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
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.
By Dipo Olowookere
It was a positive start to the week for stock investors in Nigeria as they grew their wealth by 1.29 per cent on Monday amid a hunt for dividend-paying equities.
Business Post reports that three of the five sectoral indices ended in green, with the industrial goods space leading with a 4.76 per cent appreciation, and the energy counter up by 1.29 per cent, while the consumer goods index gained 0.74 per cent.
However, due to profit-taking in the financial services ecosystem yesterday, the banking counter went down by 0.04 per cent, and the insurance sector lost 0.03 per cent.
When the closing gong was struck, the All-Share Index (ASI) soared by 2,218.73 points to 173,946.22 points from 171,727.49 points, and the market capitalisation surged by N1.424 trillion to N111.659 trillion from N110.235 trillion.
The trio of May and Baker, CAP, and DAAR Communications improved by 10.00 per cent during the session to close at N43.45, N90.20, and N2.09 apiece, while RT Briscoe gained 9.98 per cent to trade at N13.89, with Deap Capital growing by 9.97 per cent to N7.50.
Conversely, Eunisell lost 9.98 per cent to settle at N134.85, Tripple Gee slumped by 8.90 per cent to N6.65, Abbey Mortgage Bank crashed by 8.03 per cent to N13.75, Austin Laz declined by 7.41 per cent to N5.00, and Haldane McCall slipped by 6.56 per cent to N3.99.
On the first trading day of the week, 59 stocks ended on the advancers’ log, and 26 stocks finished on the laggards’ table, representing a positive market breadth index and strong investor sentiment.
Despite the gains, the activity level waned on Monday as the trading volume and value decreased by 18.73 per cent and 35.27 per cent, respectively, while the number of deals increased by 29.32 per cent.
A total of 775.2 million equities worth N27.9 billion exchanged hands in 65,960 deals yesterday compared with the 953.8 million equities valued at N43.1 billion traded in 51,005 deals last Friday.
Access Holdings was the busiest stock for the session with a turnover of 67.1 million units worth N1.6 billion, Zenith Bank sold 46.2 million units valued at N3.4 billion, Secure Electronic Technology traded 43.9 million units for N47.9 million, Veritas Kapital exchanged 39.4 million units worth N91.6 million, and Mutual Benefits transacted 33.9 million units valued at N145.7 million.
By Modupe Gbadeyanka
A subsidiary of Stanbic IBTC Holdings Plc, Stanbic IBTC Insurance, has continued to showcase institutional excellence, becoming one of Nigeria’s top-performing insurers.
At the 2025 Risk Analyst Insurance Brokers Performance Review Awards, the underwriting firm won the Life Insurance category for its operational discipline, prompt claims settlement, and partnership-driven approach that fosters long-term confidence with clients and brokers.
The organisers were impressed with the company’s performance in life insurance, which reflects the broader institutional direction of Stanbic IBTC Holdings, which is building resilient, trusted, and high-performing financial institutions that contribute to Nigeria’s economic growth and the development of the insurance sector.
“At Stanbic IBTC Insurance, trust is built through reliable performance, timely claims settlement, and service that supports customers when it matters most. This recognition reflects the quality of service we provide for our clients and partners.
“We are honoured to receive this accolade and will continue to raise standards across the industry,” the chief executive of Stanbic IBTC Insurance, Akinjide Orimolade, stated.
Also commenting, the chief executive of Stanbic IBTC Holdings, Mr Chuma Nwokocha, said, “We are proud of this achievement, which highlights the strength of our insurance business and the broader Stanbic IBTC Group’s focus on building strong, enduring institutions.
“Stanbic IBTC Insurance continues to set benchmarks in professionalism, client service, and operational excellence; reinforcing our role as a trusted partner to individuals and businesses across Nigeria.”
Every year, Risk Analyst Insurance Brokers Limited, which organises the event, carries out an annual assessment of insurance underwriters by evaluating partners based on key criteria, including claims settlement efficiency, service delivery, responsiveness, and broker–underwriter collaboration.
The initiative aims to promote accountability, raise service standards, and strengthen trust across Nigeria’s insurance ecosystem.
The 2025 performance of Stanbic IBTC Insurance highlights its role as a dependable and credible underwriting partner in the market.
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