Economy

Maritime Safety Key to Economic Growth—Dogara

Published

8 years ago

24/07/2018

By Modupe Gbadeyanka

Speaker of the House of Representatives, Mr Yakubu Dogara, has said maritime safety is key to economic growth, especially in light of the huge contributions made by the sector to economic development. He said this at a public hearing by the House Committee on Maritime Safety, Education and Administration on a bill seeking to establish the Maritime Security Agency.

Speaking to members of the committee and stakeholders in the maritime sector, Mr Dogara stressed the importance of the maritime sector to revenue generation in the country and highlighted the importance of the Bill being considered.

“You will agree with me that the Maritime Sector is key to the success of the Federal Government’s Economic Recovery and Growth Plan (ERGP) that was launched in March, this year.

“This is because a lot of revenue needed to revamp our economy can easily leak away if our Maritime environments are not properly managed or policed.

“To this end, the proposed Bill seeks to establish an Agency charged with the mandate to provide maritime security and communication in our maritime region as a separate entity from NIMASA. This is to further fortify the security arrangements in the Sector.

“It is pertinent to note that Nigerian Maritime Administration and Safety Agency (NIMASA) was established in 2007 following the passage of the NIMASA Act No 17 of 2007 by the National Assembly, which saddles the Agency with the Promotion of Maritime Safety and Security and, indeed, the protection of marine environment among others.

“In an effort to curb the menace and recurring security issues on our maritime domain, NIMASA was mandated to take up a primary role and finance a new Maritime Security Architecture project of the Federal government,” he said.

This was also as he acknowledged efforts made by NIMASA so far, and cooperation with the Nigerian Navy.

“I have been made to realize that the Agency has stepped-up significantly the deployment of satellite surveillance Infrastructure to enable the agency monitor shipping activities and the marine environment in real time for safety, security and administration of the maritime domain of the nation.

“This package essentially exposes all illicit activities of operators while also aiding the agency in providing the required assistance in the event of maritime distress call. It is note-worthy that the Nigerian Navy also compliments the efforts of NIMASA in ensuring that our territorial waterways are secured and free from criminal activities.”

He further stated that subjecting the bill to public discourse is necessary, especially as there are concerns about duplication and additional expenditure incurred in setting up new agencies.

“In view of these facts, it has become very imperative to subject this Bill to public discourse, considering the obvious facts that the Nation is grappling with the shrinking of the already lean resources available for delivering on core social infrastructure. This is more so, as some observers have argued that establishing another agency charged with same mandate as NIMASA and Nigerian Navy will ultimately translate to duplication of functions in an era when Government is finding ways to reduce the cost of administering our bureaucracy.”

The Speaker revealed that the House takes matters relating to the maritime sector very seriously, as five of the 154 bills so far passed by the House are targeted at strengthening the sector. The bills are; Nigeria Maritime University, Okerenkoko Bill, the National Transport Commission Bill, Coastal & Inland Shipping (Cabotage) Amendment Bill, National Inland Waterways (Amendment) Bill, and the Maritime Operations Coordinating Board (Amendment) Bill.

The bill presently being considered is a Bill For an Act to Establish The Maritime Security Agency to Promote Maritime Security and to Provide Among Other Things, for the Establishment of the Maritime Security Agency Charged With the Responsibility of Providing Security and Safety Information and Communication Facilities for All Categories of Users of the Nigerian Maritime Industry and for Related Matters

Economy

NGX Market Cap Surpasses N110trn as FY 2025 Earnings Impress Investors

Published

4 hours ago

07/02/2026

Dipo Olowookere

By Dipo Olowookere

Investors at the Nigerian Exchange (NGX) Limited have continued to show excitement for the full-year earnings of companies on the exchange so far.

On Friday, Customs Street further appreciated by 1.01 per cent as more organization released their financial statements for the 2025 fiscal year.

During the session, traders continued their selective trading strategy, with the energy sector going up by 2.47 per cent at the close of business despite profit-taking in the banking counter, which saw its index down by 0.11 per cent.

Yesterday, the insurance space grew by 2.16 per cent, the industrial goods segment expanded by 1.70 per cent, and the consumer goods industry jumped by 0.42 per cent.

Consequently, the All-Share Index (ASI) increased by 1,722.13 points to 171,727.49 points from 170,005.36 points, and the market capitalisation soared by N1.106 trillion to N110.235 trillion from the N109.129 trillion it ended on Thursday.

Business Post reports that there were 59 appreciating stocks and 19 depreciating stocks on Friday, representing a positive market breadth index and strong investor sentiment.

The trio of Omatek, Deap Capital, and NAHCO gained 10.00 per cent each to sell for N2.64, N6.82, and N136.40 apiece, as Zichis and Austin Laz appreciated by 9.98 per cent each to close at N6.72 and N5.40, respectively.

Conversely, The Initiates depreciated by 9.74 per cent to N19.45, DAAR Communications slumped by 7.32 per cent to N1.90, United Capital crashed by 6.55 per cent to N18.55, Coronation Insurance lost 5.71 per cent to quote at N3.30, and First Holdco shrank by 5.53 per cent to N47.00.

The activity chart showed an improvement in the activity level, with the trading volume, value, and number of deals up by 33.77 per cent, 93.27 per cent, and 10.63 per cent, respectively.

