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  • How Nigeria and developing countries can leverage cryptonomics

    How Nigeria and developing countries can leverage cryptonomics

    By Jude Dike

    In an age where financial systems are rapidly evolving, developing countries like Nigeria find themselves at a critical crossroads. Burdened by crippling national debts, stagnating economic growth, and inflationary pressures, these nations are increasingly looking for innovative solutions to break the cycle of dependency and rebuild their economies. One such promising avenue is cryptonomics, which is the intersection of cryptocurrency and economic policy. By harnessing the transformative power of decentralized finance (DeFi), blockchain technology, and digital currencies, developing nations can shift from traditional, debt-laden growth models to one that is sustainable, transparent, and inclusive.

    While the potential is immense, realizing it requires a strategic, multifaceted approach.

    Current debt crisis: A global concern

    Developing nations, particularly those in sub-Saharan Africa, are facing a debt crisis of alarming proportions. Nigeria’s national debt, for example, has skyrocketed over the past decade, now surpassing $100 billion. While debt financing may initially seem like a viable option for funding infrastructure and development projects, it has placed these countries in a precarious position, with large portions of national revenues devoted to servicing interest payments. Coupled with inflation, political instability, and inadequate fiscal management, these debts constrain economic growth and exacerbate income inequality. Traditional financial institutions like the International Monetary Fund (IMF) and the World Bank often offer loans with stringent conditions, such as austerity measures, which can stifle long-term growth.

    The promise of cryptonomics

     Cryptonomics, a term that blends cryptocurrency with economics, holds the potential to offer developing countries an alternative financial ecosystem that bypasses traditional, centralized financial systems.

    Here’s how it can help:

    1. *Debt Reduction through Digital Asset Monetization: One of the most powerful tools at the disposal of developing nations is the creation and monetization of digital assets. Cryptocurrencies such as Bitcoin, Ethereum, or even national digital currencies (Central Bank Digital Currencies, or CBDCs) offer the possibility to generate new forms of wealth, independent of the traditional fiat system. By adopting blockchain technology, governments can tokenize national assets, such as natural resources, real estate, and even intellectual property. These tokenized assets can be sold or traded in global markets, generating new revenue streams to pay down national debt.

    Nigeria, for example, could explore the tokenization of its vast oil reserves, creating a digital commodity that attracts foreign investors. These digital assets could potentially reduce reliance on external borrowing, offering an alternative revenue stream for debt servicing and development projects.

    2. Decentralized Finance (DeFi) for Inclusive Financial Services: Traditional banking systems in developing countries often leave large portions of the population underserved, particularly in rural and remote areas. Cryptocurrencies and decentralized finance (DeFi) platforms can address this by offering inclusive financial services, such as lending, borrowing, and saving, without the need for intermediaries. In countries like Nigeria, where financial inclusion remains a major challenge, DeFi provides a potential solution. With DeFi protocols, citizens can access credit markets, even if they lack a formal credit history or a traditional bank account. By embracing these technologies, governments can foster an entrepreneurial ecosystem that empowers small businesses and individuals to access capital, thus stimulating local economies and reducing dependency on foreign loans.

    3. Currency Stabilization and Inflation Control: One of the major drawbacks of many developing countries is the volatility of their local currencies. Inflation erodes purchasing power, while the value of the national currency can fluctuate wildly due to poor monetary policies. In contrast, stablecoins (cryptocurrencies pegged to stable assets like the U.S. dollar) offer an opportunity for economic stabilization. A government could issue a national stablecoin, backed by the country’s reserves or an equivalent of its export revenue, as a way to preserve value and stabilize the domestic economy. This currency could be used for everyday transactions, creating a more stable financial environment for citizens and businesses alike. Additionally, national stablecoins could facilitate cross-border trade, reducing reliance on foreign currency and improving the balance of payments.

    Read Also: World Poetry Day: Nigerian,Cuban poets to honour Soyinka

    4. Improved Transparency and Reduced Corruption: Blockchain technology’s transparency and immutability features can be pivotal in addressing corruption, which often hampers economic development in developing countries. By recording all government transactions on a public blockchain, governments can ensure that public funds are used efficiently and transparently. Nigeria, for instance, could implement blockchain for managing public procurement, tracking social welfare distribution, or monitoring the flow of development funds. With a clear, publicly accessible ledger, the room for fraudulent activities decreases significantly, thereby attracting both domestic and international investors who are often wary of corruption in developing economies.

