Category: e-Business

  • Gen Zs & Millennials: You think retirement is too far off? Think Again!

    Gen Zs & Millennials: You think retirement is too far off? Think Again!

    Steak and grills every weekend, a trip to that music festival you always wanted, maybe even owning a place of your own. Those feel like the real, immediate goals, right? Retirement? That’s an “old people” problem, something to worry about decades from now. Wrong!

    The truth is that time is a trickster. Soft life and indulgent experiences are alluring, making the future seem far off. But the thing about retirement is that the sooner you start thinking about it, the easier it gets.

    Think of it like this: those small amounts you might spend on takeout now could be multiplying and growing into a future where you’re not just scraping by. We’re talking vacation money, financial security, and maybe even retiring early to pursue a passion project!

    Here’s the thing: “later” sneaks up on you. Today’s small savings turn into big returns thanks to the magic of compound interest. The time you have now is your most powerful retirement planning tool. Imagine the look on your future self’s face when they realize you’ve been building them a secure, comfortable life all along.

    No one’s saying you must completely give up your lattes or weekend fun. But taking even small steps now can make a world of difference down the line.

    Read Also: Investment Education for Millennials: How to Get Started

    Don’t wait until you’re too old to regret not starting sooner. The time to make your retirement dreams a reality is now, while you have the most precious resource of all: time on your side.

    You’re qualified to join the Contributory Pension Scheme if you work for the Federal Government, Federal Capital Territory, a private company with three or more employees, a state that has adopted the scheme, or self-employed (Micro Pension Plan). This means your workplace will help you build a secure retirement through regular contributions to your pension fund.

    Need help getting started? CLICK HERE. FCMB Pensions specializes in helping young people plan for the future. It’s their job to turn your savings into the retirement you deserve!

  • Obi Cubana praises Delborough boss for meeting hospitality needs of Harry, Meghan in Nigeria

    Obi Cubana praises Delborough boss for meeting hospitality needs of Harry, Meghan in Nigeria

    The Duke and the Duchess of Sussex were in Nigeria at the weekend on a three-day private visit on the invitation of the Chief of Defense Staff, General Christopher Musa.

    Cubana Group chairman, Obinna Tochuukwu Iyiegbu, popularly known as Obi Cubana, has commended  Chairman/CEO of ‘The Delborough Lagos’, Dr Stanley Uzochukwu for making Nigeria and Africa proud. 

    He hailed him for establishing the prestigious hotel where Prince Harry and Meghan Markle deemed it fit to stay during their visit to Lagos, Nigeria recently. 

    The Nigerian businessman described the Delborough CEO as his “brother with the Midas touch” in a post on his Instagram page on Monday.

    Obi Cubana also noted that the hotel, ‘The Delborough Lagos’ is the “Number 1 luxury hotel in Africa presently.”

    Read Also: Hospitality at ‘The Delborough Lagos’ second to none – Prince Harry

    He wrote: “That’s how we hosted The Duke and Duchess of Sussex at our luxurious @thedelborough yesterday! Need we say more?? We are the Number 1 luxury hotel in Africa presently……yes! @stanleyuzochukwu my brother with the Midas touch.”

    The Duke and the Duchess of Sussex were in Nigeria at the weekend on a three-day private visit on the invitation of Chief of Defense Staff, General Christopher Musa.

  • Optiva Capital unveiled as lead sponsor of SHECAN conference 5.0

    Optiva Capital unveiled as lead sponsor of SHECAN conference 5.0

    Optiva Capital Partners has been unveiled as the headline sponsor for this year’s SheCan Conference, titled ‘SheCan Do More 5.0’, by the organizers, SheCan Nigeria, a movement dedicated to empowering women in Nigeria.

    The announcement was made at a briefing by SheCan Nigeria and hosted at Optiva Capital’s headquarters at Churchgate Towers Victoria Island Lagos to also announce the upcoming conference scheduled for May 24 at Harbor Point, Victoria Island, under the theme: ‘SheCan DoMore 5.0 Positioning For More’.

    Welcoming newsmen and other co-sponsors to the headquarters, Dr. Jane Kimemia, CEO of Optiva Capital Partners, expressed excitement that Optiva Capital Partners came on board as a lead sponsor. 

    “We are very proud to be the headline sponsor of such an important agenda of empowering women to be more.  The female gender has always been important to us as over 70% of our workforce is women. When you empower a woman, you empower a generation. 

    “The theme of this year’s conference aligns with who we are at Optiva Capital Partners and we are happy to partner with SheCan as we tell our stories,” she said. 

    Dr. Kimemia is an esteemed speaker at the SheCan conference with others such as Fela and Tara Durotoye, Shaffy Bello, Audrey Joe-Ezigbo, Grace Ofure Ibhakhomu, Ololade Ogungbenro, and the convener of SheCan Conference, Ezinne Ezeani. She will be passionately advocating for the aspirations of women determined to achieve greater heights.

