The Minister of Marine and Blue Economy, Adegboyega Oyetola, has expressed concern over the growing menace of Illegal, Unreported, and Unregulated (IUU) fishing, vowing that Nigeria will work with regional and international partners to curb the practice. The Minister disclosed this when he received the Chairman and the Secretary-General of the Fisheries Committee for the…
Nigeria is seeking an end to the $1.5billion war risk insurance premiums on Nigerian-bound vessels. Its Minister of Marine and Blue Economy, Adegboyega Oyetola, warned that the outdated surcharge has drained an estimated $1.5 billion from the economy in recent years despite zero piracy incidents in the country’s waters since 2021. “Nigeria has earned the…
Nigeria’s foreign reserves has reached $41 billion, highest point since December 2021, sparking cautious cheers in Abuja, the seat of government. To put it simply, foreign reserves are the country’s emergency savings, mostly in dollars, used to pay for imports like fuel, machinery, and food. Hitting this level is a sharp turnaround from late 2024…
Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, President Bola Tinubu plans to replicate the success story of the Lekki Deep Seaport across Nigeria’s maritime sector, describing it as a model for economic growth and development. Speaking at the Nigerian Chamber of Shipping Breakfast Meeting in Lagos, Oyetola declared that the administration ofTinubu is…
Nigeria is betting on its Energy Transition Plan (ETP) as a path to net-zero emissions by 2060, prioritizing power, cooking and transport, sectors as focus areas. The Minister of Environment Balarabe Abbas Lawal who gave the assurance the ETP will create hundreds of thousands of new jobs by 2030 and beyond. He said gas plays…
An indigenous Original Equipment Manufacturer (OEM), Beta Computers, has petitioned the Ministry of Communications, Innovation and Digital Economy over the deployment of counterfeited copies of its SPEEDSTAR personal computers (PCs) by the National Information Technology Development Agency (NITDA) contractors. Beta Computers is one of the certified OEMs for made-in-Nigeria computers by the Federal Government and…
The Central Bank of Nigeria (CBN) has rolled-out Bank Customers’ Bill of Rights and Obligations to members of the banking public. The report, released at the “CBN Fair” held in Lagos, under the theme: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, insisted that a bank customer has a…
The National Sugar Development Council (NSDC) has strike deals with four new operators to develop greenfield sugar projects that will collectively produce 400,000 metric tons (MT) yearly, marking a significant phase in an ambitious campaign to reduce the country’s heavy dependence on imported sugar and achieve domestic self-sufficiency. The four sugar operators are Brent Sugar…
The Nigerian government has moved to ensure that all contracts awarded by Ministries, Departments, and Agencies (MDAs) are backed by available funds before any legal commitments are made. Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this in Abuja during the Stakeholders’ Engagement on the Implementation of the 2025 Capital…
