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A Case For PH International Market

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Trading in various goods is one business in which most Nigerians are engaged, especially in the urban centres like Kano, Lagos, Aba, Ibadan and Onitsha among others, which host markets of various sizes to accommodate the teeming army of traders. In these trying times, trading, a free enterprise which could be embarked upon by anyone who has some capital and is not afraid of competition, is so pervasive, no thanks to the high rate of unemployment in the land. This accounts for the high number of traders of every hue, to the extent that among their ranks are graduates of various disciplines from our tertiary institutions who have become traders as a way of keeping body and soul together. However, the dispersal of markets around Port Harcourt where street trading is rife, following the reconstruction of the Rumuwoji Market or (Mile One Market) and the ultra modern township market in the old Port Harcourt Township by the Rivers State government, has for sometime now constituted a problem to town planners and environmentalists.

As a result, traders on assorted goods, fabrics, electronics, building materials, motor spare parts and vehicles, have taken over every available space and some residential areas in Port Harcourt, thus prompting calls for an international market that would accomodate a vast majority of the traders. It is noteworthy that apart from defacing the city by converting every street corner or available space into a market place, the activities of traders have contributed to the high tenancy rate of residential houses whose landlords prefer traders or shop owners who may pay higher rent. This development which did not go down well with the state government prompted its intervention in the building of the modern Rumuwoji market in Diobu area after the old make-shift market was razed by fire, while reconstruction work is ongoing at the ultra modern Port Harcourt township market along Creek Road, which was allegedly torched by unidentified elements.

However, since the completion of the first phase of the mile one market the authorities seem to have problems allocating the stalls to traders for want of an agreeable allocation formula among stakeholders. Some of the disagreements, sources say, include proper identification of traders who were displaced to give way for the new edifice, identification of  new and genuine stall seekers, accommodation of the interests of the “sons- of -the-soil”, rate changeable for the stalls, the interests of other stakeholders, among others.

The Rivers State government has, no doubt, spent a huge sum of money in building this modern market, not for the purpose of enhancing the landscape of Rumuwoji community, but for the purpose of providing a platform for the citizenry to participate in the economic activities available to them. Besides, the market is expected to generate revenue for the government to help it develop the second phase. Thus, leaving the market fallow for longer than is necessary would not be in the best interest of the people and the government that needs money to develop the second phase. Mindful of this need to clear whatever clogs that are militating against just and fair allocation of the stalls, the state governor, Rt. Hon. Chibuike Rotimi Amaechi recently accepted to meet with the parties with a view to resolving the issues. It is therefore expected that during the meeting which would have the Allocation Committee Members, representative of traders and government in attendance all the knotty issues blocking the allocation of the stalls so far, should be settled. This move would boost economic activities in the state as more converts would become traders as a way of checking unemployment.

It is pertinent at this juncture to note that in allocating the stalls, the interests of those misplaced therefrom should be accorded some significance, even as the stalls may not be let below current market value. Granted that some indigent traders would be affected by this requirement, the need to form co-operatives so as to pool their resources together to meet government demand would make some sense. It should also be instructive to guard against allocating stalls to non-traders whose main interest would be to get the stalls either through community patronage or by government allocation, only to sublet them to real traders at very exhorbitant rates. This practice should be discouraged, because it works against government intention of improving the economic well-being of its citizens. Besides, such move eventually contributes to the high cost of goods as the traders must pass on the incidence of high cost of stalls to buyers.

When the second phase of the market is done with government should as a matter of urgency consider the building of an ultra modern international market in the state to raise economic activities to another level.

Apart from being a money spinner for government the international market has the potential to  mop up motor car dealers, car spare parts dealers, dealers on building materials and assorted electronic goods now occupying residential buildings. In addition to forcing down the high cost of accommodation in Port Harcourt, moving certain categories of traders to the international market would help us realise more fully our dream of a Greater Port Harcourt City where change which everyone could see is being unravelled.

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Banking/ Finance

Ripple Survey Reveals Appetite for Digital Assets

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Cornerstone of Financial Services

A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.

According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now.

“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.

The survey was conducted in early 2026 and the findings released in March.

Stablecoin Boon or Bane?

Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.

With a market cap of $1.56 billion, it is considered a major regulated player in the market.

No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.

Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.

Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.

In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.

The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.

The Asian city-state is one of the platform’s biggest growth markets.

The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.

The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.

Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.

