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Tag: Fedral Government

  • FG, Emirates sign MoU to boost inbound tourism

    FG, Emirates sign MoU to boost inbound tourism

    Ministry of Art Culture Tourism and the Creative Economy has signed a Memorandum of Understanding, MoU, with Emirates to attract more international visitors to Nigeria.

    The agreement was signed at the 2025 Arabian Travel Market by Emirates’ Senior Vice President, Commercial Operations, Centre, Adil Al Ghaith; and Special Assistant to the Minister on Sub-National Development and Tourism, Mr Abiola Abdulkareem; in the presence of the Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, alongside other senior officials.

    Commenting on the signing, Adnan Kazim said: “Since resuming operations to Lagos in October 2024, we have focused on deepening our strategic partnerships with key stakeholders in Nigeria’s aviation, tourism and trade sectors. This partnership with the Nigerian Tourism Ministry solidifies our commitment to driving international travellers to experience the country’s fascinating history, its urban cities, the untapped, stunning natural world and, of course, the warm hospitality that characterizes Nigerian culture.”

    In her remarks, Musawa said: “This partnership with Emirates marks a pivotal moment for Nigeria’s tourism sector. It serves as a critical springboard for driving inbound tourism as we work towards delivering on our Destination 2030 Soft Power Initiative, endorsed by Mr. President to position Nigeria as a global leader in culture, heritage, and creativity. Strengthening strategic alliances with international stakeholders like Emirates not only opens new gateways for visitors but also empowers local communities, stimulates economic growth, and showcases Nigeria’s extraordinary cultural tapestry to the world.”

    Meanwhile, under the MoU, Emirates would help to promote inbound tourism to Nigeria from key markets on its network, encouraging travellers to experience the country’s rich cultural heritage.

    Both partners would also develop programmes for trade partners, hoteliers and tour operators, to showcase Africa as well as exploring incentives, familiarisation trips and other marketing initiatives.

  • Quit in three months, again FG warns foreigners with expired visas

    Quit in three months, again FG warns foreigners with expired visas

    The federal government has again warned foreigners with expired visas to leave the country within three months or risk sanctions.

    “The Nigeria Immigration Service wishes to further inform the general public that a window period of three months from 1st May to 1st August 2025 shall be granted to allow foreigners residing in Nigeria with expired visas to return to their home country voluntarily without penalty,” immigration spokesman ACI Akinsola Akinlabi said in a statement Friday in Abuja.

    This was as the service announced that from August 2, there will be a permanent ban on foreigners who overstay their visas for over 12 months.

    Minister of Interior Dr Olubunmi Tunji-Ojo had at a meeting with the Nigeria Employers Consultative Association (NECA) in Lagos last month announced a 5-year entry ban for expatriates who overstay for six months and a 10-year ban for those who overstay for over one year. The ban would also come with a $15 daily fine from the exit date on the visa.

    However, the NIS, in a statement on Friday in Abuja, said those who overstay for one year and above would now be blacklisted permanently.

    “In addition to the introduction of the e-Visa, Nigeria Visa Policy 2025 now makes it mandatory for foreigners who overstay their visas to be liable to the following penalties (effective from 2nd August 2025): Overstay Penalties (Effective from 1st September 2025): $15 per day; 3 months and above: $15/day + 5-year entry ban; and 1 year and above: $15/day + blacklisting (permanent entry ban),” said Akinlabi.

    He also said, as earlier scheduled, the government has now rolled out an e-Visa Application System and Automated Landing and Exit Card, which became effective from 1st May 2025.

    He said, “Following the 2024 review of Nigeria’s visa policy, the updated 2025 policy introduces an e-visa system with enhanced security protocols.

    “The e-Visa application process is strictly online from end to end. Processing time for e-Visas will be 48 hours or less. The e-Visa application system introduces 13 visa types of Short Visit Visa (SVV); details can be found on https://evisa.immigration.gov.ng/.

    “Once approved, visas and the QR codes will be sent electronically via the applicant’s email. Visa on Arrival will be officially discontinued as the new e-Visa takes off on 1st May 2025. Visas obtained through the e-Visa Channel are not extendable. Visa on Arrival already issued will remain valid until 30th May 2025.

    “The current manual embarkation and disembarkation card has been replaced by an electronic landing and exit card via https://lecard.immigration.gov.ng/.

    “Automated landing and exit cards have been introduced for inbound and outbound passengers into Nigeria.

