Economy

Fashola Hinges Success of ERGP on Surveyors

Published

8 years ago

30/08/2017

Dipo Olowookere

**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

Nigeria Gets Fresh $500m World Bank Loan for Small Businesses

Published

7 hours ago

22/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The World Bank has approved a $500 million facility for Nigeria to expand longer-term lending to small and medium sized businesses.

Approved under the Fostering Inclusive Finance for MSMEs in Nigeria (FINCLUDE) project, the package comprises a $400 million International Bank for Reconstruction and Development (IBRD) loan and a $100 million International Development Association (IDA) credit. Both IBRD and IDA are members of the World Bank Group.

The scheme will be implemented by the Development Bank of Nigeria (DBN), with credit guarantees provided through DBN’s subsidiary, Impact Credit Guarantee Limited (ICGL).

FINCLUDE is designed to address constraints faced by micro, small, and medium enterprises (MSMEs) in Nigeria which despite accounting for most businesses and nearly half of gross domestic product (GDP) face long-standing barriers to formal finance.

Fewer than one in 20 MSMEs have access to bank credit; loans are often short-term and costly; and collateral requirements exclude many viable firms. Women-led enterprises, which make up a substantial portion of MSMEs, are disproportionately affected, facing higher rejection rates and limited tailored products. Agribusinesses, central to food security and rural livelihoods, similarly struggle to obtain more extended‑tenor financing for equipment, processing, storage, and logistics.

However, FINCLUDE seeks to address these constraints by expanding access to affordable, longer-term finance and tailored solutions for segments with the most significant development impact.

Speaking on this, the World Bank Country Director for Nigeria, Mr Mathew Verghis, said, “FINCLUDE is about jobs, opportunity, and inclusion. By expanding access to finance for viable MSMEs—particularly women-led firms and agribusinesses—Nigeria can accelerate growth and deliver tangible benefits across communities nationwide.

“The project will make it easier for deserving small businesses to get the finance they need to grow and hire workers. With better support for lenders that practice inclusive finance and fairer, longer-term loans for entrepreneurs, we are backing the people who power Nigeria’s economy—especially women and those in agriculture.”

The FINCLUDE project will help to mobilise private investment and expand access to and usage of inclusive, innovative financial products for MSMEs nationwide.

Through DBN, the operation will strengthen the capacity of banks, including microfinance banks and non-bank financial institutions such as financial technologies (fintechs), to provide larger loans with more reasonable repayment periods, and—through ICGL—will scale partial credit guarantees so that lenders can extend credit to businesses they might otherwise consider too risky.

Targeted technical assistance will modernise loan appraisal by leveraging AI-enabled digital platforms to accelerate decision-making, improve data quality, strengthen impact measurement, and build capacity for both MSMEs and participating financial institutions.

According to the World Bank, a strong emphasis on inclusion will ensure that women-led businesses and agribusinesses benefit from these improvements.

Also commenting, Task Team Leader for FINCLUDE, Mrs Hadija Kamayo, said, “FINCLUDE will help to mobilize approximately $1.89 billion in private capital, expand debt financing to 250,000 MSMEs—including at least 150,000 women-led businesses and 100,000 agribusinesses—and issue up to $800 million in guarantees to catalyse lending.

“By extending the average maturity of MSME loans to about three years, it will help firms invest in equipment, factories, staff, and productivity, translating finance into jobs and growth.”

Economy

Nigerian Stocks Close 1.13% Higher to Remain in Bulls’ Territory

Published

2 days ago

20/12/2025

Dipo Olowookere

By Dipo Olowookere

The local stock market firmed up by 1.13 per cent on Friday as appetite for Nigerian stocks remained strong.

Investors reacted well to the 2026 budget presentation of President Bola Tinubu to the National Assembly yesterday, especially because of the more realistic crude oil benchmark of $64 per barrel compared with the ambitious $75 per barrel for 2025. This year, prices have been between $60 and $65 per barrel.

Business Post observed profit-taking in the commodity and energy sectors as they respectively shed 0.14 per cent and 0.03 per cent.

But, bargain-hunting in the others sustained the positive run, with the consumer goods index up by 3.82 per cent.

Further, the industrial goods space appreciated by 1.46 per cent, the banking counter improved by 0.08 per cent, and the insurance industry gained 0.04 per cent.

As a result, the All-Share Index (ASI) increased by 1,694.33 points to 152,057.38 points from 150,363.05 points and the market capitalisation chalked up N1.080 trillion to finish at N96.937 trillion compared with Thursday’s closing value of N95.857 trillion.

A total of 34 shares ended on the advancers’ chart, while 24 were on the laggards’ log, representing a positive market breadth index and bullish investor sentiment.

Austin Laz gained 10.00 per cent to close at N2.42, Union Dicon also jumped 10.00 per cent to N6.60, Tantalizers increased by 9.80 per cent to N2.69, Aluminium Extrusion improved by 9.78 per cent to N12.35, and Champion Breweries grew by 9.71 per cent to N16.95.

Conversely, Sovereign Trust Insurance dipped by 7.42 per cent to N3.87, Royal Exchange lost 6.84 per cent to trade at N1.77, Omatek slipped by 6.84 per cent to N1.09, Eunisell depreciated by 5.88 per cent to N80.00, and Eterna dropped 5.63 per cent to close at N28.50.

Yesterday, traders transacted 1.5 billion units worth N21.8 billion in 25,667 deals compared with the 839.8 million units sold for N32.8 billion in 23,211 deals in the preceding session, showing a surge in the trading volume by 76.61 per cent, an uptick in the number of deals by 10.58 per cent, and a shrink in the trading value by 33.54 per cent.

Economy

FrieslandCampina, Two Others Erase N26bn from NASD OTC Bourse

Published

2 days ago

20/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Three stocks stretched the bearish run of the NASD Over-the-Counter (OTC) Securities Exchange by 1.21 per cent on Friday, December 19, with the market capitalisation giving up N26.01 billion to close at N2.121 billion compared with the N2.147 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropping 43.47 points to 3,546.41 points from 3,589.88 points.

The trio of FrieslandCampina Wamco Nigeria Plc, Central Securities Clearing System (CSCS) Plc, and NASD Plc overpowered the gains printed by four other securities.

FrieslandCampina Wamco Nigeria Plc lost N6.00 to sell at N54.00 per unit versus N60.00 per unit, NASD Plc shrank by N3.50 to N58.50 per share from N55.00 per share, and CSCS Plc depleted by N2.91 to N33.87 per unit from N36.78 per unit.

On the flip side, Air Liquide Plc gained N1.01 to close at N13.00 per share versus N11.99 per share, Golden Capital Plc appreciated by 70 Kobo to N7.68 per unit from N6.98 per unit, Geo-Fluids Plc added 39 Kobo to sell at N5.50 per share versus N5.11 per share, and IPWA Plc rose by 8 Kobo to 85 Kobo per unit from 77 Kobo per unit.

During the trading day, market participants traded 1.9 million securities versus the previous day’s 30.5 million securities showing a decline of 49.3 per cent. The value of trades went down by 64.3 per cent to N80.3 million from N225.1 million, but the number of deals jumped by 32.1 per cent to 37 deals from 28 deals.

Infrastructure Credit Guarantee Company (InfraCredit) Plc finished the session as the most active stock by value on a year-to-date basis with 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units traded for N4.9 billion.

The most active stock by volume on a year-to-date basis was still InfraCredit Plc with 5.8 billion units worth N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.7 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.