OCTOBER 30, 2024

By Olasunkanmi Akinlotan

Leading aircraft manufacturer, Boeing, is facilitating the leasing of aircraft to Nigerian airlines in the next 24 months.

The information was shared in an invitation letter addressed to Festus Keyamo, the Minister of Aviation and Aerospace Development. The letter was sent to selected financial institutions in Nigeria, members of the Airlines Operators of Nigeria, as well as aircraft financiers and lessors. It was issued by the Commercial Sales Director of Boeing, Moore Ibekwe and was obtained by our correspondent on Tuesday.

The purpose of this meeting is to find a lasting solution to the aircraft shortage in the country.

“On our side, we are coordinating the efforts with lessors to firm up dates and timing for these meetings. We would like to keep the delegation small and focused on Nigerian airlines seriously considering leasing aircraft in the next 24 months. It is important that the airlines we bring to the forefront are prepared so that we can demonstrate real business opportunities to keep the attention of the lessors,” Ibekwe stated.

It will be recalled that the minister had in August visited the head office of the aircraft manufacturer to secure aircraft leasing for Nigerian airlines.

The PUNCH gathered that to earn the support, a list of requirements was read to the minister, which included the signing of the Cape Town Convention and the Irrevocable Deregistration and Export Request Authorisation Advisory Circular for the recordation and cancellation of leased aircraft in the country.

Both documents had been signed by the Federal Government and the Nigeria Civil Aviation Authority.

In response to this development, Ibekwe said, “I want to thank and commend you for the efforts of the Ministry of Aviation and Aerospace Development, under your leadership, to improve the lives of Nigerians through an improved aviation industry. Following your visit to our facilities in the United States, the press coverage on Nigerian aviation has been remarkably positive like never before seen, therefore, we need to capitalise on the positive momentum in the spirit of the MoU.

“During your visit, one of the follow-up items was to organise a forum during the Airline Economics whereby we can leverage our relationships with leasing companies’ leadership for you to meet them and update them personally on the strides that the Federal Government of Nigeria is undertaking to improve the aviation industry.

As we all agreed, in the presence of our Senior Vice President of Sales, it would be best if they heard from you firsthand.

 “We have also been working with several banks in Nigeria and Africa Trade Investment Development Insurance to develop a credit enhancement product specifically for Nigeria to facilitate operating leases by providing an additional layer of security to global lessors who may have shown interest in the region.”

The aircraft manufacturer stated it envisaged a forum that would include the ministry, AON representatives, Nigerian banks, lessors/financiers and Boeing to chart a course for a new future for Nigerian aviation.

OCTOBER 31, 2024

By Olasunkanmi Akinlotan

Following the unsuccessful attempts to establish a national airline after the defunct Nigerian Airways, the government has stepped up efforts to create a new national carrier. Aviation industry experts have proposed various strategies to turn this vision into reality, OLASUNKANMI AKINLOTAN writes

Nigerians recall how the government’s bid to launch Nigeria Air in the final days of former President Muhammadu Buhari’s administration ended in disappointment. Having been without a national carrier for over two decades after Nigeria Airways stopped operating in 2003 and was liquidated in 2004. The government decided to liquidate the airline due to its declining performance and debts.

After several promises to give Nigerians a national carrier, former Nigerian Aviation Minister Hadi Sirika officially unveiled Nigeria Air in Abuja on May 27, 2023, just 48 hours before the end of his tenure.

The minister had previously disclosed that Nigeria Air would begin operation before the swearing-in of a new administration on May 29, 2023. However, the airline did not start operations in April 2022 as planned.

After the unveiling of Nigeria Air on May 27, 2023, reports emerged that the minister had chartered an Ethiopian Airlines aircraft for the launch.

In response to the allegation, the minister, in an interview on AriseTV, noted that the agreement was for “the takeoff of the airline three aircraft in the name of Nigeria Air will commence the operations once the AOC is ready” but that an aircraft had to come in as part of their marketing strategy, which he said was the wishes of the owners of the airline.

He confirmed that the aircraft was internationally registered and that they could not have kept an airline on the ground when it was not ready to take off.

He added, “Ethiopian people are masters of the game,” suggesting they purposely did not keep an aircraft air until they started operations.

In July this year, Serika’s successor, Festus Keyamo, disclosed that the Nigeria Air project remained suspended.

