Business
Nigeria formally Accepts WTO’s Agreement on Fisheries Subsidies
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.
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Business
Okereke-Onyuike Hails CIS First Female President, Ahimie
Okereke-Onyuike commended the CIS for demonstrating confidence in the leadership capacity of women and for taking a bold step towards strengthening gender balance in the profession.
Photo: Okereke-Onyuike
Former Director-General of The Nigerian Stock Exchange (now NGX), Professor Ndi Okereke-Onyuike, has described the emergence of Dr Fiona Ahimie as the first female and 14th President and Chairman of Council of the Chartered Institute of Stockbrokers (CIS) as a historic breakthrough for gender inclusion and leadership within Nigeria’s capital market.
Professor Okereke-Onyuike made the remarks when she hosted Ahimie and a high-powered delegation from the Institute on a courtesy visit ahead of the President-Elect’s inauguration scheduled for June 25, 2026.
During the visit, Ahimie formally invited Professor Okereke-Onyuike to attend the historic event.
Welcoming the delegation, Professor Okereke-Onyuike expressed delight at the election of Dr Ahimie, noting that her emergence represents a defining moment in the 30-year history of the Institute and a significant milestone for women in the financial services sector.
Okereke-Onyuike commended the CIS for demonstrating confidence in the leadership capacity of women and for taking a bold step towards strengthening gender balance in the profession.
Oil prices tumbled sharply on Monday as reports of advancing diplomatic talks between the United States and Iran eased fears of supply disruptions in the Middle East, a key global crude production hub.
Brent crude futures fell more than 4% in early trading, dropping below $78 per barrel, while West Texas Intermediate (WTI) crude lost over $3, trading around $74. The decline marks the steepest one-day drop in several weeks.
Market analysts attributed the sell-off to optimism surrounding indirect negotiations between Washington and Tehran aimed at reviving elements of the 2015 nuclear deal. Sources familiar with the discussions indicated that both sides have shown flexibility on key issues, including sanctions relief in exchange for limits on Iran’s uranium enrichment program.
“Geopolitical risk premium that had been built into oil prices is evaporating fast,” said Sarah Thompson, senior commodities analyst at Global Energy Insights. “Any de-escalation in US-Iran tensions typically leads to a swift market reaction, as investors price in the potential return of Iranian barrels to the international market.”
Iran, which holds some of the world’s largest proven oil reserves, has been largely cut off from global markets due to stringent U.S. sanctions. A successful diplomatic breakthrough could add hundreds of thousands of barrels per day to global supply within months, according to industry estimates.
The price drop comes amid other supportive factors for lower energy costs, including strong U.S. production levels and signs of moderating demand growth in China. However, some traders cautioned that the talks remain fragile and any setback could quickly reverse the gains.
White House officials declined to comment on specifics but reiterated the administration’s commitment to preventing Iran from developing nuclear weapons through diplomacy when possible.
Energy markets will closely watch developments in the coming days, with the next round of discussions expected to take place in a European capital.
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