The Federal Government has reiterated its determination to transform Nigeria’s maritime sector into a modern, globally competitive industry that will contribute significantly to economic growth. Minister of Marine and Blue Economy, Adegboyega Oyetola, made this known while addressing stakeholders at a strategic maritime industry engagement in Lagos on Monday. Oyetola said the government is committed to implementing policies and reforms that will reposition the sector, attract investments, and ensure that Nigeria fully harnesses its vast maritime potential. According to him, President Bola Tinubu’s administration sees the maritime industry as a strategic pillar for revenue generation, job creation, and economic diversification.…
Author: Temitope Nlewemchi
The Nigeria Customs Service (NCS) has taken a significant step toward advancing trade facilitation reforms by engaging the Nigerian Shippers’ Council (NSC) on the implementation of its Business Oriented Digital Operations for Goods Winning (B’Odogwu) initiative. The partnership is expected to strengthen digital transformation in Nigeria’s maritime and border operations while addressing long-standing challenges of inefficiency, delays, and high costs in cargo clearance. B’Odogwu, introduced by the Customs Service, is designed as an end-to-end technology-driven solution that will overhaul existing processes and reduce human interference in port operations. The platform seeks to digitize cargo clearance, automate revenue collection, improve transparency,…
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Bayo Ojulari, has reaffirmed that Nigeria’s state-owned refineries will return to full operation, dismissing doubts raised by critics and industry observers. Ojulari, who spoke at a stakeholders’ engagement session in Abuja, said the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries remains on course, with test runs on the Port Harcourt plant expected soon. He stressed that the refineries are being overhauled with the involvement of reputable international contractors to ensure world-class standards. “Our refineries will work again. The projects are progressing steadily, and Nigerians…
Nigeria’s banking sector has emerged as the top destination for capital inflows into the country, attracting more than half of total foreign investment in the first half of 2025. This development comes on the back of ongoing financial reforms aimed at stabilising the economy, boosting investor confidence, and deepening the financial sector. According to the latest data released by the National Bureau of Statistics (NBS), the banking industry accounted for the largest share of capital inflows, outpacing other sectors such as telecommunications, manufacturing, and agriculture. Analysts say the dominance of banks in attracting investment reflects both the sector’s central role…
The Nigerian Airspace Management Agency (NAMA) has commenced a wide-ranging audit of the nation’s airspace as part of efforts to strengthen safety, improve operational efficiency, and align with global aviation standards. The audit, described by the agency as historic, will involve a full review of the country’s communication, navigation, and surveillance systems, alongside assessments of air traffic management procedures. It will also cover critical infrastructure at major airports and regional air traffic control centres across the country. NAMA said the exercise is necessary to identify gaps in current operations and to develop a strategic roadmap that will enhance the safety…
Nigeria’s economy is expected to expand by 3.4% in 2025, according to a new forecast released by global professional services firm, PricewaterhouseCoopers (PwC). The projection reflects cautious optimism for Africa’s largest economy, despite persistent challenges such as inflationary pressures, foreign exchange volatility, and infrastructural constraints. PwC’s outlook noted that the forecast is anchored on reforms introduced by the federal government under President Bola Ahmed Tinubu, particularly in the areas of fiscal management, energy sector liberalisation, and ongoing efforts to attract foreign direct investment (FDI). The firm, however, stressed that the growth trajectory remains fragile and dependent on Nigeria’s ability to…
AFG Aviation, a global aircraft leasing company, has finalized a lease agreement with Cally Air, the airline jointly owned by the Cross River State Government and a private sector partner, to provide two additional aircraft for its domestic operations. The deal, industry watchers say, represents a major step in expanding the airline’s fleet capacity, improving service delivery, and strengthening its competitive edge in Nigeria’s dynamic aviation market. The lease, which covers two modern regional jets, comes at a critical time when Nigerian carriers are struggling with rising operational costs, limited fleet availability, and increasing passenger demand. With the acquisition, Cally…
The Chartered Institute of Bankers of Nigeria (CIBN) has announced that it will use its forthcoming annual conference to unveil a fresh economic playbook aimed at repositioning Nigeria’s financial sector for growth and resilience. The event, scheduled to attract a wide range of stakeholders from the banking industry, government, academia, and the private sector, is expected to serve as a platform for charting practical strategies that will address Nigeria’s current economic realities. According to CIBN, the conference will not only assess the performance of the banking industry amid recent economic reforms but will also seek to highlight innovative policies, frameworks,…
Nigeria’s headline inflation rate slowed to 21.88% in July, according to the latest data released by the National Bureau of Statistics (NBS). The figure represents a slight decline from June’s 22.41%, marking the first noticeable moderation in price pressures since the beginning of the year. While the easing of inflation offers a glimmer of hope for households and businesses, analysts caution that living costs remain painfully high and continue to weigh on the broader economy. The NBS report attributed the moderation in inflation to slight declines in food and transport costs compared to the previous month. Even so, inflation remains…
The Certified Institute of Auctioneers has unveiled a strategic plan designed to reposition the profession in Nigeria, drive growth, and promote international best practices among practitioners. The plan, which was announced during a gathering of members and stakeholders, seeks to strengthen auctioneering standards, enhance professionalism, and create a more transparent market environment for buyers and sellers. According to the leadership of the institute, auctioneering remains a vital aspect of commerce, finance, and asset management in Nigeria, yet the sector is still underexplored due to limited awareness and weak regulation. The new growth plan is therefore aimed at bridging these gaps…