The minister spoke through his Special Assistant, Tunde Moshood, while reacting to Ethiopian Airlines’ latest comment on the matter.

“They can say whatever they like, but as far as we are concerned, the project is under suspension and the honourable minister is awaiting Mr President’s verdict on it. They can say what they like, but our current position on the matter is what I just said to you,” Moshood said while reacting to the Ethiopian national carrier’s comment on the matter.

The Ethiopian Airlines Group Chief Executive Officer, Mesfin Tasew, had told a news outlet, the Ethiopian Tribune, that the Nigerian government was no longer interested in the project.

“The Nigerian government has lost interest in partnering with a foreign airline,” Tasew said.

The announcement by Ethiopian Airlines came barely two months after the Federal Government reaffirmed the indefinite suspension of the controversial Nigeria Air project.

Keyamo had previously criticised the deal with Ethiopian Airlines as unfair to Nigerian airlines, stating it would be irresponsible for the Federal Government to allow a foreign entity to monopolise Nigeria’s aviation industry, thereby compromising the growth of local businesses.

The national carrier, which was first unveiled at the Farnborough International Airshow in London in 2018, was officially unveiled and expected to operate under a shared ownership arrangement between the Federal Government, shareholders and a partnering airline, Ethiopian Airlines.

The plan was for the Ethiopian airline to manage its operations under a management contract, aiming to connect the local Nigerian market with international markets and destinations.

Displeased by the formation of the carrier, the Airline Operators of Nigeria dragged the Nigerian government to court. The AON said it engaged in a legal battle with the government not because it was bitter or fears competition but rather because it wanted all business dealings by the government and private initiatives on the national carrier project to show fairness, equity, and transparency.

In 2022, a Federal High Court in Lagos issued an order of interim injunction restraining the Nigerian government from establishing its proposed national carrier.

The temporary injunction was given in a suit marked FHC/L/CS/2159/2022 and filed by registered trustees of the AON, Azman Air Services Limited, Air Peace Limited, Max Air Limited, United Nigeria Airline Company Limited, and Top Brass Aviation Limited, as the plaintiffs.

In August, the Federal High Court in Lagos agreed with AON and halted the sale of Nigeria Air to Ethiopian Airlines. The court declared null and void the sale of the shares of Nigeria Air to Ethiopian Airlines after determining the issues in the suit.

Justice Ambrose Lewis-Allagoa ordered that the Federal Government’s plans to establish a national carrier, Nigeria Air, should be halted.

After large-scale irregularities were discovered in the whole process, the Federal Government had earlier stopped the process.

However, in a new twist, the Asset Management and Corporation of Nigeria has mooted the idea for Arik and Aero Contractors airlines, which are under its management, to be merged and converted into a national carrier.

An official of AMCON, who spoke on the condition of anonymity, claimed the merger of Arik and Aero Contractors was one of the simplest ways of bringing the national carrier dream to reality.

The source revealed that AMCON was selling the merger idea to the Federal Government afresh.

These experts believed that merging the airlines for the purpose of the national carrier would not only put the issues of the humongous debts behind; it would also help the Federal Government’s quick start of the airline as it would save the government the financial commitment of purchasing new aircraft.

“The former management of AMCON presented the idea of converting Arik and Aero to a national carrier. But the former aviation minister did not buy the idea. We will present it again because that is the best option.

“Unfortunately, the special purpose vehicle that was created by the former management of AMCON for the conversion of Arik and Aero to a national carrier had been sold. But we can create another SPV for this,” a senior official of AMCON explained.

However, some others believed that a flag carrier was best for the country and not a national carrier, noting that private investors were critical in the arrangement.

At one point Nigeria had a flourishing national carrier in its history. The now-defunct Nigeria Airways was established in August 1958, after the dissolution of the West African Airways Corporation.

It finally ceased operations in 2003 owing to military incursion, mismanagement, corruption and bad debts and was liquidated in 2004.

In its heydays, Nigeria Airways had over 30 aircraft. Nigeria Airways was later succeeded by Virgin Nigeria, and the ground facilities were taken over by Arik Air.

Despite the obstacles it faced, the legacy of Nigeria Airways stood as a beacon of hope, symbolising the country’s aspirations for a robust and prosperous national carrier.

