Connect with us

Business

Why African Nations Must Explore Deep-seabed Minerals

Published

on

Statistics have revealed that African Coastal states have actually not taken any remarkable steps (s) towards realising the benefits derivable from the abundant potential of marine mineral resources which include noduiles sulptrides,   phosphorites and cobalt rich ferromanganese crust within the area of national jurisdiction, even in area between states bordering the south Atlantic ocean.

This to some extend have become a source of concern to maritime experts, and of course notable authorities that are interested in African countries waking up to exploit as well as benefit in the abundance of mineral resources in the deep sea marine environment.

As part of this efforts to encourage African nations to explore the deep seabed mineral resources, the Secretary General of the international Seabed Authority (ISA) His Excellency, Nii Allotey Odunton has been scheduled to address the next Heads of State Meeting of the African union on the marine mineral resources and the need for the region to be actively engaged in the exploration and exploitation of the deep seabed mineral resources in the area.

The move was as a result of recommendation put forward by participants at an international sensitisation seminar on the works of the International Seabed Authority (ISA) in Abuja.

ISA Secretary General read the decisions and the 12 point recommendation reached at the seminar, and also announced that Africa member states of ISA should facilitate the immediate development of Intra-African and International cooperation to promote as well as develop marine exploration and exploitation.

Several players in the transport and indeed the maritime sub-sector have expressed the need for African countries to actually wake up to the challenge of exploiting the deep seabed mineral potentials, even though it has lagged behind in the past.

The Nigerians transport minister, Alhaji Ibrahim Isa Bio has opined that the inability of African countries and indeed government to explore the vast resources has contributed to underdevelopment of the region over the years, and has urged scientist to join other countries in exploring the seabed recourses, and also assured of governments readiness to support ISA towards ensuring that deep sea exploration mining licenses in the area are issued as soon as possible.

 The minister stated “it is a known fact that in spite of all the challenges facing Africa, it is richly endowed on land and sea. That these natural resources have remained largely untapped is a great source of concern and part of the reasons for Africa’s underdevelopment.”

Also, the Nigeria’s permanent representative at the ISA, Ambassador Peter Oyedele has noted that the advances made in technological development in recent times, that mining of the nodules deposit in deep seabed will soon became  a commercial reality and that African continent can not afford to be left out in this regards.

It is on record that the United Nations (UN) General assembly in 1970, adopted a resolution declaring the resources of the seabed and ocean floor beyond the limits of national jurisdiction to be “common heritage of mankind” for which no state or person could rightfully claim.

The time has now ripen for Nigerian Scientists, and indeed other scientist in African region to showcase their skills and ingenuity in exploring and exploiting the rich deep seabed mineral resources for the development of the region.

Going by the UN resolution of 1970, no nation can make claim to ownership of the seabed. It is our common wealth, and African should partake in the deal.

 

Corlins Walter

Continue Reading

Business

Niger Delta Investment Summit Targets $5bn Inflows, 500,000 Jobs

Published

on

The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled the plans to host a major economic and investment summit aimed at attracting five billion dollars, ( N7 trillion) investments in addition to creating about 500,000 jobs over the next five years.
The Chairman of NDCCITMA Board, Ambassador Idaere Ogan, disclosed this in Port Harcourt, recently.
Ogan stated  that the initiative is designed to reposition the Niger Delta as a viable destination for sustainable economic growth and development.
He explained the summit would bring together investors, policymakers, manufacturers and business leaders from within and outside Nigeria to explore opportunities across key sectors of the regional economy.
According to him, the event is expected to attract high-profile participation, with President Bola Tinubu billed as Special Guest of Honour, while the Prime Minister of Barbados, Mia Amor Mottley, is expected to deliver the keynote address.
Ogan said the summit would focus on critical sectors including agriculture, manufacturing, logistics and the blue economy, which he described as areas with significant untapped potential.
He called on state governments, development partners and private sector stakeholders to support the initiative, stressing that collective efforts are required to unlock the region’s economic prospects.
 NDCCITMA chairman further stated that improving security conditions and increasing economic confidence in the Niger Delta have made the region more attractive to both local and foreign investors.
He emphasised that ongoing economic reforms at the national level have also contributed to creating a more favourable investment climate.
Also speaking, the Chairman of the Summit Organising Committee, Dr. Solomon Edebiri, said the event would prioritise the growth of small and medium-scale enterprises (SMEs) across the region.
He noted the summit would provide a strategic platform for networking, business partnership and policy dialogue aimed at strengthening the private sector.
Edebiri disclosed that findings from a recent business roundtable revealed significant untapped investment opportunities, which the summit seeks to harness through targeted collaborations.
He revealed that the event would feature exhibitions of viable projects, facilitate business-to-business and business-to-government engagements, and also promote innovations across multiple sectors.
According to him, the expected outcomes of the summit include job creation, increased industrial activity and improved livelihoods for people in the Niger Delta.
To build momentum ahead of the event, NDCCITMA said the body would embark on awareness roadshows across states in the Niger Delta, as well as in Lagos and Abuja, to attract broad participation.
King Onunwor
Continue Reading

