Business
CONMMEP Cautions Minister Oyetola on NNSL Rebuilding Initiative*
*CONMMEP Cautions Minister Oyetola on NNSL Rebuilding Initiative*
The Congress Of Nigerian Maritime Media Practitioners (CONMMEP), has issued a cautionary statement to the Honourable Minister of Marine and Blue Economy, Gboyega Oyetola, urging him to avoid the pitfalls observed in Hadi A. Sirika’s failed bid to resucitate the defunct Nigeria Airways in the implementation of the Blue Economy initiative.
In a comprehensive analysis following the Minister’s recent public speech at the just concluded Stakeholders’ Roundtable on Advancing Sustainable Development in Nigeria’s Marine and Blue Economy in Lagos and specifically on the rebuilding of the Nigeria National Shipping Line (NNSL), CONMMEP expresses apprehensions over lack of specificity in the government’s plan, particularly in capturing the $10 billion ship charter market.
The Association highlightes concerns arising from the Minister’s emphasis on the re-establishment of the Nigerian National Shipping Lines (NNSL) without providing concrete details on its implementation strategies, leaving stakeholders in the dark about the actual mechanisms for achieving the initiative’s objectives. Vague terms like “substantial share” and “strategic PPP arrangement” were identified as lacking transparency and requiring further clarification and only makes it all look high falutin in all considerations.
CONMMEP in a statement signed by its President, Alhaji Tunde Umar-Daniah, questions the Minister’s claim that the initiative would not impede local players’ growth, raising concerns about potential negative impacts on existing businesses. The fact of omitting the conflicts or challenges associated with giving Nigerians exclusive control over locally generated seaborne trade especially in light of the recently signed African Continental Free Trade Area- AfCFTA presents some measure of uncertainty.
The neglect of older and retired seafarers who served the NNSL for over 28 years was highlighted, emphasising a lack of inclusion in the Minister’s plan. Also, the absence of a comprehensive cost-benefit analysis have left many stakeholders confused and rather in head-scratching mode about the potential financial implications and risks associated with such a venture.
CONMMEP criticises the haphazard selective invitation of Maritime stakeholders, non official inclusion of all the litoral States and other relevant organisations like the Nigerian Navy to be a wrong start coupled with the shoddy organisation and juxtaposition of dignitaries from one seat to the other at the event.
Despite linking it to the President’s priorities, the speech neither provided a clear timeline for implementation nor did it establish a direct connection between the national shipping line and these priorities, thus creating a disjointed narrative.
The press statement notes that the speech leaned heavily on the benefits of Public-Private Partnership (PPP) models without addressing potential pitfalls or challenges associated with this approach.
CONMMEP also emphasises that the speech which hints at innovation through PPP models failed to outline specific measures for its implementation.
Anticipations of substantial job opportunities, the statement added, lacked a detailed plan on job creation or sustainability and is without clear metrics to measure the initiative’s success.
Indeed, the focus on utilising Inland Rivers, Lakes, and Waterways for cargo shipment and passenger transportation was noted, but details on safety measures and strategies to mitigate these risks were also lacking, potentially risking accidents or mishaps leaving stakeholders uncertain about the ability to address unforseen challenges.
Finally, since government is a continuum, it will be advisable for the Honourable Minister to revisit what his predecessor did in this regard. The former Minister of Transportation, Mu’azu Jaji Sambo, did set up a committee involving two ministries-Ministry of Transportation and the Labour Ministry respectively. The said committee was charged with the responsibility of carrying out physical verification exercise of the aged Seafarers, which if well managed would bring some sort of succour; but with this recent speech, the story is still the same. It is indeed unfortunate to note here that the said committee never met since it was set up by the last administration.
CONMMEP therefore urges the honourable Minister, Oyetola to address these concerns promptly and transparently to ensure the success and sustainability of the NNSL rebuilding initiative and the holistic growth of the Marine and Blue economy.
McAnthony Onuoha
CONMMEP P.R.O
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
-
celebrity radar - gossips6 months agoWhy Babangida’s Hilltop Home Became Nigeria’s Political “Mecca”
-
society6 months agoPower is a Loan, Not a Possession: The Sacred Duty of Planting People
-
society5 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
news6 months agoTHE APPOINTMENT OF WASIU AYINDE BY THE FEDERAL GOVERNMENT AS AN AMBASSADOR SOUNDS EMBARRASSING