Economy
Fashola Hinges Success of ERGP on Surveyors
**Wants National Digital Map Developed
By Dipo Olowookere
The success of the Economic Recovery and Growth Plan (ERGP) would depend significantly on the work of the surveying profession.
This submission was made by the Minister of Power Works and Housing, Mr Babatunde Fashola (SAN), on Tuesday in Abuja while swearing-in President and nine other members of the Surveyors Council of Nigeria (SURCON).
Speaking on the occasion, Mr Fashola advocated the development of a National Digital Map for the whole country saying aside enhancing internal security, the electronic map would benefit weather forecasts, agriculture and internal transport systems.
The Minister noted that there was need for all the state governments in the country to come together to strategize on how to raise funding and digitalize all the mappings of their territories adding that the mappings would then form the basis for the National Digital Map.
The Minister, who recalled that the issue was discussed at the recent National Council on Housing, added, “It will help our internal security enormously, police will benefit from it, Civil Defence will benefit from it, weather forecasts and weather predictions will benefit from it, agriculture will benefit from it and our internal transport, rail transport, land transport will benefit from it”.
He said the success of the Economic Recovery and Growth Plan, recently launched by the President, would depend significantly on the work of the Surveying profession for the revival, development and sustenance of the economy as well as launching it into global competitiveness.
The Minister said the need for states to digitalize all the mappings of their territories had become expedient because of the importance of the exactitude of the science of Surveying not only to national security but also to the safety of life and properties, adding, “But beyond security is the fact that the Economic Recovery and Growth Plan has as one of its pillars the development of our infrastructure, the development of Energy”.
“It will be easier to then read all the maps that we carry on our phones because they are local and domestic coordinates and data,” Mr Fashola said, adding that going digital would also help avoid wrong targeting in surveying as a result of wrong coordinates or wrong interpretation.
Stressing the importance of security in creating a stable economic development, the Minister added, “We have had in some parts some errors made in targeting which sometimes may not be unconnected with wrong coordinates; or if they are not wrong co-ordinates then improper interpretation”.
Still on the importance of surveying to the economic growth of the country, Mr Fashola said in terms of the nation’s infrastructure such as roads and bridges, railways and the Housing projects, nothing would have been done without the input of the Surveying profession citing the example of the National Housing programme now going on in the 33 states of the country.
“In each of the 33 housing sites where construction is going on now, we couldn’t have started work without a survey plan, because it is from the survey plan that we created a layout plan and it is from the layout plan that designs that were created were then imposed and building could start”, he said adding that none of the highways currently being constructed across the country could have started without a right-of-way.
Mr Fashola, who also said the same impact of surveying also applied to transmission lines, transmissions stations and so on, however, expressed the commitment of the Government to supporting the Council to facilitate its function.
“I think that the Surveyor-General himself will be the first testimonial to say that since the Buhari administration the budgetary provision of this department has been quite expanded and will hopefully be sustained,” he disclosed.
On the role of the Council, the Minister declared, “What this Council is supposed to do is really to regulate the practice, the trade and profession of Surveying; decide who and who are eligible to practice it, under what conditions and so on and so forth”.
“So you have an onerous burden of leadership. It is not made easy by the fact that, as the Surveyor General has said, it is an ubiquitous profession; ubiquitous in the sense that it is so highly impacting; and in these days of Digital Mapping, global security challenges, your responsibilities are not made easier at all”, he told the members.
The Minister conveyed to the Council the felicitations of President Muhammadu Buhari, who, according to him, “charges you to discharge your statutory responsibilities without fear or favour and with your very best endeavours in accordance with the oath of allegiance that you have sworn”.
He added, “The statutory requirements for the constitution of this Council are very clear; the Surveyor-General of the Federation, a representative of the Military, the Director of Surveys, the representative of Women in Surveying, representative of the Office of Surveyor-General of the Federation and also representatives of tertiary institutions, a broad cross-cutting representation, and also from the School of Survey”, pointing out that every interest group “has been thoughtfully considered in the membership of the Council”.
Wishing the Council success in the “Challenging task” before it, the Minister declared, “Let me say in closing that in constituting this Council we are appointing leaders to solve problems; we are not appointing leaders to create problems and I think what I have not said there has said itself”, adding, “I hope that at the end of your tenure of service, the President and Commander in Chief will be able to give you a very warm handshake of congratulations”.
In his response on behalf of the members, the newly inaugurated President of SURCON, Surveyor Joseph Olorunjuwon Agbenla, pledged that the Council, under his watch, would discharge its responsibilities to the best of their ability adding that the Council members would not create problems for Government but would rather solve problems.
Earlier in his welcome remarks, the Surveyor General of the Federation, Surveyor Ebisintei Awudu, stressed the importance of the Surveying Profession pointing out that the Federal Government’s diversification drive in restructuring the economy, National security, National Sustainable Development would not achieve the desired result without the input of Surveying Profession.
He pledged the determination of his office, which, according to him, “is the nation’s apex Mapping Office which coordinates the activities of Surveying and Mapping”, to partner constructively with SURCON in the areas of leadership, research, policy and strategy formulations for better services to government and the citizens of the country.
Also present at the occasion with the Minister were the two Ministers of State in the Ministry, Mr Mustapha Baba Shehuri and Surveyor Suleiman Zarma Hassan, Acting Permanent Secretary Works and Housing, Mr Ibrahim Tumsah, Directors and Special Advisers in the Ministry while on the SURCON side, were the representatives of the Military, Tertiary Institutions and Women in Surveying among other representatives and other SURCON members.
