Business

FG Recommits To Boost Fish Production

Published

25 seconds ago

September 7, 2026

The Federal Ministry of Marine and Blue Economy has moved to translate recommendations on boosting fish production in Nigeria into concrete action, with the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, inaugurating a technical committee to drive implementation.

Oyetola, who inaugurated the “Technical Committee on Accelerating Fish Production in Nigeria” in Abuja recently, said the initiative was aimed at moving beyond policy recommendations to coordinated action capable of delivering measurable improvements in the country’s fisheries and aquaculture sector.

He said fish remained a critical source of animal protein for millions of Nigerians, while the fisheries and aquaculture value chain provided livelihoods through production, processing, marketing, transportation and other related services.

“Fish is an important source of animal protein for millions of Nigerians. The fisheries and aquaculture sector sustains livelihoods across production, processing, marketing, transportation and related services.

“However, domestic production remains substantially below national demand, with consequences for food security, household incomes and foreign-exchange resources,” he said.

Oyetola identified high production costs, particularly the cost of feed, inadequate access to quality fish seed and broodstock, weak fish-health and biosecurity systems, post-harvest losses and insufficient cold-chain and storage infrastructure among the major challenges confronting the sector.

He also cited limited access to affordable finance, gaps in research and innovation, weak data systems, as well as inadequate standards, traceability and market development as constraints that must be urgently addressed.

According to the Minister, “The transfer of fisheries and aquaculture functions to the Federal Ministry of Marine and Blue Economy has provided a stronger institutional platform for addressing these challenges as part of Nigeria’s broader blue-economy development.”

He reaffirmed the ministry’s commitment to increasing sustainable domestic fish production, strengthening the fisheries value chain and progressively reducing Nigeria’s dependence on fish imports.

The Minister recalled that ministry, in collaboration with the National Institute for Policy and Strategic Studies (NIPSS), convened a strategic roundtable on October 29, 2025 on accelerating fish production in Nigeria, which produced recommendations aimed at addressing production and value-chain constraints.

He said the newly inaugurated committee had been constituted to rigorously assess those recommendations and turn validated proposals into a practical, prioritised implementation roadmap.

“Your assignment is not to develop another policy or establish a parallel programme,” Oyetola told members of the committee, stressing the report of the roundtable must be assessed against the National Policy on Marine and Blue Economy, the National Fisheries and Aquaculture Policy, relevant laws, existing government programmes and the statutory mandates of relevant institutions.

He charged the committee to scrutinise every recommendation and determine whether it should be adopted, refined, integrated into existing frameworks, subjected to further study or set aside as unviable.

The minister urged members of the technical committee, drawn from government, academia, professional bodies, research institutions and industry, to approach the assignment with urgency, objectivity and a strong focus on results. He said their recommendations must be realistic, evidence-based and financially responsible, while delivering tangible gains in fish production, job creation and food security.

Oyetola assured the committee of the ministry’s institutional support and expressed confidence that its work would provide a practical pathway for accelerating growth in Nigeria’s fisheries and aquaculture sector.

Speaking earlier, the Permanent Secretary of the Federal Ministry of Marine and Blue Economy and Chairman of the committee, Mrs Fatima Sugra Mahmood, assured the committee would approach its mandate with a strong sense of responsibility, ensuring the recommendations of the roundtable would be thoroughly reviewed and translated into practical interventions capable of delivering measurable results.

She said the committee would work closely with relevant government institutions, researchers, industry stakeholders and development partners to identify priority actions, address existing gaps and develop a realistic implementation roadmap to accelerate sustainable fish production, strengthen the fisheries value chain and contribute to Nigeria’s food security and economic development.

A member of the committee, Prof Akintola Shehu Latunji, Professor of Fisheries at Lagos State University, who spoke on behalf of other members, thanked the Minister for inaugurating the committee. He said the committee would work with relevant stakeholders to deliver its mandate and catalyse fish production across the country.

Business

Dangote Advocates Collaboration To Strengthen Maritime Sector

Published

30 seconds ago

September 7, 2026

The Tide

The Managing Director, Ports Operations Strategic Unit, Dangote, Industries Limited, Mr Akin Omole has called for greater innovation and collaboration among maritime stakeholders to improve efficiency and strengthen Nigeria’si competitiveness.

