Business
Stakeholders Decry Non-Functional Baro Port
Stakeholders in the maritime industry have decried the non-functioning of Baro Port in Niger State, four years after its commissioning by former President, Muhammadu Buhari.
The port, located in Agaie Local Government Area of the State, was constructed at the cost of N5.8 billion and has a quarry length of 150 metres, cargo stacking yard of 7,000 square metres, a transit shed of 3, 600 square metres and a capacity of 5,000 TEU at a time.
However, since its inauguration on January 19, 2019, Baro Port has remained dormant, with no visible effort to utilise the facility.
An investor, Alhaji Salau Kabaraini, expressed disappointment with the state of affairs at the port, saying it was a huge let down for the locals and Nigerians as a whole.
“The port has no access road, as the road leading to the area remained dilapidated and inaccessible”, he stated.
He appealed to President Bola Tinubu to treat the project as a priority, “because of its economic importance”.
Kabaraini said disclosed that the port has the capacity to create huge economic opportunities for Nigerians, adding that experts said it has the capacity to generate not less than 4,500 direct and indirect jobs.
”Bring this road back to life. I remember during the time of Nigeria’s founding fathers, produce like cotton, groundnut, hide and skin were transported from Kano through Baro Port and exported overseas.
“I am interested in investing in Baro Port. Since the commissioning of this port, one would think that by now there will be good roads to the port, followed by a flurry of economic activities, but unfortunately, none.
“When you want to site an industry, one of the criteria to consider is access road, but it’s not there”, he lamented.
Also Speaking, Unit Head, Marine Area Office, National Inland Waterways Authority, Minna,Yusuf Mohammed, decried the condition of the road leading to the port, saying it has made their operation difficult.
“The road to the port is not pliable, when we went there recently it was not easy for us to get to the port because it is swampy during the rainy season”, he said.
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.