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  • Holcim to exit Nigeria sells major stake at Lafarge Africa to Huaxin Cement for $1bn

    Holcim to exit Nigeria sells major stake at Lafarge Africa to Huaxin Cement for $1bn

    Swiss building materials giant, Holcim AG has announced the sale of its Nigerian business to China’s Huaxin Cement Co. in a deal valued at $1 billion.

    This transaction involves Holcim’s 83.81% stake in Lafarge Africa PLC, and it is expected to close in 2025, pending regulatory approvals.

    This was disclosed in a statement issued by Holcim on Sunday.

    The company is divesting its stake in Lafarge Africa as part of its strategy to streamline its portfolio and focus on core markets.

    “Holcim has signed an agreement with Huaxin Cement Ltd to sell its entire 83.81% shareholding in Lafarge Africa PLC, at an equity value of USD 1 billion on a 100% basis.  

    The transaction is expected to close in 2025, subject to customary and regulatory approvals,” the company stated.

    Details of the deal 

    The divestment in Nigeria aligns with Holcim’s plans to spin off and list its North American business in the US next year.

    • The company aims to capitalize on strong demand in the North American market driven by a housing shortage and regulatory pressures for sustainable construction materials.
    • The deal forms part of the company’s broader strategy to streamline its portfolio by shedding non-core assets.
    • The sale is in line with Holcim’s focus on optimizing operations and expanding in markets where demand for its products, such as roofing and energy-efficient building materials, is growing rapidly.

    • Previous disposals in Africa 

      This sale is not Holcim’s first divestment on the continent. In 2021, Holcim closed the sale of its business in Zambia, representing a 75% stake in the company, to the Chinese cement group Huaxin for an enterprise value of USD 150 million for 100% of the company.

      The deal was closed following approvals from Chinese and Zambian authorities.

      Holcim’s CEO, Jan Jenisch, described the divestment as part of the company’s transformation towards becoming a leader in sustainable building solutions, enabling investments in growth opportunities, and praised Huaxin as a trusted partner suited to advancing the Zambian business.

      “This divestment is another step in our transformation to become the global leader in innovative and sustainable building solutions giving us the flexibility to continue investing in attractive growth opportunities. Huaxin has been a trusted partner for many years and we see the company as an ideal owner to further develop the business in Zambia.” 

      The sale of Holcim’s business in Zambia follows the divestment of the Indian Ocean cluster, which was closed at the end of October 2021. Since 2019 the company has achieved over USD 3.1 billion in divestments.

      What you should know 

    • Holcim AG is a Swiss-based global leader in building materials and sustainable construction solutions.
    • The company specializes in cement, concrete, aggregates, and innovative building products, with a strong focus on sustainability and recycling.
    • The company has over 70,000 employees worldwide.

     

  • Canada pauses new applications for refugee sponsorship program 

    Canada pauses new applications for refugee sponsorship program 

    The Government of Canada has announced a temporary halt on new applications for the Private Sponsorship of Refugees (PSR) Program from Groups of Five and community sponsors.

    This decision, effective from November 29th, 2024, until December 31st, 2025, aims to address the growing backlog of applications and improve processing times for applicants and sponsors.

    In Canada, the “Group of Five” refers to a group of five or more Canadian citizens or permanent residents who come together to privately sponsor a refugee. They are responsible for helping the refugees settle in Canada by providing financial and emotional support for at least one year. 

    Canada’s PSR Program has been helping private groups sponsor refugees for over 40 years, offering them a fresh start and support for integration. However, its growing popularity has led to a surge in applications, causing processing delays. Immigration, Refugees and Citizenship Canada (IRCC) reports that the increasing backlog is now a significant challenge.

    “Processing times have become increasingly lengthy, creating uncertainty for both refugees and their sponsors,” IRCC said in a statement.

    Challenges faced by the PSR program   

    • The PSR Program, which has been a cornerstone of Canada’s humanitarian immigration efforts, now faces pressures due to the high number of applications.
    • INC reports that the application inventory has grown faster than it can be processed, and the demand for spaces in the program exceeds the current limits set by Canada’s Immigration Levels Plan.
    • As a result, IRCC has decided to suspend new applications from Groups of Five and community sponsors until December 2025. This will allow the system to catch up with the existing workload and improve the predictability of processing times.