Despite the cost, one would wonder why a country like Nigeria, with its dwindling resources, needs a national carrier.

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However, there are compelling reasons to consider. First, a national airline catalyses economic growth and development. Its presence can play a crucial role in facilitating trade and business connections, attracting foreign investments, and encouraging the growth of ancillary sectors such as hospitality, transportation, and tourism services.

The existence of a national carrier in any country is often necessitated by the need to reciprocate air traffic in a situation where there are no capable local carriers and the need to represent the country in other countries and create employment opportunities.

Moreover, the establishment of a national carrier allows countries to retain revenue that would otherwise be lost to foreign operations.

Nigeria, for instance, loses about $2.3bn on annual capital flights to foreign airlines, according to Ventures Africa. By owning a national carrier, a significant portion of this revenue that was previously lost would be retained within the country.

Also, a national carrier helps facilitate the repatriation of citizens during crises, ensuring their safe return home. During times of conflict or civil unrest, when commercial flights may be disrupted or unavailable, a national carrier can step in to provide evacuation services and bring citizens back to their home country.

For example, when Nigerian students were trapped in the Russian-Ukraine war and war-torn Sudan, a national carrier could have helped expedite the repatriation process. So, instead of relying solely on the goodwill of private airlines like Air Peace, which may encounter delays and logistical hurdles, a national carrier could have facilitated a more efficient and coordinated rescue operation.

Additionally, a national carrier bestows on the country a sense of national pride. It is a tangible representation of the nation’s accomplishments and its ability to compete in international space.

As Nigeria continues to push for a national carrier, watchers are eagerly anticipating the swift realisation of the dream.

The President of the Association of Foreign Airlines and Representatives in Nigeria, Dr Kingsley Nwokoma, stated that the country needed a flag carrier and not a national carrier.

Nwokoma said the involvement of stakeholders cannot be undermined, insisting that the government did not need to border itself with the financing of the airline.

He said, “No, flag carriers will be appropriate like practised in other climes. AMCON is funding these indebted airlines, pumping more money. AMCON should divest and sell them off.

“This is why a flag carrier like KLM, Lufthansa and British Airways’ burden is not on the government but on investors.

“A flag carrier will carry the name of the country, enjoy preferential treatment and country BASA arrangements. Private investors are critical here.”

Another industry expert, Olumide Ohunayo, said venturing into a national carrier was dependent on the country’s vision for the aviation industry but submitted that it was time to lift the two most indebted airlines from the control of AMCON.

He said, “It depends on what the government feels. If it is happy to have a national carrier now, then we are happy to have more aircraft, but I feel that it is time to take the most indebted airline away from AMCON. Maybe the Ministry of Aviation to take over because they cannot have the desired achievement under the control of AMCON.”

When contacted, another industry expert, Sheri Kyari, stated that for a national carrier to be successful in the country, the government must possess a high level of courage and selflessness from its officials.

He also noted that airline operators must also agree that “they don’t have what it takes to be in the international arena because of limited capital”.

He further said, “For Nigeria to have and run a successful national carrier will require courage and the political will from the government to force it to be; selflessness from government officials, because personal interest has always been an issue in all attempts to start the national carrier.

“For Nigerians to understand and stop continuous ethnic promotion and trying to appropriate the business of aviation to one tribe has and will be counterproductive.”

He further stated, “Nigerians must come together to wrestle with global aviation and have their space without too much politics but straight airline business.

“After all the above, the government can have a framework for the establishment of a national carrier with substantive shareholding by Nigerians. However, for the first ten years, there could be foreign technical partners, especially at the management level.”

NOVEMBER 02, 2024

By Shola Adekola

Nigeria’s domestic carriers lose at least N4.3 billion annually due to their restriction to operate 24 hours flight daily to the airports of their choice.

Revealing this on Thursday was the Chief Operating Officer (COO) of Ibom Air, Mr George Uriesi, while delivering a paper at the 26th annual conference organized by the League of Airport and Aviation Correspondents (LAAC) with the theme: ‘Sunset Airports: Economic and Safety Implications’, held in Lagos.

