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
Business
BUA Foods target expansion into noodles industry
Rabiu described the expansion programme as a strategic investment in Nigeria’s industrial future, emphasising that the company’s growth ambitions are driven by a commitment to national development rather than scale alone.
Chairman of the Board of Directors of BUA Group, Abdul Samad Rabiu disclosed that it’s food arm – BUA Foods is going into new sectors such as instant noodles because “we see it as a very important sector because of its affordability and its accessibility.”
Rabiu made the disclosure in Abuja on Thursday during the 5th Annual General Meeting of BUA Foods.
He also disclosed that as part of efforts to boost food sufficiency, “we are doubling our wheat milling capacity from over a million to over two million, wheat per annum. And that is huge.”
“We are also tripling the capacity of our edible oil business. In fact, we are setting up a brand new oil mill in Port Harcourt.
Rabiu described the expansion programme as a strategic investment in Nigeria’s industrial future, emphasising that the company’s growth ambitions are driven by a commitment to national development rather than scale alone.
“Our ambition has never been to become bigger simply for the sake of size. We are building scale because Nigeria needs strong indigenous companies capable of competing at the highest level, investing for the long term and creating lasting value,” he said.
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Business
IEA ratifies Nigeria as an Association Country
In response, Nigeria’s Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, said : “I am elated with the decision of the IEA Members to officially welcome Nigeria to the IEA Family as an Association country;
Photo: Nigerian Minister of State for Petroleum Resources ( Gas) Ekperikpe Ekpo (left) and the IEA Executive Director Fatih Birol, at the event. Credit: IEA
The Governing Board of the International Energy Agency (IEA) has unanimously agreed for Nigeria to join the IEA Family as an Association country.
“I am thrilled that Nigeria is joining the IEA – it is Africa’s most populous country and a major international energy player. Nigeria becoming part of the world’s energy authority marks a milestone for global energy governance. I am very thankful to President Tinubu and Minister Ekpo for their trust in the IEA,” said IEA Executive Director Fatih Birol.
Emphasising that Nigeria is home to over 240 million people and one of Africa’s largest economies, Faith Birol acknowledged that Nigeria is a major producer of oil and natural gas and is one of the continent’s most dynamic renewable energy markets.
“As Nigeria works to strengthen energy security, support economic growth and expand energy access, deeper cooperation with the IEA will bring important benefits for both sides. We look forward to building on our already strong partnership and welcoming Nigeria to the IEA, ” he said
In response, Nigeria’s Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, said : “I am elated with the decision of the IEA Members to officially welcome Nigeria to the IEA Family as an Association country;
“It is an honour for Nigeria to join this leading energy agency and I will take this opportunity to encourage the African continent to embrace the IEA, as we all work together to achieve key development goals including universal energy access and industrialisation.”
The IEA Governing Board’s decision builds on a strong history of engagement and collaboration between Nigeria and the IEA since 2014.
In September 2025, the IEA, Nigeria’s Minister of Petroleum Resources and the African Energy Commission (AFREC) jointly convened a Regional Roundtable on “Turning Methane Pledges into Action” in Abuja, bringing together energy stakeholders from across the region to advance efforts to reduce methane emissions from the energy sector.
As an Association country, Nigeria and the IEA will work more closely across a wide range of energy issues, including on the Agency’s engagement in sub-Saharan Africa.
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