    What does the pause mean for sponsors and refugees?   

    • Reports inform that the pause directly impacts Groups of Five and community sponsors, who will not be able to submit new refugee sponsorship applications during the suspension period.
    • However, this decision does not affect applications already in the system.
    • Refugees whose applications have been submitted before November 29th, 2024, will continue to be processed. In addition,
    • Canada plans to resettle 23,000 privately sponsored refugees in 2025, reaffirming its commitment to meeting targets under the Immigration Levels Plan.

    Why the pause is necessary   

    The government’s decision to pause new applications aims to balance the demand for the PSR Program with the capacity to process applications.

    The current backlog has created delays, which can be stressful for both refugees and their sponsors. The pause is part of an effort to stabilize the program, ensuring that Canada can meet its resettlement goals without further increasing the backlog.

    IRCC has indicated that it will use this time to consult with stakeholders about possible improvements, including digital solutions and more efficient processing systems.

    The future of refugee sponsorship in Canada  

    While the pause is temporary, it raises questions about the long-term future of Canada’s PSR Program.

    Advocacy groups and sponsors have long pushed for reforms to make the system more efficient. IRCC has expressed its intention to use the suspension to explore these reforms and make the program more responsive to the needs of refugees.

    “This measure is about ensuring fairness and efficiency in the system,” IRCC said, adding that it is a necessary step to build a stronger program that can serve both refugees and sponsors effectively in the future.   

    Despite the suspension, INC reports that Canada remains committed to humanitarian efforts and will continue to lead in resettling refugees.

    While some groups may find the pause disappointing, it provides an opportunity for the government and stakeholders to work together to improve the PSR Program.

    What to know 

    • New applications for the PSR Program from Groups of Five and community sponsors will not be accepted from November 29th, 2024, to December 31, 2025.
    • Existing applications will continue to be processed, and 23,000 privately sponsored refugees are expected to arrive in 2025.
    • The pause will allow IRCC to address the backlog and improve processing times.
    • Future discussions will focus on potential reforms to the PSR Program, including digital solutions and more efficient processing systems.
  • Katsina Governor Radda announces N70,000 minimum wage for civil Servants

    Katsina Governor Radda announces N70,000 minimum wage for civil Servants

    Katsina State Governor, Dikko Umaru Radda, has announced the approval of a new N70,000 minimum wage for civil servants in the state, effective December 2024.

    Radda disclosed this via his official X page on Saturday, adding that it follows a thorough and successful negotiation regarding the new national minimum wage.

    According to him, the development will be accompanied by the necessary adjustment of salaries for employees across all sectors, including state, local government, and local education authority staff, starting from December 2024.

    Relevant stakeholders’ agreement 

    The governor expressed gratitude to the civil servants for their unwavering patience and understanding.

    “I encourage you to embrace a culture rooted in hard work, honesty, and productivity, recognizing the important role each of you plays in our collective efforts,” he added. 

    According to the governor’s media aide, Isah Miqdad, the Katsina State Government and the State Joint Public Service Negotiation Council finalized a landmark agreement to implement the new national minimum wage.

    He stressed that the agreement was signed by the Head of Katsina State Civil Service, the Secretary to the State Government, and representatives of the labor unions, marking a significant milestone in labor relations within the state.

    What you should know 

    Nairametrics previously reported that President Bola Tinubu signed the new N70,000 national minimum wage into law four months ago.

    • Nairametrics also reported that the National Assembly approved the bill to increase the national minimum wage from N30,000 to N70,000, effectively making it law.
    • The Senate President, Godswill Akpabio, announced the approval following the third reading of the bill during a plenary session in Abuja.
    • The bill, proposed by President Bola Tinubu after meeting with the heads of organized labor last week, also included a reduction of the review timeline for the minimum wage from five years to three years.
    • Later, the Nigeria Labour Congress (NLC) issued a December 1 ultimatum for all state governments to implement the new national minimum wage, citing the worsening economic situation faced by Nigerian workers.
    • This directive was announced in a communiqué signed by NLC President, Mr. Joe Ajaero, following the National Executive Council (NEC) meeting held in Port Harcourt, Rivers State.
    • In the communiqué, Ajaero expressed strong dissatisfaction with the delays from certain states in implementing the 2024 National Minimum Wage Act, a delay he termed as both illegal and unjust.

