Economy

Stakeholders Back Joint Vessel Inspection to Boast Ease of Doing Business

Published

7 years ago

23/09/2018

By Dipo Olowookere

Acting Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr. Musa Usman Abubakar has stressed the need for all government agencies in the maritime sector to carry out joint inspection of vessels at the ports in order to fully actualize the Ease of Doing Business initiative of the federal government.

Mr Abubakar, who made this known when he led a joint team from the Nigerian Shippers Council (NSC) and the Commission on a courtesy visit to the management of the agency, noted that it will aid the turn-around-time of vessels calling at our part and also bring about efficiency.

The ICPC boss, who was represented by the Director, Public Enlightenment and spokesperson of the commission, Mrs Rashidat Okoduwa, stated that activities in the ports will no longer be business as usual for operators and others who are yet to comply with the ease of doing business initiative, hence the reason they are seeking partnership with NIMASA and other agencies to join in the resolve to ensure a business friendly and conducive maritime sector in Nigeria.

While welcoming the delegation, Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Mr Dakuku Peterside, stated that transparency and integrity are crucial elements that must be put in place in order to realize a robust maritime sector in line with the Ease of Doing Business initiative of the federal government.

“We must be conscious of our international image because people who do business in our ports have alternatives. We must strive to make our ports user friendly and competitive; to achieve this, we need the support of all Stakeholders in the maritime sector,” Mr Dakuku said.

He further said NIMASA has fully keyed into the initiative of the ease of doing business and will continue to partner other relevant government bodies in the ports in order to fully realize the essence, which is geared towards making the nation’s ports competitive, adding that it will in turn bring about more employment opportunities and also generate more revenues to add to the nation’s Gross Domestic Product (GDP).

Mr Dakuku called for sanctions to erring port operatives, stating that it will serve as deterrent to others. He said, “Where there are no consequences for offences, people will continue to err; therefore the need to make people face the consequences for their actions or inactions is not negotiable.”

The NIMASA DG noted that the agency has reviewed its Standards Operational Procedures (SOP) manual and made the operational departments sign a service level agreement whereby boarding any vessel and other transactions will be done in record time, with a view to reducing delay in turn-around-time of vessels and to enhance trade facilitation. This he explained is in order to ensure full compliance to the Federal Government’s Ease of Doing Business agenda.

Executive Secretary of the NSC, Barrister Hassan Bello, who was represented by the Director, Legal Services of the NSC, Mr Samuel Vongtau appealed for more collaborative efforts by all the various agencies in the ports in order to realize an economically viable maritime sector in Nigeria.

The federal government’s Ease of Doing Business initiative is geared towards ensuring faster processes and procedures in ports activities in the country, whereby vessels calling at the nation’s ports get good time value for their businesses, thereby allowing for an improved turn-around-time in all forms of port transactions. To achieve this, all agencies in the ports are expected to collaborate and ensure seamless transactions in line with global best practices.

Economy

NASD Market Falls 1.18% to Extend Losing Streak

Published

17 hours ago

14/03/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south for the fourth consecutive session after it shed 1.18 per cent on Friday, March 13.

The unlisted securities market recorded a loss despite closing without a price decliner, and ending with two price gainers led by Geo Fluids Plc, which gained 1o Kobo to sell at N3.10 per share compared with the previous day’s N3.00 per share. Industrial and General Insurance (IGI) Plc appreciated during the session by 2 Kobo to trade at 54 Kobo per unit versus Thursday’s closing price of 52 Kobo per unit.

When the market closed for the day, the market capitalisation lost N29.83 billion to close at N2.489 trillion compared with the N2.519 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) crashed by 49.84 points to 4,160.46 points from 4,210.31 points.

Market activity improved yesterday, as the volume of transactions rose 179.5 per cent to 10.4 million units from 3.7 million units, but the value of trades declined by 68.4 per cent to N29.9 million from N95.0 million, while the number of deals weakened by 11.5 per cent to 46 deals from 52 deals.

Central Securities Clearing Systems (CSCS) Plc remained the most active stock by value on a year-to-date basis with 38.4 million units worth N2.4 billion, Okitipupa Plc followed with 6.4 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc transacted 6.3 million units for N584.3 million.

Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units valued at N504.5 million, and CSCS Plc with 38.4 million units worth N2.4 billion.

Economy

Naira Trades N1,366/$1 at Official Market, N1,400/$1 at Black Market

Published

17 hours ago

14/03/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira continued to claw back some gains against the Dollar in the different segments of the foreign exchange (FX) market, as its value was strengthened on Friday.

