Business

Nigeria losing $26.3bn annually to piracy, sea robbery – Buhari

Published

5 years ago

July 13, 2021

Nigeria is losing about $26.3bn annually to various forms of criminality particularly piracy and sea robbery, President Muhammadu Buhari has said.
The President said this while inaugurating Falcon Eye Project, Nigerian Navy’s Strategic Maritime Surveillance System, on Tuesday at the Naval Headquarters, Abuja.
Represented by Vice President Yemi Osinbajo, Buhari said that securing Nigeria’s shipping lanes was crucial to the nation’s economic interests.
Buhari said that in recent years, some threats within Nigeria’s maritime environment had taken more harmful dimensions to the economy and even the safety of citizens and commercial entities which used the maritime domain.
“These include piracy, armed attacks on ships, kidnapping for ransom, crude oil theft, smuggling, as well as Illegal Unregulated and Unreported Fishing (IUU).
“It is estimated that Nigeria loses about $26.3bn annually to various forms of criminality particularly piracy and sea robbery.
“On account of the escalated risks in some of our maritime areas insurance premiums for commercial vessels coming to these areas have risen sharply making maritime trade an unattractive proposition.
“This underscores the need to enhance our maritime security architecture; consequently, a critical contribution of the Falcon Eye System will be the provision of actionable intelligence for curbing maritime threats to our economy.”

The President however said that his administration had demonstrated a clear commitment to building the capacity of Nigeria’s strategic institutions to secure its coastal waters and the precincts of its maritime neighbourhood.
He said that on June 24, 2019, he assented to the Suppression of Piracy and other Maritime Offences Bill.
He said, “By this Act, Nigeria became the first country in the West and Central African Sub-Regions to promulgate a stand-alone law against piracy, which is an important international requirement, set by the International Maritime Organisation as part of measures to guarantee secure global shipping.
“The Act provides the much-needed legal and institutional framework to improve maritime security and ensure safe and secure shipping in Nigerian waters.
“Last year, we commenced prosecution and secured our first convictions under this law.”
Chief of Naval Staff, Rear Admiral Awwal Gambo, said the project came out of the need for national maritime security architecture that would leverage modern technology to enhance the safeguard of the immense hydrocarbon, living and other mineral resources in the nation’s maritime domain.
National Security Adviser Babagana Monguno also said the project was borne out of the necessity to combat the myriad of security problems within the maritime sector.
He said that the contract was signed in 2014 and designed to provide Nigeria with effective surveillance capability of its entire maritime domain.

Auto

NADDC Pushes Affordable Auto Loans to Boost Vehicle Ownership, More Jobs

Published

22 hours ago

September 21, 2026

Trends Admin

NADDC Pushes Affordable Auto Loans to Boost Vehicle Ownership, More Job

The National Automotive Design and Development Council has called for far-reaching reforms in vehicle financing to make car ownership more affordable while boosting local vehicle assembly, job creation and industrial development.

The Council said a properly structured financing system could turn vehicle credit from a mere consumer lending product into a major economic tool for expanding productive mobility and strengthening Nigeria’s automotive value chain.

Director-General of NADDC, Otunba Joseph Oluwemimo Osanipin, stated this in an address delivered on his behalf by the Council’s Principal Information Officer, Tanko Kyumnom, at the Lagos Chamber of Commerce and Industry (LCCI) Auto Sectoral Group Symposium in Lagos.

The symposium, held on Thursday, September 17, 2026, at the Henry Fajemirokun Hall of LCCI, was themed: “From Subsidy to Credit: Can Vehicle Financing Replace Fuel Subsidy as Nigeria’s Mobility Equaliser?”
Osanipin said the growing cost of mobility had made it necessary to explore financing models that would enable individuals, businesses and transport operators to acquire vehicles without bearing the full cost of ownership upfront.

According to him, spreading vehicle payments over an agreed period could provide a more sustainable pathway to vehicle acquisition, provided that the financing products are affordable, accessible and structured around the economic realities of Nigerian consumers.

