Business
Ex-Lawmaker Seeks Review Of Nigeria’s Maritime Policies
A former Chairman, House Ad-hoc Committee on Maritime Security, Dr. West Idahosa has called for a review of Nigeria’s maritime policies for the benefit of indigenous operators.
Idahosa made the call in an interview with newsmen in Lagos.
He said maritime policies, especially the Cabotage Act, must be evaluated based on three critical factors of national capabilities, availability of qualified manpower and global best practices.
According to Idahosa it is important to know what has happened to indigenous participants’ capacity to compete with global competitors since the Cabotage law was enacted.
“We must find out the percentage growth to the degree of participation by indigenous ship owners in the sector since the passage of the Cabotage law,’’ he said.
Idahosa said the international nature of the maritime, made it imperative to operate on the same level with the rest of the world with necessary infrastructure.
“I know the Cabotage law was largely meant to promote growth of indigenous entrepreneurship and give a sense of economic support to those who have invested in such a major sector of the economy.
“I do not think the advantage can come, given the fact that Nigeria does not have, to the best of my knowledge, more than one or two shipyards.
“I know that Nigerdock is there and a few dockyards around to possibly do minor and pedestrian ship repairs.
“But I think that when it comes to major assemblage of ships, you have to defer to America, China, Germany, South Korea, even Singapore,’’ Idahosa said.
He said that since the Cabotage law was meant to promote Nigerian-owned vessels, it was important to define the ownership being referred to.
“Is it ownership by presence? Is it ownership commercially by purchase? Is it ownership by assemblage? Is it ownership by flagging? These are the various issues,’’ Idahosa said.
He suggested that the Cabotage law be reviewed in order to make adjustments and align with time to avoid operational difficulties.
Idahosa suggested more private sector initiatives in realisation of the objectives of the Cabotage law.
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BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
