Business
US lifts 12-year entry restriction on Nigerian vessels
Vessels transit the Strait of Hormuz off Bandar Abbas in southern Iran on August 10, 2026. The US President signalled on August 9 that he was prepared to let economic pressure mount against Iran, apparently backing away from more military strikes after Tehran issued a list of demands for opening the Strait of Hormuz. His remarks came after Iran issued over the weekend a list of conditions to reopen the Strait of Hormuz, which has remained largely closed since the start of the Middle East war in late February. (Photo by ATTA KENARE / AFP) /
By Godwin Oritse
The United States Coast Guard (USCG) has lifted the Condition of Entry (CoE) imposed on vessels arriving in the United States from Nigeria, ending a 12-year regime of enhanced security requirements on ships calling at Nigerian ports.
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, announced the development, describing it as a major milestone in Nigeria’s efforts to strengthen maritime security, improve port competitiveness and enhance the country’s standing in the global maritime industry.
The CoE, which took effect on June 25, 2014, required vessels destined for the United States that had called at designated Nigerian ports within their previous five port calls to undergo additional security measures and enhanced scrutiny before entering U.S. waters.
Oyetola attributed the lifting of the restriction to sustained efforts by the Federal Ministry of Marine and Blue Economy, through the Nigerian Maritime Administration and Safety Agency (NIMASA), in collaboration with government agencies, port and terminal operators, shipping companies and other stakeholders.
He said the efforts focused on strengthening Nigeria’s maritime security framework, addressing identified gaps and ensuring compliance with internationally accepted security standards.
Over the past two years, the USCG conducted four comprehensive assessments of Nigeria’s national maritime security framework and port facilities. The assessments were carried out in March and April 2024, March 2025 and April 2026.
According to the Minister, the assessments demonstrated significant progress in Nigeria’s maritime security performance and implementation of the International Ship and Port Facility Security (ISPS) Code, ultimately leading to the lifting of the restriction.
“The lifting of the Condition of Entry is a major milestone for Nigeria’s maritime sector. It is a strong affirmation of the progress we have made in strengthening maritime security and implementing the ISPS Code across our ports and facilities,” Oyetola said.
“We are committed to sustaining this momentum and ensuring that Nigeria remains a safe, secure and competitive destination for international shipping.”
The Minister commended the NIMASA Director-General, Dr. Dayo Mobereola, and his team, saying the development demonstrated the impact of effective regulation, stakeholder collaboration and sustained investment in maritime security.
Business
Lagos gets 360MW boost as FG upgrades four substations
By Obas Esiedesa & Mariam Eko
The Federal Government (FG) has commissioned the upgraded transmission facilities in four major substations in Lagos, adding about 360 megawatts (MW) of transmission capacity to boost electricity supply across the state.
The projects at Ijora, Apapa Road, Alausa and Lekki substations are expected to strengthen bulk power delivery to residential, commercial and industrial consumers within the networks of Eko and Ikeja Electricity Distribution Companies.
Speaking during the commissioning of the projects, Minister of Power, Joseph Tegbe, said the investments were aimed at removing transmission bottlenecks and improving electricity reliability.
“These infrastructures have been here for over 25 years. What we are doing is commissioning new power transformers in Apapa, Ijora, Alausa and Lekki transmission substations. This is important as it will increase our wheeling capacity and also improve our delivery to end-users,” he said.
At Ijora, two new 100MVA transformers raised installed capacity from 90MVA to 230MVA, adding about 112MW, while the Apapa Road substation received two 60MVA transformers and modern gas-insulated switchgear, increasing capacity from 60MVA to 180MVA and adding about 96MW.
At Alausa, an existing 30MVA transformer was replaced with a 100MVA unit, raising total capacity from 135MVA to 205MVA and adding about 56MW. The additional capacity has increased power allocation to Ikeja Electricity Distribution Company to 80MW.
At Lekki, TCN commissioned two by 60MVA transformers, one by 300MVA transformer and nine additional 33kV feeders. The intervention doubled transformation capacity at the 132/33kV level from 120MVA to 240MVA.
Tegbe said the Alausa intervention alone could serve about 70,000 households, representing approximately 180,000 people, while the Lekki project would benefit about 100,000 customers, representing an estimated 400,000 people.
TCN Managing Director, Sule Ahmed Abdulaziz, said the projects were supported by the World Bank and JICA, with Shanghai Electric involved in execution.
Business
Experts seek reforms to unlock poultry industry’s potential
By Kafayat kokumo
Experts have called for reforms, increased investment, innovation and stronger collaboration among stakeholders to unlock the full potential of Nigeria’s poultry industry, to enhance food security, job creation and economic growth.
Speaking recently at the Poultry Association of Nigeria (PAN), Lagos State Chapter summit themed, “Flocking to Growth: Transforming Nigerian Poultry Industry through Innovation and Investment,” Prof. Olutayo Adeyemi said Nigeria’s poultry industry remains one of the country’s most strategic agricultural sectors, with the South-West serving as the hub of poultry production in West Africa.
Adeyemi said advances in poultry genetics have significantly improved productivity, stressing that researchers, farmers, regulators, investors and government must work together to drive the industry’s growth.
He identified precision feed milling, genetics and breeding, broiler production, processing, cold-chain logistics, standard abattoirs and value addition as critical areas requiring investment, lamenting Nigeria’s limited processing capacity.
In his paper presentation titled,”Sustainable Poultry Production: Best Practices, Climate Change and Waste Management,” Dr. Mobolaji Alabi said agriculture contributed 23.1 per cent to Nigeria’s Gross Domestic Product (GDP) in the first quarter of the year, while Nigeria’s estimated poultry population of 300 million birds remains insufficient to meet future demand.
He urged poultry farmers to adopt precision management by accurately measuring feed, medication and bird weight to improve productivity and reduce antimicrobial resistance.
Business
NESG projects inflation to average 15.5% in H2’26
By Peter Egwuatu
The Nigerian Economic Summit Group (NESG) has projected Nigeria’s inflation to remain elevated during the remainder of 2026, averaging 15.5 percent in the second half 2026, H2’26, and for the entire year.
This projection is premised on persistent challenges including widespread insecurity in major farming communities, climate-related disruptions particularly flooding and high transportation costs arising from logistics challenges.
In its outlook for 2026, the NESG added that election-related spending, seasonal demand associated with the festive period, and relatively high energy costs could generate temporary cost-push inflationary pressures during H2-2026.
“Howevaer, these pressures could be partly offset by continued exchange rate stability, the lagged effects of tight monetary policy, and favourable base effects” it noted.
While reviewing the Nigeria’s economy in the first half 2026, H1’26, the NESG in its report titled “ Turning Potential into Progress,’ stated that the economy is expected to grow by 4.2 percent in 2026, citing improved performance in the oil, manufacturing, agricultural and services sectors.
The report stated: “Economic growth is expected to strengthen to 4.5 percent in the second half of 2026, bringing full-year gross domestic product (GDP) growth to approximately 4.2 percent’’.
NESG said the oil sector is expected to sustain its growth, supported by improved domestic crude oil production, reflecting better security conditions and the gradual implementation of upstream reforms.
The group said increased domestic refining activity would also strengthen industrial output, reduce dependence on imported refined petroleum products and improve Nigeria’s external position.
“Moreover, manufacturing activity is expected to sustain growth momentum as lower inflation, continued exchange rate stability, and improved foreign exchange liquidity ease production constraints and strengthen business confidence,” the NESG said.
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