Omole disclosed this at the Maritime Training Summit and Awards organised by the Association of Maritime Journalists of Nigeria (AMJON) in Lagos, themed “The Power of Innovation in a Future-Ready Maritime Training Agenda.”

He said innovation should go beyond technology to include infrastructure, human capital and operational processes, stressing, “maritime industry must continually adapt to changing global demands”.

The Dangote executive urged government agencies, terminal operators, shipping companies and other stakeholders to work together to address operational challenges and develop solutions that would improve the sector’s performance.

He also emphasised the importance of investing in training and developing competent maritime professionals capable of deploying emerging technologies effectively.

Omole said sustained innovation was essential to building a safer, more efficient and globally competitive maritime industry that could support Nigeria’s economic growth.

Earlier, the President of AMJON, Ms Vera Osokpo, called for greater emphasis on innovation and future ready training in Nigeria maritime sector, adding the country must take the lead in Africa if it hopes to emerge as the continent’s maritime hub.

According to her, “the theme was deliberately chosen to highlight the need for stakeholders in the maritime industry to prepare for a new phase driven by innovation, technology and changing demands in the global maritime space.

She further explained that the gathering should rekindle the purpose of maritime journalism and encourage practioners to learn,innovate and tell stories capable of positioning Nigeria as a hub in Africa.

She commended NLNG Shipping and marine services limited for collaborating with AMJON on the summit, saying the partnership demonstrates the important role the private sector plays in building the future of Nigeria ‘s maritime industry.

Nkpemenyie Mcdominic, Lagos

Oil & Energy

Delta Targets 120MW Power Boost, Moves To Cut Reliance On National Grid

Published

40 minutes ago

September 7, 2026

The Tide

The Delta State Government has intensified efforts to boost electricity generation and supply in the state with plans to add 120 megawatts (MW) to the national grid through a partnership with Supply Power.

The State Commissioner for Works (Rural Roads) and Public Information, Charles Aniagwu, disclosed this at a press conference in Asaba, weekend, noting that the initiative was part of wider reforms aimed at opening up the power sector to private investors.

Aniagwu, who was accompanied by the Executive Assistant to the Governor on New Media, Felix Ofou, said the state was exploring alternative sources of electricity to support businesses, households and communities while reducing pressure on the national grid.

He said the government was particularly interested in exploiting Delta’s abundant natural gas resources for power generation, pointing to the Kwale Free Trade Zone, which is part of the state’s special economic zone, as a major opportunity for investors.

According to him, prospective investors were taken to the zone during the state’s recent economic summit to enable them to assess the availability of gas as a key raw material for electricity generation. ComparePower Rates

The commissioner explained that generating more electricity locally would not only increase supply in Delta but also free up power on the national grid for use by other consumers.

Aniagwu cited the 8.5MW Independent Power Plant located behind the state secretariat in Asaba as an example of what could be achieved through alternative power sources.

He said the facility had enabled the secretariat complex to operate independently of the national grid, thereby making the electricity that would otherwise have been consumed there available to other users.

He added that the planned 120MW partnership with Supply Power would further strengthen the state’s electricity supply capacity and provide a more reliable power base for small and medium-sized enterprises.

Aniagwu said the state government was also intervening in areas traditionally regarded as the responsibility of electricity distribution companies because inadequate power supply could no longer be allowed to constrain economic development. LearnQuantum Physics

He identified the extension of the electricity grid from Abraka towards the Ndokwa axis as one of the interventions being undertaken to connect more communities to electricity.

The commissioner, however, raised concerns over the burden placed on communities that are often required to provide transformers and other electricity infrastructure, only for distribution companies to take over the facilities and subsequently collect electricity bills without adequately accounting for the investments made by the communities.

He said the state would continue to support efforts aimed at energising communities, noting that improved electricity supply would stimulate businesses, create jobs and help tackle social problems associated with unemployment and idleness.

On regulation, Aniagwu said the government was working with the Ministry of Energy and a committee set up to develop an appropriate regulatory framework for the state’s emerging power sector. SwitchEnergy Plans

He said the proposed energy commission would be responsible for regulating new electricity producers, determining appropriate tariffs and overseeing distribution networks.

The commissioner stressed that liberalising the sector required effective regulation to protect consumers and investors, adding that decisions on power distribution infrastructure, including the use of overhead or underground lines, must take into account the peculiarities and safety requirements of each location.

