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
Niger Delta Chamber Investment Summit Targets $5bn, 500,000 Jobs
Photo: Ambassador Idaere Gogo Ogan
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled plans to attract up to five billion dollars structured investments to the oil-producing region in five years.
The Chairman of NDCCITMA, Ambassador Idaere Gogo Ogan, made the disclosure at a pre-summit conference ahead of the Niger Delta Economic and Investment Summit in Port Harcourt, Rivers State.
He said that the initiative would catalyse no fewer than 500,000 direct and indirect jobs as well as spur investments and create wealth.
He said the summit with the theme, “Driving Investment, Innovation, and Industrial Growth in the Niger Delta”, slated for Port Harcourt, would deliberate on investment mobilisation, enterprise growth, industrial expansion, and regional coordination.
Business
Dangote: Middle East crisis might take us back to ‘Work from home’ COVID era
In some countries today, what they’ve done is ask everybody to work from home because they cannot afford it.“I think in Indonesia, they only go to work four days a week.
The President of the Dangote Group, Aliko Dangote, has expressed concerns about the ongoing Middle East crisis taking many countries back to the COVID19 era’s work from home.
Dangote stated this on Monday, after a meeting with President Bola Ahmed Tinubu at his residence in Lagos.
While expressing concern about the economic impact of oil price uncertainty, Africa’s Richest man noted that Nigeria and other African countries might be forced to start working from home, just like the COVID19 era.
Dangote called for prayers and international intervention to end the conflict which has affected the price of fuel and other energy sources in the country.
He said, “In some countries today, what they’ve done is ask everybody to work from home because they cannot afford it.“I think in Indonesia, they only go to work four days a week. And they will look at the situation. If it doesn’t improve, they will ask everybody not to go to work anymore. We will do like that time of COVID, where people will now go and work from home,” Dangote said.
It’s not only energy. Some people will try to take a chance and say, ‘Ah, this is an opportunity. So, let me make money. So, if this thing doesn’t de-escalate, it is going to keep going up and governments cannot really now go and add salaries also. So, people will really feel the pinch,” he said.
Dangote explained that the crisis would hit hardest at ordinary Africans operating small businesses, “People who are barbers, people who are doing bread, people who have industries who have to pay their own generator, I mean, you can see what is happening,” he said.
Business
Binance seeks out-of-court settlement in Nigeria tax evasion case
Following submissions from both parties, Justice Nwite adjourned the case until May 12 for a report on settlement talks.
Binance Holdings Limited on Tuesday said it is exploring a resolution of the tax evasion charges filed against it by the Federal Government, signalling a pause in the trial.
Sunday Agaji, the company’s counsel disclosed this before Emeka Nwite of the Federal High Court in Abuja.
Moses Ideho, counsel to the government a deputy director in the legal department of the Federal Inland Revenue Service (now Nigeria Revenue Service), confirmed the development.
Although the matter was slated for continuation of trial, Ideho told the court he had been informed earlier by the defence that the company had approached the tax authority to discuss an out-of-court settlement.
Agaji said discussions were ongoing.
“My lord, parties are exploring settlement. That is essentially where we are,” he said.
Following submissions from both parties, Justice Nwite adjourned the case until May 12 for a report on settlement talks.
( Business Day)
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