    According to him, this lack of compliance has exacerbated the financial hardships faced by Nigerian workers amid rising inflation and the increasing cost of living.

    “The NEC notes with deep frustration the persistent delay and outright refusal by some state governments to implement the 2024 National Minimum Wage Act. This betrayal by certain governors and government officials across the country flies in the face of both legality and morality, as workers continue to be denied their rightful wages amidst rising economic hardship,” Ajaero stated. 

    Since then, several states have aligned by increasing their minimum wage.

  • Major economic agreements signed in Tinubu’s state visit to France

    Major economic agreements signed in Tinubu’s state visit to France

    President Bola Tinubu’s recent three-day state visit to France marked a significant achievement in strengthening economic ties between Nigeria and France.

    The visit saw the formal inauguration of Zenith Bank’s operations in France and the signing of key agreements aimed at fostering long-term collaboration in critical sectors, including infrastructure, energy, agriculture, and solid minerals.

    France is one of Nigeria’s key European trading partners, with French companies investing in sectors such as oil, infrastructure, and telecommunications.

    The cultural exchange between the two countries is also notable, with many Nigerians studying in France and both nations actively promoting arts and education.

    Key highlights from the visit

    1) Zenith Bank formally inaugurated its operations in France.

    2) UBA Group signed an agreement to commence operations in Paris.

    3) Letter of Intent signed between the Nigerian government and the French Development Agency (AFD) on long-term support for Nigeria’s energy access and transition, sustainable agriculture, and food security.

    4) MoU signed between the Nigerian government, the Ministry of Solid Minerals Development, and the French government to develop joint projects focused on diversifying and promoting the critical minerals value chain in both countries

    5) Nigeria and France committed to enhancing collaboration in infrastructure, healthcare, transportation, the agricultural value chain, renewable energy, and human capital development

    UBA Group signed an agreement to commence operations in Paris

    • United Bank for Africa (UBA) signed a key agreement during President Bola Tinubu’s state visit to France, marking a major step in its global expansion.
    • The agreement, signed by UBA Group Chairman Tony Elumelu and French Finance Minister Antoine Armand, ensures UBA’s full banking operations in France.
    • Elumelu highlighted that this move strengthens UBA’s commitment to offering seamless banking services not only in Africa but also to French and European customers engaging with Africa.

    “Expanding into France is a natural progression, with Paris serving as our European Union hub, as we continue to bring Africa and the world together, through innovative financial solutions. Paris will join London, New York and Dubai, as a critical component of our unique global network,” Elumelu said

    Zenith Bank formally inaugurated its operations in France

    Zenith Bank made significant strides in expanding its operations in Europe during President Tinubu’s state visit to France.

    The French market offers Zenith Bank the opportunity to deepen its international expansion, particularly in serving the growing needs of African businesses and investors in Europe.

    The bank’s inauguration of its services in France marks a notable step for the Nigerian banking giant, solidifying its footprint in one of the world’s leading financial hubs.

    Letter of Intent signed between the Nigerian and French Development Agency (AFD)

    Also on President Tinubu’s state visit to France, a Letter of Intent was signed between Nigeria’s Minister of Finance, Wale Edun, and the French Development Agency (AFD) CEO, Remi Rioux.

    • The agreement focuses on long-term collaboration to support Nigeria’s Renewed Hope Agenda. The partnership will facilitate funding for key areas such as infrastructure development, agriculture, food security, healthcare, and human capital development, including education in STEM fields.
    • The AFD has committed to providing over €300 million in financial and technical assistance across all Nigerian regions, focusing on energy transition, sustainable agriculture, and the improvement of agro-logistic hubs.

    The agreement further emphasizes the importance of removing fiscal barriers and ensuring efficient project implementation to enhance mutual trade between the two nations.

    Nigeria and France to foster collaboration in the solid minerals sector

    The Memorandum of Understanding (MoU) was signed between Nigeria and France to foster collaboration in the solid minerals sector.