    5. Attracting Foreign Investment through Crypto-Friendly Policies: Countries that proactively adopt crypto-friendly policies can position themselves as hubs for blockchain innovation and cryptocurrency investment. By establishing favourable regulations and creating conducive environments for crypto businesses, governments can attract foreign investment and promote job creation in the blockchain sector. Nigeria’s government, for example, could introduce tax incentives for blockchain start-ups, legal frameworks that promote crypto business activities and educational programs that build a skilled workforce capable of leading the crypto revolution. By tapping into the global blockchain community, these countries could diversify their economies away from overreliance on traditional industries, such as oil, which are often subject to volatile global markets.

    A pathway to sustainable economic development

    To realize the potential of cryptonomics, developing countries like Nigeria must follow a carefully crafted pathway. Governments need to create clear, balanced regulations for the crypto sector that protect investors while fostering innovation. This would require collaboration with international regulatory bodies, private industry, and blockchain developers. Secondly, invest in the technological infrastructure necessary to support blockchain and crypto-based projects, including robust internet access, secure digital wallets, and mobile-based platforms for financial inclusion. Governments must invest in education and training programs to build a skilled workforce capable of developing and managing blockchain solutions. This will help reduce the digital divide and ensure local ownership of emerging technologies. Building international partnerships with blockchain firms, crypto exchanges, and investment funds will ensure that developing countries are integrated into the global crypto economy. Governments should experiment with using cryptocurrencies for everyday services, such as tax collection, salary payments, and social benefits, to familiarize citizens with digital currencies and encourage adoption.

    Cryptonomics offers a beacon of hope for countries like Nigeria and other developing nations trapped in the vicious cycle of debt and economic stagnation. By leveraging the power of digital currencies, blockchain technology, and decentralized finance, these countries can build a more resilient, inclusive, and sustainable economic future. However, the journey is not without its challenges. The path to success requires clear regulatory frameworks, technological investments, and a concerted effort to educate citizens and businesses alike. If developing countries embrace cryptonomics thoughtfully and strategically, they can overcome their debt crises, foster innovation, and ultimately create a thriving, sustainable economic ecosystem that stands independent of the traditional financial systems that have long held them captive. It’s time to embrace the future of finance and unlock new possibilities for growth.

    •Dr. Dike is a college professor based in Calgary, Canada.

  • 2027: The game has commenced

    2027: The game has commenced

    Sir: The 2027 game will not only be interesting but will also mark a significant turning point in Nigeria’s political landscape. The voting patterns and intricate scheming that shaped the 2023 elections will not be replicated in their exact form, yet their influence will still be felt. While the key political figures that played major roles in 2023 will remain central to the unfolding drama, they will adopt new strategies, shift alliances, and engage in different forms of political manoeuvring.

    The battle for power will be defined by strong political platforms, influential players, a formidable war chest, scientifically crafted strategies, and carefully calculated negotiations. The presidential race, in particular, will be a high-stakes contest, shaped by a mix of ambition, ideological shifts, and pragmatic political decisions.

    An incumbent seeking a second term will be a bulldozer—with an enormous war chest, a solid structure, and the full weight of state power behind them. President Bola Ahmed Tinubu will fight tooth and nail to secure re-election- any first term president will do so.

    Read Also: Tax reform bills will be acceptable to Nigerians, says Faleke, Reps committee chair

    The recent resignation of Nasir El-Rufai from the All Progressives Congress (APC) and his defection to the Social Democratic Party (SDP) however is just one of many major developments that will reshape the political terrain in the coming months and as 2027 approaches. Hid early defection serves as a catalyst for the unfolding political drama. The Tinubu team is fortunate to have this early warning, giving them ample time to strategize.

    For the opposition, the biggest challenge will be balancing the interests of four key groups: the Atiku camp, the Kwankwaso camp, the Peter Obi camp, and the El-Rufai/Buhari former ministers’ camp. As political camps solidify and realign, new alliances will emerge, while old ones will fracture under the weight of conflicting interests. The electorate, too, will evolve—demanding more from their leaders and scrutinizing candidates beyond party affiliations.

    Ultimately, the 2027 game will be a masterclass in political strategy and power dynamics—one that students of politics, analysts, and observers alike will find fascinating to study for years to come.

    •Zayyad I. Muhammad,Abuja.

  • Nigeria reduces inflation rate, but the cost of living remains high – here’s why

    Nigeria reduces inflation rate, but the cost of living remains high – here’s why

    • By Taiwo Hassan Odugbemi

    Nigeria recently rebased its consumer price index (CPI) from 2009 to 2024, leading to a significant drop in the reported inflation rate from 34.80% to 24.48%. This change has sparked discussions on the likely impact on economic planning, policy decisions, and public perception of inflation.

    What is inflation rate rebasing and how is it done?