While describing the lack of 24 hours flight operations to major routes across Nigeria as impediment to the growth of the airlines, Uriesi in his paper titled:  ‘Maximizing Runway Utilisation: A Nigerian Airline Perspective,’ lamented how the domestic carriers were losing an average of N4 million per flight, N12 million in every flight, N360 million in 90 flights totaling N4.3 billion annually on every flight lost to sunset airport operations.

The restriction, he said had led to a huge underutilization of aircraft fleets by the local carriers as against the global industry standards just as he declared: “This is due partly because of too many impediments in the operating environment that limit airline productivity. These include limited runway availability across the domestic network, multiple operational infrastructure deficiencies, poor organization and many others.”

Speaking on the way out, the Ibom Air COO urged the federal government to prioritize airfield infrastructure and provide the necessary Instrument Landing System (ILS) and accompanying accessories for every airport, while also keeping the aerodromes open to meet the needs of airlines and other users.

He equally advised that the government should make current, approved master plans a regulatory requirement for every airport and illegalize non-adherence to the master plans by any organization, saying: “Establishing a local aircraft lessor /financing vehicle that would allow for the domiciling of aircraft payments in local currency would make a huge difference to the air transport sector in Nigeria.”

NOVEMBER 02, 2024

BY  Ifeoma Okeke-Korieocha 

Neos Airlines, Italian carrier has commenced direct flight services from its base in Malden City, Milan, Italy to the Murtala Muhammed International Airport (MMIA), Lagos.

Stakeholders say the commencement of Neos flight operations into Nigeria signals boost for travel and air connectivity into and out of Nigeria.

The airline, which landed on the runway of the Lagos airport at 12:30a.m with dignitaries from both countries, promised to entrench safety and one-time schedule in its operations.

The airline, which commenced scheduled operations with just one flight weekly, said that it would increase it to three frequencies weekly in the coming months with plans to go daily in the future.

Currently, the airline is deploying a Boeing 787-800 aircraft to the Nigerian route, but stressed that it would in the future deploy a widebody aircraft.

Speaking at the inaugural flight, Festus Keyamo, Minister of Aviation and Aerospace Development, expressed delight with the commencement of the flight.

Keyamo who was represented at the event by Hassan Ejibunu, a Director in the Ministry of Aviation and Aerospace Development, said that the airline had added to the growing number of foreign carriers that had started flight services to Nigeria in the past 18 months of this administration.

Keyamo said that this would further create employment opportunities for Nigerians, while the sector would also contribute more to the Gross Domestic Product (GDP) of Nigeria.

He assured that the ministry would continue to support all foreign investments in the sector, saying this would have a ripple effect on Nigeria.

He said: “I am happy to say that today is quite significant to me, as this is another record of accomplishment in terms of breaking the barriers being encountered in direct air connectivity between Nigeria and Italy, since the exit of Alitalia Air from Nigeria some years back. The direct flight from Milan in Italy to Lagos, Nigeria, will make connectivity from Nigeria to Italy and beyond very seamless.

“The commencement of flight operations of NEOS S.P.A Air to Nigeria has an element of history. It began when the airline was designated by the Italian Aeronautical Authorities on the Nigeria-Italy route.

“However, a follow-up on the designation was made on its behalf by Messrs Skymaster Achievers International Services Ltd., its local partners in Nigeria, and through the diplomatic support of the Ministry of Foreign Affairs of Nigeria, in conjunction with the Italian Embassy in Nigeria.”

He added that the direct flight was going to be a catalyst towards propelling the already established economic and bilateral relations between Nigeria and Italy which is home to 99,630 Nigerians who are legally residing in the country, accounting for 2.7 per cent of all third country nationals.

Also, Yusuf Tuggar, Minister of Foreign Affairs, Nigeria, described the launch of the airline’s direct trip to Nigeria as an, “official re-launch of the Nigeria-Italy Airlinks.

Represented at the occasion by Alex Kefas, the Director of the European Affairs Division at the Ministry of Foreign Affairs, said that Nigeria had great businessmen and women in Italy, stressing that this direct flight would boost import and export to Italy and some other European countries.

He said: “I also think this should be extended to other cities in Nigeria. The ambassador has appealed that this should happen very soon. I want to appeal to you to keep the flag going. Nigerians on the route should be good ambassadors of the country.”

MfawaAbam, immediate past Nigerian Ambassador to Italy, described the project as his baby.