    Founder of the SheCan Nigeria initiative, Ezinne Ezeani, said the organisation believes women and young girls should be able to ‘Be More’ in every facet of life irrespective of their background, gender, religion or their limitations, to be able to give their best to the society. 

    Read Also: Optiva Capital flags off construction of ultra modern maternity centre in Lagos

    “SheCan is a movement to empower women. Every woman can do more irrespective of who you are. Empowered women will come together to empower others in this year’s conference. We had over 3000 participants last year and expect about 4000 this year. 

    “Beyond the conference, we are a social-impact organization. This year’s conference theme is ‘Positioning for More” in your career, business, and anything you aspire to become. 

    “We are not a gender-based organisation, we partner with those who want to empower the next generation. We are grateful to our sponsors, especially our lead sponsor, Optiva Capital Partners who enabled us to do more in this year’s conference”.

    Recognizing the partners who have remained loyal throughout the years such as Shell Nigeria Exploration and Production Company Limited (SNEPCo) and Wema Bank, and have contributed significantly to the organisation’s growth, she revealed that attendees will have access to a wide range of enriching opportunities, including career development, networking, mentorship, empowerment, and much more.

    Optiva Capital Partners is the leading Investment Immigration and wealth management firm in Africa, emphasising the acquisition of a second passport for global access and mobility for its esteemed clients. 

    The firm firmly believes in the significance of women’s contribution to society and is delighted to participate in this progressive movement.

    Optiva Capital Partners is Africa’s leading wealth Management company and the largest provider of Second Citizenship and Residency services. The Company has specialisation in investment immigration, investment advisory, international real estate, and insurance services. 

    Optiva Capital Partners has the largest business footprint and is renowned for its extensive reach and unparalleled expertise with over 23 branches strategically placed across Nigeria.

    SheCan Nigeria is a movement for Today’s Women to realise their potential and develop her capabilities in achieving success through collaboration and empowerment, to become active players and contributors in our world today.

  • FCMB group sustains growth momentum, profit rises to 193.6% in Q1 2024

    FCMB group sustains growth momentum, profit rises to 193.6% in Q1 2024

    FCMB Group Plc announced impressive first-quarter 2024 financial results with profit before tax rising 192.6% Year-on-Year to N31.3 billion compared to N10.7 billion in the same period in 2023. All of the Group’s business segments demonstrated significant growth, with Investment Banking leading at 228.1%, Consumer Finance at 165.4%, Banking Group at 157.2%, and Investment Management at 74.3%.

    This impressive performance across all business segments directly results from FCMB Group’s strategic initiatives, which align perfectly with its purpose of fostering inclusive and sustainable growth in the communities it serves.

    FCMB Group recorded a substantial 104.8% growth in gross revenue during the three months (January to March 2024), rising to N179.1 billion from N87.4 billion for the same period the prior year. This growth was driven by an 89.9% growth in interest income and a 150.9% growth in non-interest income. Additionally, customer confidence remained strong, with deposits rising by 63.2% year-over-year, from N2.0 trillion to N3.3 trillion at the end of March 2024.

    The Group Chief Executive of FCMB Group Plc, Ladi Balogun, expressed confidence that the growth trend will be sustained. He said:

    “We continue to leverage our unique group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth in the communities we serve. This strategy is enabling us to deliver robust performance in spite of the challenging domestic and global environment. Barring unforeseen circumstances, we believe our growth trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation”.

    Despite the challenging business environment, the Group increased its contribution to economic growth by extending loans and advances to N2.2 trillion, an 85.4% increase, Year-on-Year, from N1.2 trillion in the corresponding period of 2023.

    Read Also: FCMB group sustains growth momentum, profit rises to 193.6% in Q1 2024

    Net interest income increased by 74.5%, from N31.7 billion in the first quarter of 2023 to N55.4 billion in the first quarter of 2024. Total assets increased by 68.5%, from N3.1 trillion to N5.2 trillion.

    Assets Under Management (AUM) grew 35.0% Year-on-Year, from N830 billion to N1.02 trillion at the end of March 2024. This highlights the Group’s investment management expertise and ability to create value for its clientele.

    The agency banking business extended its network to over 165,000 agents, acquiring over 300,000 customers between January and March 2024. FCMB expanded its customer base to 12.8 million within the quarter. 

  • FCMB group sustains growth momentum, profit rises to 193.6% in Q1 2024

    FCMB group sustains growth momentum, profit rises to 193.6% in Q1 2024

    FCMB Group Plc announced impressive first-quarter 2024 financial results with profit before tax rising 192.6% Year-on-Year to N31.3 billion compared to N10.7 billion in the same period in 2023. All of the Group’s business segments demonstrated significant growth, with Investment Banking leading at 228.1%, Consumer Finance at 165.4%, Banking Group at 157.2%, and Investment Management at 74.3%.

