Business
NACCIMA Hails FG’s Plan To Reopen Land Borders

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has applauded plans by the Federal Government to reopen the nation’s land borders soon.
The Director General of NACCIMA, Amb. Ayo Olukanni, explained that the planned reopening of borders would aid trade under the African Continental Free Trade Agreement.
It would be recalled that the nation’s borders were shut by the Federal Government on August 20, 2019, in a move to curb smuggling and boost local production of goods.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, had told State House Correspondents after the Federal Executive Council meeting on Wednesday that the borders would soon be reopened.
She said, “Mr President has set up a committee that I chair, alongside the Minister of Foreign Affairs and other ministers including interior and agencies such customs, immigration and other security services to review and advise him on the issue of border closure.
“The committee has just completed its work and we will be submitting our report. I have signed my copy; I gave everybody to sign between Wednesday and tomorrow, Thursday so that we submit the report to Mr President”.
She said that the President would make a formal pronouncement after receiving the reports.
Reacting, the NACCIMA boss, in a statement said, “The decision to reopen the land borders is really good news and in line with what NACCIMA has been advocating. As a major economic player in our sub-region, this will also help our image and decision to use trade across our borders, a tool to increase our foreign exchange and Gross Domestic Product.
“At a time of the search for strategic options to work our way out of recession, this is also good news. Also in the context of our ratification of the AfCFTA, this is a step in the right direction and an indication of our readiness to effectively trade under the agreement.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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