    • Dr Dele Alake, Nigeria’s Minister of Solid Minerals signed for Nigeria while the Inter-Ministerial delegate for Critical Ores and Metals of the Republic of France, Mr Benjamin Gallezot, signed on behalf of France.
    • This partnership will focus on the development of critical minerals, such as lithium, cobalt, and nickel, which are key to advancing clean energy technologies. The two countries will also collaborate on research, training, and student exchanges to promote knowledge transfer.
    • A critical component of the agreement is the commitment to sustainable mining activities, aimed at reducing the environmental impact of mining. The MoU includes co-financed joint extractive projects, ensuring diversification and security of critical minerals while supporting energy transition projects.

    Additionally, the partnership aims to remediate over 2,000 abandoned mining pits across Nigeria, leveraging France’s expertise in sustainable mining.

    Development of critical infrastructure and long-term support for agriculture and food security

    President Bola Tinubu and French President Emmanuel Macron also signed two agreements in Paris focused on critical infrastructure development, including healthcare, transportation, and agricultural value chains, as well as renewable energy and human capital development.

    • The partnership, backed by over 300 million Euros in diverse financial and technical assistance programs, will span all geopolitical zones in Nigeria.
    • Both nations have committed to enhancing mutual trade, improving cross-border services, and eliminating fiscal barriers while protecting labor rights.
    • The agreements reached during President Tinubu’s visit laid the foundation for a strong and lasting Nigeria-France collaboration, with far-reaching implications for both nations’ economic growth and development.

     

  • FG raises loan access for MSMEs to N5 million at 9% interest rate in 3 years

    FG raises loan access for MSMEs to N5 million at 9% interest rate in 3 years

    The Nigerian government has announced a significant boost to its loan offerings for small businesses, raising the maximum amount accessible under single-digit interest loans to N5 million.

    The initiative, aimed at fostering inclusive economic growth, was unveiled by the Bank of Industry (BoI) Managing Director, Dr. Olasupo Olusi, during a town hall sensitization event in Lagos on Friday.

    Speaking on behalf of Olusi, Umar Shekarau, Executive Director for MSMEs at BoI, highlighted the government’s commitment to supporting Micro, Small, and Medium Enterprises (MSMEs). The initiative is underpinned by a N200 billion Presidential Intervention Fund, with N75 billion specifically earmarked for MSMEs.

    Senior Special Assistant to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, confirmed that the increase in loan size—from the previous cap of N1 million to N5 million—aims to address the financial and infrastructural challenges confronting small businesses.

    “The loan is 9% three years tenure. A single MSME can collect up to N5 million single digit,” said Adekunle-Johnson. 

    “This scheme is expected to create thousands of direct and indirect jobs nationwide,” Shekarau stated, adding that the funds are ready for disbursement at an annual interest rate of nine percent. Business owners are encouraged to approach BoI directly or register online, avoiding intermediaries. 

    The initiative, part of a broader federal strategy, was developed in collaboration with the Ministry of Finance, the Ministry of Industry, Trade and Investment, the Presidency, and other stakeholders.

    What to know 

    Minister of Finance and Coordinating Minister of the Economy, Wale Edun, represented by Ahmed Gazalli, showed the importance of MSMEs to the national economy. He described the program as a milestone in Nigeria’s drive towards economic empowerment and sustainable growth.

    “MSMEs form the backbone of our economy. Supporting their growth is essential for achieving our vision of an inclusive, thriving economy,” Gazalli remarked.  

    He reiterated the government’s resolve to remove barriers hindering MSME expansion while strengthening the manufacturing sector to reposition Nigeria’s economic landscape.

    Senator John Eno, Minister of State for Industry, Trade and Investment, pledged continued government support for programs advancing the welfare of Nigerians.

    He called for stronger collaboration among stakeholders to address systemic challenges and accelerate MSME growth.

    The scheme’s expanded scope shows Nigeria’s determination to leverage its entrepreneurial base as a catalyst for economic stability and growth.