    This impressive performance across all business segments directly results from FCMB Group’s strategic initiatives, which align perfectly with its purpose of fostering inclusive and sustainable growth in the communities it serves.

    FCMB Group recorded a substantial 104.8% growth in gross revenue during the three months (January to March 2024), rising to N179.1 billion from N87.4 billion for the same period the prior year. This growth was driven by an 89.9% growth in interest income and a 150.9% growth in non-interest income. Additionally, customer confidence remained strong, with deposits rising by 63.2% year-over-year, from N2.0 trillion to N3.3 trillion at the end of March 2024.

    Read Also; Who has bewitched our beloved America?

    The Group Chief Executive of FCMB Group Plc, Ladi Balogun, expressed confidence that the growth trend will be sustained. He said: “We continue to leverage our unique group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth in the communities we serve. This strategy is enabling us to deliver robust performance in spite of the challenging domestic and global environment. Barring unforeseen circumstances, we believe our growth trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation”.

    Despite the challenging business environment, the Group increased its contribution to economic growth by extending loans and advances to N2.2 trillion, an 85.4% increase, Year-on-Year, from N1.2 trillion in the corresponding period of 2023.

    Net interest income increased by 74.5%, from N31.7 billion in the first quarter of 2023 to N55.4 billion in the first quarter of 2024. Total assets increased by 68.5%, from N3.1 trillion to N5.2 trillion.

    Assets Under Management (AUM) grew 35.0% Year-on-Year, from N830 billion to N1.02 trillion at the end of March 2024. This highlights the Group’s investment management expertise and ability to create value for its clientele.

    The agency banking business extended its network to over 165,000 agents, acquiring over 300,000 customers between January and March 2024. FCMB expanded its customer base to 12.8 million within the quarter.

  • FCMB Group records 186% profit growth, proposes 50 kobo dividend

    FCMB Group records 186% profit growth, proposes 50 kobo dividend

    For the year ended December 31, 2023, FCMB Group Plc grew deposits, loans, assets under management, revenue and earnings and improved its environmental, social, and corporate governance scorecard. The Group recorded a profit before tax of ₦104.4 billion, a 186% year-on-year (YoY) increase compared to ₦36.6 billion in 2022 and earnings growth across its business segments: Banking Group 212.6%, Consumer Finance 67.3%, Investment Management 40%, and Investment Banking 89.7%.

    FCMB Group, which proposed a dividend of 50 kobo per share for its shareholders, contributed to food security and import substitution in Nigeria by increasing lending to the agricultural sector by 38.4% from N147.4 billion in 2022 to N204.3 billion in 2023. In addition, the Bank supported over 300,000 smallholder farmers, 56% of whom were women in agriculture, in rural communities to support the sector. Over $280 million of funding from DFI’s and donor agencies was raised during the year to support the attainment of sustainable development goals in critical sectors of the economy.

    Leveraging its core banking business, the Group facilitated over $700 million and $100 million in export and remittance flows into Nigeria, respectively, as at December 2023.

    Read Also: FCMB board okays bank’s recapitalisation plan

    In safeguarding the environment, it switched six additional branches of its retail and commercial banking subsidiary (First City Monument Bank Limited) from grid/diesel generators to solar power last year, taking the number of branches running on renewable energy to 160, which represents 78% of total branches. In addition, the Bank secured funding of up to N13 billion from local development finance institutions for on-lending to customers requiring solar energy solutions to further support its commitment to driving renewable energy.

    FCMB’s customer base grew by 15.6% YoY from 10.9 million to 12.5 million for the period ended December 2023, whilst users of its mobile app that offers lending, wealth and payment solutions grew by 31% YoY to 3.4 million. Similarly, the Bank’s agency banking network grew to over 164,000 agents. With an enlarged customer base, an expanded distribution platform, and the use of artificial intelligence to automate and optimise loan underwriting processes, the Group successfully disbursed over 1.5 million loans worth N100.8 billion to individuals, N14.4 billion to micro-enterprises and N177.9 billion to SMEs during the period.

    Commenting on the results, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, said:

    “We continue to leverage our unique Group structure to build a technology-driven ecosystem that is fostering inclusive and sustainable growth in the communities we serve. This strategy is enabling us to deliver robust performance in spite of the challenging domestic and global environment. Barring unforeseen circumstances, we believe this trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation”.

    The results across market fundamentals also showed gross revenue of N516.4 billion for the period ended December 2023, an 82.5% growth from N283 billion for the same period the prior year.  Net interest income grew by 44.8% from N122 billion in 2022 to N176.6 billion in 2023. Customer confidence in FCMB remained strong, as deposits rose by 58.5% YoY from N1.94 trillion to N3.08 trillion, just as loans and advances grew by 54% from N1.20 trillion to N1.84 trillion. The Group’s total assets increased by 48.3% from N2.98 trillion to N4.42 trillion at the end of December 2023.

