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Fashola Hinges Success of ERGP on Surveyors

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**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.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Economy

Nigerian Stocks Chalk up 0.08% on Bullish Sentiment

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Nigerian stocks

By Dipo Olowookere

The last trading session of the week on the floor of the Nigerian Exchange (NGX) Limited ended on a positive note, as it rallied by 0.08 per cent on Friday.

This was buoyed by strong investor sentiment due to renewed buying pressure, which left 35 stocks on the gainers’ chart, as 33 stocks ended on the losers’ log, indicating a positive market breadth index.

According to data, Eterna gained 10.00 per cent to close at N42.35, Union Dicon appreciated by 9.70 per cent to N16.40, John Holt grew by 9.25 per cent to N9.45, Tantalizers rose by 8.41 per cent to N4.64, and Fidson expanded by 7.27 per cent to N88.50.

Conversely, RT Briscoe lost 10.00 per cent to finish at N12.06, SCOA Nigeria retreated by 9.96 per cent to N34.35, ABC Transport receded by 9.96 per cent to N6.25, Mecure crashed by 9.96 per cent to N61.50, and Berger Paints declined by 9.93 per cent to N66.65.

Business Post observed that the industrial goods space appreciated by 1.20 per cent yesterday, while the energy index improved by 0.19 per cent.

However, the insurance counter fell by 0.61 per cent, the consumer goods segment shed 0.56 per cent, and the banking industry depreciated by 0.11 per cent.

The All-Share Index (ASI) was down by 161.00 points on Friday to 196,968.15 points from 196,807.15 points on Thursday, while the market capitalisation went down by N119 billion to N126.437 trillion from N126.318 trillion.

A total of 586.2 million units of shares worth N30.6 billion were transacted in 62,699 deals during the trading day versus the 634.0 million shares valued at N29.1 billion traded in 66,286 deals a day earlier, showing a jump in the trading value by 5.16 per cent, and a decline in the trading volume and number of deals by 7.54 per cent and 5.41 per cent, respectively.

The activity chart was led by First Holdco with 43.9 million units worth N2.3 billion, Access Holdings exchange 43.2 million units valued at N1.1 billion, Zenith Bank transacted 40.0 million units for N3.7 billion, GTCO sold 38.9 million units worth N4.6 billion, and Jaiz Bank traded 31.5 million units valued at N323.4 million.

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Economy

Five Price Gainers Lift NASD Index by 0.22% as Market Cap Adds N5.6bn

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NASD Unlisted Securities Index

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange went up by 0.22 per cent on Friday, March 6, as a result of the rise in the share prices of five securities on the platform.

During the session, the market capitalisation of the bourse added N5.60 billion to close at N2.519 trillion versus the preceding session’s N2.513 trillion, and the NASD Unlisted Security Index (NSI) appreciated by 9.35 points to 4,256.41 points from 4,256.41 points.

The five price gainers were led by 11 Plc, which gained N29.02 to close at N319.25 per unit versus Thursday’s closing value of N290.23 per unit, Central Securities Clearing System (CSCS) Plc appreciated by N1.19 to N81.35 per share from N80.16 per share, Nipco Plc increased by N1.00 to N285.00 per unit from N284.00 per unit, FrieslandCampina Wamco Nigeria Plc rose by 72 Kobo to N125.20 per share from N124.48 per share, and UBN Property Plc improved by 19 Kobo to N2.17 per unit from N1.98 per unit.

On the flip side, Okitipupa Plc lost N20.00 to settle at N230.00 per share compared with the previous day’s N250.00 per share, NASD Plc declined by N5.21 to N51.00 per unit from N56.21 per unit, and First Trust Mortgage Bank Plc declined by 21 Kobo to N1.90 per share from N2.11 per share.

The volume of securities traded by market participants went down by 10.6 per cent yesterday to 3.4 million units from 3.8 million units, and the value of securities dropped 85.3 per cent to close at N62.4 million versus N423.3 million, while the number of deals jumped 4.8 per cent to 44 deals from 42 deals.

CSCS Plc remained the most traded stock by value (year-to-date) with 37.2 million units valued at N2.3 billion, followed by Okitipupa Plc with 6.3 million units worth N1.1 billion, and MRS Oil Plc with 3.4 million units sold for N506.8 million.

Resourcery Plc was the most traded stock by volume (year-to-date) with 1.05 billion units traded for N408.7 million, followed by Geo-Fluids Plc with 123.1 million units transacted for N481.6 million, and CSCS Plc with 37.2 million units worth N2.3 billion.

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Economy

Naira Loses N5.82 at NAFEX to Sell N1,393/$1

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currency in circulation eNaira

By Adedapo Adesanya

For another week, the Naira closed without recording a gain against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX), as FX demand pressure continues to mount.

On Friday, the country’s legal tender further depreciated against the greenback by N5.82 or 0.42 per cent to trade at N1,393.26/$1 compared with the preceding day’s N1,387.45/$1.

Also, the local currency tumbled against the Pound Sterling in the official market segment yesterday by N7.61 to close at N1,859.99/£1 versus Thursday’s closing price of N1,852.38/£1, and crashed against the Euro by N1.58 to settle at N1,611.49/€1, in contrast to the N1,609.86/€1 it was traded a day earlier.

In the same vein, the Naira declined against the Dollar at the GTBank forex desk by N12 during the session to quote at N1,410/$1 versus the previous session’s rate of N1,398/$1, and at the parallel market, it lost N10 to sell for N1,415/$1 compared with the preceding day’s N1,405/$1.

The domestic currency continued its decline despite $300 million in FX intervention sales to banks by the Central Bank of Nigeria (CBN), indicating that the rising demand for foreign payments is outpacing supply. However, worries have heightened as the Naira is entering a threshold that has not previously created panic.

In the international market, the US Dollar held broadly steady and saw its steepest weekly gain in more than a year as the escalating conflict in the Middle East drove demand for safe-haven assets. This creates pressure on other currencies.

This also affected the cryptocurrency market. As tensions escalated in the Middle East last week, investors moved quickly to the safety of the US Dollar, which strengthened as markets began pricing in higher energy prices and reignited inflation fears, potentially delaying Federal Reserve rate cuts.

Ethereum (ETH) dipped by 4.9 per cent to $1,975.54, Solana (SOL) depreciated by 4.8 per cent to $84.08, Bitcoin (BTC) lost 4.3 per cent to sell for $67,725.27, Cardano (ADA) slumped 4.2 per cent to $0.2527, and Litecoin (LTC) shrank by 3.4 per cent to $53.55.

Further, Dogecoin (DOGE) declined by 3.2 per cent to $0.0906, Binance Coin (BNB) slipped 2.9 per cent to $626.32, and Ripple (XRP) went down by 2.6 per cent to $1.36, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

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