     

  • Belgium grants sex workers health insurance, pensions, sick days and maternity leave

    Belgium grants sex workers health insurance, pensions, sick days and maternity leave

    Belgium has set a new benchmark in Europe by formally recognizing sex work as a legitimate profession, granting workers the same employment rights as those in other sectors.

    This historic legislation, passed in May and enacted on Sunday, allows sex workers to sign formal contracts and access critical benefits such as health insurance, pensions, family allowances, maternity leave, and paid vacations.

    The legal shift builds on Belgium’s 2022 decision to decriminalize sex work, which also narrowed the definition of pimping.

    This adjustment ensured that sex workers could access essential services, such as banking, insurance, transportation, and accounting, without fear of discrimination or legal repercussions.

    The new law goes even further, offering sex workers labor rights and protections on par with other professions, addressing long-standing inequities in the industry.

    The legislation guarantees sex workers the fundamental rights to refuse clients, set the terms of any act, and halt an act at any moment.

    What this means

    Employers hiring sex workers are now required to obtain official authorization and meet stringent background checks, including having no prior convictions for sexual assault, human trafficking, or fraud.

    • Additionally, employers must maintain clean and sanitary premises, provide hygiene products, and install panic buttons for enhanced safety.
    • Employers are prohibited from dismissing an employee who refuses a client or declines to perform a specific act, further strengthening worker protections.
    • These changes aim to ensure sex workers are treated equitably while creating safer working environments.
    • The reforms also address issues faced by sex workers before the introduction of labor protections.
    • According to UTSOPI, Belgium’s sex worker union, many workers previously felt compelled to continue working late into pregnancy or past retirement age due to a lack of financial safety nets.
    • The introduction of pensions, unemployment benefits, and other rights now offers a much-needed framework for long-term security.

    • What to know

      The legislation has been hailed as a “revolution” by advocates. Isabelle Jaramillo, coordinator of Espace P, described it as a transformative step that legitimizes the profession in the eyes of the state and improves conditions for both workers and employers.

      Mel Meliciousss, a sex worker and member of UTSOPI, celebrated the law’s enactment, saying, “People who are already working in the industry will be much more protect[ed], and also people who are going to work in the industry also know what their rights are.”

      • Despite its groundbreaking nature, the law has not been without criticism.
      • Advocates argue that it does not fully address the stigma or challenges faced by undocumented sex workers.
      • Nevertheless, Belgium’s move is a significant step in integrating comprehensive labor protections into one of the world’s oldest professions, setting a precedent for other nations to follow.
      • Deborah Dan-Awoh is a seasoned lifestyle analyst with a knack for storytelling. The focus of her work covers people, money and culture as it relates with business and economy. When she’s not keeping tabs on the latest trends in lifestyle and finance- Deborah enjoys networking with industry experts to gain insight into major markets as it affects the populace

    Belgium Health insurance Pensions sex workers

  • China, Nigeria strengthen ties in renewable energy, smart city development

    China, Nigeria strengthen ties in renewable energy, smart city development

    China and Nigeria are set to deepen their bilateral relationship through an ambitious partnership focused on renewable energy, smart city development, and critical infrastructure projects. 

    This was made known by Fang Qiuchen, Chairman of the China International Contractors Association (CHINCA). Speaking on the sidelines of the China-Africa Economic and Trade Expo (CAETE) Exhibition in Abuja, Fang highlighted the potential of the collaboration to address Nigeria’s pressing energy challenges while promoting sustainable urban development. The move underscores the enduring relationship between the two nations, which dates back to 1991. 

    “The collaboration will leverage China’s advanced technologies and Nigeria’s abundant resources to create a sustainable energy framework that will benefit both nations,” Fang said, emphasizing its transformative potential for Nigeria’s energy sector and the broader economy. 

    Fang outlined plans to deploy advanced technologies such as big data, cloud computing, and artificial intelligence (AI) to modernize infrastructure and automate urban systems. Renewable energy projects, including investments in solar, wind, and hydroelectric power, are set to align with global transitions towards cleaner energy solutions. 

    “The focus on renewable energy will enhance energy access across Nigeria, reducing reliance on fossil fuels and fostering economic growth,” Fang noted. He also stressed the integration of digital technologies into smart city projects to improve urban management and elevate the quality of life for residents. 