    FCMB Group’s Assets Under Management increased by 29.6% last year from N783.7 billion to N1.02 trillion. The value of investment banking transactions consummated by the Group rose to N945.3 billion for the period ended December 2023, compared to N857.1 billion in the same period the prior year. 

  • Kyari Bukar named keynote speaker at DOA’s TMT breakfast series

    Kyari Bukar named keynote speaker at DOA’s TMT breakfast series

    Chairman of ARCA Payments Limited and former Chairman, Board of Directors of the Nigerian Economic Summit Group (NESG), Mr. Kyari Abba Bukar, has been confirmed as the keynote speaker at the 2024 Technology, Media and Telecommunication (TMT) Business Law Breakfast Series being organised by the law firm of Duale, Ovia and Alex-Adedipe (DOA).

    Giving the confirmation on Monday, DOA said Mr. Bukar will speak on “Fostering Innovation and Investments through Enabling Policies, Viable Business & Economic Environment”.

    The TMT Business Law Breakfast Series is scheduled to take place on 2nd May, 2024 at Ebony Life Place, Victoria Hall, Lagos under the theme ‘The Nigerian Tech Ecosystem: Policies, Investments, and Global Trade’, the law firm said in an earlier press release.

    Commenting on Bukar’s selection as keynote speaker, Managing Partner at DOA, Adeleke Alex-Adedipe, said it “is a deliberate choice, reflective of his (Bukar’s) extensive professional background, diverse expertise and profound industry acumen”.

    “With a career spanning over three decades encompassing information technology, financial services, entrepreneurship and business, Mr. Bukar possesses a wealth of knowledge and an astute understanding of industry dynamics and governance,” Alex-Adedipe said.

    Read Also: Five class of ‘94 players who have coached Super Eagles

    “As a globally renowned thought leader, he adeptly provides comprehensive insights into trade dynamics and international best practices. Furthermore, his pragmatic approach to investment and cultivation of growth within the Nigerian technology landscape serves as a testament to his efficacy as a catalyst for development.

    “We are most confident in Mr. Bukar’s ability to impart invaluable insights at the TMT Breakfast Law Series,” he said.

    Bukar holds a B.Sc. in Physics from Ahmadu Bello University, Zaria, and an M.Sc in Nuclear Engineering from Oregon State University in the USA. He has worked at Hewlett-Packard USA in Silicon Valley, FSB International Bank (now Fidelity Bank), ValuCard Nigeria Plc (currently Unified Payments PLC), and Central Securities Clearing System PLC.

    An alumnus of the Lagos Business School, Wharton Business School, and Harvard Business School, he is co-Founder and Managing Partner of Trans-Sahara Investment Corporation, a Private Equity firm that develops and actively manages direct investments in sub-Saharan Africa, with a focus in West Africa. He also serves on the boards of several companies, including as Chairman, SUNU Assurances Plc; Chairman, Ventures Platform; Independent Non-Executive Director, Standard Chartered Bank Nigeria Ltd, among others.

    Besides the keynote speech by Mr. Bukar, the event will also feature a fireside chat and two panel sessions.

    The first session on “Unlocking Investments: Policies, Reforms and Regulations” will be moderated by Adeniyi Duale, Partner, Duale Ovia & Alex-Adedipe, while the panellists are Olatubosun Alake, Commissioner for Science, Innovation and Technology, Lagos State; Adesuwa Okunbo-Rhodes, Founder and Managing Partner, Aruwa Capital Management; Femi Ogunjimi, Co-Founder and MD, CardinalStone Capital Advisers; Olumide Soyombo, Angel Investor and Co-Founder, Voltron Capital, BlueChip Technologies Limited, and Tosin Eniolorunda, Founder and Group CEO, Moniepoint (formerly TeamApt).

    The second session on “Show Me the Money” will be moderated by Nichole Yembra, Founder and Managing Partner, The Chrysalis Company, while the panellists are Kola Aina, Founding Partner, Ventures Platform; Yanmo Omorogbe, COO and Co-Founder, Bamboo; Olu Oyinsan, Managing Partner, Oui Capital; Dr Femi Kuti, CEO, Reliance Health, and Tosin Faniro-Dada, Partner, Breega.

    Earlier, Alex-Adedipe said the TMT Business Law Breakfast Series would serve as a catalyst for collaboration, innovation, and growth in the Nigerian tech sector.

    He also noted the role of the event as a forum for stakeholders to assess the current state of the Nigerian tech ecosystem, deliberate on pertinent policies, reforms, and global trade dynamics influencing its trajectory, and identify pivotal challenges and opportunities in catalyzing investment and fostering growth.

    The event targets government officials and policymakers, venture capitalists, investors, financial institutions, tech entrepreneurs, startups, innovators, corporate entities, industry leaders and tech enthusiasts, he said.

