FG Approves just $1bn for Modernisation of Apapa, TinCan Ports in Lagos.

The Federal Government has approved $1 billion (₦1.4 trillion) for the modernisation of Apapa and TinCan Island seaports in Lagos — Nigeria’s busiest commercial gateways.

Minister of Marine and Blue Economy, Adegboyega Oyetola, announced this on Wednesday at the Chartered Institute of Logistics and Transport (CILT) Nigeria Conference in Lagos. 

He said the project aims to enhance cargo handling, expand capacity, and align operations with global standards under the ministry’s 10-year marine and blue economy strategy.

“We are working closely with stakeholders to achieve a paperless, technology-driven port environment that enhances efficiency, reduces turnaround time, and curbs corruption,” Oyetola stated.

He added that similar port upgrades are being planned outside Lagos to ensure balanced development nationwide.

Though the government has not released full details or a timeline, reports earlier this year indicated that ITB Nigeria — owned by Lebanese-Nigerian businessman Gilbert Chagoury — had been awarded a $700 million contract for the Lagos port renovation, expected to begin in mid-2025. 

The project is to be financed through a Citibank loan backed by UK Export Finance, with additional support from Afreximbank.

APM Terminals, operators of the Apapa port and a subsidiary of Maersk, has also proposed a $500 million investment.

Oyetola noted that the ministry is fostering private sector participation through regulatory reforms, public-private partnerships, and incentives to drive innovation and job creation.

Lagos ports, despite high fees and ageing infrastructure, remain vital trade hubs for West Africa and continue to attract major global shipping companies.

Nigeria Emerges as Country With World’s 2nd-Largest Poor Population— Economist Yemi Kale.

Former Statistician-General of the National Bureau of Statistics (NBS), Yemi Kale, has revealed that about 89 million Nigerians representing 40 percent of the population live below the poverty line.

Kale, who now serves as Group Chief Economist and Managing Director of Research and Trade Intelligence at Afreximbank, made the disclosure at The Platform Nigeria’s Independence Day event themed “Rebuilding Our Nation.”

According to him, Nigeria ranks as the country with the second-highest number of poor people in the world, after India. “To grasp the magnitude of this number, fewer than 20 of the world’s 195 recognised countries even have a population larger than Nigeria’s estimated number of poor,” he said.

Kale attributed the situation to policy missteps and delays in implementing critical reforms, despite warning signs over a decade ago. He argued that earlier action could have reduced the fiscal and inflationary pressures households and businesses currently face. He also criticised prolonged monetary and exchange rate distortions, which he said eroded investor confidence and choked economic growth.

Commenting on the government’s recent reforms, Kale admitted they are harsh and painful but insisted they are unavoidable. “There is really no credible alternative. Consistent and integrity-driven execution of the reforms will turn Nigeria’s potential into real, broadly shared prosperity, impacting daily lives beyond statistics and speeches,” he said.

He stressed that reforms must be humane, well-sequenced, and supported with strong social protections to ease the burden on citizens. “The challenge is to ensure that the path of reform is as painless and socially just as possible,” he added.

Kale concluded that the government’s responsibility is not to avoid reforms which he described as inevitable but to sustain them while urgently strengthening welfare systems, ensuring the transformation benefits all Nigerians.

Headline:
Tinubu: We’ve Upgraded 8,800 Health Centres, Spent N45.9bn; Over 100,000 Nigerians Benefit from Credit Scheme
President Bola Tinubu announced that his administration has spent N45.9 billion to upgrade 8,800 primary healthcare centres, improving maternal care and diagnostics in underserved communities, though specific locations weren’t mentioned.

Speaking at the 32nd Afreximbank Annual Meetings in Abuja, Tinubu also revealed that over 100,000 Nigerians have so far benefited from the national consumer credit scheme, with 400,000 more set to join in the next phase to boost small businesses and financial inclusion.

He highlighted achievements in infrastructure, including completion of 279 roads, construction of major highways like the Lagos–Calabar Coastal Highway and Abuja–Kaduna–Kano Road, and expansion of rural roads.

