheduled operational base at the Continental Shipyard, Apapa.

The heavy 50-ton cylindrical spuds, which are for anchoring the dock, are being prepared for installation.

Also speaking against the backdrop of the movement, the director general of NIMASA, Dr Bashir Jamoh, assured stakeholders that Nigeria will soon save foreign earnings with the commencement of operations of the dock.

“We are moving slowly but steadily to our destination. Today, we are lifting out the cylindrical studs to be prepared for piling at the Continental Shipyard where the Floating Dock is scheduled to commence operations.

“These spuds have to be firmly installed before we can tow the Floating Dock there. We assure stakeholders that very soon, Nigeria will save foreign earnings with the commencement of operations of our Dock,” Jamoh stated.

Earlier, the Nigerian Ports Authority (NPA), had leased designated areas at the Continental Shipyard for the operations of the Modular Floating Dock last year.

The areas include; the Dolphin Jetty, waterfront of the jetty adjourning the slipway, an administrative block, a construction, welding and mechanical workshop and a civil maintenance workshop, among others.

The project will be run on a Public Private Partnership (PPP) arrangement.

Tags: NIMASA
ShareTweetShare
Previous Post

Equities Market Loses N183bn in Bearish Trading Session

Next Post

Nigerian Breweries To Hike Beer Prices From Feb 19

ANOTHER GOOD READ

Dangote Hails Tinubu Over NNPCL Leadership Choice
Business

Dangote Group To Redeploy Sacked Refinery Workers After Government Intervention

8 hours ago
News

Tinubu Says Tax-to-GDP Rises To 13.5%, Debt Burden Halved

8 hours ago
Tougher Choices Ahead For Nigeria’s Economic Rebound In H2
News

Tinubu: 153,000 Nigerians Access ₦30bn Loans Through Credicorp

8 hours ago
AfDB, Partners Raise $2.2bn For Agro Zones Expansion
News

AfDB, Private Sector Leaders Forge Stronger Alliance For Africa’s Growth

20 hours ago
AfDB, Partners Raise $2.2bn For Agro Zones Expansion
News

Africa Must Turn Trade Disruptions Into Growth Opportunities – AfDB President

20 hours ago
Ogun MAN Urges Manufacturers To Explore Alternative Funding
News

MAN Condemns Labour Unions Over Dangote Refinery Dispute

21 hours ago
Next Post
Nigerian Breweries To Hike Beer Prices From Feb 19

Nigerian Breweries To Hike Beer Prices From Feb 19

Most Recent

Dangote Hails Tinubu Over NNPCL Leadership Choice

Dangote Group To Redeploy Sacked Refinery Workers After Government Intervention

October 1, 2025
Peter Obi Calls For Reopening Of Onitsha Markets Closed Over Illicit Drugs

Obi Slams Lagos Trade Fair Demolitions, Alleges Lack of Due Process

October 1, 2025

Tinubu Says Tax-to-GDP Rises To 13.5%, Debt Burden Halved

October 1, 2025
Tougher Choices Ahead For Nigeria’s Economic Rebound In H2

Tinubu: 153,000 Nigerians Access ₦30bn Loans Through Credicorp

October 1, 2025
Nigeria Immigration Launches 24-hour Real-time Border Surveillance

Immigration Service Begins Nationwide Clampdown On Foreigners With Expired Visas

October 1, 2025
Nig@65: NDPC Act Boosts Nation’s Economic, Global Image – Expert

Nigeria at 65: Completing the Work of Freedom

October 1, 2025
NASRDA Pushes Space Education

NASRDA Pushes Space Education

October 1, 2025

Nigeria’s London Mission Staff Trained On Data Privacy Compliance

October 1, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy