Business

New Ministry: Nigeria To Benefit From $1.5trn Global Blue Economy Annually

Published

2 years ago

August 19, 2023

Socio-cultural group, Ohanaeze Youths, has said that the nation will benefit from the blue economy estimated to be worth more than $1.5 trillion per year globally, with the creation of Marine and Blue Economy Ministry by President Bola Ahmed Tinubu.

The group, in a statement jointly signed by its leaders, Nwabueze Obi and Ekwem Eucharia, also said that the President made the right choice in appointing Hon. Olubunmi Tunji-Ojo as the Minister to man the affairs of the new Ministry.

The group expressed optimism that with Tunji-Ojo in charge of the ministry, the annual revenue losses occasioned by Nigeria’s inability to substantially harness its ocean resources will be a thing of the past.

The statement reads: “Nigeria will benefit from $1.5 trillion world Blue Economy with the creation of Marine and Blue Economy Ministry by President Bola Ahmed Tinubu.

“Blue economy is marine-based economic developmental process which leads to improved well-being through sound management of marine resources, fisheries, aquaculture, tourism, transportation, and maritime and inland ports.

“However, despite the massive resources in the blue economy which involve marine transportation and exploitation of living and non-living resources in the maritime environment, it has been revealed that Nigeria’s maritime sector is losing trillions annually due to its inability to exploit this resource base.

“Stakeholders have argued that harnessing the ocean blue economy would help to reduce African poverty and enhance food and energy security, employment, exports and economic growth.

“For instance, in 2009, exports from Nigeria were $80.1 billion and N49 billion as the goods were carried on Freight on Board (FoB), whereas imports to Nigeria stood at $942.3 billion and 33.9 billion and these were carried on Cost insurance and Freight (CIF).

“Evidently, the economy lost the maritime insurance and freight elements of both our export and import trade worth $122.4 billion in 2008 and $82.9 billion in 2009.

“We commend President Tinubu for finally creating this long overdue ministry, this will also create jobs for our youths.”

Business

Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

Published

15 hours ago

January 6, 2026

Editor

The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.

Business

NNPCL Reduces Fuel Price Again

Published

1 day ago

January 5, 2026

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has again reduced its premium motor spirit price.

In Abuja, on Monday morning, it was gathered that NNPCL retail outlets have reduced their fuel price to N815 per liter, down from N835.

This means that the NNPCL filling stations cut their price by N20.

The fresh price has been implemented at NNPCL filling stations in Wuse Zone 6 and 4 Abuja, Keffi-Abuja Road, and Kubwa Expressway.

An NNPCL filling station attendant, who preferred anonymity, told DAILY POST that the new price was implemented on Sunday evening.

However, the N815 per liter is N79 higher than the N739 per liter sold at Dangote Refinery’s backed MRS filling stations nationwide.

DAILY POST recalls that NNPCL on December 19, 2025, cut its price of petrol by N80 to N835 amid a price war among players in the country’s oil downstream sector triggered by Dangote Refinery’s gantry price reduction to N699 per liter.

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

1 week ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.