Economy
Dry ports to come on stream soon –Jime
The dry ports would soon be completed and put to use as government intensifies efforts to broaden and diversify Nigeria’s economy, Emmanuel Jime, Executive Secretary, Nigerian’ Shippers’ Council (NSC), has said. Jime told the News Agency of Nigeria (NAN) in Lagos that operations had begun in the Kaduna dry port while others had attained more than 80 per cent completion. Some of the inland ports are located in Ibadan with 50,000 Twenty-foot Equivalent Unit (TEUs), Isiala Ngwa in Abia, 50,000 TEUs, Jos, 20,000 TEUs and Dala in Kano, with 20,000 TEUs. Others are located in Funtua, Katsina State with 10,000 TEUs, and Maiduguri with 10,000 TEUs. The dry ports are expected to serve as a catalyst for trade stimulation and economic development by bringing shipping services to the doorstep of shippers across the nation.
They are also expected to assist in decongesting the seaports and make them more user-friendly. Jime, while referring to the dry ports as “very crucial to Nigeria’s economic success,” expressed satisfaction with the Public Private Partnership (PPP) arrangements towards their completion and effective take-off. He commended the efforts of the host state governments and concessionaires towards the speedy completion of the projects, urging all stakeholders to sustain the tempo. Jime particularly commended the Plateau government for injecting funds into the Heipang dry port and expressed confidence that it would soon come to life. “The state government’s effort is mitigating the funding gap. This is encouraging and commendable,” he said. On the Ibadan dry port, Jime said that issues around the contract agreements, especially the payment of compensation, were being resolved to make way for its speedy completion. He regretted, however, that most investors prefer areas with short-term turn around in profit making, saying that the situation had consistently created some funding challenge for the dry ports.
Jime said that the dry ports remain the remedy for the congestion in the seaports usually caused by challenges of infrastructure, articulated vehicles and persistent gridlock. He expressed happiness with the “very dramatic progress” in the Dala dry port in Kano that is 80 per cent ready, while the Abuja dry port had also recorded appreciable progress. He also thanked the Abia government for waking up to the need to play its crucial role in the development of the dry port at Isiala Ngwa, urging it to sustain the tempo. Jime said that the NSC would continue to encourage the partnership with the states toward completing the dry ports in view of their relevance to the nation’s economic growth. He also spoke on the need for an effective and efficient railway as a primary mode for long-distance haulage. “A functional railway will assist in the overall costs of cargo to hinterland locations and transit cargoes to landlocked countries,” he pointed out.
He said that NSC was working toward building a robust partnership with the nation’s railway authorities so that all the dry ports would attain their potential when they come on stream.
The NSC boss said that the Council had been able to resolve lots of disputes among shippers, and attributed the feat to “our robust complaints unit.” He said that most of the disputes bordered on financial issues like demurrage, port charges and other basic disagreements. Jime also spoke on the Lekki Deep Seaport in Lagos. “The Lekki Deep Seaport is designed to be the first Deep Seaport in the nation’s maritime industry. It is a game changer. We have always lost a lot of maritime clients to other countries. The Lekki Deep Seaport will change that. It will make Nigeria truly the hub of maritime activities.” He called for more attention to the provision of traffic infrastructure in and around Lekki Deep Seaport to “avoid another Apapa there”. Jime observed that there were many huge establishments, including refineries, around the area and expressed concern that the Apapa scenario could be replicated there if effective transport infrastructure was not put in place. He suggested a quick construction of a rail linkage to ward off possible congestion when activities begin at the Lekki Deep Seaport. (NAN)
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
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