Economy
Real Reasons Vessel Operators Don’t Use Eastern Ports—NPA Boss
By Adedapo Adesanya
In line with President Muhammadu Buhari administration’s Ease of Doing Business Policy, the Nigerian Ports Authority (NPA) has reiterated the agency’s commitment to the optimal operation of the country’s Eastern ports.
This was disclosed by the Managing Director of the NPA, Ms Hadiza Bala Usman, while hosting members of the House of Representatives Ad-hoc committee on Ports and Habours at the Marina, Lagos head office of the NPA on Tuesday.
The Ad-hoc committee was on a fact-finding mission to understand the reasons why the Eastern Ports across the nation were not functioning as optimally as the Western Ports, which is in turn affecting national development.
Ms Bala Usman, during her address, stated that a number of factors deterred vessel owners from patronizing Eastern Ports, some of which included: the level of insecurity on the waterways, shallow depths which hinders the movement of big vessels as well as the problems of poor access roads and rail linkages to Ports in these areas.
The Managing Director of the port then said that management of the NPA was working with all relevant stakeholders towards tackling the challenges that hamper patronage of the Ports as the Federal Executive Council approved the contract last year.
Ms Bala Usman explained that dredging works have been completed on expanding the Warri channel draft to 7.5 metres, which was affected by draft limitations.
It was also disclosed at the meeting that consultants have been engaged to advise on level of investments needed to improve the infrastructural capacity of the port in Port Harcourt, Rivers State.
The Onne Ports, according to her, was currently functioning at full capacity.
Ms Bala Usman also used the opportunity to talk about the need for the maritime industry to tap into the potentials of Deep Sea Ports which would assure Nigeria’s future market share in the industry.
To that effect, NPA has granted all requisite approvals for the construction of the Lekki Deep Sea Port for which development has started.
She also noted that the Authority was awaiting response from the promoters of the Badagry Deep Sea Port to enable conclusion on the final outline business case for the project.
On handling the security issued that plagued the waterways, the Managing Director explained that the NPA was purchasing patrol boats and will collaborate with the Nigerian Navy, the Nigerian Maritime Administration and Safety Agency (NIMASA), and the Port Police Command to combat crimes on the nations waterways and assured that progress is being made on this front.
Concerning Port access roads nationwide, Ms Bala Usman explained that the NPA has written to the Federal Ministry of Works and Housing about the need to prioritise the rehabilitation of these roads.
She noted that the ministry has commenced implementation of this process with the recent award of the construction of Ikom Bridge, which is a key road connecting Cross River State to the North Eastern part of the country and expressed optimism that these steps will provide better linkages to the hinterland and attract more business to the Eastern Ports.
The Ad-hoc committee are expected to visit all the Ports in Nigeria to generate a blue print that would improve patronage at the Eastern Ports and prevent agitations from host communities.
By Aduragbemi Omiyale
The Debt Management Office (DMO) on Monday allotted bonds worth N929.3 billion to investors from the N1.7 trillion bids it received from subscribers.
The exercise, which took place on Monday, July 20, 2026, was oversubscribed by market participants, reflecting the confidence investors have in the government’s ability to redeem the debt instrument on maturity.
On offer for sale for the July auction was N1.2 trillion worth of the FGN bonds, but the DMO allotted below this, despite receiving bids above the offer.
The papers were offered in 10-year, 15-year, and 20-year tenors, at N400 billion each.
For the decade-old note, investors staked N444.47 billion, but the debt office sold N245.73 billion at an 18.34 per cent coupon rate. For the one and a half-decade-old paper, bids valued at N518.00 billion were received by the DMO, with a non-competitive bid of N50.00 billion, with N302.13 billion allotted to investors at 18.40 per cent, and for the two-decade paper, the DMO got competitive bids of N665.19 billion and N381.46 billion was sold to bondholders at 18.35 per cent.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, disclosed that Nigeria’s external reserves had risen to $52.5 billion, enough to finance about nine months of imports.
He disclosed this on Tuesday at the end of the 306th meeting of the Monetary Policy Committee (MPC) held in Abuja, where the Monetary Policy Committee (MPC) retained the benchmark interest rate at 26.50 per cent as well as the standing facilities corridor at +50/-450 basis points around the MPR.
Similarly, the Cash Reserve Requirement (CRR) was maintained at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, and 75 per cent for non-Treasury Single Account (TSA) public sector deposits.
Speaking on FX developments, the central banker said at the $52 billion level, the country’s external reserves were significantly above the internationally recommended threshold of three months of import cover.
On the Naira exchange rate, Mr Cardoso said the foreign exchange market had deepened and was now operating on a transparent willing-buyer, willing-seller basis.
He said the apex bank remained committed to maintaining a liquid and functional foreign exchange market, adding that daily market turnover sometimes exceeded $1 billion.
According to him, the long-term stability of the naira would depend on key economic fundamentals, including increased oil exports, foreign direct investment, and improved domestic productivity to reduce dependence on imports.
He also added that the MPC welcomed the federal government’s renewed commitment to stronger policy coordination, particularly collaboration between fiscal and monetary authorities, which he said had helped reduce the impact of the Middle East crisis on the Nigerian economy.
Mr Cardoso said members of the committee also commended efforts to improve crude oil production and urged relevant agencies to intensify reforms in other sectors, including solid minerals, to boost government revenue.
On the regulatory forbearance granted to banks during the COVID-19 period, he reiterated that this had been discontinued because it had served its purpose.
According to him, the policy had “outlived its time” and was no longer necessary in assessing the health of the banking sector.
“Forbearance, we felt, had outlived its time. Many of you will recall this is something that came as a result of COVID. And now we are in 2026; we did not see the reason why that should continue to form part of the analysis of the banking system,” he said.
Mr Cardoso explained that banks had begun recalibrating their portfolios following the end of the policy, leading to a temporary reduction in outstanding risk assets.
He, however, assured that the development was part of a transition towards a stronger and more sustainable credit environment.
“It reflects a transition to a more sustainable and better quality credit environment, which is what we all want. We don’t want unanticipated shocks that come in a boom-and-bust fashion,” he said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its recent positive run by 1.17 per cent on Tuesday, July 21, triggered by appreciation seen in four bellwethers.
Leading the pack was FrieslandCampina Wamco Nigeria Plc, which added N12.00 to its value to close at N153.15 per share compared with the previous day’s N141.15 per share. NASD Plc appreciated by N1.90 to N36.00 per unit from N34.10 per unit, Food Concepts Plc improved by 23 Kobo to N2.48 per share from N2.25 per share, and Afriland Properties Plc grew by a marginal 1 Kobo to N15.01 per unit from N15.00 per unit.
As a result, the market capitalisation of the bourse increased by N30.40 billion to N2.637 trillion from Monday’s N2.606 trillion, and the NASD Security Index (NSI) gained 50.70 points to finish at 4,393.97 points, in contrast to the 4,343.27 points it ended a day earlier.
The unlisted securities exchange recorded a price loser yesterday, and it was Geo-Fluids Plc, which shed 1 Kobo to settle at N2.30 per share versus N2.31 per share.
During the trading day, the volume of securities traded by market participants on Tuesday dropped 99.4 per cent to 322,147 units from the previous day’s 52.6 million units, the value of securities dipped by 89.8 per cent to N19.4 million from the preceding session’s N191.2 million, and the number of deals contracted by 3.6 per cent to 27 deals from 28 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 75.4 million units exchanged for N5.3 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
