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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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Nigeria, UK Move to Close £1.2bn Trade Data Gap with Digital Customs Pact

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Nigeria and the United Kingdom have agreed to deepen customs cooperation through a new digital data-sharing framework aimed at resolving a £1.2 billion discrepancy in bilateral trade figures, a longstanding issue affecting transparency and efficiency between both economies.

The agreement was reached during a high-level meeting in London on March 18, 2026, held on the sidelines of President Bola Tinubu’s state visit under the Nigeria–UK Enhanced Trade and Investment Partnership (ETIP).

According to the Nigeria Customs Service (NCS), the talks brought together Comptroller-General Adewale Adeniyi and Ms. Megan Shaw, Head of International Customs and Border Engagement at His Majesty’s Revenue and Customs (HMRC), with discussions focused on customs modernisation, trade data transparency, and operational collaboration.

At the centre of the engagement is a significant mismatch in trade statistics. Nigeria recorded about £504 million worth of imports from the UK in 2024, while UK data shows exports to Nigeria at approximately £1.7 billion over the same period — leaving a gap of roughly £1.2 billion.

Both sides described the discrepancy as structural and agreed on coordinated measures to address it. Chief among these is the proposed implementation of a pre-arrival data exchange system, which will connect digital customs platforms in both countries to improve data accuracy, strengthen risk management, and enhance compliance monitoring.

Adeniyi emphasised that stronger customs collaboration is vital for economic growth and sustainable trade, noting that customs authorities play a key role in ensuring secure and transparent cross-border trade flows.

The meeting also highlighted advancements in customs technology, with the UK showcasing artificial intelligence-driven tools, digital verification systems, and real-time analytics designed to improve cargo processing, risk assessment, and border security.

In addition to addressing the data gap, both countries agreed on several strategic initiatives, including the development of a Customs Mutual Administrative Assistance Framework, technical cooperation on capacity building, and the establishment of a joint engagement mechanism under ETIP.

The NCS said the outcomes of the meeting would enhance operational efficiency, boost trade facilitation, and support Nigeria’s broader economic reform agenda, positioning the country for improved competitiveness in global trade.

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Nigeria’s “Shockproof” Economy: Cardoso Signals New Era of Stability to London Investors

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CBN Governor, Yemi Cardoso
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Central Bank of Nigeria (CBN) Governor Olayemi Cardoso issued a bullish assessment of the nation’s financial health yesterday, declaring that aggressive institutional reforms and disciplined monetary policy have built a “stronger capacity” to withstand global economic volatility.

Speaking at the Africa Capital Forum—held on the sidelines of President Bola Ahmed Tinubu’s state visit to the United Kingdom—Cardoso painted a picture of a Nigerian economy transitioning from a period of emergency stabilization to one of sustained investment.

A Fortress Against Volatility

The Governor’s address focused heavily on the “de-risking” of the Nigerian financial system. By emphasizing a shift toward a predictable policy framework, Cardoso aimed to reassure international stakeholders that the days of opaque, discretionary decision-making are ending.

“We are reviewing our policies with a view to developing meaningful policies and establishing a predictable policy framework to minimise discretion,” Cardoso stated, noting that consistency is the primary tool for reducing investor uncertainty.

The Governor highlighted several critical milestones achieved under the current administration’s reform agenda:

Banking Recapitalization: The CBN reported that over 30 banks have already met new capital requirements.

Notably, 28% of the newly raised funds originated from foreign investors—a metric Cardoso cited as a clear vote of international confidence.

FX Transparency: A new foreign exchange manual has been deployed, stripping away previous restrictions to boost liquidity and simplify operations for multinational businesses.

Remittance Surge: Increased diaspora remittances have bolstered foreign exchange reserves, providing a crucial buffer against external shocks.

Fiscal-Monetary Synergy: In a departure from previous friction, Cardoso noted that the inclusion of fiscal authorities on the CBN Board and the Monetary Policy Committee (MPC) has synchronized the nation’s broader economic strategy.

The Digital Frontier: “Vision for Nigeria”

Looking ahead, the Governor announced the completion of a new Payments System Vision. This initiative aims to cement Nigeria’s status as the continental leader in digital payments and cross-border transactions, specifically targeting the removal of regulatory hurdles for the nation’s burgeoning fintech sector.

 

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Tinubu Swears in Taiwo Oyedele as Minister of State for Finance

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President Bola Ahmed Tinubu and Taiwo Oyedele
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President Bola Ahmed Tinubu on Monday swore in Taiwo Oyedele as Minister of State for Finance, praising his experience, dedication, and professionalism in public service.

Speaking shortly after the brief ceremony at the Presidential Villa in Abuja, the president described the appointment as a vote of confidence in Oyedele’s competence and commitment to national development.

Tinubu commended the new minister for his role in coordinating the work of the Presidential Committee on Fiscal Policy and Tax Reforms, noting that his expertise and deep knowledge of tax policy had been instrumental in shaping reforms aimed at simplifying Nigeria’s tax system, expanding the revenue base, and improving the business environment.

“We are very proud of your knowledge, your simplicity, ambition, and excellence,” the president said, while also acknowledging the support of Oyedele’s wife, whom he praised for standing by him despite the demands of public service.

Tinubu said Oyedele’s dedication, patience, and determination to serve the country made him well suited for the role, adding that the position carries significant responsibility at a time when Nigeria is pursuing economic stability and growth.

According to the president, the new minister’s efforts in reforming Nigeria’s tax framework have helped address policies he described as outdated and inconsistent with progressive economic thinking.

Oyedele, who hails from Ikaram in Akoko area of Ondo State, is an economist, accountant, and public policy expert.

He obtained a Higher National Diploma in Accountancy and Finance from Yaba College of Technology and later earned a Bachelor of Science degree in Applied Accounting from Oxford Brookes University.

He has also completed executive education programmes at London School of Economics, Yale University, Gordon Institute of Business Science, and Harvard Kennedy School.

Before his appointment, Oyedele spent 22 years at PricewaterhouseCoopers, where he joined in 2001 and rose to become Fiscal Policy Partner and Africa Tax Leader.

He also serves as a professor at Babcock University in Ogun State and as a visiting scholar at Lagos Business School.

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