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Boosting Nigeria-Poland Trade Relations

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Until very recently, many Nigerian entrepreneurs were more comfortable doing businesses with West European countries, to the virtual exclusion of the East European nations which operated closed economies.

The reasons were not far-fetched! Effectively from 1945 when World War 11 ended, the famed Cold War — a period of the great ideological conflict between the West and East blocs — set in.

As a consequence, most countries in Eastern Europe were locked away behind the Iron Curtain, while operating closed and centralised economies that were unique to communist nations of that era.

With the end of the Cold War and the eventual collapse of the erstwhile Soviet Union in the early 1990s, however, the economic equation of Europe began to change.

As at date, many erstwhile East European nations have embraced democratic values of the West and consequently opened up their economies to the world.

Poland is one of such nations, which in 1989 shed its communist toga to embrace the capitalist credo and since then, its economic and political forays have known no bounds.

With a population of 40 million, Poland has thus far undergone a massive socio-political and economic transformation, which has ensured the prosperity of its people in all spheres of human endeavour.

For a visitor to the erstwhile communist enclave, the image of a very prosperous nation is discernible as all major towns and cities exude developmental characteristics.

There are broad roads with alluring greeneries on the sides, gleaming and well-maintained trams, exotic automobiles and fine architectural outlays, which typify the nation’s ancient and modern history.

The citizens also display unusual calmness, which perhaps, underscores their strong sense of security and contentment.

Beyond doubt, the citizens’ determination to rebuild their nation, especially Warsaw – the country’s capital, which was destroyed during World War 11, is discernible to any perceptive observer.

War historians say that Warsaw lost 85 per cent of its original buildings, among them, the country’s Parliament, during the war. Since the end of the war, however, the people have rebuilt the structures, recreating replicas of their original selves.

The Polish Deputy Foreign Affairs Minister, Ms Beata Stelmach, sheds light on the state of the Polish economy, saying that is had grown steadily at the rate of 4.3 per cent annually over time.

She said with some measure of pride that the Polish economy was unaffected by the last global economic meltdown, which pulverized the economies of many nations of the world.

In fact, some economists have said that the Polish economy had grown at such a dizzying pace that the country, which struggled to survive under communism barely 20 years ago, is now the sixth largest economy in Europe, overtaking The Netherlands.

On the political front, Poland is also the current President of the European Union (EU), a feat it could only have dreamt of two decades ago.

Nigeria’s Ambassador to Poland, Ms Asalina Mamuno, praised the growth of the Polish economy when she interacted with some Nigerian journalists, who undertook a study tour of that country between Aug. 28 and Sept. 4.

According to her, the communist Poland the world had known has now become history.

Mamuno insisted that there were vital lessons Nigerian investors could learn from Poland in terms of charting of economic directions, adding that even bigger nations as the U.S. and Russia were already learning some secrets of economic development from the Polish nation.

“Poland has potentials; they are a hard-working people. There is a lot to see here, a lot to learn; they are a talented people. We should have used them to build Abuja.’’

Analysts point to outstanding achievements of Poland in areas as ship-building, railway, alternative and renewable energy, military hardware, tourism and environmental maintenance.

In the construction and agricultural sectors, analysts stress that the Poles have held their own, recalling that a Polish firm – Navimor Invest, with a yearly turnover of over $60 million, built Nigeria’s Nigerdock Shipyard in Lagos in 1986.

Mr Tomasz Marcinkowski, a manager in the company, said that his company was also into hydro-technical construction and the development of power plants, seaports, cement pontoons and harbours, among others.

He bemoaned that Polish entrepreneur largely lacked information on business opportunities in Nigeria, even though they were quite willing to come over to do businesses.

Equally noteworthy is the interest picked in the Nigerian market by a Polish military hardware company — Bumar Group, considered the biggest military hardware company in Europe with a 40-year track record of operation.

Officials said that the group was interested in working with Nigeria’s Defence Industry Corporation (DIC) in the areas of technology.