    What to know 

    Highlighting the strategic importance of the partnership, Mr. Joseph Tegbe, Director-General and Global Liaison for the Nigeria-China Strategic Partnership, stated that the collaboration aligns with China’s Belt and Road Initiative (BRI). This initiative seeks to position Nigeria as a pivotal hub for West Africa, unlocking significant socio-economic opportunities. 

    “Nigeria’s large population and its robust economic ties with China present a unique opportunity to accelerate development in renewable energy and infrastructure,” Tegbe remarked. He lauded the partnership’s potential to drive innovation and capacity building in critical sectors. 

    The CAETE Exhibition featured over 100 Chinese firms showcasing their expertise in infrastructure and energy. Key participants included Power China, China Civil Engineering Construction Corporation (CCECC), China Harbour Engineering, and Guangxi LiuGong Machinery. These firms demonstrated China’s readiness to invest and collaborate on transformative projects in Nigeria. 

    Mr. Xia Hao, Deputy Dean of the School of Economics and Trade at Hunan University, highlighted Nigeria’s status as a critical economic partner in Africa, with vast potential to benefit from China’s technological advancements and investments. 

    This partnership marks a significant step in fostering sustainable development, leveraging technology and innovation to address Nigeria’s developmental needs while strengthening its ties with China. 

    Backstory 

    Earlier Nairametrics reported that the growing trade volume between Nigeria and China, reached $22.6 billion in 2023, marking one of the highest trade exchanges in Africa.  

    VP Kashim Shettima shared this during a meeting with a Chinese delegation led by Mr. Zhang Qingwei, Vice Chairman of the Standing Committee of the National People’s Congress, at the Presidential Villa in Abuja. 

    According to a statement issued by his spokesperson, Mr. Stanley Nkwocha, Shettima emphasized that Nigeria’s trade relations with China are growing annually by 33%, demonstrating resilience even as the Nigerian economy continues to recover. He reaffirmed Nigeria’s commitment to supporting and strengthening this partnership, describing the bilateral relationship as deeply cherished. 

    Reflecting on the long-standing ties between the two nations, Shettima noted that Nigeria and China have enjoyed warm bilateral relations for over 53 years, dating back to 1971.

  • Canada, Germany, and New Zealand stand as key destinations for skilled workers in 2025

    Canada, Germany, and New Zealand stand as key destinations for skilled workers in 2025

    Canada, Germany, and New Zealand are becoming prime destinations for skilled workers seeking new opportunities in 2025.

    These countries offer strong economic prospects, competitive salaries, and efficient immigration pathways, making them attractive options for professionals looking to relocate.

    According to the DAAD Scholarship, these nations also provide clear routes to citizenship, ensuring long-term success for workers.

     

    They are as listed below:

    Canada: strong economy and clear immigration pathways

    Reports inform that Canada stands out for its competitive salaries and immigration systems, which are designed to attract skilled professionals. The average salary in Canada is CAD 60,000 annually, with tech and STEM roles offering six-figure salaries. The country’s immigration pathways, including the Express Entry, Global Talent Stream, and Provincial Nominee Programs, have contributed to it being a top choice for skilled workers.

    The Express Entry system typically processes most applications in six months or less once a complete application is submitted. This quick processing time is one of the reasons it is popular.

    In addition to strong economic prospects, reports inform that Canada offers a stable economy with low inflation, ensuring that workers’ earnings retain value. With just three years of permanent residency, workers can apply for citizenship.

    Germany: a growing economy with various visa options

    Germany is another top destination for skilled professionals, especially in fields like engineering, IT, and manufacturing. The average salary in Germany is €50,000 annually, and industries like engineering and IT offer higher pay. Germany’s immigration system includes options like the Chancenkarte (Opportunity Card), which allows skilled workers with at least two years of experience to directly enter the job market.

    • Germany’s Opportunity Card has made it easier for skilled workers to find employment. It provides a direct route for professionals to settle and work in Germany.
    • The country also offers other work visa options such as the EU Blue Card and visas for shortage occupations. According to reports, the country’s stable economy and manageable inflation allow workers to retain purchasing power.

