Connect with us

Business

Nigeria formally Accepts WTO’s Agreement on Fisheries Subsidies

Published

on

426 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

FG Plans to Extend Lagos Rail Line to Murtala Muhammed Airport Terminals

Keyamo noted that Lagos accounts for 67 per mcent of passenger traffic through Nigeria’s airports.

Published

on

By

17 Views

The Minister of Aviation and Aerospace Development, Festus Keyamo, announced at the ongoing Invest in Lagos 3.0 summit, that the federal government has concluded arrangements to extend the existing Lagos rail network to the domestic and international terminals of the Murtala Muhammed Airport (MMA).

The move is aimed at improving connectivity and strengthening Lagos’ position as an aviation hub in Africa.

He said discussions between his ministry and the state government are ongoing.

The extension will link the rail line that currently terminates at Ikeja Bus Stop to the airport.

According to Keyamo, the line will pass through the General Aviation Terminal (GAT), continue to the Murtala Muhammed Airport Terminal Two (MMA2) operated by Bi-Courtney Aviation Services Limited (BASL), and end at the international terminal.

“That rail line is about to start. It is the extension of the rail line. So, Lagos is just ready for the next big step in terms of its aviation activities,” the minister said.

The project is expected to ease access to Nigeria’s busiest airport. It also supports the government’s ambition to position Lagos as a major aviation and logistics hub on the continent.

The proposed link will complement Lagos’ expanding rail network.

Last month, the Lagos State Government said the Blue Line carried about 3.5 million passengers in 2025, with daily ridership rising to 15,000 commuters. Work continues on its extension to Okokomaiko and expansion of services on the Red Line.

Keyamo noted that Lagos accounts for 67 percent of passenger traffic through Nigeria’s airports.

He argued that the state’s location gives it a natural advantage to compete with established aviation hubs.

“Just six hours across the Atlantic, you will get to South America from the Lagos airport. Six hours down, you will get to Southern Africa. Six hours to the Middle East, you will get to Dubai or Qatar. Six hours up, you will get to Europe, either France or London.

That is the equidistant advantage that Lagos provides as a hub for the whole of Africa. We will soon catch up with hubs like Addis Ababa and Lome,” he said.

The minister also highlighted ongoing investments in airport infrastructure under President Bola Tinubu’s administration.

He said about $500 million has been committed to reconstructing and modernising the international terminal at Lagos airport.

The investment will transform the ageing facility into a modern airport capable of handling growing passenger and cargo traffic.

Keyamo added that the federal government has expanded Nigeria’s international airport network. Victor Attah International Airport in Uyo and Maiduguri International Airport have been designated as international airports, bringing the total to seven.

He said the resolution of the long-running dispute between BASL and the federal government shows the administration’s commitment to creating an enabling environment for private sector participation in aviation.

He urged local and foreign investors to explore opportunities in the sector, including the proposed airport project in the Lekki-Epe corridor promoted by the Lagos State Government.If implemented, the airport rail extension will provide direct rail access to the country’s busiest aviation gateway.

It will complement ongoing investments in Lagos’ mass transit system and support broader efforts to improve mobility in Nigeria’s commercial capital.

Continue Reading

Business

Exchange Rates Today, Wednesday 10 June, 2026

Black Market Rates
US Dollar (USD) Buy ₦1,390 Sell ₦1,400
Great British Pound (GBP) Buy ₦1,855 Sell: ₦1, 875
EURO (EUR) Buy ₦1,000 Sell ₦1, 100

Published

on

By

16 Views

Official CBN Exchange Rates

US Dollar (USD) ₦1,360.55

Great British Pound (GBP) ₦1,823. 00

EURO (EUR) ₦1,873.61

SWISS FRANC (CHF) ₦1,709. 02

JAPANESE YEN (JPN) ₦8.49

CHINESE YUAN (CNY) ₦200.92

West African CFA (XOF) ₦2.40

West African Unit Account (WAUA) ₦1,856. 66

SAUDI RIYAL (SAR) ₦362. 38

SOUTH AFRICAN RAND (ZAR) ₦82.71

Black Market Rates

US Dollar (USD) Buy ₦1,390 Sell ₦1,400

Great British Pound (GBP) Buy ₦1,855 Sell: ₦1, 875

EURO (EUR) Buy ₦1,000 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 ₦100 Sell ₦115

West African CFA Buy ₦2,450 Sell ₦2,550

Central African CFA Buy ₦2,320 Sell 2400

Australian Dollar Buy ₦800 Sell ₦900

Credit: CBN I Aboki Forex

Continue Reading

Business

Invest in Lagos 3.0 Summit Attracts more than 600 delegates

Ohibaba.com reports that the summit, themed “Lagos: The Business Gateway to Africa,” featured presentations from representatives of the Presidency and the governors of Lagos, Imo, Abia, Plateau, Taraba and Nasarawa states.

Published

on

By

25 Views

Representatives of government and private sector delegates at the summit

Invest in Lagos 3.0 Summit attracted more than 600 delegates—including global institutions, sovereign wealth funds, development finance institutions and trade networks.

Ohibaba.com reports that the summit, themed “Lagos: The Business Gateway to Africa,” featured presentations from representatives of the Presidency and the governors of Lagos, Imo, Abia, Plateau, Taraba and Nasarawa states.

The host governor, Babajide Sanwo-Olu, called for increased private sector investment in rail transport, energy, agriculture, agro-processing and water infrastructure.

He said that addressing transportation challenges would unlock Lagos’ economic potential, reduce travel time, boost productivity and improve returns on investment.

Minister of Finance, Dr. Taiwo Oyedele, assured investors of the Federal Government’s commitment to creating a conducive business environment through ongoing fiscal reforms. He said the new tax law has eliminated multiple taxation, improved compliance and provided relief for small and medium enterprises.

Oyedele added that stamp duty collection has been transferred to state governments and commended states that have adopted harmonised tax systems.

Continue Reading

Trending