Business
What You Should Know About Boats Building And Why It’s Profitable
For thousands of years, people have been using boats as a means of traveling, trading, and even for sports on water.
But how are boats built? What are the raw materials and tools for building boats? Again, how long does it take to build a boat, and what of the apprenticeship scheme?
Mr AGOSU MATTHEW, a local boat (also called canoe) builder at Badore waterfronts fishermen’s settlement, Ajah Town in Lagos State, shares the answers with our Editor, Franklin Ocheneyi.
Happy reading:
Tell our readers about yourself.
My name is Agosu Matthew. I am a skilled boat builder. What motivated you to go into building boats?
First, I started as a fisherman. As time passed, I thought deeply about what else I could do to enhance my income from the fishing business.
I consulted with some of my co-fishermen. They advised that I go into boat building, which is an extension of the business.
How long have you been building boats?
I started 25 years ago.
It took me 14 years to acquire the skills, up to 2013, when I graduated from my master.
What are the tools for boat building?
The traditional tools include hammer hammer, axe, nails, Cutlass, and scissors, etc.
What about the woods?
We use the following woods: Opepe, Eru, Agboin, Afara, and parateru
Where do you get these woods?
Makoko at Lagos Island, and Itamagba sawmills market at Ikorodu.
How many pieces of wood make a boat?
It depends on the size of the boat.
For a big boat with 8-10 passenger capacity, we use about twelve pieces of wood.
The small boat takes between 6-7 pieces of wood.
How long does it take to build a boat?

∆ Mr Agosu Matthew at work with his apprentice.
Again, it depends on the size of the Canoe.
Big boat takes up to two weeks if it’s only me working on it without the support of my apprentices, and if I don’t allow other things to distract me from the work.
However, if I have enough hands, it makes the construction faster and the work can be done in seven days.
What are the challenges of the business?
There are many challenges. One of them is getting the modern tools.
I rent those tools we don’t have and because of the pressure to return them within a specific hours, it slows down the pace of the construction and the timely delivery of the project.
Nevertheless, with the introduction of modern tools, the training patterns have changed. So, if an apprentice is humble, focused, brainy, and sharp, he can use four years to acquire the skills.
How is the boat market, in terms of patronage?

∆ An aerial view of the community/ Ohi baba.com image.
People come to buy, or place orders when their boats is spoiling.
These locally made boats last for five years before spoiling.
Sometimes, we sell two boats in a month. The price of a boat is costly. We sell the big boat at N500 thousand, while the small one goes for N300 thousand.
How long does it take to learn the work?
As I said earlier, it took me 14 years to learn under my Master’s.
It took me that long because I had no financial support from anyone.
Nevertheless, with the introduction of modern tools, the training patterns have changed. So, if an apprentice is humble, focused, brainy, and sharp, he can use four years to acquire the skills.
Last, do you have an association for boat builders?
Yes; we have an association at Ikorodu. I belonged to the association ( That’s my membership ID card). The association has a lawyer, and if any challenge should arise, our chairman is the first person to know.
Business
Exchange Rates Today Friday, 12 June
Black Market Rates
US Dollar (USD) ₦1,397
Great British Pound (GBP) ₦1,850
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Black Market Rates
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Business
Airtel launches data calculator to counter depletion complaints
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said that the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.
Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing.
Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said that the initiative reflects Airtel’s commitment to customer empowerment and service transparency.
“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed.
The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.” He said.
Business
Kingsley Moghalu chairs Bluecode Africa subsidiary in Nigeria
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
Bluecode Africa, the European payments infrastructure operator backed by leading US and European institutional investors, has named Prof Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited as the company formally enters the Nigerian market.
The appointment was jointly announced by Chris Pirkner, Founder of Bluecode, and Odin Krismayr, Managing Director of Bluecode Africa, who described it as a foundational governance decision for the company’s Nigerian and continental operations.
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
He led the team that introduced the unique-identifier Bank Verification Number (BVN), enrolling 50 million banking users, simplifying Know Your Customer (KYC) procedures, and doubled Nigeria’s financial inclusion rate from 33 to 60 per cent.
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