Business
National Blue Economy Policy Will Boost Nigeria’s GDP – FG
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has emphasized the importance of implementing the National Policy on Marine and Blue Economy to drive economic growth and create job opportunities for millions of Nigerians. Speaking at a three-day stakeholders’ workshop in Abuja, Oyetola outlined the government’s vision to transform the blue economy sector into a key contributor to Nigeria’s GDP through the establishment of numerous small and medium-sized enterprises within the next decade.
Oyetola stressed the need for sustainable use of ocean resources and urged stakeholders to ensure that the drafted policy aligns with the nation’s priorities. He encouraged private sector participation, noting the government’s initiatives aimed at promoting business in the marine and blue economy sectors.
He praised the international collaboration, particularly from the African Union-InterAfrican Bureau for Animal Resources (AU-IBAR) and Norway, for supporting Nigeria’s blue economy initiative.
The Minister reaffirmed Nigeria’s commitment to harnessing its vast marine and aquatic resources, which would lead to increased blue food production, job creation, and climate-resilient coastal communities. This policy will serve as a roadmap for sustainable development, ensuring prosperity and security for future generations.
Additionally, Oyetola highlighted the recent transfer of the Fisheries and Aquaculture Department to the Ministry, reinforcing Nigeria’s focus on the blue economy. He called for strategic collaboration and public-private partnerships to unlock the full potential of sectors such as fisheries, tourism, marine transport, renewable energy, and maritime security.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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