The Nation Newspaper

Category: Business

  • Nigeria, IFC seal deal to fast-track private investment in infrastructure

    Nigeria, IFC seal deal to fast-track private investment in infrastructure

    The Federal Government has taken steps to close Nigeria’s wide infrastructure gap by signing a cooperation agreement with the International Finance Corporation (IFC), a member of the World Bank Group.

    The deal is aimed at attracting private investment and speeding up the delivery of major infrastructure projects across the country.

    The agreement, signed in Abuja on Tuesday through the Federal Ministry of Budget and Economic Planning, is designed to help Nigeria prepare projects in a way that makes them attractive and clear for private investors, especially in key sectors such as transport, energy, water, healthcare, and digital services.

    Speaking at the signing ceremony, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said the government recognises that public funds alone cannot meet the country’s huge infrastructure needs. He explained that the focus now is on developing projects that are properly planned and ready for investment, so private capital can come in with confidence.

    “Our needs in rail, energy, water security, healthcare, and digital infrastructure are extensive. This agreement aims to ensure that we prepare projects adequately so investors can have confidence and clarity on where to allocate capital,” Bagudu said.

    He pointed to Nigeria’s early experience in the mobile phone industry as proof of the country’s ability to absorb large-scale investments. 

    According to him, when mobile services were first introduced, investors struggled to imagine a market of 500,000 subscribers, but today Nigeria’s digital economy serves more than 100 million users.

    Bagudu added that the cooperation deal supports President Bola Ahmed Tinubu’s reform drive, which he said has involved tough policy choices to stabilise the economy, make government policies more predictable, and encourage the private sector to invest.

    He also noted that Nigeria’s long-term development plan, known as Agenda 2050, and the country’s constitution both recognise the private sector as a key driver of growth, with government providing the right policies and support.

    The IFC’s, Vice President for Africa, Mr Ethiopis Tafara, described the agreement as the result of a year of close work between both sides and a shared vision for Nigeria’s future.

    “This is not just about signing a document. It is about establishing the groundwork for projects that generate employment, attract investment, and improve the daily lives of Nigerians,” Tafara said.

    He explained that the partnership would help improve how government budgets and projects are prepared by making it easier to identify, design, and deliver projects that are ready for investors in sectors such as transport, energy, digital infrastructure, and water.

    Tafara added that the World Bank Group would also support the effort with financing and guarantee tools that can help both the federal and state governments reduce risks and attract more private investors.

    “Nigeria’s infrastructure gap cannot be closed by public budgets alone. Public-private partnerships are vital. IFC is ready to assist the government in developing a strong pipeline of projects across key sectors,” he said.

    Also speaking at the event, the IFC Regional Director for Central Africa and Anglophone West Africa, Ms Dahlia Khalifa, said the agreement represents an important moment for Nigeria’s development journey.

    She said the country’s ongoing reforms and large, youthful population present huge opportunities, but these can only be fully realised with strong infrastructure, well-prepared projects, and effective cooperation between government and private investors.

    “That is what tonight is about—creating the framework for partnerships to thrive and deliver shared prosperity for all Nigerians,” Khalifa said.

    Read Also: Glasgow 2026 Commonwealth Games: Nigeria set for Men’s 3×3 Basketball debut 

    She disclosed that IFC has been active in Nigeria for more than 60 years and has mobilised about $20 billion in investments over the past five years in areas such as energy, digital infrastructure, agriculture, manufacturing, and financial services, including trade finance.

    Khalifa also revealed that IFC’s staff strength in Nigeria has grown four times over the last two years, showing the organisation’s increasing focus on the country.

    She praised the Federal Ministry of Budget and Economic Planning for its role in coordinating national economic priorities and improving how major projects are developed.

    According to her, the cooperation agreement will help in identifying and delivering major projects in transportation, energy, and support for small and medium-sized businesses.

    “This is the kind of collaboration that turns ambition into achievement. Together, we will build projects that connect markets, power industries, and unlock the full potential of the Nigerian people,” she said.

