Business
Maritime Industry, Admiralty Law, Key To Dev – CJN
The Chief Justice of the Federation, Justice Aloysius Katsina-Alu, said the development of the maritime industry and admiralty law were key ingredients to the development of a nation.
The chief justice made the remark in Abuja on Tuesday at the opening of the 11th Maritime Seminar for Judges, where he was represented by Justice Dahiru Musdapher of the Supreme Court.
Katsina-Alu said that for a sustainable maritime industry worldwide, there was a need for Nigeria and other maritime nations to collaborate in order to encourage research and creditably adapt to new challenges.
He, however, acknowledged the immense contributions of the seminar to the development of jurisprudence in admiralty law and the development of the judiciary as a whole.
“The seminar series have helped in expanding and updating the knowledge of the judicial officers in this special area of the law.
“This makes adjudication of admiralty matters brought before the courts both at the trial stage and appellate level much less cumbersome,” Katsina-Alu said.
He expressed happiness over the growth maritime law, which he said, had witnessed gradual improvement in its development as a specialised area of law.
The chief justice said the maritime industry was a cornerstone of transportation in international commerce and stressed the need to address the problems facing the industry.
Katsina-Alu urged all stakeholders and participants to take active part in the seminar as critical issues relating to their various fields would be discussed.
In his address, retired Justice Umaru Eri, the Administrator of National Judicial Institute (NJI), said the seminar was predicated on the need to ensure that judicial officers were charged with sacred duties of dispensing justice.
He said the judicial officers should be vibrant in their knowledge of the law and should be kept abreast of developments in maritime law.
According to Eri, admiralty law and maritime practice play key roles to the development of the national economy and advancement of international trade.
He said that the collaboration had made it possible for Nigerian universities, especially in the faculties of law, to offer admiralty or shipping law as part of their curricula at undergraduate and postgraduate levels.
“In order to ensure positive impact of the maritime seminar series on the development of the economy, there should be a greater emphasis on practical rather than theoretical issues,” Eri said.
The administrator said it was essential for heads of courts and judges of the state courts to participate in the maritime seminar series rather than restricting the seminar to the High Court Judges, Appeal and Supreme Court Justices.
Eri called on participants to take active part in discussing and the brainstorming on various issues relating to the development of the law and practices in the maritime industry.
Reports say that the seminar series, which started in 1995, was jointly organised by the Nigerian Shipper’s Council (NSC) and the National Judicial Institute (NJI).
NAN also reports that not less than 200 participants are attending the three-day seminar including Justices of the Supreme Court and Appeal Court as well as High Court Judges and the Chief of Army Staff, among others.
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Banks Must Back Innovation, Not Just Big Corporates — Edun
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
Business
FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.
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