By Adedapo Adesanya

The United States Coast Guard has commended Nigeria for considerable progress in implementing the International Ships and Ports Facility Security (ISPS) Code.

The commendation came from Mr Joe Prince Larson of the US Coast Guard who led a team from the International Port Security Programme on a Working Tour of some Terminals and Ports in Nigeria to ascertain the level of implementation of the ISPS Code across Nigerian ports facilities.

The evaluations, which commenced last year as part of a three-year plan, are geared towards providing actionable insights and data-based decisions to lift the Condition of Entry (CoE) placed on vessels departing Nigeria for the US.

According to the Nigerian Maritime Administration and Safety Agency (NIMASA), the team had earlier conducted assessment visits to the Dangote Port and Lekki Free Trade Zones in Lekki, Lagos State, as well as private port facilities operated by Matrix and Julius Berger in Warri, Delta State.

While delivering an interim assessment report to NIMASA Management, Mr Larson noted that Nigeria’s compliance with the ISPS Code ranks amongst the best globally.

He added that his team would report their findings to the leadership of the US Coast Guard accordingly and expressed confidence that NIMASA had the capacity to maintain the high standards attained to date.

“We had the pleasure of visiting Matrix and Julius Berger in Warri, Delta State, before proceeding to the Lekki Deep Seaport and Dangote Port in Lagos, with the overall assessment being very positive.

“We noted that there is a clear and deep understanding on the implementation of the ISPS Code in Nigeria with the level of compliance observed to be at par with some of the best maritime nations globally. We would report our findings back to US Coast Guard headquarters accordingly.”

On his part, the Director General of NIMASA, Mr Dayo Mobereola, reaffirmed the agency’s commitment to maintaining the improved compliance standards at Nigeria’s ports.

He highlighted the positive impact of these efforts on the country’s international reputation, adding that the agency would continue to support efforts under the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, to improve standards in the Nigerian maritime industry.

According to him, “I must express my happiness at the positive feedback we have received from the USCG delegation as it serves as reward for the Federal Government’s commitment to the develop of the sector, and the work of the Agency, under the supervision of the Federal Ministry of Marine and Blue Economy, to ensure international standards are adhered to in the area of port security.”

By Adedapo Adesanya

Somalia has formally joined the African Export-Import Bank (Afreximbank), becoming the 53rd African member state of the African multilateral financial institution.

Somalia has been shaped by decades of conflict, political instability, and lack of central governance, which has strongly weakened its economic strength.

Its Afreximbank membership is touted to place the country on a path of sustainable economic transformation, upgrading of the country’s trade and industrial infrastructure, and most importantly joins the rest of the continent in the push towards continental integration and self-reliance through the African Continental Free Trade Area (AfCFTA).

In the instrument of accession signed by Mr Hirsi Jama Gani, State Minister, Office of the Prime Minister, Somalia notified Afreximbank that Somalia “accepts, and hereby accedes, to the Agreement for the Establishment of the Bank” and pledged to undertake all necessary steps to expedite ratification of the Agreement.

“On behalf of the Government of Somalia and its people, I sincerely thank Afreximbank for its efforts that led our country to become a member state of the Bank. This milestone agreement signals our commitment to becoming a key player in regional and continental development, especially through trade, under the framework of the African Continental Free Trade Area (AfCFTA). This partnership is significant to Somalia’s ongoing reconstruction and economic diversification efforts, opening doors for financial and technical support.”

“We urge Afreximbank to accelerate the implementation of its programs and initiatives in Somalia, aligning them with Somalia’s National Development Plan and helping it meet its ambitious development goals. This is a critical step in realising the full potential of our country and for Somalia to regain its position as a strategic trade hub within East Africa,” Mr Ganni added.

On his part, Mr Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, emphasised the mutual benefits to both parties.

“This is a significant milestone as it widens the opportunity for the Somali public and private sectors to access financing and other related interventions that addresses their real needs. By joining the Bank, Somalia embarks on a new journey of pursuing its developmental aspirations on its own terms, backed by unwavering support from Afreximbank, a bank with proven track record of supporting its Participating States in good and bad times.

“Today, we begin a collective journey to enable the Somali economy to realise the maximum value from its natural resources while hastening its integration into the African Continental Free Trade Area.”

On his part, the Governor of the Central Bank of Somalia, Mr Abdirahman Abdullahi said Afreximbank’s visit to Mogadishu was timely as it came just after Somalia joined the East African Community regional trade bloc in 2024, and successfully completed the Highly Indebted Poor Countries (HIPC) debt relief process.

“The Somali people are renowned for their trade and entrepreneurial spirit, and I urge the business community in Somalia to fully leverage the opportunities offered by Afreximbank under its financing programs, to expand their reach, drive sustainable growth, and contribute to a more connected and competitive economy,” he said.

By Modupe Gbadeyanka

A funding support of up to €15 million has been provided by Swedfund for small and medium-sized enterprises (SMEs) across Africa.

The money would be managed and disbursed by a private equity initiative, AfricInvest Small Cap Fund.

AfricInvest integrates environmental, social and governance (ESG) principles with a focus on gender equality and sustainability.

The fund aims to invest at least 30 percent of its portfolio in companies that are women-led or have significant female ownership.

Moreover, climate-related objectives will be embedded in the investment process.

Swedfund’s support will help ensure that African SMEs have the resources and guidance they need to grow responsibly and effectively.

With decades of experience and a strong presence across the continent, the fund aims to invest in a range of sectors including agribusiness, healthcare, education, consumer goods, manufacturing and services, and is therefore well positioned to contribute to economic growth and social development.

The choice of SMEs is because they are a cornerstone of economic development, driving job creation and innovation.

However, many companies face significant barriers to accessing capital. This indirect investment can enable more growth-oriented investments to unlock the full potential of SMEs in Africa.

Commenting on the funding support, the Investment Director for Sustainable Enterprises at Swedfund, Sofia Gedeon, said, “This investment will allow Swedfund to expand its support for underserved businesses across Africa.

“AfricInvest aligns its investments with measurable sustainability outcomes, allowing us to drive economic growth, create jobs and promote greater inclusion. At the same time we set new benchmarks for responsible investing.”