    The agreement signals the Federal Government’s intention to work more closely with development finance institutions and the private sector to mobilise investment, create jobs, and promote sustainable growth across Nigeria.

  • Coca-Cola Nigeria launches Coke with meals promo

    Coca-Cola Nigeria launches Coke with meals promo

    Coca-Cola Nigeria has launched a consumer promotion valued at N600 million, positioning it as a volume-driving push tied to everyday meal consumption across the country.

    The campaign, which runs from January to June 30, 2026, the company’s Senior Director, Frontline Marketing, Nigeria, Yusuf Murtala, said, is structured to deliver frequent cash payouts, including the creation of over 300 millionaires within the six-month period.

    Under the promotion, branded “Buy, Scan, Find, Win,” Murtala explained that two new millionaires will emerge daily, alongside weekly rewards valued at N52 million, a scale that underscores the company’s aggressive spend on consumer incentives amid intense competition in Nigeria’s non-alcoholic beverage market.

    Participation, according to him, is linked directly to product purchase. Consumers who buy eligible Coca-Cola, Fanta, Sprite, or Schweppes in PET or glass bottles can scan a QR code on the packaging and enter a 10-character code under the cap or crown to determine instant winnings. 

    The mechanic, he emphasised, is designed to encourage repeat purchases and sustained engagement across retail channels nationwide.

    Speaking on the strategy behind the promotion, Murtala said: “Every Coca-Cola bottle is made to turn everyday moments into a celebration, and with this we are taking that promise even further for our consumers.”

    Read Also: Coca-Cola’s ‘Share a Coke’ to inspire togetherness

    He added, “Whether they are enjoying a meal or toasting to a small win with a Coca-Cola, with this promo, those special moments become a double win as they continue celebrating life’s joys while standing a chance to win exciting cash and prizes.”

    From a business standpoint, the campaign, Murtala said, reinforces the company’s focus on driving consumption frequency around meals, a critical battleground as disposable incomes remain pressured and brands compete for share of stomach. 

    By anchoring the incentive to everyday eating occasions and spreading payouts over months, the company, he added, is effectively trading margin for scale, data capture, and brand stickiness in Africa’s largest consumer market.

  • Reps begin airport, seaport concessioning probe

    Reps begin airport, seaport concessioning probe

    The House of Representatives yesterday began investigations of the concessioning and management of the nation’s sea and airports to determine whether it has delivered value for money and contributed to economic development of the country.

     Speaking at the inaugural meeting of the ad-hoc committee set up to conduct the investigation, Speaker of the House of Representatives, Abbas Tajudeen said the House was determined to ensure that concession of the nation’s critical infrastructure was yielding the desired result

     The committee is to investigate, examine, and appraise the performance of concessionaires operating federal air and sea port terminals, as well as related shipping activities, from 2006 to 2025, and to determine the benefits accrued to the Federal Government over the period.

     The Speaker said the decision of the government to concession key national assets, particularly the seaports and airports, was driven by the desire to enhance efficiency, attract private sector investment, modernize infrastructure, improve service delivery, and ultimately increase government revenue while reducing operational burdens on the state.

     He said nearly two decades after the commencement of these concession arrangements, it is both timely and imperative for the Legislature, as representatives of the Nigerian people, to undertake a comprehensive review of their outcomes.

    READ ALSO: U.S. confirms troops on ground in Nigeria amid ISIS counterterror push

     He said: “for the avoidance of doubt, this exercise is not an attempt to undermine legitimate private sector participation. It is rather an expression of the House’s constitutional mandate to conduct oversight, ensure accountability, and safeguard national interest.

    “Nigerians deserve to know whether these concessions have delivered value for money, complied with contractual obligations, enhanced national competitiveness, protected public assets, and contributed meaningfully to economic growth, employment, and revenue generation.”

    The Speaker said further that the scope of the Committee’s assignment is broad and critical, including “an examination of the terms and conditions of concession agreements entered into from 2006 to 2025; an assessment of revenue flows, remittances, and other financial benefits accruing to the Federal Government and its agencies and a review of compliance with contractual, regulatory, and safety obligations by concessionaires.”

