Category: Business Day

Abubakar Dantsoho, the managing director of the Nigerian Ports Authority (NPA), says that the central position and agro-allied potential of Abuja, Nigeria’s capital city, make it crucial to Nigeria’s non-oil export ambitions.

At the NPA Special Day during the Abuja International Trade Fair, Dantsoho said the authority’s focus on port-hinterland connectivity is central to linking producers in the heart of the country to international demand clusters.

He noted that Abuja’s location gives it a strategic advantage in connecting regional value chains and supporting the Federal Government’s drive to grow non-oil revenue.

He explained that as part of this plan, the NPA has established Export Processing Terminals (EPTs) designed to simplify export documentation, packaging and shipment processes that had previously made Nigerian goods uncompetitive.

The terminals, he said, act as ‘one-stop shop’ for cargo consolidation and certification, working in sync with Domestic Export Warehouses and Inland Dry Ports to create seamless logistics for exporters.

Dantsoho added that the authority is digitising its operations through the Ports Community System (PCS), which will feed into the National Single Window promised for kick-off in the first quarter of 2026.

The move, he said, will remove human interference and promote transparency in cargo handling, in line with best practices.

He urged businesses to take advantage of these reforms to connect their products to global markets, assuring that the NPA remains open to partnerships beyond the trade fair.

Nigeria’s economy is running on a ‘survivalist’ mode, as 93 percent of the nation’s workforce is trapped in informal employment, according to a report.

The findings are based on the 2025 report by the Nigerian Economic Summit Group (NESG) titled ‘From Hustle to Decent Work: Unlocking Jobs and Productivity for Economic Transformation in Nigeria’.

The report highlights that there is an overwhelming reliance on informal, often ‘survivalist’ activities which are actively hindering national development and poverty reduction.

Analysis reveals that 81 percent of Nigerian workers are concentrated in sectors like subsistence agriculture and retail trade, which offers very low productivity.

The jobs in particular, ranges from petty trading and informal transport to roadside services engaged by millions of Nigerians.

These form of work offers severely limited opportunity for productivity gains and income mobility.

According to Dr. Musa Yusuf, Founder of the centre for the promotion of private enterprise, ‘Those are the people sustaining the economy through creativity, resilience and hard work. Yet, from a policy point of view, the informal sector receives little serious attention’

‘If the sector delivers over 90 percent of jobs, what is the policy framework to support it? Many operators are harassed as markets demolished, artisans displaced, mechanics taxed and fined.Their contribution to the economy is over N60 trillion, dominant in trade, agriculture and blue-collar work.’

In a similar vein, Chinwe Egwim, Economist and banker notes, it’s not surprising that over 90 percent of jobs are in the informal sector. Many Nigerians lack the necessary skills and education to fill roles in the formal sector, leading to high underemployment’.

The productivity trap

According to the report, the scale of informal work is directly linked to Nigeria’s long-standing struggles with low labour productivity.

For nearly three decades, from 1990 to 2018, Nigeria’s labour productivity growth averaged a meagre 1.5 percent and has since been in decline.

This contrasts sharply with nations like Indonesia and Malaysia, which saw gains of 2.5 percent over the same period, demonstrating the potential for growth with sustained economic reforms.

This deeply entrenched issue is compounded by persistent national crises, including inadequate infrastructure, erratic power supply, low industrial output, and widespread insecurity.

The shrinking formal sector

The root cause of this informal explosion is the inability of the formal private sector to generate adequate jobs.

Over the last decade (2015-2024), macroeconomic instability marked by two economic recessions, a volatile currency, and soaring inflation, has increased the cost of doing business, constraining firms’ capacity to expand and hire.

Formal jobs accounted for a meagre 7.8 percent of total employment as of 2023, according to the National Bureau of Statistics (NBS, 2024), which underscores a weak private sector.

Furthermore, only 15 percent of all employed Nigerians are wage earners, meaning 85 percent are self-employed, often operating outside the protection of formal labour laws.

This labour market is strained further by an estimated 3.5 million young Nigerians entering the workforce annually. Many are forced into underemployment, taking on roles like PoS operations and informal transport gigs that are below their potential.

Regional disparities

The crisis is not uniform across Nigeria, and regional disparities highlight the uneven economic landscape.

While states like Lagos, the Federal Capital Territory (FCT), and Oyo show the highest shares of wage earners (Lagos at 33.8 percent, FCT at 27.2 percent), indicating a relatively stronger, albeit still insufficient, private sector base, the northern states tell a different story.

The northern states like Jigawa (3.3 percent), Sokoto (3.8 percent), and Kebbi (4.6 percent) have the lowest shares of wage earners, highlighting a heavy reliance on government and informal activities for employment.

Skill deficit and talent migration

Exacerbating the job crisis is a severe skills deficit.

Employers report struggling to find workers with the necessary technical and soft skills, such as problem-solving and digital literacy for the few mid-productivity jobs that are available.

An emerging and compounding problem is ‘japa,’ the increasing migration of skilled Nigerian workers.

Professionals in medicine, ICT, finance, and professional services are leaving for countries with better pay and working conditions, creating a growing talent gap that further weakens the capacity of domestic firms to grow, innovate, and compete in a low-productivity environment.