Nigeria is on record to be Poland’s largest trading partner in West Africa and second in Africa but Mamuno insists that trade relations between the two nations, which began in the 1960s, was still at low and unequal ebb of 90 to 10 in favour of Poland

“Economically speaking, not much success has been recorded between Poland and Nigeria in the area of trade and investment but there are lots of areas we can explore, especially in agriculture.

“They have a good farming scheme and since agriculture is important to our transformation agenda, I think we can engage the Poles. ’’

She identified alternative energy sourcing as another area where Nigerian businessmen could key into the Polish expertise so as to regenerate the nation’s energy sector.

“Ninety per cent of Poland’s power is derived from coal; they also have a clean development mechanism, a technology that can reduce environmental pollution caused by coal. ’’

Mamuno said that some Polish investors had already shown interest in the use of Nigeria’s palm kernel as a renewable energy source — a move she described as a positive development.

A top official in the Polish Foreign Affairs Ministry also hinted that Poland was considering buying Nigeria’s coal to power the country’s energy facilities in a deal that could last for 10 years initially.

Stelmach said that Poland, on its part, would be willing to assist Nigeria in solving its power problems once both countries fostered their relationship.

“There is a need for study tours for businessmen as well as workshops and seminars. I will be satisfied if more companies from Nigeria come to Poland; there will be no obstacles to such initiative. ’’

The Polish Ambassador to Nigeria, Mr Przemyslaw also stressed the need for entrepreneurs of both countries to synergise. An immediate action in this direction, he said, was the simplification of visa procedures at both ends.

Niesiolowski said that the Polish embassy would not place any obstacles on the way of genuine investors and businessmen, saying: “If we meet such reliable people, we can hook them up with reliable partners. ’’

He recalled the participation of six Nigerian businessmen in the Polish International Trade Fair in Warsaw recently, describing it as a promotion of “people-to-people diplomacy’’ — a key component of trade relations.

From Nigeria’s end, Mamuno stressed the need for businessmen to always liaise with the nation’s embassies and missions abroad once they desired to undertake any international business deals.

“Most times, once people get their visas, they embark on business trips and deals privately without consulting us but when they go wrong, they start coming to the embassy for assistance. ’’

Observers say that while the consolidation of trade relations between both nations is imperative, there is, however, the need to engender thrust between the peoples, while economic information data base must be readily available.

Mr Marek Zelazko, Head of the Polish Chamber of Commerce, decried the lack of business contacts and platforms where businessmen could interact and exchange ideas and initiatives.

Zelazko underscored the necessity for a renewed partnership agreement, to be signed by both countries, which would be an improvement on an earlier one signed in 1998 by his association and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).

“The agreement was not fruitful to both countries; there is need to resuscitate the agreement by way of developing people-to-people diplomacy as it is the main force that will drive the framework. ’’

He also suggested the establishment of a Poland- Czech Republic-Nigeria Tripartite Joint Commission to promote economic co-operation among the three nations.

According to him, regional co-operation will expand investments and open up new market opportunities.

On his part, Alhaji Umar Gambo, a Nigerian businessman, who also does business in Poland, stressed the need for creation of increased awareness so as to properly educate businessmen on the opportunities that abound in both countries.

Gambo, who deals in technology systems, decried the low level of trade between Nigeria and Poland and urged the Nigerian government to take the lead in facilitating the international trade relation.

Apparently mindful of these viewpoints, the two countries have begun work on a Memorandum of Understanding (MoU) to guide economic relations between them.

Mamuno said that Poland produced the draft document while Nigeria was still evaluating the contents so as to harmonise issues for mutual benefits.

In what appears to be a determined effort to promote Nigeria’s international trade relations, the Federal Government recently established trade desks in all its embassies and missions abroad.

The objective, officials say, is to fill any information vacuum and offer potential investors in foreign lands details of business and investment opportunities which abound in the country.

Economic analysts say that while this measure is commendable, government must ensure that the desks are well funded, to enable them effectively discharge the mandate for which they were established in the first instance.

They insist that the funding must be prompt and adequate to save the desk officers from the financial embarrassments faced by some foreign mission staff lately due to the inadequacy of funds to operate effectively.