    Inflation rate rebasing follows a structured approach led by the National Bureau of Statistics to improve the accuracy of inflation measurements. Essentially what it means is that the National Bureau of Statistics expanded its data collection efforts to include a broader range of states, local government areas, and rural communities.

    The recent inflation revision involved:

    Updating the consumer price index basket

    The bureau reviewed and changed the composition of goods and services in the consumer price index basket. The index tracks the rate at which prices change over time, monthly or annually. These changes align the measurement of price changes with shifts in consumer spending habits. The changes to the basket are based on the household expenditure surveys which collect information on what households consume and spend.

    Categories such as telecommunications and technology were given greater weight. Less relevant items such as food and non-alcoholic beverages received reduced weighting to ensure the consumer price index accurately represents present-day household spending.

    Rebasing the inflation index

    The changes to the composition of the consumer price index basket require a change in the reference (base) year. The bureau has changed the consumer price index base year from 2009 to 2024.

    This adjustment aligns inflation measurements with current economic realities, reducing distortions caused by outdated reference periods. To achieve this, the National Bureau of Statistics has implemented high-frequency data collection methods, such as the National Longitudinal Phone Survey, which allows for more timely assessments of economic indicators.

    Adjusting weights of consumer price index components

    Each part of the consumer price index was given a new weight based on updated national consumption data. Spending categories with increased significance, such as transport and digital services, were given higher weights, while categories with declining relevance such as gas and other fuels were adjusted downward.

    Expanding data collection coverage

    The National Bureau of Statistics improved price data collection by: increasing the sample size and geographical coverage; increasing the frequency of data collection, incorporating price variations from informal markets.

    The informal sector significantly contributes to Nigeria’s economy, accounting for approximately 58% of the gross domestic product (GDP).

    Read Also: Lagos GDP hits $259bn, becomes Africa’s second largest city economy

    What does this rate rebase mean? Is it unusual?

    The rebase is a revision in the way inflation is measured. It reflects an effort to represent price movements and economic conditions more accurately.

    Inflation readjustment is not uncommon among economies striving for better data accuracy. Countries such as Ghana and Kenya have undertaken similar revisions in recent years. Ghana’s consumer price index rebasing in 2019 led to a lower reported inflation rate as it was calculated on newer spending habits.

    Similarly, in 2014, Nigeria rebased its gross domestic product. This resulted in a significant revision of economic indicators.

    Inflation in Nigeria reached 29.90% in January 2024. Revising how it is measured could be an attempt to capture structural economic changes more precisely.

    Concerns over outdated consumer price index weights might have driven the move. The rebase could also have been done because of shifts in consumer spending, or improvements in statistical methodologies to enhance policy-making and economic planning.

    The National Bureau of Statistics said the rebasing was necessary in order to reflect changes in consumption patterns.

    Given Nigeria’s persistent inflationary pressures, made worse by currency depreciation and food supply disruptions, this adjustment could have significant implications for economic forecasting and policy responses.

    What are the implications for Nigerians?

    If inflation is perceived as declining, consumer confidence may improve, leading to increased spending and investment.

    However, many Nigerians may still feel that the cost of living remains high, particularly as food inflation remains a major concern.

    For workers and businesses, the adjustment could influence wage negotiations and pricing strategies. If inflation is officially lower, employers may resist wage increases, arguing that the real cost of living has not risen as sharply as previously thought.

    Similarly, businesses may reassess pricing decisions based on the revised inflation outlook.

    A lower reported inflation rate might reduce pressure on policymakers to expand social safety nets, even if citizens still struggle with economic hardship.

    What changes in policy can be expected?

    This adjustment can alter the way monetary, fiscal and exchange rate policies are formulated.

    Monetary policy adjustments

    With a lower inflation rate, the Central Bank of Nigeria (CBN) may reconsider its aggressive tightening stance, which is reflected in the level it sets interest rates at.

    Previously, high inflation prompted the central bank to raise the monetary policy rate to 22.75% in a bid to curb inflation. Raising the rate makes it more expensive to borrow money, so demand for goods is lower and this reduces price increases.

    The revised inflation figure could justify a more measured approach to interest rate adjustments, potentially easing borrowing costs for businesses and households. This could support economic growth but must be carefully managed.

    In the last Monetary Policy Committee meeting after the inflation rebasing, the committee decided for the first time in three years to pause interest rate hikes.

    Fiscal policy considerations

    The government may use the revised inflation data to reassess budgetary projections, wage policies, and what it spends on subsidy programmes.

