Economy
FG approves integrated Maritime security—Amaechi
From left: Chief of Naval Staff representative, Rear Admiral Sunday A.G. Ababa, Board Chairman NIMASA, General Jonathan India Garba, Director General, NIMASA, Dr Dakuku Peterside and the House Committee Chairman on Maritime Safety and Education, Hon. Umar Mohamed Bago at the harmonized NIMASA Stakeholders Forum tagged: Synergy; An Instrument for Sustainable Development of the Blue Economy held at Eko Hotel, Lagos.
The Minister of Transportation, Rt. Honourable Rotimi Amaechi has said that the Federal Government has approved an Integrated National Security Strategy (INSS) for the Nigerian maritime sector. The strategy which will be implemented in collaboration with other countries in the Gulf of Guinea (GoG) is aimed to stem the tide of insecurity on the region’s territorial waterways. Rt. Hon. Amaechi who made this known during a paper presentation titled; “Nigeria’s role in responding to the causes and consequences of maritime insecurity” at the Royal Institute of International Affairs, Chatham House, London stated further that the Nigerian Maritime Administration and Safety Agency (NIMASA) is already implementing a comprehensive maritime strategy in collaboration with other partners in order to enhance the fight against piracy attacks in the region.
Accordingly, he hinted the audience that “In pursuit of this objective, the President of the Federal Republic of Nigeria visited Malabo in Equatorial Guinea last year, where the two countries signed an agreement on the establishment of combined Maritime Policing and Security Patrol committee to enhance the security of the Gulf of Guinea and help curb maritime crimes like piracy, crude oil theft and smuggling”. Speaking further, Amaechi noted that NIMASA has established a command and control centre for enhanced situation awareness, response capability, law enforcement and regional cooperation amongst others, all geared towards an enhanced water security and by extension, the entire nation. The Minister also used the opportunity to assure the international community that the anti-piracy bill which is currently before the national assembly will hopefully be passed before the end of this legislative year.
On his part, the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside who delivered a paper at the Royal Institute of International Affairs, Chatham House, London titled; “The problem of maritime insecurity in the Gulf of Guinea is real…”, noted that the Agency through collaboration with other relevant government bodies is leaving no stone unturned in ensuring zero tolerance to all forms of piracy and illegalities on the nation’s territorial waterways and the entire Gulf of Guinea.
The DG also noted that the Federal Government of Nigeria has adopted a multi-dimensional interventional approach to tackle the issues relating to piracy namely; legal/legislative approach; through the pushing of the enactment of the anti-piracy law, proper policy framework; through presidential intervention on maritime security to build regional coalition and corporation, regulatory and operational approach; through effective enforcement of port and flagged state control and a Memorandum of Understanding (MoU) with the Nigerian Navy and Air Force to increase response capacity amongst others.
Speaking further, he also highlighted four strategic pillars the Agency has adopted for tackling the issue of piracy tagged; “Total Spectrum Maritime Strategy” namely; situational awareness, law enforcement, response capability and regional cooperation all aimed at achieving a virile and robust maritime sector. Dr. Peterside who is the current Chairman of the Association of African Maritime Administrations (AAMA) also assured the international community that NIMASA will continue to collaborate with other relevant bodies both locally and internationally in order to realise its vision of a prosperous maritime sector in Nigeria and the West and Central Africa Sub-Region.
While calling for continuous collaboration amongst partners across continents, the NIMASA DG noted that improved profiling and information sharing on maritime criminality and illegality, enhanced maritime domain awareness and surface to air patrol capabilities, functional legal framework, integration of national inter-agency efforts, youth empowerment programmes amongst others are factors that can help bring solutions to the issues surrounding insecurity in the maritime space. The Royal Institute of International Affairs, Chatham House, is an independent policy institute based in London with a mission to help build a sustainably secure, prosperous and just world.
The institute engages governments, the private sector, civil society and its members in open debates and private discussions about the most significant developments in international affairs. Each year, the institute runs more than 300 private and public events: conferences, workshops and roundtables in London and internationally with partners. The convening power of the institute attracts world leaders and the best analysts in their respective fields from across the globe.
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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