  • Trusteeship is for everyone, including you

    Trusteeship is for everyone, including you

    You work hard for your cash, big pile or small. Naturally, you want it protected and passed to relevant parties after you are gone. That is where trustees come in, and they are not just for folks with private jets and islands. It is not about how much you have but about making it work. 

    Like a tax consultant saves you from tax headaches, a Trustee plans your estate. Think of a trustee as your financial best friend forever, one who organizes your assets and, most importantly, gives you the peace of mind that your financial future is secure, even when life gets unpredictable. 

    Here is why you might consider trusteeship services:

    • Caring for loved ones with special needs: Those with disabilities often need lifelong financial support. A trustee safeguards their assets and manages their income responsibly, ensuring their financial security and protecting them from potential exploitation.
    • Ageing without losing control: Let’s face it- we will all get old. But that does not mean losing control of your finances. A trustee can manage the day-to-day affairs while you still make the big decisions. Think of it as a backup for your brain, so your money keeps working for you even if your energy for spreadsheets fades.
    • Avoiding family feuds: Sometimes, hard-earned money can turn loved ones against each other. A trustee takes the emotion out of it. They follow the plan you set, ensuring your wishes are respected and minimizing any potential for messy family drama down the line. With a trustee, you can ensure that your wealth doesn’t become a source of contention among your loved ones.
    • Protecting your children: We love them, but handing a teenager their inheritance is a recipe for bad decisions. A trustee acts based on the Trust Deed and your instructions and ensures your children have a safety net, preventing impulsive purchases and bad financial decisions.
    • Making your passion last: Are you passionate about a cause? A trustee can manage funds to ensure your favourite charity receives support even after you’re gone. This turns your generosity into a lasting legacy, inspiring others to continue your philanthropic efforts.
    • Corporate trust services: Most businesses take loans to stay afloat. A trustee advises how best to use your collateral to get the best loans to sustain your business.

    Are you curious? FCMB Trustees is your go-to trusteeship service provider. They will customize a plan to keep your assets safe and ensure your legacy is just how you want it.

    Services provided by FCMB Trustees include:

    • Debenture/ Security Trust Services (Consortium/ Syndicated lending)
    • Bonds/ Debt Issuance Trust Services (Government & Corporate)
    • Mutual Funds/ Collective Investment Schemes Trust Services
    • Estate Planning – Wills and Living Trusts
    • Education Trusts
    • Endowment Fund/ Foundation Management
    • Codicils.

    Ready to take the first step? Log on to www.fcmbtrustees.com or send an email to fcmbtrustees@fcmb.com to begin your journey towards securing your financial future and protecting your legacy with FCMB Trustees.

  • Tourism, entertainment industry comatose tools for economic development

    Tourism, entertainment industry comatose tools for economic development

    By Somadina Okorie

    The truth be told, every country of the world is a tourist destination, but it is by choice to make ones such attractive. Implying to say, that the main goals of controlling the flow of people, goods, and services into and out of any nation is to keep track on entry and to prevent illegal immigration, safeguard the lives and property of its citizens, maintain national sovereignty, border control, and to keep foreigners from taking advantage of the opportunities specifically designated for citizens. Not to refuse visitors entry on vacation and or tourism.

    The above stated reasons could be some of the explanations for why, only seventeen (17) countries in the world—the bulk of which are West African nations—can enter Nigeria without a visa. The goal of this article is to examine how such a hash policy could harm the Nigeria’s ability to expand economically and its diplomatic ties with other nations. 

    The Ministry of Tourism, whose primary duties include developing policies and promoting tourism in Nigeria, has yet considered pushing for more nations to be granted free visa entry into Nigeria at least for a minimum of thirty (30) day duration. 

    there is no gain saying that giving people easy access to enjoy a country’s vast natural resources is the best way to highlight and promote them. Therefore, there is no legitimate reason why a citizen of the United States, Canada, Europe, or the United Kingdom should need to apply for a visa in order to travel to Nigeria for tourism. 

    Most citizens of wealthy nations would probably not want to live in Nigeria instead of their home countries, but could be interested in visiting for holidays. They are however tragically discouraged by the unpleasant experience of having to wait in line for a visa to a country that is clearly still developing. They rather travel to other countries that requires visas on arrival.

    The current foreign exchange crisis in Nigeria’s economy has resulted in an endless shortage of foreign exchange, which has significantly raised the cost of converting Naira into US dollars, especially on the black market. kudos to the intense efforts of the current government. 

    However, because of this volatile situation, which has increased tension in the nation and negatively impacted Nigeria’s standard of living due to an excessive reliance on oil, it has become increasingly difficult for succeeding governments to achieve economic growth, which would typically result in an improvement in the standard of living for citizens. 

