Business
Oyetola Assures Fast Completion of Bakassi Deep Seaport
Oyetola noted that once the deep seaport comes up, it would place Nigeria as the hub of trans-shipment in the African region.
Minister of Marine and Blue Economy, Adegboyega Oyetola, has assured Cross River State Governor, Bassey Otu, that he would not allow bureaucracies to slow down the actualisation of the Bakassi Deep Seaport project.
In a post via his X handle on Wednesday, an aide to the minister, Ismail Omipidan, quoted the minister to have given the assurance when he received the governor on a courtesy visit to his office.
Oyetola noted that the natural depth of the seaport, which the Cross River Government put between 17 to 21 meters deep, would reduce the cost of capital dredging.
Oyetola noted that once the deep seaport comes up, it would place Nigeria as the hub of trans-shipment in the African region.
Because of the low drought of our major seaports, most large containers that are meant for Nigeria are diverted to other African countries.
So, I see the project as a welcome development and I assure you that we would drive the project as fast as you want, and I assure you, bureaucracy will not have a way here,” the minister added.
On his part, Otu said he was at the ministry to seek the collaboration of the minister to see to the fruition of the Bakassi Deep seaport Project, under a public-private partnership model.
He noted that the project was part of the state’s strategic integrated infrastructure plan to promote and facilitate trade around that corridor, to stimulate the state economy in particular and that of Nigeria in general.
While commending the minister for laying a solid foundation in the ministry, the governor noted that with the private sector background of the minister, he was not in doubt about the success of the Bakassi Deep Seaport Project
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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