According to him, as a Nigerian ambassador to Italy, he witnessed firsthand the challenges Nigerian residing in Italy were going through to connect flights to Nigeria, but expressed the optimism that with the direct flight, such sordid experience would be eliminated.

He congratulated Neos Airlines and Skymaster for commencement of the flight services.

Also, Aldo Samataro, a representative of Neos Airlines, said the company was proud to start the direct flight.

NOVEMBER 04, 2024

The United Kingdom’s Foreign Secretary, David Lammy, arrived in Nigeria on Sunday on his first official visit to Africa, underscoring a renewed emphasis on economic collaboration and growth-centered diplomacy between the UK and African nations.

His visit marks the beginning of a five-month consultation aimed at reshaping UK-Africa relations to prioritise African voices and ambitions across the continent.

This was contained in a statement signed and released by the Senior Press and Public Affairs Officer, British Deputy High Commission in Lagos, Ndidiamaka Eze, on Sunday.

In Nigeria, Lammy will advocate for deeper trade and investment ties, supporting what he described as a fresh, respectful approach that builds “long-term growth rather than short-term solutions.”

Lammy stressed Africa’s significant potential, noting that by 2050, it is set to account for a quarter of the world’s population.

His goal is to build relationships where “the UK and our friends and partners in Africa can grow together.”

“Africa has huge growth potential, with the continent on track to make up 25 per cent of the world’s population by 2050.

“Our new approach will deliver respectful partnerships that listen rather than tell, deliver long-term growth rather than short-term solutions, and build a freer, safer, more prosperous continent.

“Growth is the core mission of this government and will underpin our relationships in Nigeria and beyond. This will mean more jobs, more prosperity, and more opportunities for Brits and Africans alike,” the statement read.

The visit came as part of a broader strategy to elevate UK engagement in Africa, with Lammy scheduled to meet with President Bola Tinubu, Foreign Minister Yusuf Tuggar, and Lagos State Governor Babajide Sanwo-Olu

His agenda includes furthering the UK-Nigeria Enhanced Trade and Investment Partnership, which was signed earlier this year to expand trade and market access between the two countries.

The partnership aimed to boost economic opportunities, fostering jobs, and prosperity for both British and Nigerian citizens.

As part of his commitment to supporting Nigeria’s economic reforms, Lammy will introduce a technical assistance package designed to support the Nigerian Ministry of Finance.

NOVEMBER 04, 2024

A contactless biometric capture system for Nigerian passport applicants initiated by the federal government has gone live for citizens residing in Canada, according to the Nigerian Immigration Service (NIS).

The project has gone underway at a time when the Nigerian government has been warned about the risk of handing biometric data capture and management tasks to foreign third-party entities.

The mobile application dubbed NIS Contactless Biometrics App, which enables the remote capture of face and fingerprint biometrics for passport renewal applicants, launched in Canada on November 1. The app can be downloaded from Play store or Appstore.

Authorities say the service will be available for Nigerians in the United Kingdom, United States and Italy on November 15, while the rollout in Nigeria and all other parts of the world will happen on December 1.

The NIS has explained details of the new mobile application launch and the process for using it in an X thread.

To use the app, an applicant needs to register as a new user, before initiating a passport renewal application. Once the application process is initiated, they are required to input their NIN to autofill their biographic data. Then, they can proceed to biometric capture with contactless option. Choosing a digital payment option and completing the payment is the last stage of the application process.

The contactless biometric passport application system finally goes operational after several months of preparation fronted by the NIS and the Ministry of Interior.

Last month, Interior Minister, Olubunmi Tunji-Ojo, held a working session with various stakeholders to finalize work on the launch of the initiative.

There have been complaints by some early users of the system in Canada, with some saying the app is too heavy, and others claiming they encountered trust issues with the app on Play store.

Nigerians in Diaspora Commission lauds initiative

As the project launches, the Nigerians in Diaspora Commission (NiDCOM) has already expressed gratitude to the Interior Minister and his collaborators for making this a reality.

The Chairperson/CEO of NiDCOM, Dr Abike Dabiri-Erewa, is quoted by Voice of Nigeria as saying the move is a response to Nigerians living aboard who had long called for an improvement in the passport application process.