    The path to gaining citizenship in Germany takes about eight years, but this timeline is shorter for those married to German citizens. After acquiring German citizenship, individuals become EU citizens, opening up opportunities in 26 other countries.

    New Zealand: career growth and a high quality of life

    According to DAAD Scholarship, New Zealand offers both career opportunities and a high standard of living.

    • The average salary is NZD 70,000, with healthcare, IT, and skilled trades offering higher wages. The country’s immigration system actively seeks skilled workers with programs like the Essential Skills Work Visa, Specific Purpose Work Visa, and Green List occupations.
    • Reports show that New Zealand is a prime destination for skilled workers, especially with the Green List occupations. These programs help workers find jobs in areas where there is a demand.

    New Zealand’s path to citizenship is one of the shortest globally, with workers eligible to apply after five years of residence. The country, according to reports, is commended for its low crime rates; making it a safe and welcoming place to live. The stable economy and low inflation ensure that the cost of living remains manageable, while workers’

    earnings retain value.

    Planning your move: a strategic approach to applications

    While applying for jobs and visas in Canada, Germany, and New Zealand is possible, reports caution that it requires careful planning.

    Each country has its own visa requirements and processing times, so it is important to prioritize applications. Consulting immigration experts can help ensure that all necessary documents are submitted correctly.

    A strategic approach includes applying sequentially to save resources and focusing on the most suitable destination. It is also crucial to consider factors such as job markets, cultural fit, and family needs in each country. This method can help increase the chances of successfully securing a work visa and permanent residency.

    I am Chigozirim Enyinnia, a career, Immigration and Education analyst. My objectives require the delivery of credible information concerning these areas, so readers can make informed decisions.

     

  • Rising onward migration of skilled immigrants threatens Canada’s economy

    Rising onward migration of skilled immigrants threatens Canada’s economy

    Canada is facing an increasing challenge as a growing number of skilled immigrants, including permanent residents, are leaving the country.

    Despite being a long-time destination for talented workers, many highly educated immigrants are opting to migrate elsewhere.

    This trend, known as “onward migration,” is raising alarms about the potential negative impact on Canada’s economy and workforce.

    As the government lowers its immigration targets in response to public concerns over housing and affordability, the departure of skilled workers could deepen existing workforce shortages and limit long-term economic growth.

    According to Immigration News Canada (INC), in the past year, Canada experienced significant population growth, driven by high immigration levels, international students, and temporary foreign workers.

    However, the federal government has revised its immigration policies, citing strain on social services and infrastructure.

    Reports tell that for the first time in decades, Canada has reduced its permanent immigration targets, cutting the 2024 target from 500,000 to 395,000 by 2025. While this reduction addresses some concerns, it overlooks the critical issue of retaining immigrants who have already arrived.

    Why skilled immigrants are leaving Canada 

    Contrary to popular belief, reports inform that many of those leaving Canada are not struggling to integrate, they are often highly educated professionals who were specifically selected for their skills to meet the country’s labor needs.

    Many immigrants are leaving for better opportunities abroad or due to dissatisfaction with their experiences in Canada.

    Some of the dissatisfying experiences are linked with: 

    Housing affordability and cost of living 

    • A major reason for onward migration is Canada’s housing affordability crisis. In cities like Toronto and Vancouver, INC reports that many immigrants find it increasingly difficult to secure affordable housing.
    • With costs rising and limited options available, some skilled workers are choosing to leave for more affordable countries, where they can build a more stable future.

    Underemployment and career barriers 

    It is noted that skilled immigrants often face barriers to fully utilizing their qualifications.

    • Factors such as regulatory challenges, delayed credential recognition, and a lack of Canadian work experience often push newcomers into low-paying jobs unrelated to their fields.
    • This underemployment drives many skilled workers to seek better opportunities in countries with more streamlined processes for career advancement.

    Better opportunities abroad 

    • Observations have cited that countries such as the United States, Australia, and Germany,  are actively competing for skilled talent.
    • Offering higher salaries, faster immigration pathways, and better support systems for newcomers, these nations have become attractive alternatives to Canada.
    • For many skilled immigrants, the pull of these opportunities outweighs the challenges they face in Canada.

