Business
Stakeholders Relaunch “NIMAREX” Africa’s Biggest Maritime Event
The Federal Government has also been advised to ensure implementation of decisions taken at NIMAREX 2024.
Stakeholders in the Nigerian Maritime industry have brought back their annual conference and exhibition, called Nigeria Maritime Expo Annual International Exhibition and Conference (NIMAREX) .
During the event held on Wednesday at the Radisson Blu Hotel in Lagos, the President , Nigeria Ship Owners Association of Nigeria and converner of Nimarex 2024 , Otunba Sola Adewunmi called for the government /private partnership , synergy and collaboration of all stakeholders to bring back NIMAREX which he described as Africa’s biggest maritime event.
“As we embark on this new chapter, it is crucial that we all recognise NIMAREX as our event — a true umbrella that brings together all maritime associations, fostering unity and cooperation across the entire industry.
This is not just an event . It is an event for every stakeholder in the maritime sector; together, we can make NIMAREX a rallying point where our shared interests are promoted, our challenges are addressed, and our future is shaped .
The Chairman, Ports Consultative Forum, Bolaji Sunmola also urge stakeholders at the meeting to ensure that 2024 Edition of NIMAREX gets the attention and commitment of all stakeholders and is inline with the key objectives of President Tinubu’s Administration on the creation of Marine and Blue Economy Ministry.
Other Participants at the inaugural meeting want NIMAREX 2024 to be a great opportunity to provide a viable structure and framework that will promote business and engineer development in the industry.
Participants at the inaugural meeting called for the set up of various committees amongst stakeholders to organise and ensure the success of the conference .
The Federal Government has also been advised to ensure implementation of decisions taken at NIMAREX 2024.
Effective implementation of decisions taken at NIMAREX stakeholders believe would ensure foreign and local networking, ensure foreign Direct investments and fast track development in the maritime sector.
The inaugural meeting of NIMAREX 2024 was attended by representatives of Ship Owners Association, National inland waterways Authority, Nigeria customs service, Nigeria Shippers council Nigeria ports consultative council, Representatives from the media, seafarers, Nigeria chamber of shipping, Nigeria Association of Master Mariners, Women in maritime of West and Central Africa, Association of Nigeria licensed customs Agents , chartered institute of logistics and Transport and other stakeholders in the maritime industry .
The Nigerian naira traded near recent levels against the US dollar on Thursday, with a modest gap between the official and parallel markets.
Official Market (CBN / NFEM)
- The official Nigerian Foreign Exchange Market (NFEM) rate closed around ₦1,334.72 per US dollar on October 21 (the most recent published CBN figure).
- Intraday trading on that day ranged roughly between ₦1,333 and ₦1,337.
- Interbank FX turnover rose sharply to about $127.6 million.
Parallel / Black Market (Aboki / Street Rate)
- Bureau de Change and parallel market dealers are quoting the dollar in the ₦1,370–₦1,390 range for selling (what you pay to buy dollars).
- Typical buy rates (what dealers pay for dollars) are around ₦1,355–₦1,375.
- The premium over the official rate remains relatively moderate by recent historical standards (roughly 3–4%).
Mid-Market Reference
International mid-market rates (used by many global converters) hover around ₦1,332–₦1,335 per dollar.
Quick Summary
| Market | Approx. Rate (₦ per $1) | Notes |
|---|---|---|
| Official (CBN/NFEM) | 1,335 | Latest published close |
| Parallel (Sell) | 1,370 – 1,390 | Street / BDC rate |
| Mid-market | 1,332 – 1,335 | Global reference |
Context: The naira has been relatively stable in recent sessions, supported by improved FX liquidity and external reserves. The gap between official and parallel rates remains narrower than the wide spreads seen in previous years, though demand for dollars for imports, travel, and remittances continues to influence the street rate.
Rates can shift during the day. Always confirm with a trusted bank, Bureau de Change, or licensed operator before transacting.
Business
RMRDC Taking 2027 Africa Raw Materials Summit To Kenya
Speaking with newsmen during the conclusion of the ARMS 2026, Ike-Muonso said Nigeria is the only county that has an organisation, government-owned organisation in the continent that is fully dedicated to adding value to raw materials.
• Photo: Hon.Minister, Federal Ministry of Innovation, Science and Technology (FMIST), Dr Kingsley Udeh, declaring the event open.
The third edition of the Africa Raw Materials Summit (ARMS) 2027, would be used to garner support for setting up a centralised continental database for raw processing and value addition that is accessible to investors and industrialists.
The Director-General of the Raw Materials Research and Development Council (RMRDC), Prof. Nnanyelugo Ike-Muonso, disclosed this during the ARMS 2026 Summit , held in Abuja, themed, ‘From African Feedstock To Factories.’
Building enthusiasm ahead of the next year’s event scheduled to hold in Kenya, East Africa, Ike-Muonso explained that the decision to take the summit to Kenya was reached following what he described as the East Africa country participants’ dominance in the first and second edition of the summit.
Ike-Muonso said Nigeria is the only county that has an organisation, government-owned organisation in the continent that is fully dedicated to adding value to raw materials.
Business
JPMorgan Eyeing Entry Into Nigeria’s Banking Industry
J.P. Morgan operates in more than 100 countries worldwide, providing financial services, investment banking, asset management, and commercial banking across major global markets in the Americas, Europe, the Middle East, Africa, and Asia-Pacific.
JPMorgan Chase & Co has deposited N50 billion with the Central Bank of Nigeria as part of efforts to secure a merchant banking licence and expand its operations in Nigeria .
J.P. Morgan operates in more than 100 countries worldwide, providing financial services, investment banking, asset management, and commercial banking across major global markets in the Americas, Europe, the Middle East, Africa, and Asia-Pacific
Bloomberg reported that the CBN deposit, valued at about $38m, meets a key requirement in the American lender’s application and signals its readiness to establish a licensed banking operation in Nigeria.
However, the payment does not guarantee approval, as the CBN is yet to make a final decision on the application.
People familiar with the process, said the deposit was one of the final regulatory requirements for the licence.
They added that the bank expects to obtain approval by the end of 2026 or in early 2027, subject to the regulator’s decision.
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