Economy
Geo-Fluids, Afriland Properties Lift NASD Bourse by 0.13%
By Adedapo Adesanya
The duo of Geo-Fluids Plc and Afriland Properties Plc propelled the NASD Over-the-Counter (OTC) Securities Exchange up 0.13 per cent on Friday, January 10.
Investors gained N1.4 billion during the trading session after the market capitalisation of the bourse ended at N1.053 trillion compared with the previous day’s N1.052 trillion, and the NASD Unlisted Security Index (NSI) increased at the close of business by 4.07 points to wrap the session at 3,073.93 points compared with 3,069.86 points recorded at the previous session.
Geo-Fluids added 25 Kobo to its value to close at N4.85 per unit compared with the previous session’s N4.60 per unit, and Afriland Properties Plc gained 24 Kobo to close at N16.25 per share versus Thursday’s closing price of N16.01 per share.
There was a 35.4 per cent fall in the volume of securities traded in the session as investors exchanged 4.3 million units compared to 6.6 million units traded in the preceding session, the value of shares traded yesterday went down by 37.4 per cent to N17.2 million from the N27.5 million recorded a day earlier, and the number of deals decreased by 47.2 per cent to 19 deals from the 36 deals recorded in the preceding day.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and Industrial and General Insurance (IGI )Plc with 10.7 million units sold for N2.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
Economy
Naira Depreciates to N1,543/$1 at Official Market
By Adedapo Adesanya
The Naira witnessed a depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 10.
According to data from the FMDQ Exchange, the local currency weakened against the greenback yesterday by 0.12 per cent or N1.80 to sell for N1,543.03/$1 compared with the preceding day’s N1,541.23/$1.
The pressure on the domestic currency came as the access granted to the Bureaux de Change (BDC) operators by the Central Bank of Nigeria (CBN) to purchase FX from the official market through the Electronic Foreign Exchange Matching System (EFEMS) platform prepares to end next week, precisely on January 19.
The CBN had given a 42-day window to the operators to access the platform to help stabilise the Naira in December, and this expires next week.
On Friday, the Nigerian currency tumbled against the Pound Sterling in the official market by N30.78 to sell for N1,889.29/£1 compared with the previous day’s N1,858.51/£1, but gained N5.48 against the Euro to finish at N1,583.81/€1, in contrast to Thursday’s rate of N1,589.29/€1.
As for the parallel market, the Nigerian Naira remained stable against the US Dollar during the trading session at N1,650/$1, according to data obtained by Business Post.
In the cryptocurrency market, it was bearish as the US economy added 256,000 jobs last month, the Bureau of Labor Statistics reported on Friday, topping forecasts for 160,000 and up from 212,000 in November (revised from an originally reported 227,000).
However, the readings came after a number of recent economic reports triggered a broad-market pullback across asset classes such as crypto as investors quickly scaled back the idea of a continued series of Federal Reserve rate cuts in 2025.
Cardano (ADA) fell by 3.6 per cent to trade at $0.921, Solana (SOL) slumped by 2.8 per cent to $185.93, Ethereum (ETH) depreciated by 1.4 per cent to $3,233.27, Litecoin (LTC) lost 1.3 per cent to finish at $103.62, Dogecoin (DOGE) shed 0.5 per cent to sell at $0.3315, Bitcoin (BTC), waned by 0.2 per cent to $94,154.43, and Binance Coin (BNB) went south by 0.1 per cent to $693.30.
On the flip side, Ripple (XRP) jumped by 1.5 per cent to settle at $2.34, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
Economy
Customs Street Crumbles by 0.08% as Profit-Takers Take Charge
By Dipo Olowookere
Profit-takers took control of Customs Street on Friday, plunging it by 0.08 per cent at the close of trading activities.
The sell-offs were across all the key sectors of the Nigerian Exchange (NGX) Limited on last trading session of the week.
The insurance space went down by 1.53 per cent, the banking index depreciated by 0.41 per cent, the consumer goods sector weakened by 0.16 per cent, and the energy counter slumped by 0.08 per cent, while the industrial goods sector closed flat.
At the close of business, the All-Share Index (ASI) tumbled by 79.68 points to 105,451.06 points from 105,530.74 points and the market capitalisation retreated by N48 billion to N64.303 trillion from N64.351 trillion.
Yesterday, investors traded 1.5 billion shares worth N19.4 billion in 12,877 deals compared with the 489.5 million shares worth N13.1 billion transacted in 13,010 deals in the preceding day, indicating a decline in the number of deals by 1.02 deals and a rise in the trading volume and value by 203.14 per cent and 48.09 per cent, respectively.
Wema Bank was the busiest stock with 976.2 million units valued at N9.8 billion, Tantalizers traded 53.0 million units worth 129.6 million, Universal Insurance sold 34.8 million units for N26.8 million, Access Holdings exchanged 33.9 million units valued at N843.8 million, and Nigerian Breweries traded 27.3 million units worth N873.3 million.
The heaviest loss was suffered by Sunu Assurances with a decline of 9.99 per cent to trade at N7.30, Eunisell shed 9.96 per cent to N17.35, SAHCO crumbled by 9.87 per cent to N30.15, DAAR Communications plunged by 9.28 per cent to 88 Kobo, and Sovereign Trust Insurance went down by 7.04 per cent to N1.32.
On the flip side, C&I Leasing gained 10.00 per cent to close at N4.51, Honeywell Flour appreciated by 9.99 per cent to N10.02, Trans Nationwide Express jumped by 9.89 per cent to N2.00, RT Briscoe rose by 9.83 per cent to N2.57, and Secure Electronic Technology grew by 9.46 per cent to 81 Kobo.
Business Post reports that the bourse ended with 33 price gainers and 25 price losers, indicating a positive market breadth index and strong investor sentiment.
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