    The committee is also to conduct an appraisal of infrastructure development, operational efficiency, service quality, and labour issues;

    Identify the challenges, gaps, and systemic weaknesses within the concession framework; and formulate clear, practicable recommendations to improve policy, legislation, and future concession arrangements.

    Turning to members of the committee, the Speaker told them that “the House has reposed enormous confidence in your integrity, competence, and sense of patriotism. You are expected to carry out this assignment with objectivity, professionalism, and transparency, guided solely by facts, documents, and the overriding national interest. Your work must reflect fairness to all stakeholders while remaining firm in the defence of public assets and public trust.

    “I urge you to openly and constructively engage relevant stakeholders; Let your proceedings be thorough, evidence-based, and free from preconceived conclusions. Above all, ensure that your findings and recommendations will strengthen governance, deepen accountability, and enhance the sustainability of Nigeria’s transport and maritime sectors”.

    He said the outcome of this investigation will not only shape public confidence in concessioning as a policy tool but will also inform future reforms in public-private partnerships across critical sectors of our economy. History will judge us by how faithfully we discharge this responsibility to the Nigerian people.

    Chairman of the committee, Kolawole Akinlayo said the Committee was constituted in response to growing national concern over the management, performance, transparency, and value outcomes of concession arrangements governing some of Nigeria’s most strategic public assets.

    He said these assets which include seaports, airports, terminals, and jetties are not ordinary commercial facilities, but are sovereign economic gateways, national security infrastructure, and critical enablers of trade, mobility, and development.

    The Ekiti Lawmaker said the House recognizes the critical importance of the nation’s maritime and port infrastructure to economic growth, trade facilitation, and national revenue generation and resolved to establish this Committee to ensure a thorough and evidence-based review of the benefits accruing to the Federal Government from these operations.

    Her assured that the Committee will engage relevant government agencies, regulatory bodies, and private sector stakeholders, including the Nigerian Ports Authority, concessionaires, the Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Customs Service, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Bureau of Public Procurement, the Shippers’ Council, operators of crude oil and gas terminals, domestic vessel owners and charterers, importers, shipping companies and Banks.

    He said: “Our engagements will focus on compliance with applicable laws, operational efficiencies, complaints of statutory breaches, and revenue performance, among other critical areas.

    “Our objective is clear: to ensure that the Federal Government and the Nigerian people derive maximum benefits from our port and terminal operations, that revenues due are fully captured, and that operational lapses or inefficiencies are identified and addressed.

    “This is not only an exercise in review but a critical step toward strengthening governance, promoting accountability, and fostering an enabling environment for sustainable growth in Nigeria’s maritime sector.”

  • ‘Africa is new frontier for energy renaissance’

    ‘Africa is new frontier for energy renaissance’

    Sahara Group Executive Director, Wale Ajibade yesterday described Africa as the frontier for energy renaissance.

    The group joined policymakers, regulators, operators, and global partners at the Opening Ceremony of the 2026 Nigeria International Energy Summit (NIES) in Abuja.

    Sahara Energy reinforced its commitment to shaping a sustainable, innovative, and globally competitive energy sector across Africa.

    Speaking to journalists at the event,  Ajibade said, “the new frontier for an energy renaissance poised to redefine global energy balance.” Ajibade emphasized that the continent’s potential can only be fully unlocked through bold investments, strategic collaboration, and regulatory harmony.

    He noted that Sahara Group’s successes as a foremost African energy and infrastructure conglomerate with over three decades of operations have been anchored on driving competitiveness, innovation and sustainability on the continent.

    READ ALSO: Retreat on improving polytechnic education

    According to him, “Africa must seize this moment. Our continent holds immense resources, a growing market, and an increasingly skilled population. Operators need to deepen collaboration, innovate across their value chains, and make the long-term investments required to expand capacity sustainably. At the same time, regulators across Africa must accelerate policy harmonization to create a predictable, integrated, and investor-friendly environment.”

    Ajibade noted that Africa’s energy transition must be responsible, inclusive, and anchored on its developmental context.