    “For the inbound passengers (excluding Nigerians), the landing card must be duly completed online before boarding. For the outbound passengers, the exit card must be duly completed online before departure.

    “The exit card system is synchronised with the Visa Processing Centre and will automatically apply penalties, including visa bans, where applicable,” Akinlabi added.

  • Shell net profit sinks 35% in first-quarter as oil prices fall

    Shell net profit sinks 35% in first-quarter as oil prices fall

    British energy giant Shell on Friday reported a sharp drop in first-quarter net profit as it was hit by weaker oil prices but pushed ahead with shareholder returns.

    Profit attributable to shareholders fell 35 percent to $4.8 billion in the first quarter of 2025 from a year earlier, Shell said in an earnings statement.

    Total revenue dropped six percent to $70.2 billion.

    Shell and other oil majors have been hit by a recent slump in crude prices on fears that US President Donald Trump’s tariffs could cause a slowdown in the global economy, impacting demand.

    But the company did manage to beat analysts’ expectations and announced sizeable shareholder payouts.

    Chief executive Wael Sawan said the results gave Shell “confidence to commence another $3.5 billion of buybacks for the next three months.”

    Shares in the company rose more than three percent in morning deals on London’s FTSE 100 index, which was trading higher overall.

    “Shell’s one of the best-equipped oil majors to deal with a low-pricing environment and should be able to sustain that level of payouts as long as oil doesn’t dip below $60 for a prolonged period,” said Derren Nathan, head of equity research at Hargreaves Lansdown.

    Shell was also impacted by weakening oil prices in 2024, with annual net profit falling 17 percent.

    The recent drop in oil prices comes after the company scaled back various climate objectives, along with rival BP, to focus more on oil and gas to raise profits.

    Last year it announced it would no longer lead development of new offshore wind projects.

    Greenpeace UK senior climate advisor Charlie Kronick responded to the company’s results, calling for carbon polluters to pay to “make Britain more resilient against the climate crisis Shell is fuelling.”

    BP this week reported that its net profit dropped 70 percent in the first quarter to $687 million, driven by weaker gas sales and lower refining margins.

  • Energy transition: Nigeria needs $410bn as REA backs local solar firm

    Energy transition: Nigeria needs $410bn as REA backs local solar firm

    LAGOS—The Managing Director of Rural Electrification Agency, REA, Engr. Abba Aliyu, has said Nigeria needed approximately $410 billion to achieve a complete energy transition and at least $40 billion to bridge its electricity access gap.

    He disclosed this during a facility tour of a solar manufacturing and renewable energy services firm, LPV Technologies in Lagos yesterday.

    Aliyu, who also pledged to partner with the company to arrest capital flight on renewable energy in the country, described the company as one of the most efficient factories in Nigeria, while emphasising its strategic importance to the national energy transition plan.

    He said: “Nigeria needs approximately $410 billion to achieve a complete energy transition and at least $40 billion to bridge its electricity access gap.

    “The country with the greatest potential for distributed renewable energy, Nigeria, only created 70,000 jobs in the sector last year, compared to China’s seven million out of a global 14 million.  We must turn our electricity access challenge into a job creation opportunity.”

    Commending LPV Technologies’ investments, the REA boss said the company had gone beyond manufacturing by also investing in implementation and talent development.

    He stated: “This is in line with President Bola Ahmed Tinubu’s new economic strategy to localise production and enhance the GDP. What LPV is doing is turning a national challenge into a national opportunity.”

    In his remarks, the Chairman of LPV Technologies, Mr Nzan Ogbe, emphasised the strategic importance of decentralised energy infrastructure to reduce the cost of power across Nigeria.

    He reaffirmed LPV’s commitment to supporting government efforts by building clean energy systems that were easy to deploy, resilient to traditional grid limitations, and adaptable to local contexts.

    “The biggest challenge in Africa today is not just corruption but energy security and the immunities around power. That’s what we have settled to address,” Ogbe said.

  • FG unfolds plans for massive job creation in ICT

    FG unfolds plans for massive job creation in ICT

    The Federal Government has unveiled plans for massive job creation as it commissions the Nigeria-Korea Information Access Centre. The centre was funded by the Korean government.

    Thw Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, who commissioned the centre yesterday in Abuja, said Nigeria was investing significantly on digital infrastructure and technologies that would also help deliver government services more efficiently.

    He said: “The centre is a major prerequisite for strengthening the country’s economy as President Bola Tinubu and his team continue to work towards achieving a $1 trillion economy in a few years.

