President urges African collaboration against illegal fishing as Nigeria commits to mangrove restoration and coastal protection

President Bola Tinubu has announced that Nigeria aims to generate five million ocean-based jobs by 2035 under a new Blue Economy Action Plan, focusing on fisheries, shipping, maritime tourism and renewable energy. The announcement was made on Wednesday at the opening of the 11th Our Ocean Conference in Mombasa, Kenya, where Tinubu was represented by Minister of State for Foreign Affairs, Ambassador Sola Enikanolaye.

According to Tinubu, Nigeria’s ocean and maritime resources are vital for economic growth, food security, trade and livelihoods. He noted that the creation of the Federal Ministry of Marine and Blue Economy in May 2023 elevated the sector as a national priority. “Our ocean resources are central to food security, trade, energy and the livelihood of Nigeria. For Nigeria, the ocean is not only a source of prosperity but also a pillar of sovereignty, security and climate resilience,” he said during his address.

The President stated that Nigeria has launched a comprehensive action plan to expand fisheries, boost shipping operations, promote maritime tourism and invest in renewable energy industries. The initiative prioritises youth and women participation and aims to uplift coastal communities most vulnerable to economic shocks. Tinubu also highlighted Nigeria’s strategic position along an 853-kilometre coastline in the Gulf of Guinea—one of the world’s most important shipping routes.

Tinubu called for greater cooperation among African countries to tackle illegal, unreported and unregulated fishing, which he described as a major threat to food security and economic stability across the continent. He stressed that fair access to financing, technology and investment is essential for Africa to unlock its maritime potential. As part of Nigeria’s environmental commitments, Tinubu announced plans to expand marine protected areas by 2030 and restore half of Nigeria’s degraded mangrove ecosystems.

On maritime security, he reaffirmed Nigeria’s participation in the Yaoundé Architecture—a regional framework designed to strengthen Gulf of Guinea security—and credited recent investments in surveillance technology and naval operations for reducing piracy incidents. “Maritime security is inseparable from food security, trade facilitation and peace-building,” Tinubu stated.

He further urged development partners, private investors and civil society groups to mobilise sustainable financing for ocean governance. Emphasising inclusive governance within the sector, Tinubu called for increased involvement of women and young people in decision-making processes. “Our ocean is our common heritage, and its future depends on the collective action we take today,” he concluded.

Source: https://www.pulse.ng/story/nigeria-plans-to-generate-5-million-jobs-through-its-blue-economy-heres-how-2026061807335417091

Rising gas prices force households in Enugu to abandon LPG, prompting concerns over health and environmental risks

Cooking gas sellers in Enugu State have reported a significant decline in patronage as more residents are now turning to charcoal for their household energy needs. This trend, observed across major markets in the state capital, became pronounced by mid-June 2026 as the cost of liquefied petroleum gas (LPG) continued to rise.

Dealers who spoke at various outlets in Enugu city said that many customers now buy only a fraction of what they used to purchase, while some have stopped coming altogether. The sellers attributed the situation to sharp increases in the price of cooking gas, which has pushed several families to seek cheaper alternatives such as charcoal and firewood. They warned that this shift could have negative implications for both public health and the environment.

The development comes amid persistent complaints about the high cost of living across Nigeria, with many households struggling to afford basic commodities. In Enugu, residents say their monthly expenses on cooking fuel have more than doubled within a year, making it difficult to rely solely on LPG. The move towards charcoal is raising concerns among experts about increased indoor air pollution and deforestation.

According to the sellers, their daily sales have dropped by over half compared to this time last year. One dealer said: “Before, people used to fill their cylinders every week but now they just buy two or three kilogrammes at a time or they don’t come at all.” Another added that unless government intervenes by reducing import duties or stabilising prices, more people will abandon LPG.

As at June 2026, there has been no official statement from Enugu State government on measures to address the rising cost of cooking gas or encourage clean energy use. Sellers and residents alike are calling for urgent steps to make LPG affordable again, warning that failure could worsen environmental degradation and public health challenges linked to alternative fuels.

Source: https://www.premiumtimesng.com/news/more-news/888591-cooking-gas-sellers-decry-low-patronage-as-enugu-residents-turn-to-charcoal.html

New capital injection comes as banking sector faces tighter regulatory requirements for minimum capital levels

FirstHoldCo has successfully completed a private placement worth ₦45 billion, further strengthening the capital base of FirstBank, its flagship subsidiary. The transaction was concluded on Thursday, 18 June 2026, and is expected to enhance the group’s ability to meet regulatory requirements and expand its banking operations in Nigeria.

According to details available on Thursday, the ₦45 billion raised through the private placement will directly support FirstBank’s capital adequacy ratio and position the bank for improved lending capacity across key sectors of the economy. The move comes amid new directives from the Central Bank of Nigeria (CBN) mandating higher minimum capital thresholds for commercial banks operating in the country.

Industry analysts note that the recapitalisation drive is a response to ongoing reforms in Nigeria’s financial sector, aimed at ensuring stability and resilience among deposit money banks. With rising inflation and naira depreciation putting pressure on bank balance sheets, many institutions have been seeking fresh equity to stay compliant and maintain customer confidence.

The successful completion of FirstHoldCo’s private placement signals growing investor interest in Nigeria’s banking sector despite prevailing economic challenges. The development is expected to put FirstBank in a stronger position to compete with peers following similar capital raises this year. As at June 2026, several tier-one banks are pursuing various fundraising options to shore up their capital bases ahead of CBN’s compliance deadline.

Further announcements are expected from FirstHoldCo regarding its expansion plans and utilisation of the new funds. Stakeholders will be watching closely as other banks follow suit in meeting regulatory requirements designed to safeguard depositor funds and sustain growth in Nigeria’s financial services industry.

Source: https://www.premiumtimesng.com/business/business-news/888592-firstholdco-closes-%e2%82%a645bn-private-placement-further-raising-firstbanks-capital-base.html