    He stressed the need for the continent to maximize the use of its resources, especially transition fuels, in a manner that supports accelerated economic growth, industrial expansion, and improved living standards.

    “Our transition journey must reflect Africa’s realities. We must use our resources responsibly to drive growth while investing in technologies, talent, and systems that will ensure we transition sustainably. The world is watching Africa, and we must rise to the occasion,” he said.

    Ajibade also commended the efforts of the Federal Government of Nigeria for its continuing transformation programs within the energy sector, describing them as necessary catalysts for long-term sectoral reform.

    He further applauded the leadership and commitment of the Nigerian National Petroleum Company Limited (NNPCL), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and other regulators and stakeholders for their tireless work in repositioning Nigeria’s energy landscape.

    He reiterated Sahara Group’s unwavering commitment to investing in new technologies, developing human capital, and forging strategic partnerships that will strengthen Africa’s energy security and competitiveness.

    He stressed that Sahara Group would continue to champion initiatives that support sustainable development, energy transition, and inclusive growth across the continent, reaffirming its role as a leading partner in Africa’s energy evolution.

  • Farming: Nigeria’s path to $1tr economy

    Farming: Nigeria’s path to $1tr economy

    The Federal Government is aiming to build a $1 trillion economy under its long-term development plan by boosting income per person to $33,000 and attracting at least $100 billion in yearly investments, largely from the private sector.

    This will happen under the country’s Agenda 2050, a national plan that looks into the future, while a faster target under the Renewed Hope Agenda is aiming to reach the $1 trillion economic mark by 2030.

    Both plans, according to government officials, are now being brought together in the 2026–2030 medium-term development framework.

    Speaking at the Nigeria Agribusiness Group 2026 Presidential Agricultural Policy Dialogue in Abuja, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said agribusiness holds a key place in Nigeria’s push to diversify its economy, grow the private sector, and create opportunities that benefit people across the country.

    He said the government is ready to work closely with investors and producers to open up lasting opportunities across the entire agricultural value chain, from farming to processing and marketing.

    Bagudu admitted that the country is still far from reaching its ambitious targets but stressed that the administration is focused on putting in place the right environment to attract the level of investment needed to move the economy forward.

    READ ALSO: U.S. confirms troops on ground in Nigeria amid ISIS counterterror push

    “This Government has demonstrated its willingness through policy support, strategic financing, and partnerships aimed at modernising agriculture, livestock development, fisheries, and agro-processing,” he said while delivering his address as the guest of honour at the event.

    The minister explained that Agenda 2050 is not just a government document but a national framework developed with the input of the private sector, public institutions, state governments, and civil society groups, all working towards a shared vision for Nigeria’s future.

    He assured policy experts, business leaders, and civil society organisations at the dialogue that President Bola Tinubu’s administration will use its Renewed Hope Agenda, which he described as based on practical thinking and shared responsibility, to drive the goals of Agenda 2050 and move the country closer to its long-term economic dreams.

  • Illicit drugs: Marwa seeks support for alternative development programme

    Illicit drugs: Marwa seeks support for alternative development programme

    National Drug Law Enforcement Agency (NDLEA), Chairman/Chief Executive Officer, Brig.-Gen Mohamed Buba Marwa (rtd), has called for a national response and sustained support for the alternative development programme recently initiated to curb illicit cannabis cultivation, uplift rural communities and strengthen national security.

    Marwa spoke at a press conference in Abuja yesterday to drum support for the first in Africa drug control initiative, which pilot scheme was launched in three cannabis-growing communities in Ondo State last week.

    The NDLEA boss said the concept goes far beyond crop substitution, stressing: “Its wider benefits include strengthening rural economies through value-chain development; reducing the burden on law enforcement and the justice system; promoting peace and social cohesion in previously crime-prone areas; supporting national food production and agricultural diversification; improving Nigeria’s international standing in global drug control and development cooperation.”

    According to him, “this approach represents a win-win solution—for communities, for government, and for national security. The successful take off of the pilot scheme in Ilu Abo, Ifon, and Eleyewo in Ondo State last week demonstrates that alternative development works when communities are engaged, supported, and empowered.