    A lower inflation rate could reduce the urgency for drastic public sector wage increases, though real income concerns remain. Additionally, it might influence subsidy policies, particularly in energy and agriculture. Lower inflation could be used to justify gradual subsidy phase-outs without significant backlash.

    Exchange rate management

    A lower inflation rate could improve investor confidence and reduce pressure on the naira. The central bank may use this as a basis to re-calibrate foreign exchange interventions, aiming for greater currency stability.

    If inflation is perceived as more controlled, capital inflows may increase, supporting the exchange rate and easing forex liquidity challenges.

    •Odugbemi is lecturer in Economics, University of Abuja. This article is republished from The Conversation under a Creative Commons license. Read “https://theconversation.com/nigeria-reduces-inflation-rate-but-the-cost-of-living-remains-high-heres-why-251073”

  • UK, Nigeria unveil Creative Industries Group

    UK, Nigeria unveil Creative Industries Group

    The UK and Nigeria have officially launched the Creative Industries Technical Working Group, in a significant move to foster cross-border innovation and collaboration.

    This initiative, announced in a statement by the Senior Press and Public Affairs Officer and Comm Lead, Prosperity and Economic Development, Ndidiamaka Eze, is part of the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), to strengthen bilateral ties and establish a comprehensive framework for the growth of the creative sectors in both nations.

    The launch, Eze said, accompanied by a matchmaking event for creative industry leaders from both countries, took place in London today, marking a pivotal moment in the UK-Nigeria relationship.

    She explained the newly established Working Group aims to drive innovation, facilitate creative collaborations, and generate sustainable economic growth. Both events highlighted opportunities for commercial alliances in several key creative subsectors, including Film and TV, Music, Fashion & Design, Architecture, Advertising, and Gaming.

    By prioritising collaboration and cultural exchange, according to Eze, the initiative is expected to stimulate long-term growth, enhance job creation, and unlock new pathways for creativity in both countries. A joint work plan for 2025 was also agreed upon to guide the Group’s efforts.

    Read Also: Progressives warn NNPCL against reversing Tinubu’s economic goals on local refineries

    MP, the UK’s Trade Envoy to Nigeria and Co-Chair of the UK-NG Creatives Technical Working Group, Florence Eshalomi highlighted the importance of the initiative.

    She said: “Today marks a significant moment as we launch the UK-Nigeria Creatives Working Group. Our nations share a rich cultural bond and a deep belief in the transformative power of creativity, through music, film, fashion, and arts. This initiative, rooted in our landmark Enhanced Trade & Investment Partnerships (ETIP), will drive stronger trade ties, foster deeper collaboration, and unlock the full potential of our creative industries. By enhancing market access and investing in skills, we are opening doors to new opportunities that will create jobs and boost economic growth in the UK and in Nigeria.”

    Director-General of the National Council for Arts and Culture and Co-Chair of the UK-NG Creatives Technical Working Group in Nigeria, Obi Asika, stressed the need for further investment in Nigeria’s creative economy.

    He said: “Nigeria’s creative economy is a global force, driven by our storytellers, musicians, designers, and digital innovators. From Nollywood to Afrobeats, fashion to gaming, our industries are reshaping global culture and commerce. However, to unlock the full potential of this sector, we need strategic investment and support not just in talent, but in the institutions and infrastructure that will sustain long-term growth.”

    On the Nigerian side, Special Assistant to the President of Nigeria on Creativity, Prince Baba Agba, underscored the value of leveraging the UK’s expertise in creative industries.

     “The UK’s creative industries stand as a global benchmark for institutional excellence, market distribution, and innovation. We are eager to tap into your expertise for meaningful partnerships. This Working Group isn’t just about discussions – it’s about taking concrete actions that will yield tangible outcomes for creators, businesses, and industry stakeholders on both sides,” he remarked.

    Product Lead at Gbedu Labs, Adedayo Ayoade, spoke about the future of Nigeria’s music industry and the significance of the new initiative, stating: “The future of Nigeria’s music industry lies in live experiences, innovation, and global collaborations. The launch of the Creative Industries Technical Working Group, under the ETIP framework, represents a significant first step towards bridging cultures and amplifying the voices of the next generation.”

    The launch event, which included a series of in-person dialogues between UK and Nigerian officials, as well as creatives, created an institutional framework for meaningful deliberations and actions. With a focus on taking actionable steps towards growth, the UK-Nigeria Creative Industries Technical Working Group is set to play a vital role in reshaping the creative industries of both countries, fostering stronger cultural ties, and contributing to long-term economic development.