    Economic impact of onward migration 

    • The loss of skilled immigrants poses a serious threat to Canada’s economy; as immigrants play a vital role in critical sectors like healthcare, technology, and construction, where labor shortages are already a pressing issue.
    • Losing these workers would not only inflame existing shortages but also limit the potential for innovation and growth.
    • INC notes that immigrants make up a significant portion of Canada’s healthcare workforce, and their departure could worsen shortages of doctors, nurses, and other professionals.

    Public opinion and changing attitudes toward immigration 

    • According to reports, recent surveys show growing skepticism toward immigration among Canadians, citing concerns about housing availability, healthcare access, and job competition.
    • This shift in public opinion has also influenced the federal government’s decision to cut immigration targets.
    • However, experts warn that a reduction in new arrivals may not be enough to address the deeper issue of retention, as immigrants who are already in Canada may still choose to leave.

    What Canada can do to retain immigrants 

    • To tackle the challenge of onward migration reports state that Canada needs to focus on retention as much as attraction.
    • Policy changes could include improving housing affordability, simplifying the process for recognizing foreign credentials, and investing in social services like healthcare and education.
    • Additionally, regional immigration programs aimed at encouraging newcomers to settle in smaller communities could help alleviate pressure on larger cities and create more balanced opportunities across the country.
  • BankBox achieves groundbreaking 1,734% growth in 2024, revolutionising Nigeria’s payment landscape

    BankBox achieves groundbreaking 1,734% growth in 2024, revolutionising Nigeria’s payment landscape

    BankBox, Nigeria’s first portable payment device, in 2024 recorded an incredible 1,734% surge in usage.

    This trailblazing solution has revolutionised the payment landscape by providing businesses with a seamless, affordable, and innovative way to process transactions.

    Designed to meet the dynamic needs of Small and Medium Enterprises (SMEs), Other Financial Institutions (OFIs), and service providers, BankBox combines portability, efficiency, and advanced technology to deliver an unparalleled payment experience.

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    Its contactless feature allows businesses to process payments effortlessly, ensuring quick, secure transactions with just a tap. This capability aligns with modern consumer expectations, offering a frictionless payment experience that reduces wait times and enhances customer satisfaction.

    Simplified Contactless Payments with BankBox 

    BankBox makes processing contactless payments effortless. A simple card tap on the device is all it takes to complete a transaction. In line with Central Bank of Nigeria (CBN) regulations, transactions under NGN15,000 are supported without needing PIN entry, making everyday payments quick and hassle-free.

    From shopping at local markets to dining at favourite restaurants, customers can now pay quickly—no delays or fuss. BankBox enables businesses to offer the seamless payment experience consumers demand.

    The portable device not only supports contactless transactions but is also compatible with cards from leading commercial banks and fintech companies, including:

    • Access Bank
    • Guaranty Trust Bank (GTBank)
    • UBA
    • Zenith Bank
    • First Bank
    • Wema Bank
    • Providus Bank
    • Stanbic IBTC
    • KUDA
    • PalmPay
    • Opay
    • Raven

    • By supporting transactions below NGN15,000 without requiring PIN entry, BankBox caters to the high-frequency, low-value payments that dominate everyday spending in Nigeria.

      The contactless functionality and compatibility across major banks and fintech platforms solidify BankBox’s position as a leader in driving Nigeria’s transition toward a cashless economy.

      Revolutionising Payments across Industries 

      BankBox’s portable design is a game-changer for businesses across sectors. It supports mobile operators like petty traders, logistics companies, and ride-hailing services, as well as established businesses such as supermarket chains. With BankBox, businesses of all sizes can deliver unparalleled convenience.

      Download BankBox

    • What Users Are Saying 

      BankBox has revolutionised payment experiences for millions of Nigerians, reflecting Raven’s unwavering commitment to financial accessibility and inclusion.

      More than just a device, BankBox embodies Raven’s vision for intuitive, reliable, and forward-thinking financial solutions. This innovation transcends convenience, reshaping how Nigerians interact with money and approach everyday transactions.

      What BankBox users have to say!

      Experience effortless, secure, and contactless payments today. The future is BankBo