Salihu is of the News Agency of Nigeria (NAN)

Habiba Salihu

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NCAA Certifies Elin Group Aircraft Maintenance

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The Nigerian Civil Aviation Authority (NCAA) has certified Elin Group Limited to operate as an approved aircraft maintenance organization (AMO).
Elin Group Limited confirmed the certification in a Statement released at the Weekend.
The Executive Director, Elin Group Limited, Engr. Dr. Benedict Adeyileka, noted the significance of the certification, stating that it recognizes the company’s commitment to upholding high maintenance standards.
Adeyileka also stated that “the issuance of the AMO Certificates and OPSPEC by the NCAA is a landmark for both Elin Group and Nigeria’s aviation industry. This approval empowers us to maintain our fleet and extend services to other operators, thereby supporting the sector’s growth.
“It affirms the standards we have upheld over the years and places on us the responsibility to expand services that strengthen the aviation ecosystem. We thank the NCAA for their confidence in our capabilities.
“This recognition inspires us to keep striving for excellence and innovation in building a stronger, safer, and more sustainable aviation industry.”
The certification follows the company’s recent completion of a 7,800 landings maintenance check on its Bombardier Challenger 604 aircraft and Agusta A109E helicopter.
This type of inspection, similar to a D-check in commercial aviation, was conducted entirely in Nigeria for the first time.
With the NCAA approval, Elin Group is authorized to maintain its own fleet and provide maintenance services to other operators.
The certification is expected to contribute to the growth of local aviation maintenance capabilities.
“PenCom Raises Capital Requirement For PFAs To N20b
…Sets December 2026 Deadline
The National Pension Commission (PenCom) has announced a sweeping revision to the capital requirements for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs), raising the minimum threshold for PFAs tenfold, from N2 billion to N20 billion.
The move, aimed at strengthening financial stability and operational resilience, marks one of the most significant regulatory shifts in Nigeria’s pension industry in over two decades.
In a circular titled “Revised Minimum Capital Requirements for Licensed Pension Fund Administrators and Pension Fund Custodians”, PenCom stated that PFAs with Assets Under Management (AUM) of N500b and above must now maintain a capital base of N20 billion plus 1% of the excess AUM beyond N500 billion.
The revised capital requirements for both PFAs and PFCs would take effect immediately for new licenses, while existing operators have until December 31, 2026, to comply.
PenCom would monitor compliance every two years based on audited financial statements, and any shortfall must be rectified within 90 days.
PenCom emphasized that the review is anchored in Sections 60(1)(b), 62(b), and 115(1) of the Pension Reform Act (PRA) 2014. It aims to support the long-term viability of pension operators, improve service delivery, and ensure the sustainability of the Contributory Pension Scheme (CPS), which has now been in operation for 21 years.
“PFAs are therefore required to maintain adequate capital to sustain the achievements of the CPS, support ongoing pension reform initiatives, and deploy adequate resources to effectively fund operations,” PenCom stated.
PFAs with AUM below N500b are also required to meet the new N20 billion minimum. Special Purpose PFAs, such as NPF Pensions Limited, must hold N30 billion, while the Nigerian University Pension Management Company Limited is required to maintain N20 billion.
“The capital requirement was reviewed in line with global best practice, which ensures that capital is proportionate to the risk exposure of the Pension Fund Operator. The new model aligned the capital requirement with the Pension Asset Under Management (AUM) and Assets Under Custody (AUC) of the PFAs and PFCs respectively”, the circular stated.
For Pension Fund Custodians (PFCs), the minimum capital requirement has been raised from N2 billion, unchanged since 2004, to N25 billion plus 0.1% of AUC.
The Commission cited the exponential growth in assets under custody and the increasing complexity of operations, including technology deployment, cybersecurity, and staff welfare, as key drivers of the revision.
“The operating landscape of PFC business has evolved significantly over 21 years,” the circular noted. “These developments underscore the need to reassess the adequacy of the existing capital threshold to ensure continued financial stability and effective risk management”, it stated.
The announcement signaled PenCom’s commitment to aligning Nigeria’s pension industry with global standards, ensuring that operators are well-capitalized to navigate macroeconomic pressures and deliver secure retirement benefits to millions of Nigerians.
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SMEDAN, CAC Move To Ease Business Registration, Target 250,000 MSMEs