  • China-Nigeria: A new era of friendship

    China-Nigeria: A new era of friendship

    In a world where international relationships often shift with the winds of change, the enduring partnership between China and Africa—especially Nigeria—remains a powerful testament to mutual respect, shared values, and the pursuit of a common future. On March 7, Chinese Foreign Minister Wang Yi, speaking at the press conference during the 3rd Session of the 14th National People’s Congress, reaffirmed this unwavering bond, declaring that “China and Africa are always good friends, good partners, and good brothers with a shared future.” These words encapsulate the essence of a relationship that has flourished over the last quarter-century and shows no sign of slowing down.

    Over the past 25 years, the partnership between China and Africa has blossomed into a mutually beneficial collaboration that has transformed the lives of millions across the African continent. As Foreign Minister Wang Yi aptly put it, “To African brothers and sisters, China-Africa cooperation is visible, tangible and truly beneficial.” The results are evident in the infrastructure projects, job creation, and economic growth that have become the hallmark of this partnership. China’s commitment to improving Africa’s infrastructure is unmatched. The construction of nearly 100,000 kilometres of roads and over 10,000 kilometres of railways has connected communities, facilitated trade, and spurred economic development. In just the past three years alone, Chinese enterprises have created more than 1.1 million new jobs across Africa. These accomplishments highlight the impact of China’s investments, which go beyond numbers—they represent real, on-the-ground improvements in the lives of Africans.

    Equally significant are the trade ties between China and Africa. In 2024, bilateral trade reached an impressive 2.1 trillion RMB (approximately 280 billion USD), with a year-on-year increase of 6.1%. This marks a staggering 24-fold surge since the inception of the Forum on China-Africa Cooperation (FOCAC). As Foreign Minister Wang Yi noted, “China has remained Africa’s largest trading partner for 16 consecutive years,” reinforcing the steadfast nature of this relationship.

    Among Africa’s many partnerships with China, Nigeria stands out as a key ally. The two nations have worked together to transform Nigeria’s infrastructure, foster economic growth, and promote cultural exchange, laying the foundation for a prosperous future. Their cooperation has not just been symbolic; it has led to concrete, transformative results. Nigeria’s infrastructure landscape has been radically changed by Chinese investments. Projects like the Lekki Deep Sea Port, the construction of four international airport terminals, and the Lagos Blue Line Light Rail are monumental. The Blue Line, inaugurated in January 2023, stands as West Africa’s first electrified light rail, revolutionizing urban mobility. By March 2024, a second light rail line was launched, further improving transportation in Nigeria’s largest city, Lagos.

    These projects symbolise more than just physical transformation. They represent China and Nigeria’s shared vision for the future—one where collaboration fosters sustainable growth. As Foreign Minister Wang Yi emphasised, “China and Nigeria have consistently demonstrated profound camaraderie through practical actions, embodying the spirit of mutual trust and solidarity.”

    Beyond infrastructure, the economic ties between China and Nigeria have also flourished. At the end of 2024, the People’s Bank of China and the Central Bank of Nigeria renewed a bilateral currency swap agreement worth 15 billion RMB (approximately 3.28 trillion naira). Additionally, the China Development Bank financed the Kano-Kaduna Railway with a loan of 245 million euros. These financial partnerships are essential in enabling Nigeria’s continued economic modernisation.

    Agricultural trade is another area of collaboration. Nigerian products such as peanuts, sesame, and cashews have found growing markets in China, benefiting farmers and strengthening the trade relationship between the two countries. The Ogun Free Trade Zone, which has attracted over 140 Chinese enterprises, is a shining example of how both nations are building an interconnected economic future.

    Friendship between nations goes beyond economic and infrastructure ties—it’s deeply rooted in cultural understanding. The relationship between China and Nigeria thrives on this shared cultural bond, with people-to-people exchanges growing stronger every year. As Foreign Minister Wang Yi noted, “The spirit of mutual trust and solidarity” is evident in the cultural exchanges that bring the people of China and Nigeria closer. Chinese and Nigerian communities celebrate each other’s festivals, from the Lunar New Year to the Dragon Boat Festival and the Mid-Autumn Festival. Nigerian artists, including performers from the Huaxing Arts Troupe, have enriched Chinese audiences with traditional dances, drumming, and martial arts. This cultural exchange fosters deeper connections, creating a social foundation that strengthens the ties between both nations.

    Read Also: China-Nigeria bilateral relations boost Africa’s development – Yan Yuqing 

    Looking ahead, the partnership between China and Nigeria is poised to reach even greater heights. As Foreign Minister Wang Yi pointed out, “Africa is a fertile land of hope of the 21st century,” and its modernization is vital to global development. This sentiment reflects a shared understanding between China and Africa that their futures are inextricably linked. The year 2025 marks the beginning of implementing the outcomes from the FOCAC Beijing Summit, which set ambitious goals for China-Africa cooperation. Among the key initiatives, China is committed to supporting Africa in advancing industrialization and agricultural modernisation. This includes the implementation of zero-tariff treatment for 100 percent of tariff lines and fostering new industries in sectors like digital technology, AI, and green energy.

