Economy
NIMASA Takes Steps Towards Sustainable National Fleet
By Adedapo Adesanya
The Nigerian Maritime Administration and Safety Agency (NIMASA) has reaffirmed its commitment to the establishment of a strong and sustainable national fleet.
This was disclosed by Mr Bashir Jamoh, the Director-General of the agency, while receiving members of the National Fleet Implementation Committee who paid him a courtesy visit at the headquarters in Lagos.
He told the team led by the committee chairman and Executive Secretary, Nigeria Shippers’ Council (NSC), Mr Hassan Bello, that the need for a national carrier cannot be overemphasised owing to the enormous economic benefits it offers.
According to him, “There is no better time to have a national carrier and develop the maritime industry than now, when the world is gradually looking away from fossil fuels, which currently form the mainstay of the Nigerian economy, and President Muhammadu Buhari is trying to diversify the economy from oil.
“Nigeria cannot be caught unawares; we need to look at ways of developing our shipping sector, which, from studies, is capable of earning the country even more than oil annually.”
Mr Jamoh stated that the Nigerian maritime sector had the potential to grow by between three and five per cent annually due to the size of the local market, but regretted that this capacity remained mostly untapped.
He said since the liquidation of the Nigerian National Shipping Line (NNSL) in 1995, the country had been looking for avenues to float a national carrier, though through private sector participation.
The Director-General added that the federal government had over the years put different measures in place to stimulate the maritime sector due to its strategic importance to the economic fortunes of the country.
He emphasised the need for the country to learn from experience in order to avoid the pitfalls that ruined the NNSL.
“We need to have a sustainable national shipping line in order to avoid the reasons the NNSL was liquidated. The committee must focus on ensuring that the implementation stands the test of time,” Mr Jamoh said.
He said the agency’s commitment to fully and actively supporting the drive for a wholly Nigerian-owned and operated fleet was unwavering, explaining that it is one of the main pillars that NIMASA is built upon. “It is also the third leg of the tripod driving the development agenda of the current management at NIMASA,” he said.
In his remarks, the NSC chief, Mr Bello said the committee was at a critical stage of the national fleet implementation process, stressing that capital injection is required at this juncture to actualise the project.
According to him, “The quest for a Nigerian fleet is essential in ensuring that the country regains control of our external trade, thereby opening up the economy.
“This is a perfect time for Nigeria to invest in its own fleet, with global dependency on oil projected to dwindle considerably by 2030 and alternative power sources replacing fossil fuels in many countries.
“Consequently, a mono-economy, such as ours, should be diversifying into other revenue streams, with maritime being a major potential earner.”
Mr Bello said the primary objectives of the committee were to create employment opportunities for Nigerians; reposition the Nigerian maritime sector; and generate revenue for the federal government as well as economic benefits to businesses ancillary to the maritime sector, such as the logistics and services.
Recall that the federal government, through the Minister of Transportation, Mr Rotimi Amaechi, having identified the need to diversify the economy and address the imbalance in the maritime industry, decided to establish a private sector-led Nigerian maritime fleet to participate in the carriage of the country’s import and export cargo.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.20 per cent on Friday, January 30, supported by the gains achieved by two securities on the platform.
During the session, Okitipupa Plc went up by N15.70 to finish at N234.60 per share versus the previous day’s N218.90 per share and Paintcomm Investment Plc expanded by 5 Kobo to close at N11.05 per unit compared with the previous day’s N11.00 per unit.
It was observed that yesterday, there were three price losers led by Geo-Fluids Plc, which dropped 60 Kobo to sell at N5.75 per share versus N6.35 per share, Afriland Properties Plc declined by 35 Kobo to close at N13.65 per unit compared with Thursday’s closing price of N14.00 per unit, and Industrial and General Insurance (IGI) Plc depreciated by 3 Kobo to 66 Kobo per share from 69 Kobo per share.
At the close of business, the NASD Unlisted Security Index (NSI) rose by 7.34 points to 3,630.11 points from 3,622.77 points and the market capitalisation grew by N4.39 billion to N2.171 trillion from N2.167 trillion.
A total of 287,618 units of securities exchanged hands on Friday compared with the previous day’s 1.9 million units of securities, indicating a decline in the volume of trades by 85.6 per cent.
The value of transactions, according to data, was down by 77.2 per cent to N3.1 million from N13.4 million, but the number of deals increased by 31.3 per cent to 21 deals from 16 deals.
Central Securities Clearing System (CSCS) Plc remained the most traded stock by value (year-to-date) with 15.4 million units exchanged for N623.0 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.6 million units traded for N108.5 million, and Geo-Fluids Plc with 9.1 million units valued at N61.1 million.
