By Adedapo Adesanya

The federal government has reaffirmed its commitment to climate-responsive and sustainable practices as core pillars for developing Nigeria’s marine and blue economy.

This is contained in a press statement on Tuesday by Mrs Anastasia Ogbonna, Director, Information and Public Relations, Federal Ministry of Marine and Blue Economy.

According to the statement, the Permanent Secretary, Federal Ministry of Marine and Blue Economy (FMMBE), Mrs Fatima Mahmood, made this known while receiving a delegation from Invest International, a Dutch state-owned development finance institution under the Netherlands Ministry of Finance, led by Ms Fenna Zoe Howkamp.

Mrs Mahmood disclosed that the Ministry was actively mainstreaming climate considerations into its policies and programmes, with a sharp focus on reducing carbon footprints, conserving marine ecosystems, and promoting environmentally responsible resource utilisation.

She noted that global attention is increasingly shifting to the sustainable exploration of marine resources, including emerging areas such as marine mining.

According to her, Nigeria is aligning with international best practices to ensure such activities proceed without adverse environmental impact, while safeguarding critical ecosystems such as coral reefs.

She further identified the fisheries subsector as a priority, stressing its critical role in boosting food and nutrition security and creating jobs. While acknowledging Nigeria’s vast marine and freshwater resources, she pointed to significant opportunities for investment and growth within the subsector.

The Permanent Secretary reiterated the Ministry’s openness to strategic partnerships, particularly in port services and marine infrastructure, to unlock the long-term investment required for sustainable development.

She assured the delegation of Nigeria’s readiness to collaborate with international partners to drive innovation, investment, and sustainability in the blue economy.

In her remarks, the Head of Public Finance for Invest International (Southern Africa Region, including Nigeria), Ms Fenna Howkamp, reaffirmed the Netherlands’ commitment to deepening collaboration with the Ministry.

She highlighted the organisation’s expertise in marine and water management and presented specific project proposals, including a coastal protection initiative with an accompanying feasibility study, and nature-based solutions for drainage and water supply systems.

Ms Howkamp underscored the shared interest in developing resilient public infrastructure within the blue economy and expressed readiness to align proposed initiatives with the Ministry’s priority areas.

She also outlined Invest International’s financing options, which include up to 35% funding support for public infrastructure projects valued between €100 million and €150 million.

According to her, such financing could be structured through co-financing arrangements with institutions like the World Bank and the European Investment Bank, or through direct lending to the Ministry.

She called for sustained engagement to formalise feasibility studies and identify partners to advance coastal protection and other blue economy initiatives that promote sustainable, nature-based solutions for Nigeria’s coastal communities.

By Adedapo Adesanya

Former Kaduna Governor Nasir Ahmad El-Rufai has been granted bail in the ongoing corruption case filed by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

However, Mr El-Rufai will remain in ICPC custody until he fulfils all the bail conditions set by the court.

The development was confirmed by his son, Mr Bello El-Rufai, shortly after the ruling.

This comes amid separate proceedings at the Kaduna State High Court, where the ICPC recently amended its charges against the former governor. Mr El-Rufai has pleaded not guilty to the allegations.

The chieftain of the opposition African Democratic Congress (ADC) was arraigned by the ICPC over charges related to alleged corruption and abuse of office during his tenure in the North-Western state from 2015 to 2023. Allegations ranging from abuse of office and fraud to intent to commit fraud and conferring undue advantage were levied against the politician.

The commission disclosed that both charges were instituted on March 18, 2026, as part of its ongoing efforts to enforce accountability and combat corruption.

The scrutiny of Mr El-Rufai by the ICPC follows the report of the Kaduna State House of Assembly’s ad hoc committee constituted in 2024 to investigate finances, loans and contracts awarded between 2015 and 2023 under his eight-year administration of the state.

Presenting the committee’s report during plenary last year, the committee chairman, Mr Henry Zacharia, alleged that most of the loans obtained by the El-Rufai administration within the eight years were not utilised for the purposes for which they were secured.

While receiving the report, the Speaker of the House, Mr Yusuf Dahiru Leman, alleged that about N423 billion was siphoned under the El-Rufai administration, leaving Kaduna State with heavy financial liabilities and a rising debt profile.

The committee recommended the investigation and prosecution of the former governor and several members of his cabinet over alleged abuse of office, award of contracts without due process, diversion of public funds, money laundering and reckless borrowing.

The Assembly subsequently endorsed a petition to the EFCC and the ICPC, urging them to take up the matter.

The embattled former FCT Minister is equally embroiled in a case with the federal government over alleged unlawful interception of the phone communications of the National Security Adviser, Mr Nuhu Ribadu.

By Adedapo Adesanya

Credit rating agency, Fitch, has affirmed Nigeria’s Long-Term Foreign Currency Issuer Default Rating at ‘B’ with a stable outlook, while projecting depreciation for the Naira in the near term.

The decision underscores the country’s large economy, relatively developed and liquid domestic debt market, substantial oil and gas reserves, and ongoing improvements in monetary and exchange-rate policies.

This comes as the firm expects the country’s external reserves to decline marginally to $47 billion by the end of this year, while inflation is projected to hover around an average of 16 per cent.

The rating agency in its latest report on Nigeria said the rating is constrained by weak governance indicators, high hydrocarbon dependence, high inflation, security challenges and structurally low revenue relative to peers.

Fitch while stating that expects disinflation trend to continue said the risks however remain, “Inflation has moderated since April 2025 supported by policy reforms, but remains structurally high, at 15 per cent year-on-year in February 2026,” adding that, “We expect inflation to average about 16 per cent in 2026, from 23 per cent in 2024, but to remain well above the ‘B’ median of 5.5 per cent.”

Fitch also said that recent measures by the Central Bank of Nigeria (CBN), including the removal of forex restrictions on the repatriation of oil export proceeds by international oil companies, should support further forex market normalisation, improve confidence and support relative naira stability after a 40 per cent depreciation in 2024.

It also noted that it expects “modest depreciation in the near term amid rising fiscal pressures and heightened external risks, while data quality concerns continue to weigh on policy credibility.”

“The CBN began easing monetary policy in September 2025, cutting the policy rate twice by a total of 100bp to 26.5 per cent after an extended tightening cycle. However, a looser fiscal stance ahead of the general election scheduled in January 2027 or further fuel price increases could reverse disinflation and prompt renewed monetary tightening.”

Noting that external reserves are expected to remain strong, it said gross reserves rose to $49.4 billion at end-March 2026, from $32 billion in mid-April 2024, and “we forecast a marginal decline to $47 billion at end-2026, reflecting higher spending pressures and external risks.

“However, we expect reserves to cover seven months of current external payments (CXP), well above the ‘B’ median of 4.3 months,” it said.

“Official disclosure on the composition of the CBN foreign-currency balance sheet remains limited, but the CBN has made substantial progress in unwinding foreign exchange swaps with local banks.

It estimates net reserves at $35 billion at end-2025 (5.5 months of CXP), up from about $4 billion at end-2023.