    As President Xi Jinping aptly stated, “If you want to go fast, go alone; if you want to go far, go together.” This African proverb encapsulates the spirit of China-Nigeria relations—a partnership grounded in unity, mutual benefit, and shared aspirations for the future. Both nations are determined to work together toward achieving sustainable development, using collaboration as the foundation for success. China and Nigeria’s cooperation is not only important for their bilateral relations but for the broader vision of global modernisation. As both nations continue to deepen their ties, they are leading the charge in fostering a new era of development for Africa. The mutual commitment to shared prosperity, industrial growth, and technological innovation ensures that China-Nigeria relations will continue to thrive in the coming years.

    With the joint efforts of China and Nigeria, the path toward African modernisation is clear. As they embark on a new chapter of cooperation, both countries are poised to contribute meaningfully to the broader global community, working together to build a shared future for all of humankind. Through unity, determination and unwavering friendship, China and Nigeria are not just shaping their own destinies—they are crafting a legacy of progress for the world.

  • PR firm launches Crisis-X

    PR firm launches Crisis-X

    CMC Connect LLP, Nigeria’s leading Public Relations and Communications firm, has launched Crisis-X, a groundbreaking initiative designed to equip organizations with the strategies and tools needed for effective crisis management.

    The launch, which took place at the firm’s corporate headquarters in Lagos yesterday, marked a significant milestone in CMC Connect LLP’s 33-year journey as a leader in perception management. As part of this initiative, the firm has also declared March as Crisis Management Advocacy Month, a global annual campaign aimed at raising awareness on the importance of crisis preparedness and response.

    Managing Partner of CMC Connect LLP, Raheem Olabode, emphasized the firm’s commitment to delivering innovative and sustainable solutions.

    “We are thrilled to unveil Crisis-X, a testament to our dedication to excellence and innovation in crisis management. At CMC Connect LLP, we remain committed to equipping organizations with the necessary expertise to navigate crises effectively. This initiative reinforces our role as industry leaders in providing cutting-edge, sustainable solutions that drive impact,” Olabode said.

    Read Also: Nigeria’s improving GDP, falling inflation fuel surge in foreign investments

    Lead Partner of CMC Connect LLP, Yomi Badejo-Okusanya, provided an in-depth overview of its strategic framework, highlighting the critical role of proactive crisis management in today’s dynamic business environment.

    Guest speaker, Professor Anthony Kila, Director of the Commonwealth Institute of Advanced Professional Studies, commended the initiative, noting its significance in Nigeria and beyond.

    “What we are witnessing today is truly groundbreaking. Crisis is an inevitable part of life, and how we prepare for it determines the outcome. With Crisis-X, CMC Connect is setting a precedent in the industry by not only providing solutions but also leading advocacy efforts to reshape crisis management practices,” he said.

  • Nigeria, UAE set to discuss visa issues, says minister

    Nigeria, UAE set to discuss visa issues, says minister

    Nigeria and the United Arab Emirates (UAE) are expected to meet in the coming days to finalise all outstanding visa issues, a statement by Minister of State for Foreign Affairs. Ambassador Bianca Odumegwu-Ojukwu’s media aide Magnus Eze has hinted.

    According to the statement, the decision was reached during a meeting between UAE Ambassador to Nigeria, Salem Saeed Alshamsi and Mrs. Odumegwu-Ojukwu.

    Nigerians face difficulties in obtaining UAE visas, especially tourism visas.

    Acknowledging the warm diplomatic relations and strategic partnerships between Nigeria and the UAE, has had with the United Arab Emirates, the minister noted that Nigeria has remained faithful in the relationship.

    Mrs. Odumegwu-Ojukwu stated that the City of Dubai in the UAE has become a destination of choice to many Nigerians.

    Read Also: CBN to contain naira volatility with forex inflows

    Officially, 12,000 Nigerians made up of unskilled workers, professionals and students in various institutions live in the UAE.

    According to her, in 2015 alone, almost a million Nigerians visited the UAE, especially Dubai, they spent between $100 million and $150 million on visas alone, and over $1 billion, mostly on shopping sprees, exclusive of amounts spent on traders’ goods, payment of school fees, tourism and other related economic activities.