He warned that power expansion without adequate regulation could expose residents to electrocution and other hazards, stressing the need to protect electricity infrastructure while ensuring consumers were not subjected to unfair pricing.

Aniagwu said the state government’s broader objective was to build an efficient and sustainable electricity market driven by private investment and capable of powering businesses, households and communities across Delta State.

Oil & Energy

Tight Now, Loose Later: Oil Futures Flash Warning

Published

45 minutes ago

September 7, 2026

The Tide

Last week, OPEC+ announced it will once again accelerate the pace of unwinding of production cuts, with output targets for June increasing by 411,000 barrels per day, equivalent to three monthly increments. This follows a similar move in April, with the organization appearing willing to stay the course amid low oil prices and fears of weakening demand. We reported that global crude inventories remain low enough, thus giving OPEC+ a window to scale back its voluntary cuts until the market surplus finally arrives. Saudi Arabia appears intent on “punishing” OPEC+ rascals such as Kazakhstan and Iran for repeatedly violating their quotas.

Commodity analysts at Standard Chartered have reported that the latest OPEC survey of secondary sources reveals that Kazakhstan’s crude oil output clocked in at 1.852 mb/d in March, 384 kb/d above its OPEC+ quota. Further, the country also failed to keep its promise to cut 38 kb/d in compensation for overproduction in March, bringing its total overproduction to 422 kb/d. The same scenario is expected to unfold in the coming months. Kazakhstan produced 240 kb/d more y/y in March, a sharp contrast from the other eight OPEC+ members who produced a combined 612 kb/d less.

And now, the oil futures markets are sending a dire warning that oil bulls could find themselves in trouble quite soon due to a combination of the OPEC+ output hike and Trump’s tariffs.

Oil futures curve has formed a rare “smile” shape, a structure Morgan Stanley says was last seen briefly in February 2020 just before the infamous oil price crash. On Wednesday, Brent futures’ July contract was trading at a premium of 74 cents to the October contract, a market structure known as backwardation, foreshadowing immediate tight supply. However, prompt prices from November have formed a contango, with forward prices flipping to a discount, indicating oversupply as traders predict Trump’s tariffs will eventually weaken oil demand. Having backwardation and contango together leads to the rare “smile” shaped curve.

According to the latest available data by the International Energy Agency (IEA), global oil inventories stood at 7.647 billion barrels in February, down from 7.709 billion barrels for last year’s corresponding period and close to the bottom of their historical five-year range.

Meanwhile, refiners’ appetite for crude is climbing ahead of the peak driving season in July and August, “Refinery maintenance in the Atlantic basin will start to taper off, increasing oil demand (for refining)… Summer driving should provide some support,” BNP Paribas analyst told Reuters.

Global oil demand is expected to rise by 1.3 million barrels per day in the third quarter of the current year, up from an average of 104.51 million bpd in the second quarter, the IEA has predicted. The 1 million bpd output increases announced by OPEC+ so far, coupled with another 400 kb/d increase in July, almost matches the predicted demand increase, implying oil markets will not face a surplus till late in the year.

Meanwhile, oil prices jumped in Thursday’s session after the Trump administration announced it has struck a trade deal with the UK. Brent crude for July delivery was up 2.7% to trade at $62.75/bbl at 12.50 pm ET while WTI crude contract for June delivery added 3.0% to change hands at $59.86 per barrel. However, terms of the deal appear to fall well short of the “comprehensive” package Trump earlier touted.

According to Trump, UK Prime Minister Keir Starmer will further reduce non-tariff barriers and fast-track U.S. goods into his country. Meanwhile, another solid week of jobless claims underscored the Federal Reserve’s ongoing unwillingness to cut rates. U.S. jobless claims fell 13,000 to 228,000 for the period ending on May 3. Continued claims, however, clocked in at just over 1.9 million, near the highest levels since 2021, suggesting workers are still finding it difficult to secure new jobs as the economy stalls.

That said, commodity analysts at Standard Chartered have predicted that path of least resistance for oil prices is lower in the coming months, with oil prices to remain low before beginning a gradual recovery later in the year as U.S. oil output declines. StanChart, however, says there’s some technical support in the short-term, with fundamentals remaining fairly positive. Recently, StanChart cut its 2025 oil price forecast to $61/bbl from $76 and also lowered its 2026 forecast to USD 78/bbl from $85 citing Trump’s tariffs.

By Alex Kimani for Oilprice.com