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Buhari saddened as Nigeria loses $26.3bn annually to piracy, sea robbery, others

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President Muhammadu Buhari has expressed sadness over Nigeria’s loss of about 26.3 billion dollars annually to various forms of criminality particularly piracy and sea robbery.

Mr Buhari made the expression while performing the inauguration of Falcon Eye Project, Nigerian Navy’s Strategic Maritime Surveillance System, on Tuesday at the Naval Headquarters, Abuja.

Represented by Vice President Yemi Osinbajo, Mr Buhari said that securing Nigeria’s shipping lanes was crucial to the nation’s economic interests.

“Why is this project so important to us as a nation?

“The maritime industry occupies a prominent position in the matrix of our vital economic interests and it encompasses activities ranging from fishing and resource exploration to marine research and shipping among other endeavours.

“Of all these activities, shipping stands out as a critical link in Nigeria’s international trade engagements because it is the cheapest and most efficient means of moving large volumes of goods.

“Given our economic aspirations and our commitment to international trade, ensuring the security of shipping lanes within, and proximate to our waters, is in our national interest.’’

According to him, Nigeria’s hydrocarbon resources which are largely domiciled in our maritime environment remain the mainstay of Nigeria’s economy.

“It accounts for 55 per cent of our GDP, 95 per cent of our export earnings, and about 70 per cent of government revenue.

The president 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 26.3 billion dollars 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.’’

Mr Buhari 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.

“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,’’ he said.

Earlier, Chief of Naval Staff, Rear Admiral Awwal Gambo, said that the president’s presence at the event reaffirmed his unflinching support to the Nigerian Navy’s endeavour at ensuring a secure maritime environment for legitimate economic activities.

He said the project arose 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.

In his remarks, National Security Adviser Babagana Monguno 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.

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China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

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China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

China has revamped its tax refund policy for foreign tourists, shifting from a refund-upon-departure model to a more convenient refund-upon-purchase system, according to the State Taxation Administration (STA).

The STA announced on Tuesday that under the new system, foreign visitors can now claim Value Added Tax (VAT) rebates instantly at designated tax-free stores. This change allows tourists to use their refunded amount immediately for additional shopping, enhancing their overall experience in China.

Previously, VAT rebates could only be withdrawn upon departure, but with the new policy, tourists will be able to access their refunds in real-time during their stay. The policy, which was initially tested in cities like Shanghai, Beijing, and Guangdong, has now passed all operational requirements and will be rolled out nationwide.

The STA emphasized its dedication to improving policy guidance and simplifying refund procedures to better serve international visitors.

Li Xuhong, Vice-President and Professor at the Beijing National Accounting Institute, welcomed the change, stating that the nationwide implementation would raise China’s tourism service standards. “It will foster a friendly, efficient, and convenient tourism environment,” Xuhong added.

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Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan’s Trade Office Claims

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Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan's Trade Office Claims

Rep. Jaafaru Yakubu, Chairman of the House of Representatives Committee on China-Nigeria Parliamentary Relations, has reiterated Nigeria’s firm commitment to the One-China Policy, following recent comments by Taiwan’s Trade Mission Head in Nigeria, Andy Yih-Ping Liu.

Speaking in Abuja on Tuesday, Yakubu firmly declared that Nigeria continues to recognize Taiwan as an integral part of the People’s Republic of China. He rejected Liu’s claim that Taiwan was not part of China, labelling it as “propaganda” aimed at undermining the strong diplomatic ties between Nigeria and China.

“For the record, United Nations General Assembly Resolution 2758, adopted in 1971, recognised the People’s Republic of China as the sole legitimate representative of all of China, including Taiwan,” Yakubu stated. “The One-China Policy remains the cornerstone of China-Nigeria relations.”

He emphasized that since Nigeria and China established diplomatic ties in 1971, the country has consistently upheld this principle. “Efforts by Taiwan’s trade office to challenge this stance are futile and will not succeed,” Yakubu added.

Yakubu criticized Liu’s comments as an attempt to draw Nigeria into China’s internal matters, accusing the Taiwanese official of deliberately sowing discord and provoking a diplomatic rift. “Nigeria’s relationship with China is built on mutual respect and non-interference in each other’s political matters,” he said.

In response to Liu’s claim that China acted as a bully, Yakubu pointed to the positive trajectory of Nigeria-China relations. “Contrary to these baseless assertions, Nigeria has enjoyed a mutually beneficial partnership with China, yielding tangible results for both nations. Since 1971, our ties have grown significantly.”

He highlighted the strategic nature of the partnership, referencing the elevation of the relationship to a Comprehensive Strategic Partnership during the 2024 FOCAC Summit in Beijing. “Today, Nigeria stands as China’s second-largest trading partner in Africa, with bilateral trade surpassing 20 billion dollars,” Yakubu noted.

Furthermore, Yakubu praised China’s role in Nigeria’s infrastructural development, with investments in sectors such as rail networks, roads, ports, power stations, and water treatment facilities.

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Shettima Warns Media Against Romanticising National Challenges

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Shettima Warns Media Against Romanticising National Challenges

Vice President Kashim Shettima has cautioned Nigerian media practitioners against the growing tendency to romanticise serious national issues, describing the trend as a dangerous departure from the media’s constitutional duty of promoting truth and accountability.

Represented by his Special Adviser on Special Duties, Modibbo Umar, the Vice President issued the warning on Tuesday while delivering a speech at the 17th LEADERSHIP Conference and Awards held at the Old Banquet Hall of the State House, Abuja.

“We must resist the temptation to romanticise serious national issues or frame them in ways that distort public understanding,” Shettima said. “Doing so only weakens the fabric of our democracy and derails our collective efforts at nation-building.”

The Vice President’s remarks came as stakeholders in governance, business, and civil society gathered to reflect on the theme of the event, “Challenges and Opportunities in Nigeria’s Fiscal Federalism.” The conference provided a platform for thoughtful engagement on some of the country’s most pressing issues, with a focus on the responsibilities of leadership at all levels.

Shettima also used the occasion to commend LEADERSHIP Newspapers Group for its consistent contributions to national discourse and its commitment to celebrating excellence in leadership.

“I commend LEADERSHIP Newspaper for the vision to convene this vital discourse and for shining the light on those who have chosen to lead with courage and competence. May we never tire of striving for a better Nigeria,” he said.

The annual LEADERSHIP Conference and Awards continues to be a major event that brings together influential voices to deliberate on national progress and honour individuals and institutions making meaningful impact in society.

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