    The minister said t was clear that the economic relations between both countries were predominantly one-sided, hence there was need to explore areas of collaboration that will enhance “our economic interests.”

    Mrs. Odumegwu-Ojukwu said: “There have been numerous concerns about the status of visa for the UAE. Even some top government officials are worried and they raise the concerns. Is there a new visa policy for UAE? You need to let Nigerians know. We need to know what to tell our citizenry. Nigerians have invested massively in property in UAE, hosting conferences and tourism.”

    The minister also disclosed that another joint commission between the two countries was due after the one hosted by the UAE in 2022.

    “We want to reciprocate by hosting the joint commission in Nigeria. There are several bilateral issues such as power, renewable energy and the rest of the things that we need to deliberate on.

    “We hope that with the joint commission, we will be able to handle those MOUs that have not been treated. And we will achieve a lot.”

    The minister thanked the UAE for the large consignment of relief materials it recently donated to support flood victims across the country, and vaccines for chicken pox patients to support Nigeria’s health institutions.

    Ambassador Alshamsi congratulated Odumegwu-Ojukwu on her recent appointment as Minister of State even as he expressed delight over the achievements recorded in the Nigeria-UAE relations in over 50 years.

    The Ambassador said that he had for over one and half years he assumed duties in Abuja issued visas to government officials and private persons, explaining that an appointed agent handled visas for private applicants.

    He promised to address the difficulties faced by Nigerian visa-seekers as well as optimising the various MOUs signed by both countries to foster different economic partnerships and the promotion of trade and investment.

    The envoy said: “We have increased visa issuance through the agent. I have zero visa rejection since I came to Nigeria. Since I arrived a year and half ago, I make sure that I issue visas. We have issued over 700 tourism visas from July 2024.

    “Sometimes, we might disagree on some issues, but there is nothing personal. But we could still resolve and agree. We want you to see us as part of your team, we are partners.

    “We have signed three or four agreements and would soon sign another major agreement. We must try and sign more agreements before our President’s visit to Nigeria in the second quarter of this year.

    “But we would hold a meeting to resolve these issues,” the envoy assured.

  • Nigeria, UAE to meet over visa restrictions

    Nigeria, UAE to meet over visa restrictions

    Nigeria and the United Arab Emirates (UAE) are set to hold discussions in the coming days to resolve lingering visa issues affecting Nigerian travelers.

    According to Magnus Eze, media aide to the Minister of State for Foreign Affairs, the decision was reached during a courtesy visit by the UAE Ambassador to Nigeria, Salem Saeed Alshamsi, to Ambassador Bianca Odumegwu-Ojukwu, the Minister of State for Foreign Affairs.

    Many Nigerians currently face difficulties in obtaining UAE visas, particularly for tourism. 

    Acknowledging the long-standing diplomatic and strategic ties between both nations, Odumegwu-Ojukwu emphasised that Nigeria has remained committed to its relationship with the UAE.

    She highlighted Dubai’s popularity among Nigerians, noting that approximately 12,000 Nigerians reside in the UAE, including unskilled workers, professionals, and students. 

    In 2015 alone, nearly a million Nigerians visited the UAE, spending between $100 million and $150 million on visas and over $1 billion on shopping, excluding other expenses like school fees and tourism-related costs.

    Read Also: Edo PDP on life support, struggling for relevance – Gov. Okpebholo

    Given the economic imbalance in trade relations, the minister stressed the need for enhanced collaboration to better serve Nigeria’s economic interests.

    Odumegwu-Ojukwu said: “There have been numerous concerns about the status of visa for the UAE. Even some top government officials are worried and they raise the concerns. Is there a new visa policy for UAE? You need to let Nigerians know. We need to know what to tell our citizenry. Nigerians have invested massively in property in UAE, hosting conferences and tourism.” 

    The minister also disclosed that another joint commission between the two countries was due after the one hosted by the UAE in 2022.

    “We want to reciprocate by hosting the joint commission in Nigeria. There are several bilateral issues such as power, renewable energy and the rest of the things that we need to deliberate on.

    “We hope that with the joint commission, we will be able to handle those MOUs that have not been treated. And we will achieve a lot,” the minister said. 

    The minister also thanked the UAE for the large consignment of relief materials it recently donated to support flood victims across the country, and vaccines for chicken pox patients to support Nigeria’s health institutions.

    In his remarks, Ambassador Alshamsi congratulated Odumegwu-Ojukwu on her recent appointment as Minister of State even as he expressed delight over the achievements recorded in the Nigeria-UAE relations in over 50 years.

    The Ambassador disclosed that he had for over one and half years he assumed duties in Abuja issued visas to government officials and private persons, explaining that an appointed agent handled visas for private applicants.