“Advocacy is at the heart of NiDCOM’s work. We are prepared to collaborate fully with the Ministry of Interior and the Nigeria Immigration Service to ensure that Nigerians in the Diaspora are well informed about these developments and continue to be a bridge between Nigeria and its diaspora,” the NiDCOM Chairperson said during a meeting with Tunji-Ojo.

Outsourcing biometric capture is risky

As Nigeria pursues its digital transformation projects, the government has to beware of the kind of deals it srikes when it comes to biometric data management.

This is the caution from the Secretary General of the African Regional Organization of the International Trade Union Conference (ITUC-Africa), Joel Odigie, per The Guardian.

In a letter to Tunji-Ojo, Odigie advises that the government must retake full control of biometric data management which is vital for the safety and security of citizens.

Concerns about visa-on-arrival system addressed

The visa-on-arrival system of the Nigerian government faced some hitches last month, but the NIS has assured that things have come back to normal. In a statement, the NIS said the challenges were linked to an upgrade on the digital payment platforms by some financial institutions. It said all platforms of the service are fully functional, and that people could apply for visas from the comfort of their homes.

NOVEMBER 04, 2024

By Felix Onuah

ABUJA, Nov 4 (Reuters) - Nigeria and Britain said on Monday they had established a strategic partnership to boost economic growth, strengthen security cooperation and enhance personal ties. Nigerian Foreign Minister Yusuf Tuggar and his British counterpart David Lammy outlined a partnership that also seeks to reinforce ongoing security and counter-terrorism efforts. 

"By advancing our economic ties through investments and trade, we can unlock substantial growth for both nations, drive job creation and enhance local value addition," Tuggar said during a joint press conference in Abuja, Nigeria's capital. Advertisement · Scroll to continue Lammy, who is on his first official visit to Africa as Foreign Secretary, emphasized Britain's commitment to a long-term partnership with Nigeria.

"It is an overarching framework for our relationship covering the breadth of things that we do together," said Lammy, who also highlighted the importance of addressing economic growth, climate change, and security threats. Lammy also stressed personal connections, adding that the sizeable Nigerian diaspora in Britain offers the potential for increased cultural exchange and economic cooperation.

Reporting by Felix Onuah; Writing by Elisha Bala-Gbogbo; Editing by Alexander Smith

NOVEMBER 06, 2024

Delta Airlines has celebrated its 25 years of nurturing innovative younger generations who are committed to excellence.

Delta in partnership with Junior Achievement Nigeria has been pushing for a transformative initiative and Nigeria’s commitment to nurturing the potential of young Nigerians.

In a statement by the Airline made available statement  to The PUNCH on Tuesday, Delta noted that in celebrating its 25 years of contributing to innovative excellence, 12 students from across the nation demonstrated their expertise, excellence, and innovative solutions at the National Company of the year competition, themed ‘Greenovation.’

During the NCOY event, Manager of Sales for West Africa at Delta Air Lines, Mary Gbobaniyi, highlighted the significance of this year’s theme, expressing how the program serves as a vital platform for secondary school students to engage with and solve pressing issues facing society today.

“Innovation is part of Delta’s DNA, and we understand the importance of sustainability in business practices,” Gbobaniyi said.

The event saw the decoration of 15 girls from 12 competing schools, as – Delta Girls Lead awards –an awards recognition within the larger competition — recognised the exemplary efforts of the chosen participants.

Gbobaniyi stated that the awarded girls will have the opportunity to attend the JA Girls Leadership Camp in March 2025 in Ghana.

He said, “These awards reflect a commitment to elevating female representation in various sectors, particularly in business and leadership roles. By selecting these young women for a unique trip to Ghana, Delta Air Lines provides them with an invaluable opportunity to broaden their horizons and gain exposure to different perspectives and experiences.

“The journey of these young entrepreneurs is not without its challenges. Participants in the JA Nigeria NCOY competition undergo rigorous qualifying rounds at the state level, where they compete against hundreds of youth startups.

“This competitive process is designed to ensure that only the most innovative and promising ideas advance to the national stage. The culmination of their efforts leads to the opportunity to represent Nigeria at the JA Africa Company of the Year competition, scheduled to take place in Mauritius.”

NOVEMBER 06, 2024

BY  Michael Olugbode in Abuja

President Bola Tinubu has described the Nigerian Diasporans as an indispensable asset to the nation.