This was because traders transacted 953.8 million shares worth N43.1 billion in 51,005 deals compared with the 713.0 million shares valued at N22.3 billion traded in 46,104 deals a day earlier.

Fidelity Bank was the most active with 92.4 million units sold for N1.8 billion, Chams transacted 69.2 million units valued at N310.9 million, Deap Capital exchanged 59.1 million units worth N382.7 million, Access Holdings traded 57.2 million units valued at N1.3 billion, and Tantalizers transacted 48.6 million units worth N228.2 million.

Economy

Naira Retreats to N1,366.19/$1 After 13 Kobo Loss at Official Market

Published

5 hours ago

07/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The value of the Naira contracted against the United States Dollar on Friday by 13 Kobo or 0.01 per cent to N1,366.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) from the previous day’s value of N1,366.06/$1.

According to data from the Central Bank of Nigeria (CBN), the Nigerian currency also depreciated against the Pound Sterling in the same market window yesterday by N2.37 to N1,857.75/£1 from the N1,855.38/£1 it was traded on Thursday, and further depleted against the Euro by 57 Kobo to close at N1,612.52/€1 versus the preceding session’s N1,611.95/€1.

In the same vein, the exchange rate for international transactions on the GTBank Naira card showed that the Naira lost N8 on the greenback yesterday to N1,383/$1 from the previous day’s N1,375/$1 and at the black market, the Nigerian currency maintained stability against the Dollar at N1,450/$1.

FX analysts anticipate this trend to persist, primarily influenced by increasing external reserves, renewed inflows of foreign portfolio investments, and a reduction in speculative demand.

In the short term, stability in the FX market is expected to continue, supported by policy interventions and improving market confidence.

Nigeria’s foreign reserves experienced an upward trajectory, increasing by $632.38 million within the week to $46.91 billion from $46.27 billion in the previous week.

The Dollar appreciation this week appears to be largely technical, serving as a correction to the substantial losses experienced from mid- to late January.

Meanwhile, the cryptocurrency market slightly appreciated, with Bitcoin (BTC) climbing near $68,000, up nearly 5 per cent since hitting $60,000 late on Thursday after investor confidence in crypto’s utility as a store of value, inflation hedge, and digital currency faltered.

The sell-off extended beyond crypto, with silver plunging 15 per cent and gold sliding more than 2 per cent. US stocks also fell.

The latest recoup saw the price of BTC up by 4.7 per cent to $67,978.96, as Ethereum (ETH) appreciated by 6.3 per cent to $2,021.10, and Ripple (XRP) surged by 9.5 per cent to $1.42.

In addition, Solana (SOL) grew by 7.3 per cent to $85.22, Cardano (ADA) added 6.1 per cent to trade at $0.2683, Dogecoin (DOGE) expanded by 5.4 per cent to $0.0958, Litecoin (LTC) rose by 5.2 per cent to $53.50, and Binance Coin (BNB) jumped by 2.3 per cent to $637.79, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

Economy

Oil Prices Climb on Worries of Possible Iran-US Conflict

Published

6 hours ago

07/02/2026

Adedapo Adesanya

By Adedapo Adesanya

Oil prices settled higher on Friday as traders worried that this week’s talks between the US and Iran had failed to reduce the risk of a military conflict between the two countries.

Brent crude futures traded at $68.05 a barrel after going up by 50 cents or 0.74 per cent, and the US West Texas Intermediate (WTI) crude futures finished at $63.55 a barrel due to the addition of 26 cents or 0.41 per cent.

Iran and the US held negotiations in Muscat, the capital of Oman, on Friday to overcome sharp differences over Iran’s nuclear programme.

It was reported that the talks had ended with Iran’s foreign minister saying negotiators will return to their capitals for consultations and the talks will continue.

Regardless, the meeting kept investors anxious about geopolitical risk, as Iran wanted to stick to nuclear issues while the US wanted to discuss Iran’s ballistic missiles and support for armed groups in the region.

Any escalation of tension between the two nations could disrupt oil flows, since about a fifth of the world’s total consumption passes through the Strait of Hormuz between Oman and Iran.

Saudi Arabia, the United Arab Emirates, Kuwait and Iraq export most of their crude via the strait, as does Iran, which is a member of the Organisation of the Petroleum Exporting Countries (OPEC).

According to Reuters, Iran objected to the presence of any US Central Command (CENTCOM) or other regional military officials, saying that would jeopardise the process.

The current confrontation was sparked by more than two weeks of unrest in Iran that saw authorities launch a deadly crackdown that killed thousands of civilians and shocked the world. As reports of the deaths trickled out of Iran, US President Donald Trump threatened to strike Iran if any of the tens of thousands of protesters arrested were executed.

Meanwhile, Kazakhstan’s planned oil exports could fall by as much as 35 per cent this month via its main route through Russia, as the country’s top oil company, Tengiz oilfield, slowly recovers from fires at power facilities in January.

ING analysts have pointed out Iran’s neighbour, Iraq, and a disagreement with the US as another bullish factor for oil prices. It seems Iraqi politicians favour Mr Nouri al-Maliki as the country’s next Prime Minister, but the US thinks Mr al-Maliki is too close to Iran. President Trump has already threatened the oil producer with consequences if he emerges as PM.