In the black market, it gained N10 against the United States Dollar yesterday to close at N1,400/$1 compared with the preceding day’s rate of N1,410/$1, and at the GTBank forex counter, it chalked up N6 to close at N1,385/$1, in contrast to the N1,391/$1 it was traded a day earlier.

Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEX), it appreciated against the greenback during the session by N5.28 or 0.38 per cent to quote at N1,366.23/$1 versus Thursday’s closing price of N1,371.51/$1.

It also improved its value against the Pound Sterling in the official market on Friday by N21.81 to settle at N1,812.99/£1 compared with the previous day’s N1,834.80/£1, and gained N13.86 against the Euro to sell at N1,568.03/€1 versus N1,581.89/€1.

Pressure eased further on the FX market as the Central Bank of Nigeria (CBN) continued interventionist operations this week, selling Dollars to banks to boost liquidity after a $500 million boost last week.

This was complemented by inflows from foreign investors, exporters and non-bank corporates, among others, while Nigeria’s gross external reserves remained above $50 billion, the highest since 2009.

The Governor of the apex bank, Mr Yemi Cardoso, also eased fears of a Naira devaluation, saying the country’s financial system has been strengthened by reforms.

Regardless, external pressure looms as the US Dollar strengthened globally due to its war with Iran, now ongoing for three weeks.

Meanwhile, the cryptocurrency market was largely down as traders and investors continue to align with current realities.

The market is adapting to the conflict in real time. Early in the war, every headline produced an outsized reaction because nobody could price the tail risk. Now, traders have a framework where strikes happen, oil spikes and bitcoin dips only to recover again.

Cardano (ADA) depreciated by 3.8 per cent to $0.2623, Dogecoin (DOGE) lost 1.7 per cent to finish at $0.0948, Ripple (XRP) slumped 1.5 per cent to $1.39, Solana (SOL) dropped 1.4 per cent to sell for $87.33, Binance Coin (BNB) went down by 1.3 per cent to $653.58, Bitcoin (BTC) declined by 1.1 per cent to $70,670.63, and Ethereum (ETH) decreased by 0.9 per cent to $2,078.78.

However, TRON (TRX) appreciated by 1.7 per cent to $0.2941, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

Economy

Oil Stays Above $100 as Strait of Hormuz Traffic Stalls

Published

17 hours ago

14/03/2026

Adedapo Adesanya

By Adedapo Adesanya

The price of the major crude oil grade, Brent crude oil, closed above $100 on Friday for the second consecutive session, as the Iran war heads toward its third week, with oil tanker traffic through the Strait of Hormuz still effectively at a standstill.

It gained 2.67 per cent or $2.68 during the trading day to close at $103.14 per barrel, while the US West Texas Intermediate (WTI) crude oil grade appreciated by 3.11 per cent or $2.98 to settle at $98.71 per barrel.

Brent futures were up about 10 per cent for the week following the 27 per cent rise seen last week, which marked the biggest weekly gain in oil prices since the COVID-19 pandemic in 2020. WTI futures, which saw their best week since 1983 last week, ended the week more than 8 per cent higher.

US President Donald Trump said American forces launched a major bombing raid on Iran’s strategic Kharg Island, targeting military facilities on the key Persian Gulf outpost while warning Iran that its vital oil infrastructure could be destroyed if shipping in the Strait of Hormuz is disrupted.

The terminal accounts for roughly 90 per cent of Iranian crude shipments, loading millions of barrels per day onto tankers bound largely for Asian markets.

The US and Israel’s strikes in the conflict have largely targeted Iranian military and nuclear infrastructure. Oil facilities elsewhere in Iran have been hit, but Kharg’s massive storage tanks, jetties, and pipelines had remained untouched until the latest strike.

Iran’s new supreme leader, Mojtaba Khamenei, vowed to keep fighting in a message delivered via state television.

There have been a number of attacks on foreign ships in or near the Strait, feeding into concerns that a prolonged war could translate to a global economic shock.

Prices are rising despite the US and its allies rolling out some measures to keep a lid on energy costs.

The International Energy Agency (IEA) has agreed to release 400 million stockpiled barrels, the largest such action in history.

The US has issued a 30-day waiver for India to purchase sanctioned oil from Russia. President Donald Trump is considering loosening rules under the Jones Act that require American ships to transport goods between domestic ports, including oil and gas, in an effort to lower costs.

Traders are continuing to monitor developments in the Middle East.