He, however, cautioned that simply making credit available would not be enough.
“Vehicle financing offers a more sustainable approach by enabling individuals, businesses and transport operators to acquire vehicles and pay for them over time,” Osanipin stated.
The NADDC DG said the bigger opportunity lies in linking vehicle financing with the growth of locally assembled and Nigerian-made vehicles.

He explained that increased access to credit for locally produced vehicles could generate wider economic benefits by stimulating demand for domestic assembly, supporting component manufacturers, creating jobs and strengthening local supply chains.

Osanipin therefore urged stronger collaboration among government institutions, financial institutions, vehicle manufacturers and other stakeholders in designing financing schemes capable of supporting both mobility access and automotive industrialisation.

The NADDC boss identified affordable vehicle loans, leasing arrangements, fleet financing, credit guarantees and appropriate interest-rate support as mechanisms that could broaden access to vehicle ownership and productive mobility.

lt also stressed the need for repayment structures that take into account the earning patterns and business realities of Nigerians, particularly transport operators and small businesses whose vehicles are directly linked to their income-generating activities.

Osanipin maintained that the objective should extend beyond increasing the number of vehicles on Nigerian roads.
“The goal is not simply to put more vehicles on Nigerian roads. It is to ensure that Nigerians can access productive mobility without placing an unsustainable burden on government finances or household incomes,” he said.

According to him, a properly structured automotive financing system could create a stronger connection between mobility, economic inclusion and domestic vehicle production.

“With the right policies and partnerships, vehicle financing can become a powerful instrument for mobility, economic inclusion and automotive industrial development,” Osanipin added.

The NADDC’s position places vehicle financing within the broader effort to build a sustainable automotive ecosystem in Nigeria—one in which access to credit supports vehicle users while also creating stronger demand for local assembly, components and associated automotive services.

Auto

Jetour T1 Storms Abuja as Automaker Accelerates Nigeria Expansion

Published

1 day ago

September 21, 2026

Trends Admin

Jetour T1 Set to debut in Abuja as Expansion Gains Momentum

Following a successful debut in Lagos, Jetour Nigeria will host the Jetour Experience Abuja from September 22 to 24, 2026, positioning its all-new T1 model as a major competitor in the country’s growing adventure SUV market.

The three-day event in the Federal Capital Territory will give prospective buyers and motoring enthusiasts direct access to product demonstrations, expert-led technical sessions, and hands-on test drives.

“Strong participation, extensive test drives, and significant sales enquiries at the Lagos edition, coupled with growing demand from Abuja residents, influenced the decision to bring the experience to the nation’s capital,” the company said in a statement. The show holds at Maha Event Centre, Area 8, Garki.

To support its growing national footprint, Jetour Nigeria has established a network of seven accredited dealers: Elizade Nigeria Limited, New Era AutoVehicle Services Limited, Kojo Motors, Germaine Auto Centre, Tab Autos Limited, R.T. Briscoe Motors, and Mandilas Autos. The partnerships cover retail sales, genuine spare parts supply, and comprehensive after-sales maintenance.

Jetour T1 Set to debut in Abuja as Expansion Gains Momentum

Auto

Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT

Published

2 days ago

September 20, 2026

Trends Admin

Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT

Jetour Nigeria is taking its seven-seater X70 Plus SUV to Abuja as rising interest from motorists in the Federal Capital Territory and neighbouring states fuels the brand’s latest push to deepen its presence across Nigeria.

The X70 Plus will headline the Jetour Experience Abuja, holding from September 22 to 24 at Maha Event Centre, Area 8, Garki, following the strong response recorded during the Lagos edition, where motorists turned out for test drives and made enquiries about Jetour models.

The Abuja activation is designed to give prospective buyers direct access to the X70 Plus and other models, with opportunities to test-drive the vehicles, engage product specialists and experience their technology, safety and comfort features.

The X70 Plus is positioned as a family-oriented SUV, offering seven-seat capacity and a range of features targeted at customers seeking comfort, technology and practicality.

The SUV is available with 1.5-litre and 1.6-litre turbocharged engine options, with outputs of up to 145kW and 290Nm of torque, paired with a dual-clutch automatic transmission.