Nigeria has reportedly received over $52 billion from Afreximbank, supporting projects in energy, health, manufacturing, and creative industries, such as the Dangote Refinery and the Africa Medical Centre of Excellence.

Tinubu confirmed Nigeria’s approval of the Pan-African Payment and Settlement System (PAPSS) and announced the launch of the Africa Energy Bank in Abuja with $5 billion capital to support clean energy transition.

He praised Afreximbank President Prof. Benedict Oramah for growing the bank’s assets from $5 billion to $37 billion, and commended the institution’s role in Africa’s pandemic response, trade integration, and SME development.
#Tinubu #Fubara #Wike #Amaewhule #RiversStateCrisis #TinubuPeaceTalks #HealthcareNigeria

On The Sideline Of AFREXIMBANK Annual Meeting, First Lady Hosts Spouses Of African Heads Of State.

First Lady Oluremi Tinubu hosted African First Ladies at a cultural event at Nike Art Gallery Abuja, highlighting Nigerian art and fashion.

Wife of the President, Senator Oluremi Tinubu, has hosted visiting African First Ladies on the sideline of the 32nd Annual Meeting of the AFREXIM Bank.

She applauded the potential of arts to strengthen the bond of unity on the continent.

The First Lady spoke on Friday at the Spouses Program hosted at the Nike Art Gallery in Abuja.

At the event which featured dance, fashion show and art exhibition, Mrs Tinubu said the nation-s diverse culture, tribe and tradition is one of its many strengths.

She expressed her pride to show her guests, including the First Ladies of Malawi and Gabon, Wife of the Vice President of Tanzania and representative of Egypt around one of Africa’s foremost art galleries, Nike Art Gallery.

Mrs Tinubu also led them on an excursion around Nigerian designer stalls to sightsee and shop

Though relaxed, the crux of the reception is not so far removed from the main agenda of the AFREXIMBANK Annual Meeting.

They All Rush To China To Borrow $20 Billion” – Obasanjo Reveals Why Nigeria, Other African Nations Are Not Developing.

Former President of Nigeria, Chief Olusegun Obasanjo, has stated that the country, like many other African nations, is hindered in its development due to its over-reliance on foreign assistance.
Obasanjo, who blamed the leaders of the country for the over-reliance, said there is no way African nations can develop if they are unable to think inwardly and develop their own resources.

Speaking on Friday at the 32nd Annual Meeting of Afreximbank in Abuja, Obasanjo said nations like Nigeria, Egypt, Ethiopia, the Democratic Republic of Congo, and South Africa, ought to be leading the continent’s development charge given their demographic, resource, or economic strengths but all of them have fallen below expectation.

While he singled out Egypt for commendable efforts, the former Nigerian leader said over the last three decades, most African nations have taken two steps forward and one step back.

Obasanjo Urges Stronger African Economies to Lead as Growth Stalls Across the Continent.

Obasanjo has warned that Africa’s major economies must grow first before weaker states can achieve shared prosperity.

Former President Olusegun Obasanjo, on Thursday said African countries must collaborate to realise their economic aspirations, noting that growth had retarded in the continent in recent times.

He spoke at the 2025 Annual Meetings of Afreximbank, with the theme, “Building the Future on Decades of Resilience”, in Abuja.

Obasanjo said for Africa to achieve economic prosperity, its leading economies including Nigeria, Egypt, Ethiopia, Democratic Republic of Congo (DRC) and South Africa among others, must first grow as expected before helping weaker economies such as Morocco, Kenya and Senegal to grow.


He alluded to the fact that economic prosperity cannot be realised in isolation – as stronger economies needed to pull the weaker ones along to achieve an all-round growth that will be inclusive.

But he expressed worry that the so-called major economies have themselves experienced slower growth, talk of assisting smaller countries.

Referring to them as “lions and cubs”, the former president said stronger and weaker nations must work together to clear economic obstacles and trade with one another.

Yet, he declared that there are “country’s that must make it (grow) for Africa to make it together.”