Connect with us

Economy

NIMASA urges NLNG to use Nigerian Flag for Vessels

Published

on

Share

The Nigerian Maritime Administration and Safety Agency (NIMASA) has urged the Nigeria Liquefied Natural Gas (NLNG) to consider the Nigerian Flag as first option for its vessels.

The Director-General of NIMASA, Dr Bashir Jamoh, made the appeal in a statement on Wednesday in Lagos.

Jamoh said this during a courtesy visit by the management of the NLNG led by the Managing Director, Dr Philip Mshelbila, to NIMASA.

He added that both organisations agreed to set up a working committee meeting regularly to ensure improved relationship.

According to him, a better working relationship between NIMASA and the NLNG will greatly enhance operations in the maritime sector of the country.

He assured the NLNG management that NIMASA would extend the already existing working relationship the Agency had with the NLNG Ship Management Ltd. (NSML) to the parent body.

“This is a new beginning; our focus should be what is best for Nigeria and not just for the NLNG or NIMASA,” he said.

While commending the NLNG for providing platforms for Sea time to train Nigerian seafarers, Jamoh noted that the Agency was committed to attaining best global practice to ensure global recognition of certificates issued by Nigeria.

“We are working to ensure that the Certificates of Competency issued by the Nigerian Maritime Administration are of international standard, and this will make it easy for the NLNG and other international organisations to accept them,” Jamoh said.

He said that the Agency needed the NLNG to boost the nations tonnage.

“NIMASA needs the NLNG, we desire to have vessels of the NLNG fly the Nigerian flag, just imagine that vessels of the NLNG are on the Nigerian Registry, our tonnage will increase exponentially, the Nigerian flag will earn much more respect globally and we will get better recognition,” he said.

Responding, Mshelbila said that the management of the NLNG was committed to the deliberate indigenisation of the human component of its operation.

He added that they were ready to partner NIMASA to enhance safety and security of lives and assets in the Nigerian maritime domain.

He noted that they were on the same page with NIMASA in terms of capacity development and the quest to ensure Nigeria attains internationally acceptable standards in the maritime sector.

“We at NLNG have realised that for us to fulfill one of our key vision elements, which is helping to build a better Nigeria, it is important for us to work with all our stakeholders including NIMASA.

“We are aware that NIMASA and our subsidiary, NMSL are working hand in hand for the progress of this country and we desire that same spirit of partnership and collaboration should be extended to the NLNG.

“I believe that for the NLNG to fulfill its mission as a business it needs to partner with NIMASA,” he said.

Mshelbila said that they had various training programmes, and working closely with NIMASA, being explored by the NMSL to provide sea time training for seafarers had enabled the seafarer to fulfill their qualifications and get certifications.

He expressed appreciation to NIMASA for the active management of the activities in the Gulf of Guinea through the Deep Blue Project which was instrumental in attaining the success. (NAN)

Economy

Nigeria Posts $6.83bn Balance of Payments Surplus in 2024 – CBN 

Published

on

dailyasset-greetings
Share

By Tony Obiechina Abuja 

The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, marking a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022.

 

According to a statement by the CBN Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali on Wednesday, the improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.


Stronger Trade and External Account Performance

The current and capital account recorded a surplus of $17.22 billion in 2024, underpinned by a goods trade surplus of $13.

17 billion. 

Petroleum imports declined by 23.2% to $14.06 billion, while non-oil imports fell by 12.6% to $25.74 billion. On the export side, gas exports rose by 48.3% to $8.66 billion, and non-oil exports increased by 24.6% to $7.46 billion.

Remittance inflows remained resilient, with personal remittances rising by 8.9% to $20.93 billion. International Money Transfer Operator (IMTO) inflows surged by 43.5% to $4.73 billion, up from $3.30 billion in 2023, reflecting stronger engagement from theNigerian diaspora. Official development assistance also rose by 6.2% to $3.37 billion.

Improved Financial Account and Reserve Position recorded a net acquisition of financial assets totalling $12.12 billion. Portfolio investment inflows more than doubled, increasing by 106.5% to $13.35 billion, while resident foreign currency holdings grew by $5.41 billion, indicating stronger confidence in domestic economic stability. 

Although foreign direct investment fell by 42.3% to $1.08 billion, the overall financial account posted notable gains.
The country’s external reserves increased by $6.0 billion to $40.19 billion 

Continue Reading

Economy

Naira Gains as CBN Reforms Show Impact

Published

on

Share

The Naira appreciated in the official market on Friday, trading at N1,492.49 against the Dollar. Data from the Central Bank of Nigeria (CBN) website showed the Naira gained N6.57. This marks a 0.44 per cent increase compared to Thursday, Feb. 27, when it closed at N1,499.07 to the Dollar.

