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Nigeria seeks to expand its revenue base through  exploitation of Deep Seabed resources

Funso OLOJO
Worried by the crippling economic crunch due to the restricted income base, the Federal government has given ministry Of Marine and Blue Economy a matching order to activate the mechanism that will enable the country to tap into its vast deep Seabed resources for enhanced economic activities.
As a result, the ministry, in collaboration with the Nigeria Maritime Administration and Safety Agency (NIMASA) has convened a two- day  workshop to sensitise relevant stakeholders on the need to explore and exploit resources in Deep Seabed.
The stakeholders’ sensitization workshop, held in Abuja between September 18th- 19th, 2024, was part of government efforts to diversify the economy.
Speaking at the workshop,the Minister of Marine and Blue Economy, Adegboyega Oyetola emphasized that Nigeria’s extensive coastline and inland waterways make it an ideal player in the emerging deep-sea exploration sector.
Represented by the Permanent Secretary of the ministry, Oloruntola Olufemi, Oyetola added that the transition from a fossil fuel-based to a mineral-based economy also presents opportunities for Nigeria to leverage its marine resources, particularly wave and tide energy, to generate clean energy.
He noted that effective utilization of these resources will substantially contribute to Nigeria’s energy needs.
He said, “Nigeria’s establishment of a full-fledged Ministry of Marine and Blue Economy in 2023 demonstrates our commitment to diversifying our economy and capitalizing on the global surge in deep-sea exploration. As a major oil-producing country with an extensive coastline and inland waterways, we cannot afford to lag in this new frontier.
“This workshop aims to raise awareness among critical stakeholders about the importance of Deep Seabed exploration and exploitation, addressing environmental and social implications and  ensuring effective protection of the marine environment from harmful effects that may arise from deep seabed activities.”
Also speaking, Director, Maritime Safety and Security Bombata Babatunde, said the Ministry and NIMASA remains committed to promoting collaborative efforts with key industry players, driving innovation, and championing sustainability.
“As we convene here today, we acknowledge the relatively uncharted terrain of deep seabed activities. The workshop aims to illuminate the opportunities and importance of exploring Africa’s continental shelf while ensuring responsible environmental management and adherence to regulatory frameworks, “he said.
In his presentation, the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola stated that
Deep seabed exploration and mining offer a unique opportunity for Nigeria to expand its maritime resources, align with the global shift towards sustainable development, and promote economic growth.
According to him, deep sebed mining would unlock new revenue streams, thereby contributing  significantly to Nigeria’s GDP, and creating thousands of jobs.
He said, “Exploring Deep Seabed Mining holds the key to new revenue streams/economic benefits as you gain access to unexploited mineral resources. It is estimated that global demands for some of such minerals will rise as much as 400-600% in the coming decades as the world increases its reliance on wind and solar power, electric vehicle batteries and other zero-carbon technologies.
“Reduced Carbon Print – Decarbonization
Technological innovation arising from the development of specialized equipment and techniques.
“Job creation: Employment opportunities in exploration, extraction and processing.
Economic diversification.
Sustainable resource management.
Ocean based renewable energy integration.
Research and Development.
Eco – tourism and conservation.
Reduced reliance on land based mining which will decrease environmental impact on land.
The DG noted that while deep seabed mining offers significant economic opportunities, it is not without challenges especially as its concerns potential environmental impact and inadequate Regulatory framework.
For Nigeria to fully maximize and benefit from it’s deep seabed  mining activities, the NIMASA boss advocated for a robust legislation for seabed mining, stakeholders engagement and thorough environment impact assessments to minimize potential damage to ecosystems
“NIMASA will play a critical role by collaborating with relevant MDAs and the International Seabed Authority (ISA) in providing the regulatory framework and establishing environmental protection guidelines for seabed mining.
“The Agency could also help develop training programs to grow local expertise in deep seabed mining technologies and operations. Promote Research and Development in marine science and technology to enhance knowledge of deep-sea ecosystems and resource potential.
“We remain committed to ensuring that relevant legislative frameworks on the sustainable use of the Marine Environment and Safety standards are fully implemented.
“It is also crucial that the Nigerian Minerals and Mining Act 2007 is amended to reflect relevant provisions of ISA’s model of legislation on exploration and exploitation.
“Nigeria has long benefited from its offshore oil and gas resources.
“As we look to the future, deep sea mining presents a unique opportunity for Nigeria to diversify its economy and secure long-term economic growth. It is an integral part of the Blue Economy, promising technological advancement, resource security, and job creation. However, this potential can only be realized if we proactively address the associated environmental, technical, and regulatory challenges, ” he said.
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Headlines

NIWA partners ICPC to strengthen internal transparency in its operations  

Gloria Odion, Maritime Reporter 
The National Inland Waterways Authority (NIWA) has announced new strategies aimed at improving its operational system and enhancing collaboration with key stakeholders as part of efforts to boost efficiency and accountability.
Speaking at a post event Press Conference at NIWA Headquarters Lokoja, the Acting Managing Director, Umar Yusuf Girei, while answering questions from journalists stated that, the organization convened a two -day Executive and Anti-Corruption training with the theme “Strengthening Integrity and Revenue System in Inland Waterways Management” organized for Board Members, Management and Area Managers and also 2026 NIWA Management Retreat in Abuja.
The Acting MD noted as part of the Renewed Hope Agenda of President Bola Ahmed Tinubu,with the support  Adegboyega Oyetola, Minister of Marine and Blue Economy, the Authority is focused on aligning institutional goals in ensuring better service delivery to Nigerians.
He further said, as part of its anti-corruption drive, the Management held discussions with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to explore measures for strengthening transparency within its operations.
Girei therefore, assured staff that the ongoing reforms under his watch would translate into improved service and better working conditions.
“NIWA remains committed to continuous improvement and stakeholder engagement and the reforms are expected to enhance both internal performance and public confidence”. he stated.
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Headlines