    “As a country, we recognize that we are one of the fastest growing countries in the world. We also recognize that the best low hanging fruit for us is in information, communication and technology.

    ‘’Not only does it provide us the opportunity to drive economic prosperity in our country, it also offers us a significant chance to empower our people and ensure that they can contribute meaningfully to the world.
    “As a nation, we are putting significant investment in building both our digital infrastructure and technologies that will also help us deliver government services more efficiently.

    “We see this as a major prerequisite for strengthening our economy. As you already know, the President and the team are working extremely hard to take the Nigerian economy to $1 trillion in a few years.’’

    Also, speaking, the Executive Vice Chairman of the Nigerian Communications Commission, NCC, Dr. Aminu Maida, said the centre would give the youth, entrepreneurs and professionals access to cutting-edge digital tools, research facilities and training, equipping them to thrive in today’s fourth industrial revolution, where AI, Big Data, and IoT are reshaping the world.

    He said: “The IAC is a practical embodiment of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which emphasizes leveraging digital technologies to drive socioeconomic development, productivity, and inclusive growth across Nigeria.

    “This information access centre complements those efforts by providing a platform for learning, research, and innovation. It is part of a broader commitment to capacity building and learning initiatives in digital technologies.’’

    Earlier, the President/CEO, DBI, Mr. David Dasser, explained that “the center is not just a building but also a bridge that connects Nigeria to the world, and a bridge that links dreams to opportunities.

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    “The center is a direct response to the call of the National Digital Economy Policy and Strategy, NDEPS, which envisions a Nigeria where digital technology drives innovation, creates jobs, and bridges the gap between the connected and the unconnected.

    “The Nigeria-Korea IAC is billed to directly support some national priorities which include promoting digital inclusion, ensuring that all Nigerians, regardless of background, have access to ICT tools and skills, fostering AI and emerging tech expertise, preparing our workforce for the demands of the global digital economy.’’

  • FG urges traders to reduce food prices

    FG urges traders to reduce food prices

    The Federal Government has urged retailers to reflect the reduction in food prices and shun exploiting consumers.

    Abubakar Kyari, the Minister of Agriculture and Natural Resources, stated this on Tuesday during the 2025 Wheat Farmers Green Field Day at Dabi village in Ringim Local Government Area of Jigawa.

    He decried the nonchalant attitude of retailers to reflect the reduction in their sales despite the drop in prices, describing it as unpatriotic and unacceptable.

    “The federal government is aware of the significant drop in the prices of food items across major markets, particularly for essential commodities such as flour, sugar, rice and pasta.

    “However, it is deeply concerning that many retailers, bakers, and shop owners have refused to reflect this reduction in their selling prices, thereby denying Nigerians the relief they deserve.

    “In previous months, stakeholders in the retail value chain raised concerns about the rising cost of food items. Now that the prices have dropped, such as flour, which fell from N81,000 per bag to below N60,000, and spaghetti, which has fallen from N20,000 to N15,000.

    “It is only fair and just to let consumers benefit from food price reduction,” Kyari said.

    He reiterated the government’s commitment to ensure food availability and engage with relevant stakeholders to reflect the current market realities.

    The News Agency of Nigeria (NAN) reports that the event was organised in collaboration with the Flour Milling Association of Nigeria, the federal government and Jigawa state government.

  • FG charged to adopt assets-based financing for economic growth

    FG charged to adopt assets-based financing for economic growth

    At the backdrop of the plan by the Federal Government (FG) of Nigeria to grow the country’s economy to a $1 trillion value by 2030, the government has been advised to adopt assets-based financing model to replace the output-based approach it currently uses.

    Renowned economist and Chief Executive Officer of Economic Associates, Dr Ayo Teriba, who gave the advice in a keynote address at the 2025 Economic Outlook event organised by the Association of Corporate Treasurers in Nigeria (ACTN) in Lagos, highlighted Nigeria’s vast but underutilised assets which could be used to attract significant foreign direct investment (FDI) if properly monetised.

    “The world has moved beyond relying on production and exports for economic growth. The countries that are thriving today are those that have successfully leveraged their assets to attract investment. Nigeria must do the same if it hopes to stabilise its economy and improve liquidity,” he said.

    Teriba faulted the government’s reliance on debt-financed growth instead of maximising state-owned enterprises and infrastructure, and classified Nigeria alongside South Africa, Brazil, and Russia as countries struggling with liquidity crises due to their failure to adapt to modern economic trends.