Business

NPA Targets N1.489tn Revenue In 2026

Published

on

The Management  of Nigerian Ports Authority (NPA) has set N1.489 trillion as its Internally Generated Revenue (IGR) target for the 2026 fiscal year.
NPA says the figure represents an increase of N21 billion over the N1.468 trillion target for 2025, which the agency exceeded with an actual revenue of N1.97 trillion.
 The Managing Director NPA, Dr Abubakar Dantsoho, stated this  during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.
Dantsoho said  the authority was set to begin groundbreaking projects for the modernisation of Apapa and Tin Can Island ports to enhance global competitiveness.
According to him, of the projected revenue: N945 billion is allocated for capital projects, N447.5 billion for operating expenses, and
N90.6 billion for remittance into the Consolidated Revenue Fund (CRF).
The MD explained that the budget was anchored on the mantra, “Consolidation, Renewed Resilience and Shared Prosperity.”
Dantsoho said that the modernisation of Apapa and Tin Can Island ports were flagship projects aimed at boosting revenue.
“Apapa and Tin Can Island ports are old and no longer adequate for modern global port operations.
“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old, with limited capacity for handling modern vessels and cargo volumes.
“Groundbreaking for their modernisation will commence within the next two to three weeks,” he added.
On the Treasury Single Account (TSA), Dantsoho said all revenues generated by the NPA are paid directly into the account managed by the Central Bank of Nigeria (CBN).
“We do not retain any funds. The Central Bank is the signatory and we must apply for funds whenever needed,” he explained.
Earlier in his remarks,Chairman of the Senate Committee on Ports, Sen. Wasiu Eshinlokun (Lagos Central), said the committee’s oversight function was collaborative rather than adversarial.
“Our goal is to work with you to strengthen institutional capacity, eliminate inefficiencies and ensure that every naira appropriated serves the public interest,” he said.
Chinedu Wosu
Continue Reading

Business

NPF Disburses ?21.68m  To Fallen Heros’ Families …Reinforce Welfare Commitment 

Published

on

Nigeria Police Force has disbursed a total of ?21,678,120 to the deceased police officers families in Rivers State as part of ongoing welfare interventions by the force.
The gesture formed a major highlight of the activities marking  the 2026 National Police Day celebration in the state, underscoring renewed institutional focus on personnel welfare and post-service support systems.
The Commissioner of Police, Olugbenga Adepoju, who presided over the cheque presentation ceremony, said the initiative reflects the Force’s commitment to honouring officers who paid the ultimate price in their line of duty.
He explained that the financial support is designed to cushion the economic burden faced by bereaved families, while also reinforcing confidence among serving personnel about the Force’s long-term welfare structure.
Adepoju conveyed the sympathy of the leadership of the Nigeria Police Force to the beneficiaries, noting that the sacrifices of fallen officers remain invaluable to national security and public safety.
The police boss further stressed that sustained welfare interventions are critical to boosting morale, enhancing productivity, and strengthening institutional loyalty within the Force.
He reiterated that the welfare scheme aligns with broader reforms aimed at repositioning the Nigeria Police Force as a responsive and people-oriented institution.
Beneficiaries of the cheques commended the Inspector-General of Police, Olatunji Rilwan Disu, for prioritising the welfare of officers and their families through consistent and impactful interventions.
They described the initiative as timely and compassionate, noting that it would go a long way in alleviating financial pressures arising from the loss of their loved ones.
The families also acknowledged ongoing reforms under the current police leadership, which they said have strengthened trust, improved service delivery, and enhanced the overall image of the Force.
The Rivers State Police Command reaffirmed its commitment to sustaining similar initiatives as part of efforts to uphold the dignity, sacrifice, and legacy of officers who served the nation with distinction.
King Onunwor
Continue Reading

Trending