Business
FG Enhances Water Safety with Donation of 3,500 Life Jackets to Ogun Government

Segun Ayinde, Abeokuta
As parts of efforts to avoid boat mishap, the Federal Government has donated 3,500 life jackets to Ogun State Government to ensure safety of waterways users on inland water transportation across the state.
Minister for Marine and Blue Economy, Hon. Adegboyega Oyetola, said that the life jacket donation was to create awareness on the safety of waterways users to navigate and transport easily on waters.
He stated this while flagging off the life jackets distribution ceremony held at the Conference Hall of the State’s Ministry of Transportation at Oke-Mosan, Abeokuta, the state capital.
Oyetola who was represented by the Director of Marine Services, Dr. Mercy Ilori, charged boat operators and ferry association to enforce life jackets on passengers before boarding their boat so as to save them from untimely death.
He explained that Ogun waterside, Ijebu and Yewa areas have expansive rivers and creeks network which had aided the business and cultural exchange of people in the areas, insisting that the waterways areas served as transit routes for the residents to transport their goods within the state and to neighbouring countries.
“Ogun State’s expansive network of rivers and creeks, especially around the Ijebu Waterside and Yewa areas play a vital role in the everyday lives of residents by supporting mobility, trade and cultural exchange not only within the State but also with neighboring States and Countries. He noted that, the waterways were more than just transit routes, they sustain livelihoods, commerce and inter-community ties.” The Minister said
The State Governor Dapo Abiodun lauded the FG for the gesture while rreaffirming the state Government’s commitment to strengthening safety protocols on its waterways to avoid boat mishap incidents.
Abiodun who was represented by the Commissioner for Transport, Engr. Gbenga Dairo, said that such initiative reflects the life saving gesture of President Bola Tinubu led administration to people of riverin areas and coastal communities in the state.
He said” To begin with, I express my deepest appreciation to the President of the Federal Republic of Nigeria, President Bola Tinubu, whose visionary leadership and unwavering commitment to the safety and prosperity of Nigerians continue to inspire confidence across the nation.
“Today’s event is a reflection of that commitment — a life-saving gesture to thousands of our riverine and coastal communities, marked by the distribution of an initial tranche of 1,000 life jackets to Ogun State,” he noted
The governor stated that safety on waterways was not a privilege but a right, describing the initiative as an investment in human capital development, which aligns with the pillars of the ISEYA Mantra of his administration.
He, however, assured of Ogun State’s continued collaboration with the Federal Ministry on developing marine infrastructure, enforcing safety standards and advancing the blue economy.
Earlier, the Chairman of the Ogun State House of Assembly Committee on Transportation, Hon. Igbalaye Ayodele, advised all stakeholders to make use of the life jackets rather than abandon them, emphasising that they were for their safety
Business
NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit

By Joel Ajayi
The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.
For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.
Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).
The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.
According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.
Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.
Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.
With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.
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