    READ ALSO: Retreat on improving polytechnic education

    “We, therefore, call for a strong national response and sustained support from all stakeholders across all layers of government, traditional rulers and community leaders, development partners and donor agencies, the private sector and agricultural value-chain actors as well as civil society organisations and the media.”

    He urged communities across the country, particularly those affected by illicit drug cultivation, to embrace the model and work with the NDLEA in building lawful, productive, and secure livelihoods. “Let me reiterate that the alternative development programme is not just a drug control initiative; it is a people-centred development intervention designed to uplift communities, strengthen national security, and secure Nigeria’s future,” he added.

    He assured that the agency “remains fully committed to expanding this programme nationwide, in partnership with all stakeholders, as we collectively build a safer, healthier, and more prosperous Nigeria in alignment with the renewed hope agenda of the President Tinubu administration.”

    Speaking on the kick-off of the scheme in Ondo, Marwa said: “One of the most encouraging outcomes of this pilot project has been the overwhelming acceptance and support expressed by the host communities and their traditional and community leaders. They have openly stated that this programme has renewed their hope in Nigeria and restored their confidence in government. They recognise that Alternative Development offers a dignified and lawful source of income for farmers; reduction in poverty and vulnerability, especially among rural households; improved food security through the introduction of viable alternative crops; enhanced community stability and safety, as illicit drug cultivation often fuels criminal networks and insecurity.”

    He noted that replacing cannabis cultivation with sustainable agricultural and economic opportunities, the programme tackles the causes of drug production rather than merely treating the symptoms.

    The NDLEA boss said the dire reality of illicit cannabis cultivation and use in Nigeria made the agency to look beyond law enforcement and consider a United Nations endorsed alternative to solving the cannabis conundrum.

    “The evidence-based comprehensive data on drug use in Nigeria exposes a bleak and deeply troubling reality. According to the 2018 National Drug Use Survey, conducted by the National Bureau of Statistics with technical support from the United Nations Office on Drugs and Crime (UNODC), an estimated 14.4 per cent of Nigerians aged 15–64 years — or roughly 14.3 million people — reported using at least one psychoactive substance in the past year, a figure that is more than twice the global prevalence of drug use. Cannabis stands starkly at the centre of this crisis, dominating both patterns of consumption and the illicit cultivation landscape.”

    He further disclosed that “cannabis is not a marginal issue in Nigeria – it is the most frequently used and widely available illicit drug in the country. An estimated 10.6 million adults – more than one in every 10 Nigerians in the prime of life – reported using cannabis in the past year, far outstripping the use of other drugs. The severity of the problem extends beyond consumption into widespread cultivation and organised production. Field assessments focusing on high-risk areas in the Southwest reveal that nearly 8,900 hectares of land are under cannabis cultivation, often hidden deep within forests and remote regions. These illicit farms are clustered and interconnected, hinting at organized networks that not only supply domestic demand but also facilitate trafficking beyond Nigeria’s borders.”

    Painting a grim picture of the challenge, Marwa said: “The social and public health implications are stark. With youth and adults alike turning to habitual cannabis use often initiated in late adolescence the nation faces the threat of long-term health consequences, increased dependency, and cascading social harms, including lost productivity, crime, and the burden on overstretched healthcare systems. More revealing is the fact that out of a total of 15 million kilograms of assorted illicit drugs seized by NDLEA in the past five years, over 75 per cent of them are cannabis. Just imagine the harm that quantity would have done to our youths, public health and national security.”

    He however expressed confidence that the initiative will reverse the trend if given support because it’s aligned with the Renewed Hope Agenda of President Bola Ahmed Tinubu administration.

    He commended national stakeholders and international partners that have shown support for the initiative.

    “This pilot project was kicked off with the invaluable support of several global institutions and partners, including the United Nations Office on Drugs and Crime (UNODC); the International Institute of Tropical Agriculture (IITA), Global Partnership on Drug Policies and Development (GPDPD), Berlin, Germany; Mae Fah Luang Foundation under Royal Patronage (MFLF), Bangkok, Thailand; as well as support from friendly countries and development partners committed to sustainable livelihoods and community resilience, including friends and partners who participated virtually from Nigeria, Ghana, South Africa, Germany, Thailand, Peru, Colombia, Brazil, Mexico, Netherlands, Myanmar, Bhutan, Laos, Afghanistan, Iran, and Guatemala.