    He gave his commitment to addressing the difficulties faced by Nigerian visa seekers as well as optimizing the various MOUs signed by both countries to foster different economic partnerships and the promotion of trade and investment. 

    “We have increased visa issuance through the agent. I have zero visa rejection since I came to Nigeria. Since I arrived a year and half ago, I make sure that I issue visas. We have issued over 700 tourism visas from July 2024. 

    “Sometimes, we might disagree on some issues, but there is nothing personal. But we could still resolve and agree. We want you to see us as part of your team, we are partners. 

    “We have signed three or four agreements and would soon sign another major agreement. We must try and sign more agreements before our President’s visit to Nigeria in the second quarter of this year.

    “But we would hold a meeting to resolve these issues,” the envoy assured. 

  • Nigeria emerges as business hub with $16bn trade surplus – Presidency

    Nigeria emerges as business hub with $16bn trade surplus – Presidency

    Nigeria’s economic policies are yielding positive results, with the country recording a $16 billion trade surplus, rising foreign reserves, and increased investor confidence, according to the Presidency.

    Speaking in a recent interview, Special Adviser to the President on Media and Public Communications, Sunday Dare, attributed the economic boost to the bold policy decisions of President Bola Ahmed Tinubu administration that have stabilised the financial sector, improved regulatory transparency, and enhanced Nigeria’s attractiveness as an investment destination.

    “President Tinubu has taken decisive steps to stabilize the naira, curb inflation, and boost production. As a result, global investors are paying close attention,” Dare stated.

    Key reforms—including the unification of exchange rates, deregulation of the petroleum sector, and fiscal tightening—have played a crucial role in strengthening Nigeria’s economic outlook.

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    The government’s focus on eliminating bureaucratic bottlenecks has also made it easier for investors to do business in the country.

    Dare highlighted that these efforts are already paying off, particularly in the growth of exports and capital inflows.

    “We are now seeing a shift—more Nigerian businesses are becoming competitive in global markets, and international investors recognize the potential for long-term growth,” he added.

    The $16 billion trade surplus signals stronger export performance, particularly in agriculture, oil, and manufactured goods, reinforcing Nigeria’s position as a leading player in Africa’s economic resurgence.

  • FixD launches to revolutionise long-distance travel in Nigeria

    FixD launches to revolutionise long-distance travel in Nigeria

    In a bid to enhance safe, smart, and secure long-distance travel in Nigeria, FixD, a groundbreaking mobility solution, has officially launched.

    The grand unveiling in Lagos brought together industry stakeholders, investors, media representatives, and eager users to witness the platform’s entry into the transportation sector.

    Speaking at the event, FixD Chairman, Isreal Johnson, emphasized the platform’s potential to transform intercity travel by addressing long-standing challenges such as unpredictable fares, overcrowded vehicles, delays, and security concerns.

    “For years, Nigerian travelers have struggled with these issues. FixD presents a solution that connects passengers with verified drivers for safe, affordable, and convenient travel,” he stated.

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    He noted that FixD offers a unique approach to travel by enabling passengers to book verified, trusted drivers and travel with ease. Likewise, private car owners who embark on long journeys can now monetize their empty seats by connecting with vetted passengers.

    “For Passengers: FixD ensures a secure and hassle-free booking experience, guaranteeing comfort and safety.For Drivers: Car owners can transform their road trips into earning opportunities while minimizing fuel wastage.For Everyone: The platform provides a seamless, app-based experience, making intercity movement more efficient than ever before”, he said.

    Johnson posited that passengers and drivers can access FixD via the app, available on both Google Play Store and the iOS App Store. Upon signing up, passengers can book trips, while drivers can accept ride requests, all within a secure ecosystem. The pricing model allows drivers to negotiate fares directly with passengers, while FixD receives a 10% commission per transaction.

    “To mark the official launch, FixD is offering exclusive rewards for early adopters. Users who joined the waiting list prior to launch can now sign up using their registered details to claim special rewards. Additionally, new users who sign up today will receive a travel bonus on their first trip, available for a limited time” he said.

    Johnson stressed that FixD prioritizes security, employing a rigorous 24-hour driver verification process before approval. Emergency response measures are integrated into the app, allowing real-time tracking of trips even when devices are turned off. The company is also working toward partnerships with security agencies to further enhance passenger and driver safety.

     “FixD’s launch comes with an ambitious plan to cover all states in Nigeria. The platform currently boasts over 500 verified drivers and aims to expand rapidly, with routes spanning Lagos, Abuja, Port Harcourt, and major cities across the east and north”.