    In the past eight years, President Buhari’s administration failed to find a novel way to wean Nigeria off its exclusive reliance on oil. For example, diversifying the economy and looking into other promising industries, like tourism, which meticulous study shows loses billions of dollars in untapped revenue, would not have simply saved the country of this quagmire. 

    Diversifying the economy from oil to other sector-based economy such as tourism and entertainment will drive sustainable growth, increase revenue sources, and create job opportunities if proper government policies are formulated in that direction. 

    This is understandably so because Nigeria has a unique and multi-cultural structure which avails us of rich cultural and tourism potentials that can drive growth if properly harnessed and sustainably developed alongside entertainment. 

    Nigeria with over 250 ethnic groups with diverse cultures, languages, arts, as well as a unique environmental endowment by nature which implies that each ethnic group can leverage areas of their comparative creative and tourism advantage to grow home or local economy. 

    Today, Nigeria has regular passport holders from  a paltry seventeen (17) countries only who are visiting the country for tourism purposes including Benin, Burkina Faso, Cameroon, Cape Verde, Chad, Gambia, Ghana, Guinea, and Côte d’Ivoire. These countries do not require visas and will be granted permission for short-term stay on arrival as reported by Embassies.Net.

    On the other hand, a recent report by Henley Passport Index, disclosed that the Nigerian passport can cover about forty-five (45) visa-free countries enabled in 2024. 

    It is therefore worrisome that despite our rich cultural and tourism potentials, Nigeria has refused to advance freer visas for major developed and developing countries as well as dole out trade incentives to countries interested in exploring our tourism potentials, instead we permit such issuance to underdeveloped struggling nations with little or no positive implication to the development of our tourism sector.

    Nigeria as a struggling nation in terms of economic growth, has refused and or neglected to assert control over its resources in this respect, hindering the full realization of the benefits that should ordinarily accrue from global success through tourism and entertainment.  

     Tourism Industry in Nigeria Today

    Because Nigeria is home to so many different ethnic groups, as was already mentioned, it is well known that much of the country’s tourism is focused on events. However, if time is  taken to explore our country’s rain forests, savannah, waterfalls, and other natural beauties, we will discover much more to offer. 

    According to sources, visitors spent over US$2.6 billion in Nigeria in 2015. However, recent data shows that the amount has significantly decreased, reaching an all-time low of US$1.5 billion since 2017. 

    Nigeria today has a more than enough tourism destination to wit; the Olumo Rock in Abeokuta, Sungbo’s Eredo in Ijebu Ode, Ogun State, Tarkwa Bay Beach in Lagos, Kajuru Castle located in Kaduna State, Tinapa Resort Calabar, Obudu Mountain Resort, Hot and Cold Water in Ikogosi Warm Springs, in Ekiti State, Yankari Game Reserve located in Bauch State, and the biggest fishing settlement in west Africa located in Oyorokoto in Andoni LGA of Rivers State and many other places that are yet to be explored and too many to mention here.

    A lot has been said about the tourism industry which is being presently regulated and managed by the Federal Ministry of Information and National Orientation. In an effort to increase awareness of the nation’s tourist industry, the Miss tourist Nigeria Pageant was established in 2004. The winners in the years 2004, 2005, and 2006 were Gloria Zirigbe, Abigail Longe, and Shirley Aghotse. Regretfully, the ministry’s pageantry and other initiatives haven’t done enough in promoting tourism in Nigeria, sad to say.

    Even Nigerians are unaware of the majority of the listed tourism destinations, let alone visitors from other countries. The list goes on. The most elegant Governor’s exuberant efforts in the name of Tinapa is turning into a wasted endeavor, to say the least. 

    Read Also: ‘How education value chain can foster economic development’

    much is yet to be explored of the interesting men and women of a specific tribe living on the mountainous region Taraba. We are of the view that they and or there, is a tourism goldmine that hasn’t yet been explored. 

    The Entertainment Industry : Because of the vivid artistry of imaginative, gifted, and adaptable musicians an performers, Nigeria’s entertainment sector undoubtedly shines as a light of innovation. These individuals have won numerous prestigious prizes throughout the world, projecting the industry on a worldwide scale over the years. 

    Nigeria’s entertainment sector has drawn attention from across the world, which in turn provides a platform for talents to develop and make a significant economic contribution to the country.

    It is therefore no secret that over the years, our music industry for example, has attracted audiences from all over the world. Artists such as Burna Boy, Wizkid, Davido, Tems, Rhema, Yemi Alade and a host of others have garnered global recognition with their music traveling through different continents and for the first time and recently, Asia. This recognition has given rise to Afro beats a music genre exclusively originating from Africa; thus leading to multiple lucrative record deals, concert tours and brand endorsements from the international community.

