Nigeria

Domestic Shipbuilding and Repair as a Priority Industrial Policy

Posted on by Samuel Odebowale
Domestic Shipbuilding and Repair as a Priority Industrial Policy

Across Nigeria’s sprawling coastline and bustling ports lies a maritime paradox: though the country handles a large volume of maritime traffic and commerce, much of its vessel repair, maintenance, and construction still depends on foreign shipyards. This reliance drains foreign exchange, incurs high costs and long downtimes, and denies the nation a chance to build a robust maritime industrial base. As global maritime dynamics evolve, now is the moment for Nigeria to reframe domestic shipbuilding…

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Advancing Maritime Security through Indigenous Surveillance Technologies

Posted on by Samuel Odebowale
Advancing Maritime Security through Indigenous Surveillance Technologies

Nigeria and other African nations are increasingly turning to homegrown surveillance technologies to address persistent maritime security challenges, including piracy, illegal fishing, smuggling, and oil theft. Experts say that indigenous solutions can improve monitoring capabilities, strengthen regional cooperation, and stimulate local technological and economic growth. Africa’s maritime domain spans vast shipping lanes, critical offshore energy installations, and fishing zones. In Nigeria, maritime trade accounts for over 90 percent of imports and exports, yet the Gulf…

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Nigeria Eyes Renewed Investment as Economy Shows Robust Growth

Posted on by Newsroom Operations
Nigeria Eyes Renewed Investment as Economy Shows Robust Growth

Nigeria’s recent recalibration of Gross Domestic Product (GDP) data has provided fresh momentum for investors and policymakers, as the updated numbers reveal a stronger, more diversified economy — and renewed opportunity for growth across sectors. According to the latest data from the National Bureau of Statistics (NBS), the base year for GDP calculation was shifted from 2010 to 2019, reflecting structural changes and the growth of emerging sectors. The recalibration increased the 2024 GDP estimate…

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Nigeria’s New Cash Withdrawal Caps Signal a Stronger Push Toward Cashless Economy

Posted on by Newsroom Operations
Nigeria’s New Cash Withdrawal Caps Signal a Stronger Push Toward Cashless Economy

Abuja — The Central Bank of Nigeria has introduced new cash withdrawal limits that will take effect on 1 January 2026, marking one of the most significant shifts in the nation’s cash management policy in recent years. The revised framework limits individual account holders to weekly cash withdrawals of up to six hundred thousand naira, while corporate organisations will be capped at five million naira per week. Withdrawals that exceed these thresholds will attract processing…

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Nigeria Clears $128 Million Gas Debts to Reinforce Power-Supply Chain

Posted on by Newsroom Operations
Nigeria Clears $128 Million Gas Debts to Reinforce Power-Supply Chain

Abuja — In a major move aimed at stabilising Nigeria’s troubled electricity sector, the federal government has approved payment of 185 billion naira (approximately USD 128 million) to settle long-standing debts owed to natural gas producers supplying power generation companies (GenCos). The decision, endorsed by the National Economic Council (NEC), chaired by the Vice President, follows a directive from Bola Tinubu to clear legacy arrears that have undermined investment, strained cash flow, and restricted gas…

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