Economy
Google Street View Will Boost Nigeria’s Economy—Minister
By Dipo Olowookere
The importance of Google map and street view in growing the economy of Nigeria through tourism has been emphasised by the Minister of Information and Culture, Mr Lai Mohammed.
Speaking on Friday in Abuja at the launch of the Economic Value of Geospatial Services in Nigeria, the Minister stressed that government must leverage on technology, particularly digital mapping, to boost tourism in the country.
Mr Mohammed said, “As we look to make Nigeria a major tourism destination in Africa, technologies such as Google Maps, but more specifically Street View put forward by Google, will become increasingly important on that front.
“We hope to see even more value as increasing numbers of people use tools like Google Street View to explore Nigeria.”
The Minister noted that geospatial technology will not only benefit local users but that it is also a veritable tool that can also be incredibly powerful in drawing tourists to the country.
“We know this because we’ve seen the impact that Street View has had in destinations around Africa.
“In South Africa, for instance, people can take a guided tour of Robben Island, the prison which held Nelson Mandela and many other South African freedom fighters during apartheid.
“In Kenya, meanwhile, users can take virtual treks through some of the country’s most famous game reserves. And in Tanzania, people can get up close and personal with the chimpanzees of Gombe National Park, thanks to a partnership between Google and the Jane Goodall foundation.
“These are all examples of how giving people a taste of a place they have not visited is a powerful incentive to get them to experience the real thing. We look forward to doing the same in Nigeria, as we show off our own natural and cultural heritage,” he said.
The Minister said the interconnectedness between technology and tourism will assist in bringing in foreign capital as well as the growth of other industries including hospitality, retail and transport.
“It also promotes and encourages patronage of local agriculture and creative industries as well as manufactured products by operators in the tourism industry. That’s especially important as we look to cement our place as Africa’s largest economy,” he said.
Mr Mohammed, who commended the laudable initiative by Google, said the ability to simply search for a location and get real-time directions there has made the lives of the people much more convenient.
“I’d like to say that events such as this one offer a powerful reminder of how impactful partnerships between government and private companies like Google can be – to grow our local businesses and strengthen our economy.
“If digital mapping services have made such a difference in the last five years, we can only imagine what the next five will bring. We look forward to growing this fruitful relationship in the coming years and seeing what Google comes up with next,” he said.
By Adedapo Adesanya
Six price gainers lifted the NASD Over-the-Counter (OTC) Securities Exchange by 2.09 per cent on Monday, February 9, amid a surge in activity level.
According to data, the volume of securities significantly increased by 3,499.1 per cent to 13.3 million units from the 384,784 units recorded in the preceding trading session, as the value of securities soared by 518.0 per cent to N99.3 million from N16.1 million, and the number of deals moved up by 95.8 per cent to 47 deals from the preceding session’s 24 deals.
Central Securities Clearing System (CSCS) Plc ended the day as the most active stock by value on a year-to-date basis with 16.9 million units exchanged for N699.9 million, followed by Geo-Fluids Plc with 23.2 million units valued at N123.6 million, and FrieslandCampina Wamco Nigeria Plc with 1.8 million units traded for N118.5 million.
However, Geo-Fluids Plc became the most traded stock by volume on a year-to-date basis, with 23.2 million units worth N123.6 million, as CSCS Plc was pushed down the pecking order as second with 16.9 million units transacted for N699.9 million, while Mass Telecom Innovation Plc sold 15.1 million units for N6.1 million.
The price gainers were led yesterday by Okitipupa Plc after it gained N17.00 to trade at N237.00 per share versus the previous price of N220.00 per share, FrieslandCampina Wamco Nigeria Plc added N6.00 to sell at N66.00 per unit versus N60.00 per unit, and CSCS Plc grew by N5.35 to N58.85 per share from N53.50 per share.
Further, IPWA Plc appreciated by 23 Kobo to N2.59 per unit from N2.36 per unit, UBN Property Plc increased its value by 19 Kobo to N2.19 per share from N2.00 per share, and Industrial and General Insurance (IGI) Plc advanced by 5 Kobo to 59 Kobo per unit from 54 Kobo per unit.
However, Nipco Plc lost N9.00 on Monday to close at N250.00 per share versus last Friday’s price of N259.00 per share, and Geo-Fluids Plc dipped by 22 Kobo to N4.08 per unit from N4.30 per unit.
At the close of business, the market capitalisation of the bourse was up by N46.2 billion to N2.253 trillion from N2.207 trillion, and the NASD Unlisted Security Index (NSI) jumped 77.22 points to 3,766.94 points from 3,689.72 points.
