Business

Nigeria formally Accepts WTO’s Agreement on Fisheries Subsidies

Published

3 years ago

June 13, 2023

445 Views

Nigeria has deposited its instrument of acceptance for the World Trade Organisation’s ((WTO) Agreement on Fisheries Subsidies.

The Agreement prohibits support for illegal, unreported and unregulated (IUU) fishing, bans support for fishing overfished stocks, and ends subsidies for fishing on the unregulated high seas.

Ambassador Adamu Mohammed Abdulhamid presented Nigeria’s instrument of acceptance to WTO Director-General, Ngozi Okonjo-Iweala in Geneva, Switzerland, yesterday.

Ambassador Abdulhamid said: “The Agreement on Fisheries Subsidies presents a unique opportunity for Nigeria to promote sustainable use of ocean resources for economic growth and the improvement of livelihoods while preserving the health of ocean ecosystem, believing that the Agreement shall put a stop to all harmful fisheries subsidies such as illegal, unreported, and unregulated fishing activities by all WTO members.”

“By this instrument of acceptance, Nigeria reassures its commitment to a rule-based multilateral trading system by guaranteeing its compliance with the Agreement as well as refraining from introducing any new subsidies that harm the marine environment while recognizing the need for appropriate and effective special and differential treatment for developing and least developed countries which can be achieved through adequate policy space to develop its fisheries sector and technical assistance and capacity building in order to implement the discipline.

Nigeria calls on other WTO members who are yet to ratify this agreement to do so as soon as possible so as to contribute to our global effort of preservation of the global fish stocks,” he said.

DG Okonjo-Iweala said: “I am profoundly grateful to Nigeria for formally accepting the WTO Agreement on Fisheries Subsidies.
I am proud to see the country’s continued commitment to sustainable development and its vote of confidence in the work of the WTO.
Nigeria’s acceptance adds to our growing tally of members that have accepted the Agreement — we have received about one-third of the total that we need for the Agreement to enter into force.

I hope that Nigeria’s action serves as an inspiration to other governments in Africa and the rest of the world to move swiftly to implement the Agreement and foster global cooperation for the benefit of our shared future.”

Nigeria is the fifth-largest African fishing nation and is estimated to lose about USD70 million each year to illegal, unreported, and unregulated fishing.
The sector accounts for as much as 5 per cent of Nigeria’s GDP and supports the livelihood of about 24 million people.

Business

Naira Exchange Rates To Foreign Currencies, Friday 26,June 2026

Published

2 hours ago

June 26, 2026

OCHEFA

11 Views

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,380. 11

GREAT BRITISH POUND (GBP) ₦1,818.34

EURO (EUR) ₦1,566.84

SWISS FRANC (CHF) ₦1,698.80

JAPANESE YEN (JPN) ₦8.53

CHINESE YUAN (CNY) ₦202. 99

WEST AFRICAN CFA (XOF) ₦2.39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,866. 38

SAUDI RIYAL (SAR) ₦367.54

SOUTH AFRICAN RAND (ZAR) ₦83.65

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 392 Sell ₦1, 395

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Business

Naira Exchange Rates Thursday 25 June 2026

Published

1 day ago

June 25, 2026

OCHEFA

33 Views

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,380.08

GREAT BRITISH POUND (GBP) ₦1,815. 63

EURO (EUR) ₦1,566.63

SWISS FRANC (CHF) ₦1,696.05

JAPANESE YEN (JPN) ₦8.53

CHINESE YUAN (CNY) ₦202.62

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858. 54

SAUDI RIYAL (SAR) ₦367.58

SOUTH AFRICAN RAND (ZAR) ₦82. 91

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 390 Sell ₦1, 395

GREAT BRITISH POUND (GBP) Buy ₦1,845 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Business

Dangote Refinery Dismisses Claims of Fuel Re-Importation from Togo

Published

2 days ago

June 24, 2026

Charles Flames

49 Views

Dangote Petroleum Refinery has strongly rejected allegations that its refined petroleum products are exported to Lomé, Togo, and later re-imported into Nigeria.

In a statement issued on Tuesday, the refinery described the claims as “a web of falsehoods,” “baseless,” and “unsubstantiated,” arguing they lack commercial logic and contradict its core business objectives of boosting local production and achieving energy self-sufficiency.

The refinery emphasized that its sales contracts and tender terms explicitly prohibit buyers from reselling or re-importing the products back into Nigeria. It further noted that available trade data and the high costs of round-trip shipping (estimated at US$68–90 per ton) make such a scheme economically unviable.

The allegations surfaced amid reports suggesting that a significant portion of Nigeria’s seaborne fuel imports between March and May 2026 originated from Dangote products rerouted through the offshore ship-to-ship trading hub in Lomé.

Some marketers claimed pricing differences made it cheaper to buy from foreign traders via Togo.

Dangote Refinery dismissed these assertions, insisting there is no evidence to support them and reaffirming its commitment to supplying high-quality fuels directly to the Nigerian market at competitive prices.

The development highlights ongoing tensions as the refinery continues to reduce Nigeria’s reliance on fuel imports.