Business
NIMASA Thumbs Up Blue Economy
The Nigerian Maritime Administration and Safety Agency (NIMASA) is of the opinion that the vast blue economy habours potentials for growth, which can turn the tide, positively, for the Nigerian economy.
This was contained in a statement released under the signature of Director-General, NIMASA, Dr Bashir Jamoh.
According to the statement, Jamoh made the assertions while speaking as a guest lecturer at The Bullion Lecture organised by Centre for Financial Journalism held at the Civic Centre, Victoria Island, Lagos.
He decried the failure of Nigeria’s successive governments to explore the vast resources in the blue economy.
Consequently, Jamoh took the position that the blue economy could be used to knock off Nigeria’s huge debt profile which has been dragging her development efforts, while propagating poverty in the land.
He pointed out that the sea business is in vogue globally and that Nigeria’s future lies in blue economy.
Nigeria, the DG noted, has over 200 nautical miles available for fishing, yet has not been tapping into the sustainability which the blue economy offers.
In his words, “Ocean resources like fishes, shrimps and other sea foods have not been satisfactorily harnessed, just as ship repairs are done in neighbouring countries and in faraway Turkey because the facilities are lacking locally.”
He maintained that Nigeria must come up with appropriate policy interventions that focus on exploring and exploiting the huge opportunities of blue economy anchored on good governance.
“We need to take stock of what is out there in our waters, we need to take stock of what we have in terms of what will create jobs, build coastal communities, grow careers, enhance transportation of humans and cargo, renew and sustain the environment, reduce poverty and make our nation competitive by maximizing our competitive oceanic advantages.” Jamoh said.
Nigeria’s economic structure, in his thoughts, has not provided the window for diversification to thrive because of its inclination to traditional mode of producing goods and services.
He said, “The country had focused on a hybrid economic structure that blends oil with agriculture but the former remains consistent as an economic mainstay ahead of the latter over the years. Today, the waters provide low hanging fruits to diversify the economy.
“It is increasingly being accepted that the country’s future lies in Blue Economy with a coastline bordering the Atlantic Ocean from Badagry in Lagos to Bakassi in Cross River State”.
On efforts by the President Muhammadu Buhari administration to explore the blue economy, Jamoh revealed that it created the Expanded Partnership Committee on Sustainable Blue Economy in Nigeria chaired by Vice-President, Prof Yemi Osinbajo.
He pointed out that it has participation cutting across ministries, departments and agencies, while the transportation ministry plays a leading role.
In a sharp turn of events, the Nigerian Naira took a significant tumble on Tuesday, plunging to N1,416.57 against the US dollar at the official market.
This staggering drop of N62.36 from the previous trading day represents a 4.60 percent loss, sparking concerns among investors and analysts alike.
Data from the FMDQ Exchange, overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed this unsettling trend.
Despite the currency’s downward spiral, trading activity surged, with the daily turnover soaring to $160.77 million, compared to Monday’s $84.83 million.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira’s performance remained volatile, trading between N1,445 and N1,301 against the dollar, underscoring the currency’s precarious position in the market.
The management of Dangote Cement Plc., Ibese Plant has assured that it would continue to complement the efforts of the Ogun State Government in the development of its host communities through capacity building for the people, especially the youths.
In a statement, the company declared its commitment to development for the prosperity of the people and host communities for which it is placing a premium on the developmental needs of the communities and empowerment of their indigenes.
During a capacity development workshop for Host Community Representatives, General Manager, Human Asset Management/Admin, Aina Olugbenga, said, Dangote Cement remained committed to implementing value-adding empowerment programs to uplift the people and develop the host communities.
The workshop themed: “Team Building, Inclusivity and Stewardship, a panacea to effective Community Representatives” according to him, was to equip the Community reps with the right skills to offer quality representation for their people. He stated: this capacity building workshop is aimed at developing and strengthening the skills, instincts, and abilities of the communities through their representatives adapt and thrive in a fast-changing world.
Olugbenga noted that the workshop is part of the management’s strategy to improve relationships with the host communities and urged the participants to leverage the knowledge acquired from the workshop to improve service delivery to their people and the Cement plant.
According to him, Dangote Cement, Ibese Plant is committed to building the capacity of the people and institutions in the communities by identifying skill gaps and partnering to up their skills for economic prosperity. This, he stated, was in anticipation that other stakeholders will continue to play their part by partnering and supporting the Company to ensure peaceful co-existence and shared prosperity for all.
Said he, “Apart from reciprocating the good gesture of Dangote Cement by ensuring peace at all times and keeping an open and trusting mind towards the organization, we also desire from our community leaders and representatives who are present here, the ownership of all Social Investment programme, be it training or infrastructure because they are meant for the betterment of our people.”
On behalf of the Community Representatives, Hon. Dayo Ogunyinka thanked the Dangote Cement management for the workshop while assuring continued commitment to effective, efficient and selfless discharge of their roles and responsibilities to their various communities and the Plant.
The Nigeria Deposit Insurance Corporation (NDIC) has announced revisions to the Maximum Deposit Insurance Coverage for banks operating within the country.
NDIC’s Managing Director, Bello Hassan, disclosed the updated coverage benchmarks during a media briefing in Abuja on Thursday.
The coverage for Deposit Money Banks has been increased from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million per subscriber.
Hassan underscored that the objective of the update is to enhance depositor safety, foster public trust, promote the inclusivity of financial services, and ensure the overall stability of the financial sector.
More to follow.. . .. .
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