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The Corporate Affairs Commission (CAC) and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) are deepening partnership to ease business registration for small business owners in the country.
The agreement would provide the framework for free registration of 250,000 Micro Small and Medium Enterprises (MSMEs) across the country.
The Registrar-General, CAC, Hussaini Magaji, revealed this during the signing of a Memorandum of Understanding (MoU) between both organisations, in Abuja, at the Weekend.
Magaji said that the framework provided under the Renewed Hope Agenda of President Bola Tinubu’s administration would eliminate cost barriers by waiving all statutory fees.
According to him, entrepreneurs would now be able to obtain certificates seamlessly, without delays or middlemen, through the CAC portal.
He said, “Formalising a business is more than obtaining a certificate.
“It provides entrepreneurs with a legal identity, improves access to finance and markets, enhances record keeping and strengthens compliance with tax or regulatory obligations.
“For the government, it expands the tax base, improves policy design and reflects the two sides and contribution of our MSME sector.
“By formalising an additional 250,000 enterprises under this initiative, we are helping to create jobs, foster innovation and build a more inclusive economy,” he said.
The registrar-general, while commending SMEDAN on the partnership, urged the MSMEs to take advantage of this opportunity to formalise their businesses, access new opportunities and become part of Nigeria’s growth story.
Magaji also appealed to the media to Partner in amplifying this message to ensuring that every deserving entrepreneur is carried along.
On his part, the Director-General of SMEDAN, Charles Odii, hailed the initiative as a milestone for small businesses, describing it as one of the “big wins” of the current administration.
Odii explained that SMEDAN would mobilise, profile and guide eligible businesses for registration through its dedicated online portal.
He insisted that the platform would eliminate the role of middlemen, who previously inflated registration costs, sometimes charging between N30,000 and N100,000 against the official CAC rate of about N11,000.
Odii said the initiative would complement the President’s N200 billion economic assistance programme, which provides N50 billion in grants for nano businesses, N75 billion in single-digit loans for SMEs and N75 billion for manufacturers.
He said that the interventions demonstrated the resolve of government to ease the cost of doing business and expand opportunities for entrepreneurs.
The director-general said that the MoU was timely, especially as CAC prepared to review its fees by October, reiterating that the initiative ensures 250,000 businesses will benefit from free registration before the review.
According to Odii, many businesses collapse within their first five years due to a lack of structure, noting that registration was the first step to building resilience.
The SMEDAN boss assured that beyond registration, SMEDAN would continue to support entrepreneurs through business clinics, advisory services and linkages.
He said this would be done in collaboration with other agencies such as the Standards Organisation of Nigeria (SON) and the Nigerian Export Promotion Council (NEPC).
Odii also commended the President’s move to raise the tax exemption threshold for small businesses with N25 million to N50 million annual turnover, saying it will reduce the burden on enterprises and encourage compliance.
He thanked the Registrar-General of CAC, the Federal Ministry of Industry, Trade and Investment and the Chief of Staff to the President for their support in bringing the initiative to fruition.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

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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.

Coordinating Minister of the Ministry,
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.
The Permanent Secretary of the ministry, Olufemi Oloruntola, stressed that the funding gap  must be closed to move from policy to practice.

“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.

Oloruntola argued that the sector’s potential goes beyond trade, pointing to the surge of diaspora spending every festive season. With the right coastal infrastructure, he said, the marine economy could capture a slice of those inflows as foreign exchange and revenue.

The Chief Executive, Nigerian Exchange (NGX), Jude Chiemeka, said blue bonds, which are loans raised through the capital market, but tied specifically to projects that protect or develop marine projects, could unlock huge sums of much-needed capital.

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.

Seychelles, he pointed out, raised $15 million from a blue bond to support its fisheries industry, a scale Nigeria, with over 853 km of coastline and significant freshwater bodies, could surpass.

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.

“We therefore call on the relevant authorities, most especially the National Assembly, to prioritise the marine and green economy sector.”

“Nigeria must match ambition with resources” and “strategy into execution”, he said

It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.

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