The President expressed this position in his keynote address at the 7th Edition of the Nigeria Diaspora Investment Summit, a private sector driven initiative, with the theme: Adapting Stability through Diaspora Investment: Navigating the Path to Prosperity.

Tinubu also said that small businesses are the backbone of any economy as they are more than just sources of income; lifelines for families, communities, and the nation as a whole.

The President who was represented by the Secretary to the Government of the Federation, Senator George Akume, at the event that was held at the State House Banquet Hall, assured the Diasporans of the government’s commitment to provide enabling environment for investment.

While acknowledging the role of the Diasporans in a nation’s economic development, the President said: “The Diaspora plays a critical role in any nation’s development. You, our brothers and sisters abroad, are an indispensable asset to our great nation. You are not only ambassadors of Nigeria in your respective countries, but also torch-bearers of excellence, innovation, and resilience.

“Your achievements across the globe are a source of immense pride for all of us. Yet, beyond pride, we recognize the unique potential you hold in helping shape the future of Nigeria. We recognize that by leveraging on your knowledge, expertise, and global connections, we can fuel our nation’s progress and thus bridge the developmental gap between Nigeria and the rest of the world.

He further said: “This is why the theme of this year’s Summit, “Adapting Stability through Diaspora Investment: Navigating the Path to Prosperity”, is not only relevant but underscores the role you can play in helping us secure a brighter future for all Nigerians.”

He assured investors that “Nigeria is open for business; we are committed to providing the support and enabling environment you need to invest with confidence. Together, let us forge partnerships that will drive progress and prosperity for our nation.

“We are here to help you navigate the journey ahead and provide the backing needed to turn your ideas into reality.”

The President added: “As highlighted in the theme of this event, “adapting stability” Diaspora investment is the cornerstone for navigating the path to prosperity in any nation. It is thus in recognition of this truth, that from our very first day in office, we committed ourselves to a tireless pursuit of stabilisation across every key facet of our country.

“In our journey to reshape our nation, we have placed a focused lens on tackling the longstanding challenges that have so far hindered our progress, particularly within the realms of economic reforms, security enhancement, food security, transportation, energy, education, health and infrastructural development.

“These areas are not merely pillars of our policy; they are fundamental components of a stable and resilient nation”. The President commended NIDCOM and the Nigeria Diaspora Summit Initiative (NDSI) for putting the summit together, saying “And by bringing together local entrepreneurs and diaspora investors, they are not just supporting individual ventures but forging collaborations that will drive our nation’s prosperity forward.

“Indeed, it is this kind of forward-thinking that aligns with our mission of stabilization and growth, thus paving the way for a brighter and more prosperous future for Nigeria,” he said.

The President listed some of the critical steps taken since assuming office, which include the removal of fuel subsidy and floating of the naira.

He said to ameliorate the effect on the masses, the administration came up with a number of palliative measures, which include Compressed Natural Gas (CNG) initiative, cash transfers, Naira for Crude among others.

Tinubu added that: “We aim not only to reduce transportation costs by up to 60% but also to alleviate the economic pressure on our citizens by creating cheap transportation, new jobs in conversion centres and refueling stations as well as ultimately strengthening our economy by reducing dependence on imported fuels.”

On cash transfer, the President said: “So far, as testified to by a World Bank report, about 1.7 million Nigerians have directly benefited from this program. Building on this progress, we recently initiated the second phase, disbursing over N10.28 billion to 411,292 households across all 36 states of the federation with the aim of ensuring that every family in need is reached and supported.

“In September 2024, we took further steps to enhance this initiative by disbursing an additional N24 billion to nearly one million households. This is more than just giving out money; it’s our way of saying, “We see you; we hear you, and we are in this together.

“Furthermore, this administration has taken a comprehensive approach to security by addressing the root causes of instability. We introduced initiatives like the N50 billion Pulako Initiative, aimed at fostering peace and development in conflict-prone areas.

“In addition, our youth empowerment programs provide meaningful opportunities for young people, steering them away from crime and violence. These efforts are already yielding positive results. Over 4,600 hostages have been freed, more than 9,300 hostile elements neutralized, and over 7,000 terrorists and bandits arrested.”

He added that the administration has invested heavily on military hardware and others include drones.

The President also announced to the participants that all the sectors to be considered at the summit are already experiencing reforms.