By Adedapo Adesanya
The first trading of the week at the Nigerian Autonomous Foreign Exchange Market (NAFEX) ended bullish for the Naira as it gained N11.93 or 0.87 per cent against the US Dollar on Monday, February 9, to trade at N1,354.26/$1 compared with the previous day’s N1,366.19/$1.
It also appreciated against the Pound Sterling in the official market during the session by N12.03 to settle at N1,845.72/£1 versus last Friday’s closing price of N1,857.75/£1, but depreciated against the Euro by 69 Kobo to quote at N1,613.19/€1, in contrast to the N1,612.52/€1 it was exchanged last Friday.
At the GTBank forex desk, the Nigerian Naira appreciated against the Dollar yesterday by N4 to close at N1,379/$1 versus the previous rate of N1,383/$1, and at the parallel market, it was flat at N1,450/$1.
The fortification of the Nigerian currency in the currency market on Monday was driven by forex liquidity, strong oil receipts, and flows from foreign investors attracted by the high yields on the country’s debt market.
Speaking at a forum on Monday, the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, declared that the bank’s reforms have established economic stability, evidenced by a significant reduction in inflation and growing external reserves, which he stated stood at $49 billion as of February 5, 2026.
He also highlighted the stability of the FX market, noting that the CBN is now accumulating foreign exchange from the market to enhance sustainability.
“By that, I mean that we now allow the market to generally find its level; many times, the Central Bank itself goes in to buy foreign exchange. The premium between the official and parallel market rates has collapsed to under 2 per cent,” Mr Cardoso stated.
The CBN chief said the reforms of the monetary authority—anchored on disinflation, FX market normalisation, and financial-system resilience—are already strengthening real-sector confidence.
As for the cryptocurrency market, it was in a recovery mode as investors took advantage of the drop in prices to add to their portfolios.
The pullback followed a turbulent few days in which Bitcoin (BTC) plunged to as low as $60,000 before rebounding. It rose 0.5 per cent on Monday to $70,415.57, as Ethereum (ETH) gained 0.9 per cent to trade at $2,116.42.
Further, Ripple (XRP) improved by 1.4 per cent to $1.44, Litecoin (LTC) expanded by 0.8 per cent to $54.66, Solana (SOL) grew by 0.5 per cent to $87.11, and Cardano (ADA) added 0.2 per cent to settle at $0.2704.
On the flip side, Binance Coin (BNB) slumped 0.6 per cent to $638.34, and Dogecoin (DOGE) weakened by 0.3 per cent to $0.0963, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Adedapo Adesanya
Crude oil gained more than 1 per cent on Monday after the United States issued an advisory to US-flagged vessels to stay as far as possible from Iranian territory while passing through the Strait of Hormuz and Gulf of Oman.
The price of Brent crude was up 99 cents or 1.5 per cent during the session to $69.04 a barrel, while the US West Texas Intermediate (WTI) crude rose 81 cents or 1.3 per cent to settle at $64.36 per barrel.
The US Department of Transportation (DOT) Maritime Administration yesterday noted that vessels going through the Strait of Hormuz and Gulf of Oman have historically faced the risk of being boarded by Iranian forces, including as recently as February 3.
The agency advised U.S.-flagged ships to stay close to Oman while eastbound in the Strait of Hormuz.
The move renewed concerns that tensions between the US and Iran could lead to oil supply disruptions. About a fifth of the oil consumed globally passes through the Strait of Hormuz between Oman and Iran.
US President Donald Trump has threatened to attack, citing possible executions of protesters, and saying “help is on its way.” He ordered the USS Abraham Lincoln aircraft carrier and a flotilla of accompanying ships to the region.
In June, the US attacked Iranian nuclear facilities at the end of a 12-day Israeli bombing campaign.
Iran’s foreign minister said on Saturday the country will strike US bases in the Middle East if attacked by American forces, which have built up their naval presence in the region.
Investors were also monitoring efforts by Western governments to curb Russia’s income from oil exports that support its war in Ukraine.
The European Commission has proposed a sweeping ban on any services that support Russia’s seaborne crude oil exports, in fresh efforts to reduce revenues that help Russia’s war against Ukraine.
Refiners in India, once the biggest buyer of Russian crude, are avoiding purchases for delivery in April. Market analysts noted that if India fully stopped purchasing this crude, it would boost oil prices.
Meanwhile, Tengiz oilfield in Kazakhstan has returned 60 per cent of its peak production and was pumping at a rate of 550,000 barrels per day as of Sunday, following a forced shutdown for half of January due to a fire.
Tengiz, which is operated by a consortium led by US supermajor Chevron, is expected to reach peak levels of oil output of about 950,000 barrels per day by February 23.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn