Business

Minister Pegs Annual Capital Flight Loss At N2 Trillion

Published

14 years ago

July 27, 2012

Minister of Finance, Dr Ngozi Okonjo-Iweala, says Nigeria loses more than N2 trillion annually to capital flight following inability of indigenous ship owners to fully participate in crude oil exports.

The minister disclosed this at a one-day presidential retreat on maritime safety held at the Presidential Villa.

The retreat with the theme: “Harnessing the Potential of Nigeria’s Maritime Sector for Sustainable Economic Development’’ was organised to generate concrete and implementable initiatives to improve the sector.

In her remarks, the minister decried the lack of proper implementation of the cabotage laws to allow indigenous participation in shipping.

“On the issue of increasing local participation in the sector and cabotage, the Indigenous Ship Owners Association of Nigeria has said that we now lose over N2 trillion annually in capital flight to foreign countries which own vessels used to lift about 150 million tons of cargoes including oil products from this country as no Nigerian flagship is currently plying international routes.

“Nigerian-owned vessels make up less than 1 per cent of the global fleet and are quite old; on average, 30 years of age.

“Increasing Nigeria’s participation in this sector will not only ensure that most of these incomes are retained locally, but will lead to increased jobs for Nigerians.

“As you will see from the Mackenzie presentation later, Philippines for example have been able to position itself as a global supplier of seafarers, creating a lot of jobs and significant foreign income for the country. Why can’t we replicate this in Nigeria?’’

Okonjo-Iweala also said that security threats in the Gulf of Guinea of which Nigeria is a major stakeholder had steadily risen from 45 per cent in 2010 to 64 per cent in 2012 threatening Nigeria’s more than 600 million dollars potential in fishing business.

The minister said the development had created major economic problems for the country and should be urgently addressed.

On the issue of port reforms, she said a lot had been done in improving the operation of the ports over the last few months with 10 per cent of the imported goods now taking less than seven days to clear.

She said though there had been significant improvement from what obtained years back, the target of achieving 48 hours clearance with complete documentation was yet to be attained.

“We want to use the time today to discuss what it will take to accelerate our reform programme and what is actually getting in the way.’’

Speaking in the same vein, the Minister of Transport, Sen. Idris Umar, said, the ministry was worried about the non-participation of indigenous ship owners in crude oil lifting.

He said government would ensure proper implementation of the cabotage laws with a view to building capacity of indigenous ship owners.

Umar said government would also review the policy that gave freedom to companies that bought crude oil to choose the company that would freight the oil.

“We are going to look at this and determine whether it is a legislation or a policy issue.

“I for one do not share the idea that Nigerians should be deprived patronage by the international oil company after using their hard earn money to buy vessels, it is absolutely wrong, we have to empower our people,’’ he said.

The Director-General of NIMASA, Mr. Patrick Akpobolokemi, said it had made significant numbers of arrest of oil thieves and illegal bunkerers.

He identified bureaucracy and lack of powers for the agency to prosecute those arrested as some of the major challenges NIMASA was facing.

“The greatest challenge of the maritime agency is bureaucracy, the civil service culture of doing things.

“This is an agency that is in charge of emergency responsibilities and you now apply the normal bureaucratic ways of getting things done; this is frustrating.’’

Akpobolokemi said NIMASA had identified certain laws that required amendments to make its job easier and more effective.

The Senior Special Assistant to the President on Maritime Services, Mr Leke Oyelese, thanked the president for the retreat and the Navy and the Police for their cooperation.

He said the Inter-Agency Maritime Agency Operations Committee put in place by government would help in addressing most of the identified problems.

Business

Agency Gives Insight Into Its Inspection, Monitoring Operations

Published

2 weeks ago

January 12, 2026

The Tide

The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.

Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.

Rather, he said they were mere opportunities for education, correction and continuous improvement.

The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.

He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.

“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .

According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.

He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.

The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.

“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.

The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.

In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.

Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.

Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.

By: King Onunwor

Business

BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS

Published

2 weeks ago

January 12, 2026

The Tide

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.

According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.

The policy compelled many customers to regularise their biometric records to retain access to banking services.

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.

The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

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.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

2 weeks ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi