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France collaborate to develop inland dry port

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The French Government has agreed to collaborate with the Federal Government to develop inland dry ports in the country.

Mr Hassan Bello, Executive Secretary/Chief Executive Officer, Nigerian Shippers’ Council (NSC), disclosed this during a collaborative meeting between the duo and investors delegation on Thursday in Abuja.

The News Agency of Nigeria (NAN) reports that the thrust of the meeting was the development of inland dry ports, rail transportation infrastructure, export and import promotion and development between both countries.

Bello explained that after due study,  five locations were chosen by the Federal Government for the construction of a dry port and they were, Funtua, Kano, Ibadan, Plateau and Isiala Ngwa in Abia.

According to him, the dry port at Funtua is already 68 per cent completed and with efforts by the Nigerian Railway Corporation (NRC)  it can  be ready for operations in October or November.

He noted that reasonable progress had also been made in the other various ports, adding that the critical issue was that the projects were concessioned  to the private sector.

“The Federal Government thinks that in order to bring shipping closer to the people there should be ports.

“The guidelines for the policy is that dry port will decongest the sea port,  it will make things easier for everybody, secondly we have to galvanise export.

“Nigeria cannot be import dependent country for a long time,  we need to export to earn all the foreign currency.  It is intended that the dry port will be centred for export.

“In which case we are going to bring standards. Pre-export inspectors so that once you are exporting, it is certified,  everything is sealed and taken by rail mostly to the ship that is waiting and off it goes.

“What it does is that you are spreading the economy and giving exporters access to the ports. We are calling for government to declare the dry port as centres for exports so everything will be there.

“There will also be free zones, so most of the taxes will be lessened. We want to make these ports very comprehensive, we have to add value, we must have the compliment of the cold storage as to really cure these post-harvest losses.

“The most important thing is that we need to enhance and open the ports for local and international investments,’’ Bello said.

On railway, the NSC boss, said rail capacity was key to the success of the dry ports, adding that to earn the confidence of investors, we should have scheduled railway services.

He noted that some countries had indicated interests to invest, therefore, it was important to get things right.

According to him, the idea is not just to have a port, but to have a modern/electronic port that is in accordance and compliance with the ISPS code and of international standard.

He thanked the Managing Director, NRC, Fidet Okhiria, for accepting to ensure availability of land for investors to create additional values.

He,  however,  urged him to take a critical independent survey of all the ports and lay it before the Federal Government so that rail shouldn’t be a cause for delay of the port.

He also appealed that the ports shouldn’t be allowed to be congested like the Apapa ports, goods be cleared 24 hours,  no demurrage or rent seeking and the ports must relate to the economy and the community.

Representing the French government, its Regional Agriculture Counsellor, Dr Sonia Darracq, expressed readiness of its government to collaborate with Nigeria.

While reiterating the importance of the dry port, Darracq, said it would amongst other things,  boost the agricultural sector of the country, as it would curb post-harvest losses of food products.

“I am in contact with some French companies that will be interested in partnering in the development of the dry port be it for food or other things.

“And I brought in some documentation for companies that also cover the cold chain sector and they will  be very much willing to know better about your policy in terms of dry-port development in order to investigate some ways of cooperation.

“I am here to understand better,  what the government and  private sector plan in developing the dry port sector and all other infrastructure.

“I am mostly concerned with the transportation of our food but I’m also very keen to know the strategy of development of the highway,  the roads.

“I came here specifically at the request of the number one in France in the cold chain.  This is a group of French companies which deals in cold chain for more than 50 years.

“They have a vast experience,  they are private companies and are very much willing to start business discussions with you.

“I am a government person and the French government is very much willing to assist in the form of some financial tools we can activate for the beginning.

“We want to be part of the transformation of all or few environmentally friendly energy sources for all activities including the cold chain transportation and everything.

“To that we can  easily activate not only the French financial assistance but also the European Union.

“ I will write a  report that I will share with my ambassador but also with the EU representatives here because I think this is  for us,  a golden opportunity to work together and to be part of this development that is critical for the country,’’she added.

The Managing Director, NRC in his remark, reiterated the importance of rail in industrialisation and development.

Okhiria reiterated efforts of President Muhammadu Buhari’s administration to link the country through rail, stating that work was on going to revitalise/construct the narrow and standard gauge lines in the country.

He said :“ the Federal Government has taken the bull by the horns to develop the infrastructure and the dry ports now have rail tracks to move products.

“If we succeed in linking the rails, we will not only reduce congestion but encourage people to use other ports and boost the economy in the long run.

“I pray the government continues to have the will to develop the sector as it is not a cheap project.’’ (NAN)

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Business & Economy

Tinubu Tables ₦58.18trn 2026 Budget, Projects Sustained Economic Stability

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President Bola Ahmed Tinubu
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President Bola Tinubu on Friday presented a ₦58.18 trillion 2026 Appropriation Bill to a joint session of the National Assembly of Nigeria, declaring that Nigeria’s economy is showing measurable signs of stabilisation following years of structural pressure.

Tagged “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the 2026 fiscal plan is aimed at locking in recent macroeconomic gains while translating economic recovery into improved living standards for citizens.

According to the President, Nigeria’s economy expanded by 3.98 per cent in Q3 2025, while inflation moderated significantly, falling to 14.45 per cent in November 2025 from 24.23 per cent in March 2025.

“With stabilising food and energy prices, tighter monetary conditions, and improving supply responses, we expect the disinflationary trend to persist into 2026, barring major supply shocks,” Tinubu said during the presentation on December 19, 2025.

The President highlighted additional positive indicators, including improved crude oil production, rising non-oil revenues, renewed investor confidence, and external reserves climbing to a seven-year high of approximately $47 billion.

Under the proposal, the Federal Government projects ₦34.33 trillion in revenue against planned expenditure of ₦58.18 trillion, resulting in a budget deficit of ₦23.85 trillion, equivalent to 4.28 per cent of GDP. Tinubu emphasised that the fiscal framework is built on realism, prudence, and growth-driven assumptions.

He further assured lawmakers of tighter discipline in budget implementation, stressing that fiscal spending in 2026 would be more outcome-focused.

“Every naira spent or borrowed must deliver measurable public value,” the President said.

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CBN Governor Reassures U.S. Investors on Nigeria’s Economic Reforms, Stability

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CBN Governor, Yemi Cardoso
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The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reassured United States investors of Nigeria’s commitment to macroeconomic stability and market-driven reforms, amid global economic uncertainty.

Cardoso gave the assurance during high-level engagements with U.S. business leaders and institutional investors in Washington, D.C., including the U.S.–Nigeria Executive Business Roundtable.

Speaking at the forum, the CBN governor said Nigeria remains focused on rules-based economic management, transparent markets, and predictable policy frameworks to restore investor confidence and drive sustainable economic growth.

He highlighted recent reforms in the foreign exchange market, the adoption of orthodox monetary policy measures, ongoing banking sector reforms, and the modernisation of the payments system. According to him, the reforms are aimed at stabilising the economy and supporting private-sector-led development.

The roundtable, convened by the U.S. Chamber of Commerce’s U.S.-Africa Business Center, focused on macroeconomic stabilisation, regulatory clarity, and opportunities to scale bankable projects across key sectors of the Nigerian economy. Discussions also emphasised efforts to deepen commercial and investment ties between Nigeria and the United States.

Commenting on the outcome of the engagement, President of the U.S.-Africa Business Center, Ms. Kendra Gaither, said investors are increasingly prioritising policy credibility and consistency.

She noted that clarity of rules, credible reforms, and disciplined economic management are critical factors driving investor interest, adding that Nigeria’s evolving message of discipline and opportunity is important in a global economy seeking stability and predictability.

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Tinubu Welcomes Nigeria’s Removal from FATF Grey List, Pledges Continued Financial Reforms

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President Bola Tinubu
President Bola Ahmed Tinubu
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President Bola Ahmed Tinubu has welcomed the removal of Nigeria from the Financial Action Task Force (FATF) grey list, describing it as a major milestone in the nation’s economic reform and global credibility drive.

The FATF, the world’s foremost body for combating money laundering, terrorist financing, and proliferation financing, announced Nigeria’s delisting on Friday at its plenary session in Paris, France.

The decision formally removes Nigeria from the list of countries under increased monitoring, following the nation’s successful completion of its FATF Action Plan after over two years of sustained reforms and inter-agency coordination.

In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu said the development reflects Nigeria’s progress in strengthening its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.

“Rather than treat our placement on the grey list in 2023 as a setback, we saw it as a call to action,” the President said. “This delisting is a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”

The President credited the achievement to far-reaching legal, institutional, and operational reforms implemented under his administration through the Nigerian Financial Intelligence Unit (NFIU), in collaboration with the Attorney-General of the Federation, the Minister of Finance and Coordinating Minister of the Economy, and other key ministries.

Tinubu commended the Director/CEO of the NFIU, Ms. Hafsat Abubakar Bakari, and her team for their diligence and professionalism, as well as the contributions of several ministries, agencies, and private sector representatives who participated in the National Task Force on AML/CFT.

He also acknowledged the support of international partners including France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission, for their technical assistance throughout Nigeria’s reform process.

President Tinubu assured that his administration will sustain and deepen the reforms that led to the country’s delisting.

“This is not just a technical accomplishment,” he said. “It marks the beginning of a new chapter in our financial reform agenda as we continue building a system Nigerians and the world can trust.”

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