The Nigeria Liquefied Natural Gas (NLNG) Limited has called for increased investments in gas development to guarantee stable supply across the country, stressing that the sector requires urgent attention to meet Nigeria’s energy and industrialisation goals. The appeal was made during a strategic meeting with the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, as part of ongoing efforts to strengthen collaboration between the two key institutions in Nigeria’s oil and gas industry. NLNG executives highlighted the growing demand for gas in domestic and international markets, noting that without sustained investments in upstream development,…
The National Insurance Commission (NAICOM) has issued a stern warning to insurance and reinsurance firms across Nigeria, urging them to meet the recapitalisation requirements or risk facing liquidation. The move underscores the regulator’s resolve to strengthen the financial stability of the insurance sector, improve risk absorption capacity, and enhance consumer confidence in an industry that has long struggled with low penetration and undercapitalisation. Speaking at a recent industry event in Abuja, NAICOM officials stressed that the recapitalisation exercise is not negotiable and must be adhered to if Nigeria’s insurance industry is to play its role in economic development. The Commission…
Nigeria’s downstream petroleum sector witnessed a major shift as the Nigerian National Petroleum Company Limited (NNPC) and several independent marketers announced a reduction in petrol pump prices following Dangote Refinery’s decision to cut its ex-depot price. The development marks one of the most significant adjustments in the domestic fuel market since the removal of subsidies and signals a competitive turn that could benefit millions of Nigerians. The Dangote Refinery, Africa’s largest and a long-anticipated game-changer for Nigeria’s energy landscape, recently slashed the ex-depot price of Premium Motor Spirit (PMS) by ₦30 per litre. This move immediately prompted both NNPC and…
The World Trade Organization (WTO) has launched a $50 million fund aimed at supporting women-led businesses and boosting their participation in global trade. The initiative, unveiled at the WTO headquarters in Geneva, is designed to provide direct financial assistance, capacity-building, and market access opportunities for women exporters from developing and least-developed countries. According to the global trade body, the fund will help women entrepreneurs overcome barriers that have long hindered their ability to compete in international markets, including limited access to finance, inadequate infrastructure, and gender-related trade restrictions. The WTO said that 146 Nigerian women exporters are among the first…
The Corporate Affairs Commission (CAC) has uncovered 247 companies allegedly operating with fake or invalid registration numbers, raising fresh concerns about fraudulent practices within Nigeria’s business environment. The revelation, made public during a regulatory enforcement briefing in Abuja, highlights the Commission’s increasing use of technology to monitor and verify corporate compliance across the country. Registrar-General of the CAC, Hussaini Ishaq Magaji, said the fraudulent practices came to light after an extensive digital audit of the Commission’s database, where inconsistencies in the use of registration certificates were detected. He explained that the companies were flagged for presenting false registration credentials while…
Chevron Nigeria Limited (CNL) has reiterated its commitment to supporting the growth and development of Nigeria’s oil and gas industry, pledging sustained investment, technological expertise, and collaboration with stakeholders to maximise the sector’s potential. Speaking during a recent industry forum in Lagos, Chevron’s Chairman and Managing Director, Rick Kennedy, said the company remained dedicated to working alongside the Federal Government and industry partners to enhance production, boost reserves, and ensure energy security for the country. Kennedy highlighted Chevron’s decades-long presence in Nigeria, noting that the company has been instrumental in driving upstream production, midstream infrastructure development, and community engagement programmes…
Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced an ambitious plan to significantly reduce Nigeria’s dependence on fish imports by expanding local aquaculture production and empowering young people to actively participate in the fisheries value chain. He said the strategy is aimed at strengthening food security, creating jobs, and preserving foreign exchange currently spent on importing fish. Speaking at a stakeholders’ engagement in Abuja, Oyetola lamented that Nigeria still imports a substantial portion of its fish consumption despite having abundant marine resources and inland waterways. According to him, the country spends billions of naira annually on fish imports,…
The Central Bank of Nigeria (CBN) has called on Nigerians to promptly report any commercial bank or financial institution found selling naira notes to the public, describing such acts as illegal and a serious violation of the country’s monetary regulations. The apex bank stressed that the sale of currency undermines the integrity of the financial system, contributes to cash scarcity, and fuels illicit economic activities. In a statement issued by its Corporate Communications Department, the CBN warned that it would not hesitate to take decisive action against banks or individuals involved in the illicit trade of naira notes. The bank…
Lafarge Africa Plc, in partnership with the Ogun State Government, has embarked on an ambitious environmental sustainability initiative aimed at planting one million trees across the state. The project is designed to combat climate change, restore degraded landscapes, and promote biodiversity, while also creating socio-economic opportunities for local communities. Speaking at the launch ceremony in Ewekoro, Ogun State, Lafarge Africa’s management emphasised the company’s long-standing commitment to environmental stewardship and sustainable business practices. The cement manufacturer stated that the tree-planting initiative aligns with its broader corporate social responsibility (CSR) framework, which focuses on climate action, community development, and resource efficiency.…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set its sights on positioning Nigeria to attract at least 40% of all oil and gas investment inflows into Africa, citing the country’s vast hydrocarbon resources, recent regulatory reforms, and ongoing efforts to improve the investment climate. Speaking at an industry stakeholders’ forum in Lagos, the Commission’s Chief Executive, Gbenga Komolafe, said the goal aligns with Nigeria’s ambition to reclaim its status as the continent’s foremost oil and gas destination. He noted that the implementation of the Petroleum Industry Act (PIA) has provided a more transparent and predictable framework for investors, but…