Navy appoints new Maritime Guard Commander for NIMASA 

Gloria Odion,  Maritime Reporter 

The Chief of the Naval Staff, Vice Admiral Idi Abbas, has approved the appointment of Commodore Reginald Odeodi Adoki as the Commander of the Maritime Guard Command at the Nigerian Maritime Administration and Safety Agency (NIMASA).
Commodore Adoki takes over from Commodore H.C Oriekeze who has been redeployed.

Commodore Adoki, a principal Warfare Officer specializing in communication and intelligence,  brings onboard 25 years experience in the Nigerian Navy covering training, staff and operations.

 As a seaman, he has commanded NNS Andoni, NNS Kyanwa and NNS Kada.
It was under his command that NNS Kada under took her maiden voyage, sailing from the country of build (the United Arab Emirates) into Nigeria.
He was commissioned into the Nigerian Navy in 2000 with a BSc in Mathematics.
 He has since earned a Masters in International Law and Diplomacy from the University of Lagos and an M.Sc in Terrorism, Security and Policing at University of Leicester, England.
He is currently pursuing a Ph.D in Defence and Security Studies at the National Defence Academy (NDA).
He is a highly decorated officer with several medals for distinguished service.

Welcoming the new MGC Commander to the Agency, the Director General, Dr Dayo Mobereola, expressed confidence in Adoki’s addition to the team, emphasising that it will further strengthen the nation’s maritime security architecture given his vast experience in the industry.

The Maritime Guard Command domiciled in NIMASA was established as part of the resolutions of the Memorandum of Understanding (MoU) with the Nigerian Navy to assist NIMASA strengthen operational efficiency in Nigeria’s territorial waters, especially through enforcement of security, safety and other maritime regulations.

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Customs

Customs collects N1.585 trillion from 51 compliant traders under AEO programme 

Funso OLOJO,  Editor 
The Authorized Economic Operator (AEO), one of the trade facilitation tools introduced by the Nigeria Customs Service in 2025, has begun to yield bountiful harvests with the revenue growth of ₦362.79 billion recorded in 2025.
According to the AEO scorecard released by the Service, the facilitation tool grossed the sum of N1.585 trillion after certification, an increase revenue from N1.222 trillion before certification.
This represents the growth of N362.79 billion(29.68 per cent) for 51 AEO – certified entities as at October, 2025.
The Programme, according to the NCS,  also contributed 21.77% to its total revenue collection of ₦7.281 trillion in 2025, while customs duties paid rose by 85.66% due to enhanced compliance and increased volumes of legitimate trade.
According to AEO Monitoring and Evaluation (M&E) Report, the Programme achieved an average compliance rate of 85.45 per cent with the highest at 100 per cent and the lowest at 60 per cent.
“The evaluation applied rigorous methodologies to ensure objectivity, transparency, and alignment with the World Customs Organisation (WCO) SAFE Framework of Standards and the provisions of the Nigeria Customs Service Act, 2023.
“In the area of trade facilitation, AEO participation reduced average cargo clearance time from 168 hours to 41 hours, representing a 75.60% time saving.
“Company operating costs declined by 57.2 per cent while demurrage payments dropped by 90 per cent, limiting capital flight to foreign-owned port service providers and strengthening foreign exchange retention.
” Overall trade efficiency improved by 77.11 per  through digitalisation, simplified procedures, and targeted risk management” the Customs declared in the AEO scorecard.
However, the Service singled out with Eight companies for commendation due to their integrity and compliance under the programme.
The companies include Coleman Technical Industries Limited, WACOT Rice Limited, ROMSON Oil Field Services Ltd, WACOT Limited, Chi Farms Ltd, CORMART Nigeria Ltd, PZ Cussons Nigeria Plc, Nigerian Bottling Company Limited and MTN Nigeria Communications Plc.
The Service lauded them for a cumulative voluntary remittance of over a billion naira into the Federation Account following their self-initiated transaction review and disclosure.
“These actions reflect the strengthening of post-clearance audit mechanisms and a growing culture of voluntary compliance within the trading community.
Nevertheless, the Service suspended a firm under the programme for its non- compliance and display of lack of integrity.
The suspended firm engaged in false declaration of consignments contrary to programme obligations.
“Consequently, the Comptroller-General of Customs, Bashir Adewale Adeniyi, directed the immediate suspension of the company’s AEO status in accordance with the AEO Guidelines, the WCO SAFE Framework of Standards, and Section 112 of the Nigeria Customs Service Act, 2023.
The NCS reiterated that the AEO Programme is founded on trust, transparency, and continuous compliance.
“While compliant operators will continue to benefit from expedited clearance and reduced inspection, appropriate sanctions will be applied where violations are established.
“The Service remains resolute in safeguarding national revenue, facilitating legitimate trade, and preserving the integrity and global credibility of Nigeria’s AEO framework” the NCS concluded in the report.
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