Ripple converts dollars into XRP and then back into pounds.

If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.

That is a bridge Ripple will have to cross if it gets to that point.

Tokenisation Partners

Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.

Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.

The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.

Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.

Infrastructure Rules

In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.

“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”

No surprise that this is precisely where Ripple is placing much of its focus.

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Business

Niger Delta Investment Summit Targets $5bn Inflows, 500,000 Jobs

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The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled the plans to host a major economic and investment summit aimed at attracting five billion dollars, ( N7 trillion) investments in addition to creating about 500,000 jobs over the next five years.
The Chairman of NDCCITMA Board, Ambassador Idaere Ogan, disclosed this in Port Harcourt, recently.
Ogan stated  that the initiative is designed to reposition the Niger Delta as a viable destination for sustainable economic growth and development.
He explained the summit would bring together investors, policymakers, manufacturers and business leaders from within and outside Nigeria to explore opportunities across key sectors of the regional economy.
According to him, the event is expected to attract high-profile participation, with President Bola Tinubu billed as Special Guest of Honour, while the Prime Minister of Barbados, Mia Amor Mottley, is expected to deliver the keynote address.
Ogan said the summit would focus on critical sectors including agriculture, manufacturing, logistics and the blue economy, which he described as areas with significant untapped potential.
He called on state governments, development partners and private sector stakeholders to support the initiative, stressing that collective efforts are required to unlock the region’s economic prospects.
 NDCCITMA chairman further stated that improving security conditions and increasing economic confidence in the Niger Delta have made the region more attractive to both local and foreign investors.
He emphasised that ongoing economic reforms at the national level have also contributed to creating a more favourable investment climate.
Also speaking, the Chairman of the Summit Organising Committee, Dr. Solomon Edebiri, said the event would prioritise the growth of small and medium-scale enterprises (SMEs) across the region.
He noted the summit would provide a strategic platform for networking, business partnership and policy dialogue aimed at strengthening the private sector.
Edebiri disclosed that findings from a recent business roundtable revealed significant untapped investment opportunities, which the summit seeks to harness through targeted collaborations.
He revealed that the event would feature exhibitions of viable projects, facilitate business-to-business and business-to-government engagements, and also promote innovations across multiple sectors.
According to him, the expected outcomes of the summit include job creation, increased industrial activity and improved livelihoods for people in the Niger Delta.
To build momentum ahead of the event, NDCCITMA said the body would embark on awareness roadshows across states in the Niger Delta, as well as in Lagos and Abuja, to attract broad participation.
King Onunwor
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Business

NPA Targets N1.489tn Revenue In 2026

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The Management  of Nigerian Ports Authority (NPA) has set N1.489 trillion as its Internally Generated Revenue (IGR) target for the 2026 fiscal year.
NPA says the figure represents an increase of N21 billion over the N1.468 trillion target for 2025, which the agency exceeded with an actual revenue of N1.97 trillion.
 The Managing Director NPA, Dr Abubakar Dantsoho, stated this  during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.
Dantsoho said  the authority was set to begin groundbreaking projects for the modernisation of Apapa and Tin Can Island ports to enhance global competitiveness.
According to him, of the projected revenue: N945 billion is allocated for capital projects, N447.5 billion for operating expenses, and
N90.6 billion for remittance into the Consolidated Revenue Fund (CRF).
The MD explained that the budget was anchored on the mantra, “Consolidation, Renewed Resilience and Shared Prosperity.”
Dantsoho said that the modernisation of Apapa and Tin Can Island ports were flagship projects aimed at boosting revenue.
“Apapa and Tin Can Island ports are old and no longer adequate for modern global port operations.
“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old, with limited capacity for handling modern vessels and cargo volumes.
“Groundbreaking for their modernisation will commence within the next two to three weeks,” he added.
On the Treasury Single Account (TSA), Dantsoho said all revenues generated by the NPA are paid directly into the account managed by the Central Bank of Nigeria (CBN).
“We do not retain any funds. The Central Bank is the signatory and we must apply for funds whenever needed,” he explained.
Earlier in his remarks,Chairman of the Senate Committee on Ports, Sen. Wasiu Eshinlokun (Lagos Central), said the committee’s oversight function was collaborative rather than adversarial.
“Our goal is to work with you to strengthen institutional capacity, eliminate inefficiencies and ensure that every naira appropriated serves the public interest,” he said.
Chinedu Wosu
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