Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has restated the federal government’s commitment to securing the country’s airspace, emphasizing that improved aviation safety and security are key to boosting tourism and expanding the national economy. Speaking during a ministerial meeting in Abuja, Keyamo explained that safer skies would encourage greater international and domestic travel, leading to increased revenue across several sectors. According to the minister, a secure and efficient aviation system does more than just protect passengers and airline infrastructure—it acts as a catalyst for national growth. “When people feel safe traveling to and within Nigeria, tourism will…
Author: Temitope N.
Investors on the NASD Over-the-Counter (OTC) Securities Exchange recorded a massive gain of N1.9 trillion in the final week of May 2025, marking one of the most bullish weeks for the alternative exchange platform in recent months. The impressive gain was driven largely by strong performance in the oil and gas sector, supported by growing investor confidence and improving macroeconomic indicators. The NASD All-Share Index (NSI), which tracks the overall market performance of the OTC exchange, rose by 1.86%, closing the week at 3,248.00 points from 3,188.76 points recorded the previous week. This sharp upward movement translated to an increase…
The newly elected president of the Institute of Chartered Accountants of Nigeria (ICAN), Dr. Haruna Yahaya, has unveiled a bold and future-focused agenda aimed at transforming the accounting profession in Nigeria through digital innovation, youth inclusion, and global competitiveness. His plan, introduced during his inauguration as the 61st president of the institute, is centered on building a more modern, responsive, and globally aligned ICAN. In his address, Dr. Yahaya emphasized that the accounting profession must adapt quickly to the realities of the digital age if it is to remain relevant and effective. At the heart of his strategy is a…
The Nigeria Deposit Insurance Corporation (NDIC) has issued a call for public and stakeholder feedback on its revised insurance standards, as part of ongoing efforts to strengthen the country’s financial safety net and enhance trust in the banking system. In a statement released this week, the NDIC said it is reviewing its existing guidelines and policies governing deposit insurance in order to align them with international best practices. The corporation emphasized that input from banks, financial experts, regulators, and the general public is essential to ensure the updated standards are practical, inclusive, and responsive to the current realities of Nigeria’s…
A recent economic report has offered a mixed assessment of Nigeria’s current economic performance, highlighting both signs of recovery and persistent structural challenges. The report, compiled by a team of local economists and analysts, examines the country’s fiscal health, inflation trends, and GDP growth over the past year. According to the report, Nigeria’s Gross Domestic Product (GDP) grew by a modest 2.98% in the first quarter of 2025, driven largely by growth in the services and telecommunications sectors. While this represents an improvement from previous quarters, it remains below the government’s annual growth target of 3.5%. Analysts note that oil…
A recent economic report has offered a mixed assessment of Nigeria’s current economic performance, highlighting both signs of recovery and persistent structural challenges. The report, compiled by a team of local economists and analysts, examines the country’s fiscal health, inflation trends, and GDP growth over the past year. According to the report, Nigeria’s Gross Domestic Product (GDP) grew by a modest 2.98% in the first quarter of 2025, driven largely by growth in the services and telecommunications sectors. While this represents an improvement from previous quarters, it remains below the government’s annual growth target of 3.5%. Analysts note that oil…
Amid rising interest in migration among Nigerian youths, a growing number of experts are urging prospective migrants to thoroughly evaluate their motivations and understand the realities before making the life-altering decision to leave the country. This advice comes at a time when the “Japa” phenomenon—a local slang meaning “to flee” or “run away”—has taken firm root in the national psyche, with thousands of Nigerians relocating annually in search of better opportunities abroad. While the aspiration for improved living conditions, higher education, better healthcare, and secure employment is entirely legitimate, experts warn that many Nigerians, particularly the youth, are venturing into…
The Chartered Institute of Personnel Management of Nigeria (CIPM) has formally reiterated that practicing human resource management in Nigeria without its certification is illegal. This reaffirmation, rooted in the provisions of the Act establishing the Institute, is a direct move to professionalize HR practice nationwide and ensure that only qualified and certified individuals are allowed to manage human capital in both private and public organizations. The CIPM Act, CAP I15, Laws of the Federation of Nigeria, 2004, clearly defines the Institute’s mandate to regulate and control the practice of human resource management in Nigeria. The law grants CIPM the exclusive…
At the BRICS Trade Forum held recently in Brazil, Nigerian lawmaker and Chairman of the House Committee on Foreign Affairs, Wole Oke, called on member states of the BRICS alliance to intensify trade among themselves using their respective local currencies. His remarks come amid growing momentum within the bloc to reduce reliance on the US dollar in global trade and financial transactions, a sentiment echoed by other BRICS representatives during the high-level meeting. The BRICS group—comprising Brazil, Russia, India, China, and South Africa—has long expressed interest in challenging the dominance of Western financial institutions and currency systems. With Nigeria attaining…
The Nigeria Customs Service (NCS), through its Federal Operations Unit (FOU) Zone A, has made a significant breakthrough in its anti-smuggling operations with the interception of 11 used vehicles and a variety of smuggled goods, all valued at over ₦1.28 billion. The seizures were made during a series of coordinated operations across the southwestern states of Lagos, Ogun, and Oyo within just two weeks, marking a major success in the Service’s efforts to protect Nigeria’s economy from illegal trade. Comptroller Mohammed Shuaibu, the head of the FOU Zone A, revealed the details of the operation during a media briefing in…