    Also significant was the presence and support of Ondo State Governor, Dr. Lucky Ayedatiwa and the Minister of Agriculture and Food Security, Senator Abubakar Kyariwho was ably represented by the Regional Director Southwest, Mrs. Alao Temitayo,” he said.

  • MTN Foundation scales digital skills drive for SMEs

    MTN Foundation scales digital skills drive for SMEs

    In alignment with the Federal Government’s National Digital Economy and Small and Medium-sized Enterprises (SMEs) Development agenda, the MTN Foundation has commenced the seventh phase of its ICT Business Skills Training, onboarding 6,000 microbusiness owners across Nigeria.

    The virtual training programme, which began on January 5, is designed to help aspiring entrepreneurs transition from paper-based operations to the use of simple digital tools that enhance productivity, efficiency, and business growth.

    The onboarding session was facilitated by a Business Analyst, Babajide Jolaolu-Kehinde, and moderated by the Programme and Partnerships Lead, Temiloluwa Oyekanmi. Participants were introduced to the SWOT framework—Strengths, Weaknesses, Opportunities and Threats—as a practical tool for evaluating business performance and identifying priority areas for improvement.

    Jolaolu-Kehinde stressed the importance of digital record-keeping, online payment adoption, and customer data tracking as essential foundations for sustainable growth. He noted that these practices align with broader government efforts to formalise and scale small and medium-sized enterprises (SMEs) across the country, emphasising that growth is driven by deliberate action and structured systems rather than optimism alone.

    READ ALSO: U.S. confirms troops on ground in Nigeria amid ISIS counterterror push

    During the session, trainers shared real-world examples of traders who expanded their customer base by adopting digital tools such as WhatsApp, online marketplaces, mobile money platforms, and basic spreadsheet applications. Other case studies highlighted how accepting mobile transfers and using digital order channels enabled businesses to reach customers beyond their immediate locations.

    A major focus of the training was the limitation of manual, paper-based operations. According to the facilitators, such systems restrict visibility into sales performance and customer behaviour, while digital tools provide real-time insights, reduce errors, and unlock access to wider markets.

    At the conclusion of the onboarding, participants were encouraged to implement at least one digital improvement in their businesses. Organisers also confirmed plans for follow-up workshops and mentorship sessions to ensure sustained impact, with the training programme expected to run for an additional four weeks as part of efforts to support SME growth and Nigeria’s long-term economic development goals.

  • ‘Cooperation vital to global submarine cable resilience’

    ‘Cooperation vital to global submarine cable resilience’

    Governments, industry representatives and international organizations representing over 70 countries have reaffirmed the need to strengthen support for subsea cables which are at the heart of global digital communications.

    The reaffirmation was made at the International Submarine Cable Resilience Summit 2026 during which a declaration was issued at the summit’s closing in Porto, Portugal, together with a set of recommendations developed by the International Advisory Body on Submarine Cable Resilience.

    The declaration offered guidance to bolster international cooperation across the public and private sectors to boost the resilience of this vital shared infrastructure, ranging from shortening cable repair times to supporting underserved regions.

    Submarine telecommunications cables carry most of the world’s data traffic. About 500 of the cables extending more than 1.7 million kilometres serve as the backbone of global connectivity, economic and social development, and digital access for people, institutions and businesses on every continent.

    READ ALSO: Retreat on improving polytechnic education

     “When it comes to critical digital infrastructure like submarine cables, resilience is both an end-to-end imperative and a shared responsibility. The Porto Summit outcomes reaffirm our commitment to strengthening global cooperation that can make a real difference in policy engagement, operational readiness, and investment decisions,” International Telecommunication Union (ITU) Secretary-General Doreen Bogdan-Martin, said.