CSCS Plc also ended the session as the most active stock by volume (year-to-date) with 15.4 million units sold for N623.0 million, followed by Mass Telecom Innovation Plc with 10.1 million units worth N4.1 million, and Geo-Fluids Plc with 9.1 million units valued at N61.1 million.
By Adedapo Adesanya
The Naira maintained its positive performance against the United States Dollar in the different segment of the foreign exchange (FX) market on Friday, January 30.
In the black market, the Nigerian currency appreciated against the greenback yesterday by N5 to sell for N1,465/$1 compared with the previous day’s N1,470/$1, and at the GTBank forex desk, it gained N7 to close at N1,419/$1 compared with Thursday’s closing price of N1,426/$1.
In the the Nigerian Autonomous Foreign Exchange Market (NAFEX) segment, the local currency firmed up against the Dollar during the session by N10.44 or 0.75 per cent to trade at N1,386.55/$1 versus N1,396.99/$1.
Also, the domestic currency appreciated against the Pound Sterling in the official FX market by N25.81 to end at N1,906.23/£1 compared to the N1,932.04/£1 quoted on Thursday, and gained N19.56 on the Euro to close at N1,652.22/€1, in contrast to the preceding session’s closing price of N1,671.78/€1.
The Naira continues to pick form, boosted by stronger FX liquidity, enhanced price discovery at the NAFEX, and a gradual restoration of offshore investor confidence.
Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with the capacity to defend the Naira and stabilise the foreign exchange market, have continued to grow steadily. According to data from the apex bank, gross external reserves rose to $46.17 billion as of January 29, 2026.
FX supply is further supported by strong oil-related inflows and resilient diaspora remittances, which continued to average around $5 billion per quarter, providing a stable and non-cyclical source of foreign exchange liquidity.
Market traders expect the Naira to remain fairly stable and could strengthen further with a bond auction in the coming week.
Nigeria’s external reserves, which provide the CBN with the capacity to defend the naira and stabilise the foreign exchange market, have continued to grow steadily. According to CBN data, gross external reserves rose to $46.17 billion as of January 29, 2026.
In the cryptocurrency market, it further weakened as the US Dollar recovered from a four-year low decline.
Friday’s Dollar strength followed President Donald Trump’s announcement that he would pick former Federal Reserve Governor Kevin Warsh to head the US central bank when Mr Jerome Powell’s term ends in May.
Cardano (ADA) fell by 3.9 per cent to $0.3118, Ethereum (ETH) declined by 2.1 per cent to $2,676.83, Ripple (XRP) depreciated by 1.6 per cent to $1.72, Dogecoin (DOGE) lost 0.9 per cent to sell for $0.1130, and Litecoin (LTC) slid by 0.1 per cent to $64.03.
However, Solana (SOL) added 2.0 per cent to close at $117.67, Bitcoin (BTC) appreciated by 1.0 per cent to $83,416.99, and Binance Coin (BNB) gained 0.6 per cent to sell for $847.49, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
Crude oil rose marginally on Friday, consolidating recent gains and holding near six-month highs on Friday, supported by tensions between the United States and Iran.
Brent crude futures settled at $70.69 a barrel after it chalked up 2 cents or 0.03 per cent and the US West Texas Intermediate (WTI) crude futures finished at $65.21 a barrel after adding 21 cents or 0.32 per cent.
US President Donald Trump has threatened to strike Iran and repeatedly called on the oil producer to make a deal, which will see it end its nuclear program, limit its ballistic missile capabilities, and sever ties with armed proxies in the Middle East.
If the Islamic Republic does not accept those terms, President Trump has warned that the country will suffer consequences “far worse” than last year, when the United States joined Israel in bombing Iran’s nuclear sites.
The possibility of the American president weighing actions against Iran that included targeted strikes, raised concerns about supply disruptions.
The US, which has strengthened its military position in the Middle East in recent weeks, issued new sanctions targeting seven Iranian nationals and at least one entity.
A rise in the Dollar from four-year put some pressure on oil prices after President Trump announced that he would pick former Federal Reserve Governor Kevin Warsh to head the US central bank when Mr Jerome Powell’s term ends in May.
A stronger Dollar can limit demand from oil buyers paying in other currencies because it will be more expensive.
More pressure came from rising US crude oil output after shutdowns and Kazakhstan nearing the resumption of production at the Tengiz oilfield.
The Organisation of the Petroleum Exporting Countries and allies (OPEC+) is likely to keep its pause on oil output increases for March when it meets on Sunday, February 1.
The eight producers – Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman – raised production quotas by about 2.9 million barrels per day from April through December 2025, roughly 3 per cent of global demand. They then froze further planned increases for January through March 2026 because of seasonally weaker consumption.
Also on Sunday, a separate OPEC+ panel called the Joint Ministerial Monitoring Committee is scheduled to meet. The JMMC does not have decision-making authority on production policy.
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