The local currency ended Wednesday’s trading at N1,499.
11 against the Dollar. The Naira has remained relatively stable following CBN reforms aimed at ensuring transparency in the Foreign Exchange (FX) market.
Analysts have praised the CBN for the steady progress of the Naira since December 2024. However, Prof. Jonathan Aremu, a retired CBN Director, has warned that it is too soon to celebrate. Aremu, a Professor of International Economic Relations at Covenant University, is also a Regional Expert on Trade and Investment for ECOWAS.
Speaking to newsmen on Friday, Aremu called for increased production to sustain the Naira’s gains. He described the currency’s steady appreciation against the Dollar as a positive development. “But it may not be time to celebrate yet because, within this period, we have also seen moments when the Naira depreciated,” he said. He urged the CBN to focus on boosting productive activity in the economy to maintain stability. According to him, the apex bank should look beyond interest rates and consider other factors influencing production and liquidity. “The quantity theory of money states that money supply and population value must equal price and transaction volume in the economy. “If policy only targets money supply without increasing transactions, the expected appreciation of the Naira will not materialise. “The economy needs a higher volume of goods and services. Many goods are available, but their prices depend on supply and demand. “Focusing only on monetary policy is insufficient. More emphasis should be placed on increasing production,” he said. He added that expanding production will further reduce the value of foreign currencies, strengthening the Naira. Aremu noted that foreign exchange is depreciating partly because people cannot afford to buy due to economic conditions. “The CBN should not only focus on reducing money supply but also support the availability of quality goods and services,” he said. Also, Cordros Securities, in its weekly economic update on Friday, attributed the Naira’s appreciation to reduced demand pressure in spite of declining foreign exchange (FX) reserves. The report noted that FX reserves fell by $241.50 million week-on-week to $38.46 billion as of Feb. 27, marking the seventh consecutive week of decline. “We expect FX liquidity to remain strong as a more efficient market and improved confidence continue to support inflows from autonomous sources,” the report stated. “The CBN is also expected to intervene during periods of high volatility, ensuring the Naira remains stable in the near term,” it added. (NAN)

Continue Reading

Economy

Naira Ends Week Stronger Against Dollar, Gaining N11.17 

Published

on

Share

The Naira further appreciated in the official market on Friday, trading at N1,474.78 to the Dollar.

Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17.

This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when the local currency closed at N1,485.

95 to the Dollar.

Trading in the Investors and Exporters (I&E) Forex window on Friday saw a high of N1,495.

01 and a low of N1,447.50.

The Naira has remained stable against the US Dollar since December 2024, supported by sustained reforms from the Central Bank of Nigeria (CBN).

The reforms aimed at ensuring transparency in the foreign exchange (FX) market.

CBN Governor Olayemi Cardoso, speaking in Abuja on Thursday at the 2025 Monetary Policy Forum, stated that recent reforms in the FX segment had continued to attract foreign investments.

Cardoso reassured that the apex bank would sustain efforts to ensure continued inflows. (NAN)

Continue Reading

Read Our ePaper

Top Stories

NEWS12 hours ago

Kano Govt. Unveils Upgraded Pollution Control Laboratory

Share The Kano State Government has inaugurated its upgraded Pollution Control Laboratory, marking a major step in efforts to tackle...

NEWS13 hours ago

Navy Apprehends 27 in Lagos Drug Raid

Share The Nigerian Navy Ship (NNS) BEECROFT has apprehended 27 suspected drug peddlers during a coordinated raid in Gidan Drama,...

NEWS13 hours ago

Spokesperson Quits PDP, Blames Selfish Leadership

ShareThe spokesperson of the Peoples Democratic Party (PDP) in Ondo State, Mr Kennedy Peretei, has resigned, citing personal interests hijacking...

NEWS13 hours ago

Nigeria to Launch e-visa, Digital Cards

Share Mr Festus Keyamo, Minister of Aviation and Aerospace Development, says the Federal Government will launch an e-visa system and...

NEWS13 hours ago

Nigeria Needs 40% Growth to Withstand U.S. Tariff Shock- Economist

Share An economist, Dr. Yemi Kale, says Nigeria requires 40 per cent annual growth rate to cushion the potential negative...

NEWS13 hours ago

Proactive Risk Management key to Nigeria’s Development- NAICOM

Share National Insurance Commission (NAICOM) has called for a proactive, data-driven, and forward-looking risk management approach to boost national development....

NEWS13 hours ago

NDIC to Pay First Tranche of Liquidation Dividends to Heritage Bank Depositors in April

Share The Nigeria Deposit Insurance Corporation (NDIC) says it would begin the payment of the first tranche of liquidation dividends to...

NEWS13 hours ago

Abia Governor Warns Against Quack Eye Treatments

Share Gov. Alex Otti of Abia has cautioned residents against patronising quacks for eye treatment, warning such actions could lead...

NEWS13 hours ago

UCCIMA Advocates Revival of Moribund Industries

ShareFrom Chidi Precious, Umuahia In a bid to stimulate economic growth and create employment opportunities in Abia State, the Umuahia...

NEWS13 hours ago

GODA Partners Nkporo Community for Sustainable Devt

ShareFrom Chidi Precious Umuahia In a strategic move to foster collaboration and drive developmental initiatives, the Greater Ohafia Development Authority...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc