The Naira on Wednesday appreciated at the official market, trading at N1,459.02 to the dollar.

Data from the official trading platform of the FMDQ Exchange revealed that the Naira gained N61.38.

This represents a 4.04 per cent gain when compared to the previous trading date on Tuesday, when the local currency exchanged at N1,520.40 to a dollar.

Also, the total daily turnover increased to 289.14 million dollars on Wednesday up from 128.76 million dollars recorded on Tuesday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,593 and N1,401 against the dollar. 

… Afolabi identifies coastal tourism as a significant growth area with capacity to create multi-product economy

Dr. Taiwo Afolabi, Chairman of SIFAX Group, has highlighted the vast potential of Nigeria’s blue economy, particularly in coastal tourism and renewable energy generation. 

Speaking at the 16th Convocation Lecture of Ladoke Akintola University of Technology (LAUTECH), Afolabi emphasized the need for sustainable development of the country’s ocean resources to drive economic growth and diversification.

Afolabi identified coastal tourism as a significant area of growth, with the potential to provide socio-economic benefits and create a multi-product economy. 

He also highlighted the potential of renewable energy sources such as wind, solar, hydro, and tidal energy to reduce the carbon footprint of the maritime sector.

The SIFAX Group Chairman noted that Nigeria can learn from the Philippines’ experience in deploying seafarers in the global shipping business and emphasized the need for a robust maritime educational curriculum that incorporates technology, trends, and industry dynamics.

Afolabi cautioned that tapping the potential of the blue economy must be done responsibly and sustainably, highlighting measures such as sustainable aquaculture practices, environmental waste management, and preservation of marine ecosystems.

 He also emphasized the need for effective regulation by government agencies and the enactment of laws that promote the blue economy.

With Nigeria’s vast ocean resources and coastline, the blue economy presents a significant opportunity for economic growth, job creation, and sustainable development. As the government continues to diversify the economy, the insights shared by Dr Afolabi provide a valuable roadmap for harnessing the potential of the blue economy.

The Comptroller-General of the Nigeria Customs (CGC), Adewale Adeniyi, on Thursday, 9 May 2024, led his team to the Headquarters of Huawei, a famous information and communications technology company in Shenzhen, China, where he discussed opportunities embedded in Nigeria Customs Service Trade Modernisation Project.

His visit to Huawei Headquarters was part of his official visit to the People’s Republic of China for the 6th Global AEO Conference that took place in the city of Shenzhen between Wednesday, 8 May – Friday, 10 May 2024.

Stating the purpose of his visit to the company’s office on behalf of his team, CGC Adeniyi said, “We are also delighted to associate the Global Leader Technology Services through the Team of Trade Modernization.”

It would be recalled that the Nigeria Customs Service (NCS) had, during the Huawei Connect 2023 held in Shanghai in October 2023, expressed readiness to deploy some of the company’s latest products for use in its trade modernisation project. 

The CGC, who urged Huawei’s company leadership to sustain their digitalisation services to NCS, also sought their support to collaborate with the Nigeria Customs Service to maintain their transformative journey with the company.

On his part, Xujing Xu, the Huawei Company’s Vice President of Smart Transportation, welcomed the delegation of the NCS led by CGC Adewale Adeniyi and the Management Team of the Trade Modernization Project (TMP) Limited, led by Chairman Saleh Ahmadu. 

He expressed confidence that their collaboration will benefit all parties involved, noting that “the foundational work for this transformation is already underway.”

The TMP Chairman, Saleh Ahmadu, during his address, asserts that Huawei is living up to expectations to deliver its mandate under the auspices of Trade Modernization Project Limited. He appreciated the support accorded to him by the CGC and his management team towards the success of the NCS Trade Modernization Project.

Meanwhile, in his bid to upscale the level of NCS modernisation, the Comptroller-General of Customs, alongside members of the Trade Modernization Project led by Chairman Saleh Ahmadu, visited Lantan Port to witness the level of automation and technological solutions provided by Huawei and other tech partners. 

In a related development, a training program on Trends and Digital Solutions for Customs officials and the Trade Modernization Project (TMP) team was organised by Huawei on Thursday, May 9, 2024, which focused on equipping officials with the necessary skills to navigate the digital landscape of modern trade.

Furthermore, the entourage of the Comptroller-General of Customs and the TMP Chairman received another training on Business Management with the theme “The Journey of Huawei’s Continuous Growth”. 

The training, according to the facilitator, was aimed at paving ways for NCS to enhance the capacity of officials to manage trade facilitation in Nigeria.