Economy
FG to Boost Trade in Africa via Shipping Cost Reduction
By Adedapo Adesanya
The Nigerian Government has reiterated its commitment to boosting trade on the African continent through the collaborative effort of reducing the cost of shipping.
This was disclosed at the Sub-Regional Summit on Unfair Shipping Surcharges and High Local Shipping Charges at the Ports of West and Central Africa in Abuja on Monday,
According to the Minister of Transportation, Mr Rotimi Amaechi, who represented the Vice President, Mr Yemi Osibanjo, Federal Government was aware of the disturbing cost of transportation of goods through the ports in the sub-region due to freight rates and arbitrarily imposed surcharges.
He said that government through the Nigerian Shippers’ Council (NSC) had put in place machinery to address some of these challenges posed by the high cost of doing business in the country.
He also added that the government was equally mindful that member-states of the Union of African Shippers Council (UASC) were concerned about the lack of consultation, timing and structure of these surcharges.
It was disclosed that the aim of the summit was to adopt a common position on how to reduce the incidences of unfair surcharges and related issues.
“There is a need for West and Central African countries to come together and adopt common political-diplomatic and operational strategies that will positively impact on the economy of the sub-region.
“This can be done through the constitution of a standing group of experts to represent the sub-region and engage ship owners on surcharges and related issues.
“Nigeria will not hesitate to take appropriate measures including legislation to check these unfair trade practices.
“And I affirm the commitment of the government to adopt the resolutions reached this meeting and our determination to implement them to reduce the cost of doing business, boost trade and develop the sub-region,” he said.
The minister then reiterated the need for the UASC member states to collaborate to check activities of shipping lines servicing the ports in the sub-region.
Amaechi also stressed the need for a direct consultation with the shipowners rather than the use of third parties to reduce cost.
“The Federal Government through the NSC has been using its influence in the Global Shippers’ Forum (GSF) to resolve cases affecting Nigeria’s trading interest,” Amaechi said.
Also speaking at the event, Mr Hassan Bello, the Executive Secretary of NSC, while reiterating the importance of collaboration between UASC member states, said NSC had been engaging Nigeria’s shipping lines on the reduction of shipping charges.
According to him, the reduction in cost is the responsibility of all stakeholders including the government in ensuring the provision of modern, efficient, integrated and connected transport infrastructure.
“It is also important that the government encourages transparent processes and procedures and generally ensure that an efficient, a competitive and friendly environment is created.
“It is important to state that in the long run, arbitrary and unilateral increase in charges will not benefit operations or general procedures in our countries.
“Transport should be appropriately priced with the aim of providing balance and equilibrium,’’ Mr Bello added.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
By Aduragbemi Omiyale
The board of Presco Plc has proposed the payment of an interim dividend of N10 per share to shareholders of the organisation for the first six months of this year.
This information was conveyed in the unaudited financial statements of the company released to the Nigerian Exchange (NGX) Limited.
In the results for the half-year ended June 30, 2026, the fully integrated agro-industrial firm said the cash reward reinforces its commitment to delivering consistent shareholder returns.
It further assured that looking ahead, it remains focused on disciplined capital allocation, operational efficiency and long-term value creation while navigating evolving market conditions.
A look at the key financial highlights of the results showed that revenue was relatively stable at about N199.0 billion in the first half of 2026 and the same period of 2025 amid a high-cost operating environment and softer crude palm oil prices.
However, the pre-tax profit rose by 9.3 per cent to N122.2 billion from N119.9 billion as result of a 31.9 per cent reduction in financing costs.
Further, the Edo State-based company posted an EBITDA of N123.1 billion, which yielded a margin of 61.9 per cent, as the organisation strengthened its balance sheet, reducing total liabilities by 42.5 per cent to N277.8 billion, while equity grew 13.8 per cent to N503.6 billion, with a current ratio of 345.6 per cent, which underscores robust liquidity.
“Our H1 2026 performance underscores the strength of our operational model in a challenging environment. The 9.3 per cent growth in profit before tax, driven largely by a 31.9 per cent reduction in financing costs, reflects our deliberate focus on cost optimisation and balance sheet discipline.
“With equity up 13.8 per cent and liabilities down by 42.5 per cent, we have further fortified our financial foundation.
“The proposed interim dividend of N10 per share signals our confidence in the business’s trajectory and our commitment to rewarding shareholders,” the chief executive of Presco, Mr Reji George, stated.
By Aduragbemi Omiyale
The ex-depot prices of the two major petroleum products in the country, Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (Diesel), have been slashed by Dangote Petroleum Refinery.
The company, in a statement on Wednesday, disclosed that while petrol is now N1,165 per litre, diesel is now N1,570 per litre.
The energy firm said it slashed the prices to reaffirm its commitment to providing affordable, high-quality petroleum products to the Nigerian market.
The latest cut in the price of PMS represents N50, as it was previously sold to marketers at N1,215 per litre, while diesel witnessed an N80 reduction, as it was formerly being sold at N1,650 per litre.
Dangote Refinery stated that the downward price review reflects its ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria, saying it remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.
As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.
The company reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.
