Business

The maritime industry dictates global economy

Published

2 years ago

September 4, 2024

OCHEFA

540 Views

The Associate Director, Global Operations & Industry Engagement, Maritime Anti-Corruption Network (MACN), Vivek Menon, says “The maritime industry dictates global economy.”

Vivek stated this on the occasion of the Maritime Writes Project (MWP 2024) bootcamp in Lagos themed: “Protecting Heritages in the Blue Economy.”

Vivek, who is responsible for engaging the maritime industry towards MACN’s vision and executing MACN’s collective action projects, remarked that there is need to appreciate the maritime industry .
His words:” The maritime industry is one that is for the people and by the people. Nonetheless, it is taken for granted which is explained by sea blindness as many people don’t understand the maritime sector and how much it contributes to the nation’s economy.

“The maritime industry dictates global economy.
In the room where you’re seated, you have tables, chairs, clothes etc. You have all these items because they were conveyed to your country via ships.”

Commenting on the maritime industry in Nigeria, Vivek stressed the need for attitudal change in the industry, specifically to curb corruption.

“There is a need to write stories about the challenges resulting from corrupt practices in the sector in a bid to curb the menace.

“You can’t vaccinate people against corruption.”

At the MWP bootcamp, President -General of MWUN, Comrade Adewale Adeyanju, in his presentation on ‘The Struggle and Strides of The Union in Nigeria’s Blue Economy ,’ said that there has been a decline in number of people developing careers in the maritime sector globally, especially in seafaring. Represented by the Union’s Deputy Secretary- General, Comrade Oniha Erazua, he said: “There is a decline in seafarers, dockworkers, among other aspects of maritime. This is beautiful catch-them-young initiative is bound to stimulate interest in the sector. As someone who has spent several years in the sector, I can confidently say that a career in shipping and other aspects of maritime will be gratifying.”

Business

President Tinubu Tasks Judicial Officers To Remain Abreast of Evolving Global Maritime Laws

President Tinubu made the call in Abuja during the 18th International Maritime Seminar for Judges, organised by the Nigerian Shippers’ Council (NSC), under the auspices of the Federal Ministry of Marine and Blue Economy, in collaboration with the National Judicial Institute (NJI).

Published

6 hours ago

July 22, 2026

OCHEFA

8 Views

President Bola Tinubu on Wednesday urged judges to continually update their knowledge on autonomous vessels, digital shipping, artificial intelligence-driven maritime operations, maritime security and evolving international environmental regulations.

Represented by the Minister of Marine and Blue Economy, Adegboyega Oyetola, President Tinubu lauded the Nigerian Shippers’ Council for initiating and sustaining the international seminar for judges.

He described it as one of Nigeria’s foremost platforms for strengthening maritime jurisprudence, enhancing judicial capacity and promoting excellence in maritime justice.

According to Oyetola , rapid technological advancement is creating unprecedented legal questions relating to liability, navigational responsibility, insurance, collision regulations and allocation of responsibility when autonomous vessels malfunction.

He emphasised that the courts will increasingly adjudicate disputes involving decarbonisation, environmental compliance, blockchain-enabled cargo documentation, electronic bills of lading and other evolving international maritime legal frameworks.

“The emergence of autonomous vessels demands a judiciary equipped to resolve complex legal questions involving liability, insurance, navigation and technological accountability.

“Judicial officers must remain abreast of evolving international maritime law to ensure justice keeps pace with technological innovation,” he said.

Business

Naira Exchange Rates Wednesday, July 22

Published

13 hours ago

July 22, 2026

OCHEFA

24 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,408 Sell ₦1,413

GREAT BRITISH POUND (GBP) Buy ₦1,885 Sell: ₦1,905

EURO (EUR) Buy ₦1,585Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,375. 31

GREAT BRITISH POUND (GBP) ₦1,841. 13

EURO (EUR) ₦1,569.78.

SWISS FRANC (CHF) ₦1,694.98

JAPANESE YEN (JPN) ₦8.45

CHINESE YUAN (CNY) ₦203. 25

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32

SAUDI RIYAL (SAR) ₦366.36 SOUTH AFRICAN RAND (ZAR) ₦83.50

Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

1 day ago

July 21, 2026

OCHEFA

33 Views

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.