    Okoye Leo in his article titled: “The Rise of Afrobeat and its Global Recognition” recently published by the Voice Magazine, has the following to say with specific reference to 2023 thus: “The year 2023 marked a watershed moment for African music and afrobeat, witnessing a surge in influence and accomplishments by renowned artists. The introduction of a new Grammy category, chart dominance, and the global recognition of female artists, such as Tems, who achieved the historic feat of being the first Nigerian artist nominated for an Academy Award (Oscars), exemplify the industry’s ascendancy. Tems, breaking barriers not only secured a nomination for “Lift Me Up,” an original soundtrack for Ryan Coogler’s Black Panther: Wakanda Forever, alongside Rihanna but also clinched a Grammy award for Best Melodic Rap Performance with Future and Drake for “Wait for U”. Tiwa Savage, another trailblazer, etched her name in history as Nigeria’s first artist to perform at the coronation of a British Monarch, delivering a captivating rendition of “Keys to the Kingdom” at King Charles’ coronation. The global appeal of Nigerian Afro-pop artists has surged, with Rema’s memorable performance at the 2023 Ballon D’Or and his subsequent Billboard Top Afrobeat Song win for “Clam Down Remix” featuring Salena Gomez. Burna Boy, securing the accolade of Top Afrobeat’s Artist and the inaugural “Billboard Top Afrobeat’s Artiste”, further solidifies the international recognition garnered by Nigerian artists”.

    No doubt, the industry was projected to experience exponential growth in terms of its revenue from an initial $4 billion annual generation in terms of revenue creation between the year 2013- 2014 to an estimated $14.82 billion in 2025 According to the NECLive report, ten (10) years after, in 2024, the timeline currently presents the entertainment and media revenue to be about $10.8 billion. Although this is significantly lower than the United States of America that is put at $598billion as of 2014, but we can’t also deny that if properly harnessed Nigeria is starring at a whopping billions in naira and other hard currencies.

    It is also important to note that Nigeria was next to India in 2014 with India having an estimated sector size worth of about $17billion and capable of generating an estimated $22.2 billion in revenue per annum. The Indian entertainment industry is already closing on its estimated Rs. 2.34 trillion (USD 29.2 billion) to maintain a Compound Annual Growth Rate (CAGR) of 10% according to major reports.

    A reports by ChartsAfrica on X, says Burna Boy has had eight (8) of the ten (10) highest-grossing concerts by an African Artist in between 2022 and 2023. The Nigerian music star has not just made international performances part of his routine to make additional revenue from his work but has done so by selling out historical centers on multiple occasions if not in all corners of the world.

    The Nigerian Music Star is reported to have sold out 36,585 tickets on his show at LA DEFENSE ARENA in Nanterre, France and a total of 15,165 tickets at his London show in 02 ARENA according to topchartsafrica. Wizkid on the other hand is reported to have sold out his concert at 02 ARENA in London with over 16,938 tickets and 12,901 tickets in Madison Square Garden in New York while Davido sold out London’s highly acclaimed 20,000 capacity 02 ARENA in his most recent concert Timeless concert held in January 2024.  

    Conclusion  

    The prospects of Nigeria’s tourism and entertainment industry to grow our continuous plummeting economy is promising and this is driven by the job creation potentials potentials of the aforementioned industries, foreign exchange earnings, infrastructure development and digital innovation. 

    However, leveraging on these potentials requires a concentrated effort from all major stakeholders particularly the government in providing policies aimed at fostering global collaborations by creating an enabling environment for creativity and foreign investment as well as engaging industry stakeholders, private investors, artists, and industry associations to implement supportive policies and incentives aimed towards growing the industry.

    Recommendations

    – To sustain the growth of the two (2) industries, there is a pressing need for infrastructural development and investment in key areas such as tourism, music production facilities and exhibitions as well as affordable concert venues. This will in turn attract private investment both domestic and foreign and further bolster the economy.

    – Over the years our star artists continue to generate millions of dollars in revenue from multiple concerts and tours held yearly in their host countries. While Nigerian music stars continue to contribute significantly on a global scale, there is a call for a more balanced approach that also uplifts local industries. It is my position that with the right environment, infrastructure and policies in place, exhibitions and concerts can be held in Nigeria and more foreigners will be more inclined to visit Nigeria to attend these concerts and can serve as a platform to showcase our music on a global stage.

    It will also attract tourists from all over Africa and other parts of the world who are interested in having firsthand experience of Nigeria’s rich cultural heritage beyond the event itself. Concerts can help boost our local businesses and stimulate our local businesses ranging from hotels, food, transportation services, etc. The impact of hosting international concerts extends to employment opportunities in sectors such as event management, hospitality, security etc, and it will have a significant impact in generating revenue and contribute to Nigeria’s foreign exchange reserves. It is important to note that tourism in Nigeria is basically centered on events as earlier pointed out, but in essence, it is totally beyond that. Government can through private organizations establish a reputable, institutionalized Awards platforms to recognize and promote not only afro beats music but as well as highlife music, jazz music, fuji etc.

    The ONE-STOP Investment Centre (OSIC): The One-Stop Investment Centre (OSIC) brings together relevant government agencies to one location to provide fast-tracked services to investors. The centre is coordinated by the NIPC, and its objectives is to simplify business entry processes by removing administrative and regulatory bottlenecks pertaining to doing business in Nigeria. The centre presently has twenty seven (27) participating agencies. If we must diversify our economy and harness the opportunity there is in tourism, Nigeria must as a matter of urgency, do more to encourage such initiatives. Whilst the government must be commended in this regard, there is also the need for government to add some flesh to the initiative by allowing the concept of shelf company. With the OSIC working, the need for shelfing companies for investors cannot be over emphasized. 

    The current visa policy needs to be reviewed. Like Rwanda, Nigeria should implement a free visa policy for tourists across major countries of the world. The potential of Africa has been pitched as “a unified tourism destination” being a continent that still relies on 60% of its tourists from outside Africa, according to the data from the United Nations Economic Commission for Africa. 

    Our government must encourage local production by making funds available to manufacturers to promote made-in-Nigeria goods. This can be done by licensing private business individuals to display locally made-in-Nigeria products in strategic centres to be in the airports i.e. something akin to the OSIC for foreigners who come into the country to have easy access to made-in-Nigeria goods at a cheaper price as part of the first major incentives to the visitors-this must be be given priority. This tax free made in Nigeria goods may be accessed through licensed shops both at the airports and within the cities, with tax rebate at the point of exit from Nigeria. 

    Finally, the government should formulate policies to remove all bottlenecks in the exportation of made-in-Nigeria products by making the exercise seamless. This will further strengthen the Naira and give room for foreign trade and investment expansion which will benefit the country. 

    Somadina Eugene Okorie Esq. is a legal practitioner and founder of Senocean Law Practice.

  • Dangote added immense value to economy, says Jideonwo, ECCIMA President

    Dangote added immense value to economy, says Jideonwo, ECCIMA President

    The President of Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Sir Odeiga Jideonwo, has commended the Dangote Group, led by its President, Aliko Dangote, for adding, “immense value to the Nigerian economy and still going stronger.”

    Jideonwo stated this at the 35th Enugu International Trade Fair on Wednesday, April 10, with the theme:”‘Promoting made in Nigeria products for global competitiveness.”

    Jideonwo enthused that the Dangote refinery which recently started production of refined petroleum products will go a long way in addressing the challenges associated with availability of refined petroleum products in Nigeria.

    “The exploits of the Dangote Group show great level and high degree of vision, creative thinking, research, innovations and doggedness, which has culminated in what is described as Dangote business and industrial empire today.

    “I have no doubt that in years to come, Dangote Group will become not just a big industrial player in Nigeria and Africa, but the entire globe, deepening the creation of wealth and employment generation,” Jideonwo said.

    Regional Sales Director, Dangote Cement Southeast, Abayomi Shittu, emphasised the target of the Dangote Group is to ensure that Nigeria becomes self-sufficient in all the sectors that it operates in.

    He assured that the group will continue to push new boundaries to deploy technologies and skills where necessary in a bid to ensure consumers satisfaction.

    Shittu stated that this year’s theme resonates well with the Dangote Group “as we are focused on domestically manufacturing goods that were hitherto usually imported despite the abundance of raw materials for such products in Nigeria.”

    The Regional Sales Director noted that industrialisation is key to diversification of the economy, which is why “we are creating linkages that connect the whole economy while at the same time promote backward integration.

    “Dangote Cement provides direct and indirect employment to millions of people across Africa and has touched lives by building schools, hospitals & clinics, roads, markets, vocational training centers in numerous host communities.

    “The ongoing consolidation of Dangote Sugar Refinery, Dangote Salt (NASCON Allied Industries and Dangote Rice into Dangote Foods are part of our strategies to harness the benefits of backward integration via linkages and build a more formidable food company. 

    “Dangote Sugar Refinery, through its out-grower scheme has provided jobs to thousands of farmers in the host communities. This has greatly helped to reduce unemployment, youth restiveness and improve the wellbeing of the host communities,” he said.

    Shittu added that the group recorded a milestone on March 22, as Dangote Fertiliser marked two years of commissioning and operations.

    “Dangote Petroleum Refinery was commissioned on May 22, 2023, and has started refining of petroleum products. 

    “Some of the byproducts from the refinery are in demand as feedstock in some manufacturing sectors. We are on course to create diverse and ancillary industries across Nigeria.

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    “Our expectation therefore is that, through this Trade Fair, we will be able to further generate awareness on our innovative products, drive higher sales, get prospective buyers, improve the image of our brands, and open up new markets that will further translate into job creation and overall economic development in Nigeria and beyond. To sustain this process, we will keep innovating and pushing new boundaries while deploying the latest technologies and skills.”

    He congratulated the Enugu State government and Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) on the successful hosting of