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Nigeria Loses N20bn Daily to Port Inefficiencies, Agbakoba

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Nigeria port inefficiencies cost N20bn daily, says Olisa Agbakoba; experts urge modernisation, legal reforms, and better infrastructure.

Nigeria is losing approximately N20 billion daily at its ports due to decayed infrastructure and operational inefficiencies, with significant revenue flowing to neighbouring ports such as Cotonou, Tema, and Lomé, according to Senior Advocate of Nigeria Olisa Agbakoba.

Also read: Agbakoba issues second ultimatum to Natasha Akpoti-Uduaghan to retract “False” harassment claim against Akpabio

Citing a report by Dutch consultancy firm Dynanmar, Agbakoba said that while 80 per cent of containers in West and Central Africa are destined for Nigeria, less than 20 per cent actually arrive due to port deterioration.

He added that over 25,000 foreign vessels illegally trade in Nigeria’s coastal waters, representing both a national security concern and a loss of economic opportunity.

Highlighting the Lekki Deep Seaport as a model, Agbakoba noted that it is already attracting more than $20 billion in investment and demonstrates the potential for replicable port modernisation nationwide.

Conversely, he said that key strategic ports remain underdeveloped or abandoned, including the Apapa City Port and the Onitsha River Port.

Other ports at Azumiri, Oraji, and in Akwa Ibom and Ogun states require significant development.

Agbakoba called for decisive legal and institutional reforms to modernise port operations, including enacting the Ports and Inland Waterways Development Act, amending the Nigerian Ports Authority Act (1999) to encourage private sector participation through robust public-private partnerships, and updating the National Inland Waterways Authority Act (1997) to enable systematic dredging and inland port development.

He emphasised critical performance targets such as reducing cargo dwell time to 48 hours or less and achieving annual port throughput growth of 15 per cent or more.

The National Policy on Marine and Blue Economy (2025–2034) already provides a roadmap for these reforms, outlining nine new laws, institutional strengthening, and enhanced enforcement mechanisms.

According to the Sea Empowerment Research Centre, lowering cargo dwell time by 35–45 per cent could save the private sector N300–400 billion annually, while broader trade efficiency gains could reduce transaction costs by 20–25 per cent.

Current inefficiencies are estimated to cost Nigeria N500–900 billion each year in lost revenue, administrative duplication, and reduced productivity.

Agbakoba stressed that while global attention focuses on oil and gas, the maritime sector could rival petroleum revenues and create millions of jobs if reforms are implemented.

Also read: Natasha Akpoti-Uduaghan Senate Reinstatement Sparks Legal Showdown

“The choice before us is clear: allow the policy to remain aspirational or implement bold legal reforms that unlock N70 trillion in annual revenue,” he said.

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Jubril Adewale Tinubu: The Global Ascent of An Energy Titan

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Wale TinubuUnarguably, Jubril Adewale Tinubu, Group Chief Executive Officer, GCEO, Oando Plc, is one of the few who command a great deal of reverence in Nigeria’s vast and ever-evolving energy landscape.

To keen watchers of developments in the nation’s energy sector, Tinubu’s pedigree transcends more than being the  head honcho of Oando; he is the rare alchemy of audacity and foresight.

Today, his name has become synonymous with resilience and brilliance; he is also a figure whose influence transcends sectors, borders, and generations.

Interestingly, his reputation built on entrepreneurial flair and ingenuity has always earned him  worthy mention among an elite class of business leaders whose legacies are not just written, but engraved.

However, unlike some others who view Africa’s economic horizon through a haze of uncertainty, Tinubu sees opportunity beckoning to him always.

With this perspective, one easily understands Oando’s rise from a modest downstream operator to one of Africa’s most formidable integrated energy companies.

Oando, under the exemplary leadership and management style of Tinubu, has expanded across exploration, production, power, and renewables.

At every given opportunity, Tinubu hammers on the need for Africa to harness its own vast resources to define its destiny.

Given his trademark philosophy to act, tarry or strike with precision, he has been able to navigate Oando through global market shifts, regulatory waves, and economic downturns without so much noise.

Perhaps,this is the secret to his dazzling recognition and honour since the break of the outgoing year 2025. In January, he bagged the Investor / Transaction of the Year 2024 at the New Telegraph Awards in  Lagos.

The recognition followed Oando’s landmark $783 million acquisition of Agip Oil Company, a transaction completed in August 2024 and hailed as one of the year’s most significant moves in Nigeria’s economy.

But that was only a precursor to several other accolades for Tinubu, as he was again honoured with the prestigious Lifetime Awards at the Africa Energy Week, AEW, 2025.

Like the compass with which Oando navigates the nation’s unpredictable energy terrain, Tinubu is perpetually in quest of the opportunity to position the company as both a continental powerhouse and a symbol of African ingenuity.

Again, evidence that Tinubu’s influence has become global came to the fore when Oando emerged as the preferred bidder for the Trinidad refinery.

Despite a dip in revenue, Oando posted a $145 million profit in the first nine months of its 2025 fiscal year—a testament to disciplined strategy and Tinubu’s steady hand at the helm.

Meanwhile, the most significant signal of Oando’s next chapter came recently with an announcement that underscores Tinubu’s instinct for the future: Oando is diversifying into mining, with a sharp focus on lithium and other minerals critical to the clean-energy transition.

The company has already assembled a strong team of seasoned geologists and launched exploration activities across Nigeria, including a major program in Kebbi State. By the end of 2025, Oando aims to complete its field evaluations and identify a prime location for pilot lithium production.

With the global demand for rechargeable batteries—driven by tech and electric vehicles—skyrocketing, Tinubu is positioning Oando at the heart of the next energy revolution.

It is not for fun that his admirers fondly describe him as the man who sees tomorrow. He is a strategist sculpted by foresight, a leader driven by conviction, and a relentless believer in Africa’s potential.

In an age craving visionaries, Tinubu stands out- he is clear -eyed, bold, and prepared for the future he already sees taking shape.

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Energia launches graduate trainee programme to develop young professionals

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 Energia Limited launches a graduate trainee programme to accelerate career growth of young Nigerian professionals in the energy sector.

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Nigeria launches $10bn petroleum licensing round to boost production

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Nigeria launches 2025 petroleum licensing round to attract $10bn investment and unlock up to two billion barrels of oil.

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