He said: “Ladies and gentlemen, let me use this opportunity to inform all participants that each of the sectors being highlighted at this Summit, whether it is Finance, ICT, Agribusiness, Healthcare, Real Estate, Manufacturing, or Energy, are already experiencing ongoing reforms designed to attract investments.”

He further assured them that the government is committed to “creating an enabling environment that fosters growth and innovation in these key areas. There are vast investment opportunities waiting to be tapped, and with our focused approach to sectoral reforms, we can assure immense returns for those willing to invest and contribute to our nation’s growth.”

Tinubu also appealed for their support in implementing the impressive reforms aimed at transforming the economy and enhancing the nation’s resilience.

He added: “We know that the government cannot achieve this vision alone. The Diaspora are our invaluable partners in this journey to national prosperity and unlocking the full potential of our initiatives, thus Diaspora involvement is not just welcomed; it is essential. We are well aware of the need to structurally engage and leverage on talent and resources of the Diaspora in achieving a prosperous nation.”

On his part, Director General, Directorate of Technical Cooperation in Africa, Amb. Rabiu Dagari, said Nigeria Diasporans remains the key to drive the nation forward.

He said: “Our nation stands at a pivotal juncture, where both stability and sustainable growth are imperative and paramount. The Nigerian Diaspora, one of the country’s greatest assets, plays a central role in shaping this future. As a reservoir of talent, resources, and innovation, the Nigeria Diaspora are key to fostering economic resilience and driving Nigeria toward long term prosperity.

“Let us be reminded therefore that our strength in navigating this global economic turbulence lies in our ability to harness the diverse talents and resources of these Nigerians across the globe. The Nigeria Diaspora Investment Summit (NDIS) facilitates this by encouraging Diaspora investment into productive ventures that not only grow and diversify the economy, but also provide jobs and transfer of skills and capacities.”

NDIS Coordinator, Dr. Badewa Adejugbe-Williams, explained that “this summit    is more than just a meeting; it is a movement. It is a call to action, inviting us all to harness our collective energies, our ideas, and our resources to shape a prosperous country for ourselves and the    generations to come.”

NOVEMBER 06, 2024

By Joshua Odeyemi

The United Kingdom and Nigeria have agreed on a strategic partnership that will elevate the bilateral relationship between the two countries.

The agreement was reached when the UK Secretary of State for Foreign, Commonwealth and Development Affairs, the Right Honourable David Lammy MP, met President Bola Ahmed Tinubu at the State House in Abuja, according to a statement from the UK High Commission in Nigeria.

The Strategic Partnership was signed by the Honourable Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar and Foreign Secretary David Lammy and will serve as a framework for the UK and Nigeria to advance cooperation on a range of priority issues, including economic growth, foreign policy and security.

The Strategic Partnership also confirms a commitment between the two governments to hold a Nigeria-UK Bi-National Commission, which will provide a vehicle to assess the Strategic Partnership and discuss issues of high mutual importance.

The Foreign Secretary, David Lammy, said: “Nigeria is the first country I have visited in Africa as Foreign Secretary because our relationship is important and there are exciting opportunities to strengthen it further.

“I am delighted to have agreed today to a new Nigeria-UK Strategic Partnership. This is an overarching framework covering the breadth of what we do together from growth and jobs to national security, tackling the climate and nature crisis to strengthening our people-to-people ties.”

The Foreign Secretary also met the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Governor of the Central Bank of Nigeria, Yemi Cardoso, to discuss UK support for Nigeria’s economic reforms and mutual economic growth opportunities.

During his visit, the Foreign Secretary initiated a package of support for Nigeria’s economic reforms through three pillars of the UK Centre of Expertise on Public Finance.

The three pillars are Peer-to-peer support between His Majesty’s Revenue and Customs Capacity Building Unit and the Nigerian  Federal Inland Revenue Service (FIRS); the UK’s Institute of Fiscal and Studies and Overseas Development Institute collaborating with the Nigerian Ministry of Finance on tax policy; and delivery of a major new initiative through the Public Finance Resource Centre, starting in Nigeria in 2025.

The collaboration between Nigerian and UK institutions who are sharing technical knowledge on critical reforms will support the use of evidence in tax policy formulation, help raise tax revenues in line with the government’s objectives and improve public financial management systems so that revenues are used effectively.