Business
Obasanjo Wants FG, Stakeholders To Develop Maritime Sector
Former President, Chief Olusegun Obasanjo, has urged government and maritime stakeholders to articulate strategies that would grow the maritime industry as viable option to oil and gas.
This is contained in a statement by Lami Tumaka, spokesperson of Nigerian Maritime Administration and Safety Agency (NIMASA), which was made available to newsmen in Lagos yesterday.
The statement said that Obasanjo at a two-day stakeholders’ conference on the maritime industry tagged “Building a Sustainable Maritime Industry in Nigeria” organised by the Federal Ministry of Transportation.
According to the statement, the former president said most countries have attained greatness by utilising the available resources in their maritime environment.
He highlighted opportunities in the Nigerian maritime sector to include the vastness of its coastline and huge population.
He called on government to show more commitment by engaging professionals to assist in running the affairs of the industry in order to make Nigeria a key player of maritime activity in the African region.
Obasanjo also urged the Federal Government to put machinery in place to sanitise the sector for greater efficiency and productivity.
The statement said that the Minster of Transportation, Mr Rotimi Amaechi, in his speech at the occasion said that the Federal Government would revive the defunct Nigerian National Shipping Line (NNSL).
He said that the shipping company resuscitation would be without government financial contribution and would be managed by the private sector.
Amaechi identified corruption as one of the things hindering the growth of the maritime sector, adding Buhari’s administration was determined to stamp out corruption in all sectors of the economy.
“This is a reformist regime and change is not an easy task; the era of making laws without enforcement and implementation is over.
“Therefore, there is need for Nigerians to join hands with this government in rebuilding the nation,” he said.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.