    The summit was organized by Portugal’s national regulatory authority for communications, ANACOM, in partnership with the ITU and the International Cable Protection Committee (ICPC). It also hosted a meeting of the International Advisory Body on Submarine Cable Resilience, which was established by ITU and the ICPC in 2024.

    “I am deeply proud to have had the unique opportunity to guide such a distinguished group of leaders from both the public and private sectors, representing all regions of the world. The International Advisory Body was created to deliver concrete and meaningful impact, and I firmly believe it is already doing so. This impact is particularly significant for regions, countries, and remote islands where economic incentives for rapid response mechanisms are more limited, rendering them especially vulnerable to submarine cable disruptions,” Chairwoman of ANACOM and Co-Chair of the Advisory Body, Prof. Sandra Maximiano, said.

    Following up on last year’s inaugural summit in Abuja, Nigeria, the Porto event featured the second physical meeting of the Advisory Body.

     The guidance presented by the Advisory Body in Porto is aimed at streamlining submarine cable permitting, maintenance, and repair processes; improving legal framework and regulatory procedures; encouraging cable geographic diversity and redundancy, especially for Small Island Developing States, Least Developed Countries, Landlocked Developing Countries, and underserved regions.

    Others are encouraging the adoption of industry best practices for assessing, mitigating and responding to risks to submarine cable infrastructure; encouraging enhanced cable protection through better planning across marine sectors; building cable capacity and supporting innovation through training and use of technologies.

     “It is encouraging to see the cooperation between governments and industry in developing these recommendations. We look forward to their implementation to strengthen cable protection and resilience,” ICPC Chairman Dean Veverka, said.

    More than 99 per cent of international data traffic is carried by subsea cables. Over 200 faults are reported globally each year, with disruptions to communications impacting economies, access to information and public services, affecting the daily lives of billions of people.

  • Fed Govt to digitise fish import licences

    Fed Govt to digitise fish import licences

    The Federal Government has approved the digitisation of fish import licensing process in a move aimed at strengthening regulatory oversight, improving efficiency and supporting the growth of local fish production within the maritime economy.

    The approval was granted by the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, who has directed the Department of Fisheries and Aquaculture to immediately commence implementation of a digital platform to replace the existing manual licensing system.

    The reform, according to a statement yesterday, signed by the Special Adviser to the Minister, Dr Bolaji Akinola, is part of broader efforts to modernise marine administration and aligns with President Bola Tinubu’s Renewed Hope Agenda, which places emphasis on economic diversification, food security, job creation and institutional reform.

    Oyetola said the policy shift was a strategic intervention designed to reposition Nigeria’s fisheries sector for sustainable growth and improved competitiveness.

    He said: “The digitisation of fish import licensing is a major step towards eliminating administrative bottlenecks, improving transparency and ensuring that our regulatory processes align with global best practices.

    “This reform will not only simplify procedures for genuine operators but will also strengthen government oversight, promote accountability and support our broader objective of boosting local fish production,” he added.

    Industry stakeholders say the move represents a significant milestone in the ongoing reform agenda of the Federal Ministry of Marine and Blue Economy, which has prioritised technology-driven solutions to reduce bureaucracy and improve governance across the fisheries and maritime value chain.

    READ ALSO: U.S. confirms troops on ground in Nigeria amid ISIS counterterror push

    Under the new framework, fish import licence applications will be processed electronically, a transition expected to streamline procedures, minimise delays, eliminate duplication and significantly reduce opportunities for human interference and administrative inefficiencies.

    The ministry noted that the automated system will also enhance Nigeria’s alignment with global best practices in maritime and aquatic resource administration, particularly in data-driven regulation and compliance monitoring.

    Once operational, the digital platform will provide real-time data on fish import volumes, enabling the government to accurately assess supply gaps and implement evidence-based policy decisions. According to the statement, the data analytics component will support more strategic planning, ensuring that import licences are issued in line with national food security priorities while protecting local producers from unfair competition.

    The system is also expected to strengthen compliance by ensuring that only qualified and duly registered importers receive licences, thereby curbing illegal and unregulated fish importation that has long undermined investments in local aquaculture.

