Business
29 Survive Calabar Boat Mishap
About 29 persons, including two who survived by clinging to a cooking gas cylinder, have been rescued after a wooden boat capsized offshore Calabar, Cross River State, with an estimated 128 people onboard, Cross River State Emergency Management Agency (CRSEMA) official said yesterday.
The wooden boat had set off on Friday from Benin Republic, overloaded with passengers who had hoped to find work in Gabon, Head of CRSEMA, Vincent Aquah, said, citing survivor accounts.
The vessel had stopped at the Oron port in Akwa Ibom State, to collect more passengers but two hours after returning to sea, the engine began taking on water.
The captain told passengers to pray, telling them, “we are in serious trouble”, according to Aquah’s account.
As the boat began to sink, passengers jumped into the water, with the captain and three others grabbing hold of the floating cylinder.
“But after some hours, the captain and another passenger, a woman, could no longer hold on, and fell into the water,” Aquah explained.
A 27-year old man from Togo, and a 14-year old girl from Benin, managed to continue clinging to the makeshift raft.
They said that as they drifted, they saw a flame coming from an offshore oil field operated by the Chinese firm, Addax Petroleum.
A foreign oil worker on the platform, who spotted them, dispatched a boat to rescue the two, said Aquah.
“We have 29 survivors so far from the boat accident,” he told newsmen in Calabar yesterday, adding that the total number of bodies recovered so far remained at nine.
There were previous indications that the boat had originated from Congo-Brazzaville, but Aquah insisted those accounts were inaccurate.
The vessel is believed to have capsized at Malabo, 40 nautical miles (60 kilometres) off the coast of Calabar, the Cross River State capital.
Aquah specified that two of the survivors had been brought to Calabar, while 27 others were in Oron, Akwa Ibom State.
The rescue operation began on Sunday, and “the search for the remaining passengers is still on,” Aquah said, adding that the wreckage of the ship had not yet been located.
Corroborating Aquah’s account, Coordinator, Nigerian Maritime Administration and Safety Agency (NIMASA), Olayemi Abass, said “some 27 of the survivors were taken to Oron and two brought to Calabar. Those in Calabar are receiving treatment at Bakorm Medical Centre, Calabar.”
Abass indicated that the wooden passenger boat, which was conveying a total 128 passengers, including three Nigerians – a male and two females, and others from Togo, Benin, Ghana, and Niger, was on an illegal voyage to Gabon, when the iunforunate incident occurred.
It would be recalled that in July, 2012, a ferry sank in choppy waters as it crossed from mainland Tanzania to the island of Zanzibar, leaving at least, 104 people drowned.
Zanzibar authorities charged three people with manslaughter over the sinking of the ship, the MV Skagit, including its owner and captain.
In September, 2010, more than 200 people perished when the MV Spice Islander, which the authorities admitted was overloaded, sank while sailing between two of the main islands in the Zanzibar archipelago.
Rescue workers saved 619 passengers in that terrifying incident.
Meanwhile, at least, 50 persons drowned and some 35 were reported missing after a boat accident on a river in the northeast of the Democratic Republic of Congo in July, 2011.
Business
FG Approves ?758bn Bonds To Clear Pension Backlogs, Says PenCom
														Business
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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