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Partnership key to effective utilisation of Africa Maritime resources NIMASA DG, Stakeholders 

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7 years ago

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Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has stated that partnership is a crucial element to the effective utilisation of Africa’s maritime resources, just as a committee of Stakeholders has been set up to map out strategies to develop the Nigeria’s Blue Economy.  The NIMASA DG who said this today during this year’s celebration of the African Day of Seas and Oceans held in Lagos with the theme “Partnership Key to a Sustainable Blue World” noted that the need for countries in the African continent to collaborate has become imperative in order to realise a common goal, geared towards the actualisation of the Blue Economy.

In his words, “Our passion for Africa’s partnership inspires our leadership role in the Association of African Maritime Administration (AAMA) to continue to innovate with ideas to pull African Maritime Administrations (MARAD) together for sustainable realisation of the objectives of the African Integrated Maritime Strategy (AIMS) 2050 towards a peaceful, prosperous and integrated Africa where there will be equal opportunity to participate towards economic growth.”  Speaking further, Dr. Peterside noted that the world is concerned about the sustainable use of the seas and oceans as it is endowed with enormous resources, hence the need for Africa to utilise the opportunities embedded in it.

While using the opportunity to call for more collaboration among Stakeholders in realising a robust maritime sector in Nigeria and Africa as a whole, he assured that NIMASA will continue to engage and educate the public on the sustainable use of the seas and oceans.  The event which was well-attended by Stakeholders and experts in the maritime sector also had in attendance the Managing Director, Starz Marine and Engineering Services Limited, Engr. Greg Ogbeifun as the Chairman of the occasion, who said in his opening remarks that the world is beginning to go back to the original creation God blessed mankind with, which is the seas and the oceans. He noted that Nigeria is at a vantage position with a good geographical location with about 900 km coastline, hence the need to work harmoniously to realize the blueprint of the AIMS 2050 with the overall goal of actualizing the concept of the Blue Economy in Africa for continental economic growth.

Also speaking at the event was Barrister (Mrs.) Margaret Orakwusi who delivered the lead paper titled; “National Maritime Strategy and the National Maritime Transport Policy Framework: How Far is the Road Yet?” concluded by saying; “For Nigeria to develop a robust and sustainable maritime sector, there is the need to prepare an all-inclusive framework and strategy based on the development strategies of the African Union in line with the AIMS 2050, Agenda 2063, Lome Charter and the African Maritime Transport Charter”.  In his paper titled; “Developing our Blue Economy as a Critical National Economic Objective: The Partnership Model.” Dr. Chris Asoluka stated that the only way to fully optimize the opportunities embedded in the African seas and oceans is to work collaboratively as a continent, so that we can compete favorably with our counterparts in other continents. He also reiterated the fact that Nigeria’s maritime domain remains a fertile ground waiting to be fully utilized for economic growth and development.

On his part, Professor Babajide Alo an environmental expert who also spoke at the event advised that beyond the annual celebration of the event, partnership strategies to ensure sustainable implementation of the resolutions must be considered so that in the long run all set goals are achieved for the benefit of the entire African continent. At the event, the NIMASA Board Chairman, Major General Jonathan India Garba (rtd.) and the Director General, Nigerian Chambers of Shipping, Barrister (Mrs.) Obiageli Obi in their goodwill messages unanimously agreed that it is important to realize that the world is getting more and more dependent on resources from the seas and oceans, noting that it is the engine for economic growth. They also urged Stakeholders in the maritime industry to work together for the benefit of the actualization of the Blue Economy in Africa.

The highpoint of the event was the setting up a partnership committee on implementation of sustainable Blue Economy in Nigeria to be Chaired by Major General, Jonathan India Garba (rtd) and the Secretary is Dr. Mrs. Felicia Mogo, the Deputy Director, in charge Marine Environment Management of NIMASA. Other members of the Committee includes; Dr. Chris Asoluka, Captain Sunday Umoren amongst others. The Committee while being inaugurated by Mr. Mike Igbokwe, a Senior Advocate of Nigeria (SAN) was charged to come up a framework for the actualization of the Blue Economy initiative in Nigeria amongst other responsibilities, all geared towards the realization of a robust and virile maritime sector in Nigeria.

It may be recalled that the 22nd Ordinary Session of Heads of States and Governments adopted the 2050 AIM Strategy and Plan of Action, including a roadmap for the incremental implementation of the strategy in line with International Maritime Law. The Strategy includes a framework for action on, inter alia: fisheries and aquaculture; environmental and biodiversity monitoring; marine tourism; Disaster Risk Management (DRM); handling and shipment of hazardous materials and dangerous goods; maritime governance; flag state and port state control; and illegal activities, including money laundering, piracy, maritime terrorism and human trafficking and smuggling by sea. The African Day of the Seas and Oceans was instituted by the African Union in 2015. It seeks to draw attention to the strategic importance of proper management of marine resources for the development of the African continent in a sustainable manner.

 

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Economy

Nigeria champions African-Arab trade to boost agribusiness, industrial growth

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2 days ago

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December 5, 2025

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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.

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Economy

FEC approves 2026–2028 MTEF, projects N34.33trn revenue 

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3 days ago

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December 4, 2025

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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.

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Economy

CBN hikes interest on treasury Bills above inflation rate

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3 days ago

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December 4, 2025

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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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