    Oyetola said the reform is closely tied to the ministry’s commitment to revitalising domestic fish production and reducing the country’s dependence on imports.

    “Nigeria has enormous potential to achieve self-sufficiency in fish production, and we must create policies that encourage investment in local aquaculture while responsibly managing importation,” he said.

    “Our goal is to progressively reduce dependence on imported fish by strengthening local capacity, creating jobs and supporting Nigerian fish farmers to thrive in a more competitive and well-regulated environment,” he added.

    Nigeria remains one of Africa’s largest consumers of fish, with demand consistently outstripping local supply. The minister has repeatedly highlighted the need to bridge this gap through targeted investment in aquaculture, improved fisheries management and policies that encourage private sector participation without stifling indigenous producers.

    The digitisation of fish import licensing, the ministry emphasised, will serve as a critical maritime regulatory tool to ensure that importation supports, rather than suppresses, the growth of domestic fish production.

  • Customs seizes cannabis sativa, rice worth N3.3b

    Customs seizes cannabis sativa, rice worth N3.3b

    The Nigeria Customs Service (NCS), Federal Operations Unit (FOU) Zone ‘A’ Ikeja, has intercepted 6,954 bags of foreign parboiled rice, 1,431 kilogrammes of synthetic cannabis, popularly known as “Ghanaian Loud” and  other prohibited items worth N3.32 billion within Lagos and its environs.

    Addressing reporters in Lagos yesterday, its Area Controller,  Aliyu Gambo, described the seizures as the outcome of a strategic operation anchored on intelligence-led enforcement.

    Gambo added that the unit made 144 seizures after reorganising patrol patterns, strengthening internal supervision and shifting from predictable checkpoints to targeted deployments across the Lagos metropolis.

    According to him, the seizures included 6,954 bags of foreign parboiled rice (equivalent to 12 trailer loads), 77 bags of foreign sugar, 21 units of used vehicles, 3,362 jerrycans of foreign vegetable oil, 20,700 litres of Premium Motor Spirit (PMS), 915 bales of used clothing and a 20-foot container loaded with stone-coated aluminium roofing sheets.

    READ ALSO: Retreat on improving polytechnic education

    In a major crackdown on drug trafficking, Gambo revealed that officers intercepted 3,029 parcels of synthetic cannabis weighing about 1,431kg, describing the operation as a significant disruption of criminal supply networks fueling insecurity in the country.

    “These seizures occurred against the backdrop of rising banditry, terrorism and other social vices threatening national stability. Drug trafficking fuels these crimes by providing chemical stimulants that embolden perpetrators and erode social order,” he said.

    He disclosed that the command lost one of its officers in the line of duty on Tuesday, noting that the development had been formally communicated to the Customs high command.

    The Comptroller also announced notable environmental and wildlife-related interceptions, including four live pangolins rescued along Alapa Creek, Ajilete, and handed over to the Wildlife Conservation Centre.

    Similarly, the unit seized 581 used refrigerator compressors concealed in a vehicle, which Aliyu said posed serious environmental and public health risks due to hazardous substances and greenhouse gas emissions.

    He explained that the seizure aligned with Section 55(1)(d) of the Nigeria Customs Service Act, 2023, and the Basel Convention, both of which regulate trans-boundary movement of hazardous waste.

    Aliyu said eight suspects were arrested in connection with the seizures and are currently under investigation.

    In line with inter-agency collaboration, he disclosed that the seized cannabis would be formally handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and prosecution.

    Beyond enforcement, Gambo said the unit recovered N36.89 million between December 10, 2025 and date through demand notices issued over cargo misdeclaration and other import-export compliance breaches.

    He reaffirmed the commitment of the Nigeria Customs Service to combating smuggling, trans-border crimes and economic sabotage, while facilitating legitimate trade through professionalism, intelligence-driven operations and collaboration with sister security agencies and border communities.

    He expressed appreciation to the Comptroller General of Customs, Bashir Adewale Adeniyi, for the opportunity to serve, and urged officers of the unit to sustain the momentum in safeguarding Nigeria’s economy, environment and national security.