    He canvassed the opening up of strategic sectors such as energy, railways, and telecommunications to private investment to reduce government spending burdens, citing the success of Nigeria’s telecom sector, which attracted private capital without government borrowing, as a model for other industries.

    “Saudi Arabia turned its oil reserves into Aramco, one of the world’s most valuable companies. The UAE transformed Dubai into a global investment hub. Meanwhile, Nigeria continues to borrow when it should be attracting equity investments through its assets,” he said.

    According to him, Nigeria should shift to asset-based financing by securitising national assets and creating a transparent investment registry for global investors, while also calling on Nigerian states to leverage their assets rather than depend on federal allocations.

    He stated further: “Instead of issuing Eurobonds or relying on loans, we should be issuing asset-backed bonds and equity-linked instruments. Investors are willing to come in if we create the right structure.

    “Many Nigerian states have resources that are more valuable than entire economies elsewhere, yet they remain untapped. Governors need to start thinking like asset managers, not budget administrators.”

    Earlier in his welcome remarks, ACTN President, Adeyinka Ogunnubi, emphasised the need for corporate treasurers and businesses to become innovative, adding that the corporate treasurers’ role goes beyond managing funds to enabling businesses to thrive amidst uncertainty, optimising liquidity, and creating long-term value.

  • Industrial unrest looms in 110 FGCs as Labour issues strike notice

    Industrial unrest looms in 110 FGCs as Labour issues strike notice

    There are indications that academic and other activities at the 110 federal government colleges, FGCs, commonly known as Unity Schools, may be disrupted soon following a notice of strike by Organized Labour over poor welfare among others.

    Under the aegis of the the Association of Senior Civil Servants of Nigeria, ASCSN, Organized Labour, expressed disgust that for past two years the federal ministry of education has bluntly refused to address the poor conditions of workers.

    In a 21 day ultimatum issued to the government, ASCSN vowed to order workers in the institutions to down tools and commence a nationwide strike in the government failed to address it demands.

    Other demands included “disarticulation of Junior Secondary Schools from the Senior Secondary Schools to create vacancies in the Directorate level, payment of transport allowance and DTA to Federal Education Quality Assurance Service FEQAS, staff, and the need to drastically reduce exorbitant medical fees charged members of staff by the Health Management Organisation, HMO, appointed by the Federal Ministry of Education under the National Health Insurance Scheme, NHIS.”

    ASCSN in a statement by its Secretary General, Joshua Apebo, the Association said it was tired of requests since 2023 through series of letters to the Federal Ministry of Education to convene a meeting to address welfare issues affecting its members in the 110 Unity Colleges throughout the Country, among others.

    In the letter of ultimatum to the Federal Ministry of Education in Abuja dated Thursday, 23rd January 2025, ASCSN lamented that all efforts since 2023 to bring the Management of the Federal Ministry of Education to the negotiating table to discuss welfare matters affecting its members in the 110 Unity Schools and the FEQAS throughout the country had been treated with contempt.

    According to the Union, “the outstanding welfare issues include payment of promotion, salary, and elongation arrears; payment of allowance to Education Officers displaced from the Unity Schools in the North-East, payment of 1st 28 days in lieu of hotel accommodation as stipulated in the Public Service Rules.

    “There are also issues of regularization of appointment of PTA teachers, implementation of the White Paper which stipulates that Units of the Association in the 110 Federal Unity Schools should be members of the School Based Management Committees, SBMCs, so that they could be part of the decision-making processes in the Schools, scholarship for children of Education Officers in Colleges where their parents teach in line with the directive of former President, Muhammadu Buhari.

    “We have also consistently demanded for the resumption of Quarterly Meetings with the Union where welfare issues affecting members of the Association in the headquarters of the Ministry, those in the 110 Federal Government Colleges, and those in FEQAS throughout the country can be discussed and resolved in the interest of industrial peace and harmony but all our gestures for dialogue have been rebuffed.

    “Since all efforts to bring the Federal Ministry of Education to the dialogue table have been frustrated and since the national leadership of the Association could no longer contain the restiveness of its members in the Unity Colleges and FEQAS, no further notice would be required after the expiration of the 21 days ultimatum issued on Thursday 23rd January 2025 before Trade Union actions start in the Unity Schools and FEQAS.“All stakeholders are urged to prevail on the Federal Ministry of Education to embrace dialogue now instead of waiting for the industrial actions to start only for them to begin to plead with the Union to sheath its swords.”