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Blue Economy: I’m in hurry to make impact – Oyetola

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2 years ago

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Minister of Marine and Blue Economy, Adegboyega Oyetola and others at the Port
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...says ports must be saved from imminent collapse
…Inspects facilities at Apapa, Tin Can ports

The Minister of Marine and Blue Economy, Adegboyega Oyetola, on Monday, declared that he was in a hurry to make impact in the ministry.

Oyetola who noted that he had no business in the ministry if he cannot make an impact, solicited the support of the management and staff of the Nigerian Ports Authority (NPA), and other critical stakeholders within the sector to realise President Bola Ahmed Tinubu’s Renewed Hope Agenda in the sector.

He said this during his meeting with the management and staff of the NPA, shortly after his inspection of facilities at the Apapa and Tin Can ports in Lagos.

The former Osun governor said going by the decay in infrastructure he saw at the ports, there was an urgent need to commence infrastructure renewal of ports across the country so as to save them from imminent collapse. He also encouraged terminal operators to invest in the development of facilities at the ports.

The minister assured that enough scanners would be deployed to the ports to avoid unnecessary delays, noting that where the scanners already exist, he would interface with concerned government agencies to ensure their proper usage for efficiency at the ports.

Speaking further, Oyetola said: “As you are all aware, we all have a duty to reposition this sector for the welfare and wellbeing of Nigerians and to contribute to the economic growth of our nation. By doing this, we will be leaving a lasting legacy for generations to come. I, therefore, enjoin you to be good ambassadors of this newly created ministry by displaying the highest level of character at your respective duty posts. Your attitude to work must change. We must imbibe the ethos of hard work, discipline, decency, and selflessness as this is the only way we can deliver on Mr. President’s Renewed Hope Agenda.

“Nigerians expect a lot from the Ministry of Marine and Blue Economy. We must not fail them. We must increase our contribution to the country’s GDP. We have identified some of the low hanging fruits that will make an immediate impact. We shall vigorously pursue them. I am in a hurry to make an impact. I have no business heading the Marine and Blue Economy Ministry if I can not make an impact. I want to make an impact. But I can not do it alone. I need your cooperation. I need your support. We have the potential to grow our economy and create more jobs through this novel ministry. We must put everything to work to deliver on the Renewed Hope Agenda of Mr. President.

“We fully understand the crucial importance of our ports to the nation’s economic development and international trade. We shall, therefore, work towards improving the operations of our ports. Some of the access roads to our ports are in bad shape. We shall liaise with the Federal Ministry of Works to ensure some of these roads are fixed in no distant time to ease our operations at the ports. We shall very soon commence the infrastructure renewal of our ports, including pursuing the rail to port project as part of efforts to decongest our ports.”

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Business & Economy

Nigerian Economy Stabilising — CBN Governor, Cardoso

Published

3 weeks ago

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May 20, 2025

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CBN Governor Yemi Cardoso
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The governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the Nigerian economy has stability.
He disclosed this at the press briefing at the end of its 300th Monetary Policy Committee meeting on Tuesday.

According to him, investors’ confidence in the Nigerian economy has improved over the past eighteen months.

Responding to questions on how improved macroeconomic fundamentals of the Nigerian economy are impacting the lives of Nigerians, he said, “Investors do not go to where there is economic instability. They don’t go out to lose money but to make a profit. With that stability comes confidence and then investment and growth.

“What is now being recognised is that the Nigerian economy is not stable. The inflation numbers speak for themselves.”

Recall that the World Bank, in its latest Nigerian Development Update report, said the country is in good shape as it grew by 3.4 percent in 2024.

 

 

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Business & Economy

 CBN Retains Nigeria’s Interest At 27.50%

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3 weeks ago

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May 20, 2025

By

Yemi Cardoso,CBN Governor
Yemi Cardoso, CBN Governor
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The Central Bank of Nigeria Monetary Policy Committee has retained the country’s interest rate at 27.50 percent.

The governor of CBN, Olayemi Cardoso, disclosed this in a press briefing on Tuesday after the 300th MPC meeting in Abuja.

“The committee unanimously agreed to retain MPR at 27.50 percent,” he stated.

Cardoso also announced that the MPC member decided to retain the Cash Reserve Ratio (CRR) at 50 basis points for commercial bank and 16 percent for mortgage bank, the liquidity ratio (LR) at 30 percent, and the asymmetric corridor at +500/-100 basis points around the MPR; other monetary policy decisions were retained.

He justified MPC’s decision to pause the rate hike on the easing of Nigeria’s inflation rate to 23.7 percent in April.

it would be recalled that last week the National Bureau of Statistics consumer price index showed that country’s inflation dropped by 23.7 percent.

In February, the MPC retained the country’s interest rate at 27.50 percent as inflation cooled off.

 

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Business & Economy

Renaissance Energy Completes Acquisition Of SPDC

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3 months ago

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March 14, 2025

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Renaissance Africa Energy has completed the “acquisition of the entire (100%)” equity holding in Shell Petroleum Development Company of Nigeria (SPDC).

This is according to a statement on Thursday by the spokesman of Renaissance Africa Energy Holdings Tony Okonedo who said the acquisition was completed on the same day.

“This follows the signing of a sale and purchase agreement with Shell in January 2024, and obtaining all regulatory approvals required for the transaction. Going forward, SPDC will be renamed as ‘Renaissance Africa Energy Company Limited,” the statement added.

“We are extremely proud to have completed this strategic acquisition. The Renaissance vision is to be ‘Africa’s leading oil and gas company, enabling energy security and industrialisation in a sustainable manner.’ We and our shareholder companies are therefore pleased that the Federal Government has given the green light for this milestone acquisition in line with the provisions of the Petroleum Industry Act,” said the Managing Director/CEO of Renaissance Tony Attah.

He added: “We extend our appreciation to the Honourable Minister of Petroleum Resources, the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the GCEO of Nigeria National Petroleum Company Limited (NNPCL) for their foresight and belief, paving the way for the rapid development of Nigeria’s vast oil and gas resources as a strategic accelerator for the country’s industrial development”.

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RENAISSANCE COMPLETES ACQUISITION OF SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA (SPDC)

Renaissance Africa Energy Holdings today announced that it has successfully completed the landmark transaction between itself and Shell for the acquisition of the entire (100%) equity holding in the Shell Petroleum Development Company of Nigeria (SPDC). This follows the signing of a sale and purchase agreement with Shell in January 2024, and obtaining all regulatory approvals required for the transaction. Going forward, SPDC will be renamed as ‘Renaissance Africa Energy Company Limited.

Renaissance Africa Energy Holdings is a consortium consisting of four successful Nigerian independent oil and gas companies: ND Western Limited, Aradel Holdings Plc. FIRST Exploration and Petroleum Development Company Limited and the Waltersmith Group, each with considerable operations experience in the Niger Delta, and Petrolin, an international energy company with global trading experience and a pan African outlook.

“We are extremely proud to have completed this strategic acquisition. The Renaissance vision is to be “Africa’s leading oil and gas company, enabling energy security and industrialisation in a sustainable manner.” We and our shareholder companies are therefore pleased that the Federal Government has given the green light for this milestone acquisition in line with the provisions of the Petroleum Industry Act” said Tony Attah, Managing Director/CEO of Renaissance who added that:

“We extend our appreciation to the Honourable Minister of Petroleum Resources, and the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the GCEO of Nigeria National Petroleum Company Limited (NNPCL) for their foresight and belief, paving the way for the rapid development of Nigeria’s vast oil and gas resources as strategic accelerator for the country’s industrial development”.

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