Business

What You Should Know About Boats Building And Why It’s Profitable

Published

1 year ago

April 26, 2025

OCHEFA

750 Views

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.

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Business

Naira Exchange Rates Friday, 3 July 2026

Published

2 days ago

July 3, 2026

OCHEFA

29 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

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

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370.15

GREAT BRITISH POUND (GBP) ₦1,832.17

EURO (EUR) ₦1,568.28

SWISS FRANC (CHF) ₦1,1705.44

JAPANESE YEN (JPN) ₦8. 51

CHINESE YUAN (CNY) ₦201. 80

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98

SAUDI RIYAL (SAR) ₦364.91

SOUTH AFRICAN RAND (ZAR) ₦84. 32

Business

Issue: Cloning Nigerian Investment Promotion Commission (NIPC)

Published

3 days ago

July 2, 2026

OCHEFA

53 Views

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.

The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.

The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.

The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.

The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.

Current status

The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.

As the case is pending before the court, the allegations remain subject to judicial determination.