Business
Expert Urges Human Dev For Effective Cabotage Regime
The Chairman of the Na
tional Seafarers Welfare Board, Chief Kunle Folarin, has said building human capacity was necessary for Coastal and Inland Shipping Act (Cabotage regime) to work effectively.
Folarin said this in an interview with The Tide source in Lagos.
“We have seafarers but it depends on the type of seafarers they need.
“Even within the junior cadre, you have the need for electricians; the need for greasers; for box wheel and other category; even for catering staff and able seafarer.
“The capacity must be in all these cadre of junior seafarers.
“ When you look at officers, you must look at marine engineers; you must look at master mariners, captains, chief mates.
“You must look at the radio man; you are looking at those who have the competence to be officers.
“Those are the issues we have to look at. How do we develop capacity in all these areas so that the demand to man for that particular provision in the Cabotage law can be satisfied.
‘ And besides that, you look at the trade itself, how much internal trade are we generating?
“Do we have transshipment facility in Nigeria to transship cargo from Lagos to Port Harcourt.
“From Warri to Port-Harcourt; Port Harcourt to Lagos itself.
“We must ensure that the capacity and the availability of transshipment cargo is there so as to generate a kind of traffic that can be sustained.”
He said that the nation lacked enough junior and senior cadres of seafarers to meet the demands of the Cabotage trade.
Folarin, who is the Chairman, Port Consultative Council (PCC), said practitioners should also consider the rate of internal trade (transshipment cargo) being generated.
He said that the country also lacked required technical know-how to build all ships meant for Cabotage trade.
He, however, acknowledged that there were efforts to raise more seafarers in the junior category.
“You go to joints, you go to the cinema, you go to different places, everybody, it’s just complain.
“Let everybody get involved, Nigeria is our own country.
“Everybody has the right to choose which political party or which candidate to support; it’s every Nigerian’s right.
“And that’s one of the dangerous things about Nigeria, if you support the person that this other one does not support, automatically they will curse you, but it’s not supposed to be so.
“Let your candidate defend himself, let my candidate defend himself. Whoever talks better or performs better than the other, it’s still one Nigeria.
“If two people are contesting and one wins, either way they are contesting to help Nigeria .
“ So the loser should be able to now come and work together with the winner and criticise constructively.
“Not the kind of criticisms that amount to outright condemnation, even if the person does good.’’
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2Face told NAN that he would actively participate in the elections and encouraged other Nigerians, especially the youth not to be violent during the exercise.
He said that he would continue to be non-partisan in his engagements with Nigerians.
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.
