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
NTA didn’t introduce VAT on charges collected by banks — NRS
The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.
Photo: NRS chairman, Zacch Adedeji
The Nigeria Revenue Service (NRS) has clarified that the Nigeria Tax Act (NTA) did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard.
In a statement made available to newsmen and signed by Dare Adekanmbi, Special Adviser on Media to the NRS chairman, Zacch Adedeji, the service said the claims are incorrect.
According to the NRS, VAT has always applied to banking services and was not introduced by the Nigeria Tax Act.
The statement reads:
“The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.
This claim is categorically incorrect.
“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime.”
Business
LIRS gives employers Jan 31 deadline for filing 2025 tax returns
The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.
The Lagos State Internal Revenue Service(LIRS) fixed statutory deadline of January 31, 2026, for all employers of labour in the state to file their annual tax returns for the 2025 financial year.
The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.
Subair explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to service providers, vendors, and consultants, and to ensure that all applicable taxes due for the 2025 year are fully remitted.
He emphasised that the filing of annual returns is a mandatory legal obligation and warned that failure to comply would attract statutory sanctions, including administrative penalties, as prescribed under the new tax law.
Business
Nigeria To Review Inflation Reporting First Time In 15 years
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Nigeria’s National Bureau of Statistics (NBS) has announced plans to revise its inflation reporting methodology.
This followed concerns that December’s year-on-year figure may be artificially inflated due to the impact of last year’s rebasing exercise.
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Reuters reported that the rebasing, the first in 15 years, adopted December 2024 as the index reference point.
Officials explained that the change is likely to exaggerate the year-on-year inflation figure for December without accurately capturing prevailing market trends.
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