From June 3, 2025, Nigerian bank customers will begin paying for USSD transactions through deductions from their airtime balance instead of their bank accounts. This directive, issued by the Nigerian Communications Commission (NCC), marks a major shift in how digital banking services are billed and is intended to resolve the long-standing dispute between banks and telecom operators over unpaid USSD charges. Previously, banks deducted USSD transaction fees directly from customers’ bank accounts, a method that led to accumulated debts exceeding ₦250 billion owed to mobile network operators (MNOs). The new approach will place the billing responsibility on the end-user and…
Indonesia has suspended its fully online visa renewal system for foreign nationals, shifting to a hybrid model that now requires an in-person visit to immigration offices across the country. The move, announced by the Directorate General of Immigration, affects all types of visa extensions, including Visa on Arrival (VoA), electronic VoA (e-VoA), and Temporary Residence Permits (KITAS). Effective immediately, foreign nationals seeking to renew their stay must first submit applications online and then appear in person for biometric data collection and a short interview. The decision is part of a broader effort by Indonesian authorities to tighten immigration procedures and…
Ontario is preparing to introduce comprehensive labour and immigration reforms by August 2025, aiming to better align the province’s immigration system with its evolving labour market needs and enhance protections for workers. These changes will be enacted through the Working for Workers Seven Act, 2025, a piece of legislation designed to modernize how Ontario manages immigration nominations and workplace standards. The reforms reflect Ontario’s intent to create a more responsive, transparent, and secure system that benefits both employers and workers, as well as prospective immigrants seeking opportunities in the province. A central focus of the reforms is the modernization…
Bulgaria is grappling with a severe labour shortage that threatens to hinder its economic growth and development. To address this challenge, the government has announced plans to attract up to 50,000 foreign workers across various sectors, aiming to fill gaps left by a shrinking domestic workforce. The shortage is driven by several factors, including an aging population, low birth rates, and significant emigration of young Bulgarians seeking better opportunities abroad. These demographic trends have resulted in a declining labour pool, with many industries struggling to find enough skilled and unskilled workers to meet demand. Key sectors affected by the…
The ongoing conflicts in various regions around the world have led to a significant increase in shipping costs, primarily driven by the addition of war risk premiums by insurance companies. This surge in premiums reflects the heightened dangers vessels face when navigating through or near conflict zones, impacting global trade and supply chains. Shipping companies are now required to pay higher insurance fees to cover the increased risk of damage, hijacking, or loss of cargo due to war-related activities. These additional costs, known as war risk premiums, are imposed on top of standard maritime insurance and vary depending on…
The House of Representatives and the Nigerian Export Processing Zones Authority (NEPZA) have jointly pledged to strengthen the enforcement of regulations governing Free Trade Zones (FTZs) across Nigeria. This renewed commitment aims to enhance compliance, boost economic growth, and ensure that the benefits of FTZs are fully realized for the country’s development. Free Trade Zones in Nigeria were established to promote export-oriented industrialization by providing businesses with incentives such as tax breaks, duty exemptions, and streamlined customs procedures. These zones are intended to attract foreign investment, create jobs, and diversify the economy beyond oil dependency. However, challenges including regulatory…
The Nigeria Customs Service (NCS) has announced a comprehensive initiative to tackle fuel smuggling by profiling fuel stations near border areas and auctioning off nearly 39,425 litres of seized Premium Motor Spirit (PMS), commonly known as petrol. This move aims to disrupt illegal fuel trade, ensure fair distribution of petroleum products, and support market stability across the country. Fuel smuggling has been a persistent challenge in Nigeria, especially in border regions where porous boundaries facilitate the illicit movement of subsidized fuel to neighboring countries. This illegal activity undermines government revenue, distorts market prices, and causes shortages that affect ordinary…
Standard Chartered Bank is deepening its commitment to gender inclusion and economic empowerment through a wide-reaching initiative that supports women-led businesses with technology training, startup incubation, and funding opportunities. Through its flagship Women in Tech (WiT) program, the bank is helping women across Africa, the Middle East, and South Asia acquire critical digital skills, scale their businesses, and contribute to more inclusive innovation ecosystems. The Women in Tech initiative is part of Standard Chartered’s Futuremakers program, a global strategy focused on empowering young people, particularly women and those from low-income communities, to learn, earn, and grow. Since its launch,…
The National Information Technology Development Agency (NITDA) has reiterated the importance of leveraging technology to address corruption within Nigeria’s public sector. According to the agency, embracing digital transformation across all arms of government is not just a matter of efficiency—it is a key strategy for reducing fraud, enhancing transparency, and building trust in public institutions. Speaking at a recent conference themed “Advancing Government Operations Through Digital Transformation,” NITDA’s Director-General, Kashifu Inuwa Abdullahi, stated that digital tools have the potential to create systems that are far less susceptible to manipulation. He emphasized that widespread corruption, often enabled by manual processes…
The Federal Government of Nigeria has revived the National Talent Export Programme (NATEP) in a bold move to tap into the $1 trillion global outsourcing market. The programme, which was originally introduced 18 months ago, has now been relaunched with a more ambitious and structured framework aimed at boosting Nigeria’s service export capabilities and creating millions of jobs. At the heart of this initiative is the government’s commitment to youth empowerment and economic diversification. During the relaunch event in Lagos, Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, explained that NATEP is a strategic part of President Bola…