Business
NITOA Raises Alarm Over Hijack Of Fishing Vessels
The Nigeria Fish Trawler Owners
Association (NITOA) last Tuesday raised
alarm over recurring hijack of fish vessels within Nigerian territorial
water.
The President of the NITOA, Mr John Overo told newsmen
in Lagos that attacks on vessels had started rising again.
He said that vessels belonging to his members were being
attacked and their catches stolen by the pirates.
Overo, therefore, called on the Federal Government to
assist in stemming the ugly development.
“We lose colossal investments to the pirates because
they also remove valuable items in the vessels, whenever they attacked.
“They always remove electronic gadgets on board, which
include the SSB Radio, VHF Radio, Radar and Echo Sounder,’’ he said.
Overo described the situation as worrisome and pleaded
with the government to evolve measures that could checkmate activities of sea
pirates before they escalated.
“NITOA has often called for provision of adequate
security in the Nigerian territorial waters.
“This is to ensure safe operations for fishing vessels
and other law abiding maritime users,’’ he said.
Overo urged the Federal Government to provide effective
security in Nigerian Maritime environment in the overall interest of the
nation.
The NITOA president said that the appeal was necessary
to save the sector from collapse due to huge overhead costs, especially the
high cost of diesel.
“These precarious situations will likely make the sector
to go under. “Our productivity has declined due to high cost of diesel used in
operating the trawlers,’’ he complained.
Overo said that 85 per cent of the sector operation was
being run solely on diesel, thus incurring huge overhead costs.
“This is so because it is only in the fishing industry
that diesel alone accounts for 85 per cent of production cost,’’ he said.
According to him, each vessel consumes an average of 60
tonnes of diesel daily which cost N10 million for the 45-day fishing trip.
He urged the Federal Government to create enabling
environment for trawling investments to thrive.
He also urged the government to extend the Export
Expansion Grant (EEG) to NITOA members.
“Government should ensure that the Negotiable Duty
Certificate, which is a product of EEG, is acceptable by the Nigeria Customs
Service from trawler operators,’’ he said.
Overo commended the efforts of the Marine Navy in
patrolling the nation’s water to ensure security of lives and properties.
He called for adequate
funding of the Nigeria Navy to enhance its effectives.
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.
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.