The informal sector, which climbed to 93 percent of total employment in the second quarter of 2024, has dire national implications. Firstly, limited revenue mobilisation is a key consequence, as informality undermines the government’s ability to collect taxes effectively.

Unlocking Nigeria’s potential hinges on fundamental structural reforms aimed at strengthening the formal private sector, addressing the skills gap through education investment, and creating a macroeconomic environment that incentivises business expansion and, crucially, the creation of decent, high-productivity jobs at scale.

Similarly, Egwum advised, ‘We need to strengthen education and skills acquisition, and investing more in the blue-collar economy. If sectors like plumbing, welding, and similar trades are better structured, we would see these numbers decline significantly’.

If you are involved in Nigeria’s Commercial and Industrial (CandI) sectors, you understand the challenges businesses face. In a business environment where resilience is crucial, the unreliable national power grid and the rising cost of diesel are not merely inconveniences; they pose serious threats to the sustainability and growth of businesses. For players in these sectors, from manufacturing to logistics, the reality is apparent. You often pay more for inconsistent power, incurring hidden costs such as downtime, generator maintenance, and fuel logistics. This new reality should force a fundamental rethink of your energy strategy.

The Business Pulse: Key Drivers for Energy Strategy

Our recent public poll among business stakeholders highlighted their top concerns regarding their energy needs, revealing the clear motivations driving a shift towards a steady energy supply that allows for a more sustainable business model. A resounding 39% of respondents cited the ongoing need for a consistent and uninterrupted energy supply, particularly in regions with high grid costs and frequent outages. Meanwhile, 33% emphasized the importance of affordability and long-term savings in their transition to sustainable solutions, and 28% identified the growing pressure to meet global ESG standards as a significant priority.

Beyond the Bill: The True Cost of Unreliable Power

The financial burden of unstable power supply extends far beyond the direct costs of electricity bills and diesel. Nigerian businesses are facing a confluence of economic pressures, including a stubbornly high inflation rate, macroeconomic instability, and increasing compliance costs. While the National Bureau of Statistics (NBS) reports that the annual inflation rate had eased from 33.4% in July 2024 to 21.88% in July this year, this rate remains considerably high and continues to erode the purchasing power of businesses and consumers. For energy-intensive sectors such as agro-processing, manufacturing, and large-scale warehousing, these factors erode profit margins and make long-term financial planning more challenging than ever. As Idris Muhammed, West Africa Commercial Director, Starsight Energy, stated, ‘The cumulative effect of these challenges is that the old way of doing business is simply not sustainable. We are seeing an energy crisis that is not just a problem, but a catalyst for change.’

Data illustrates this pain point with stark clarity. According to the Nigerian Electricity Regulatory Commission (NERC), recent tariff adjustments have resulted in a significant increase for Band A customers. For a typical CandI company, consuming around 950,000 kWh per month, this translates into a staggering monthly increase that can add millions to operational expenses. Furthermore, the average price of diesel has surged by approximately 29.72% in the past year, with prices reaching an average of ?1,789.45 per litre in July 2025, according to the National Bureau of Statistics. The cumulative effect of these costs is an unviable business model.

A Multi-Faceted Approach to Energy Security

The opportunity to escape this vicious cycle is clear, but the solution requires more than just a single alternative. The key is a sophisticated, multi-faceted approach to energy management. As Idris Muhammed noted, ‘We have seen that the best energy plans are now comprehensive. By combining multiple technologies, at Starsight Energy, we provide our clients with an integrated solution that gives them the power, security, and cost predictability they need to thrive in this new reality.’

Power-as-a-Service (PaaS): The Modern Business Model

One of our most transformative solutions is the Power-as-a-Service (PaaS) model. This approach fundamentally shifts the dynamic of energy consumption by removing the burden of ownership from the client. Under the Starsight Energy PaaS model, the service provider assumes responsibility for financing, installation, operation, and maintenance of the energy system. The client simply pays a fixed, monthly fee freeing up capital and internal resources for their core business. This model offers a predictable and cost-effective energy solution, enabling businesses to regain control of their budgets and focus on innovation and growth.

To achieve proper energy security, the solution lies in a model that guarantees resilience and an uninterrupted supply. This is where the Power-as-a-Service (PaaS) model could be a viable approach. This involves intelligently combining multiple power sources, such as solar, battery storage, and a reliable backup like the national grid or a generator, into a single, integrated system. This ensures that a business is never reliant on a single source of power. For example, the system can draw from solar during the day, switch to battery storage at night or during grid outages and use a generator only as a last resort. ‘The key to true reliability isn’t a bigger generator; it’s a smarter system,’ said Idris Muhammed. ‘Our model provides the peace of mind that comes from knowing your operations are protected against any single point of failure.’ This approach maximises cost savings while eliminating the risk of downtime, providing a powerful hedge against a volatile energy landscape.

Partnering for a Resilient Future

For project sponsors and owners alike, the opportunity to escape the cycle of unreliable and costly power is clear. The key is to move beyond the traditional models and engage with an experienced energy partner to explore a comprehensive solution tailored to their specific operational and strategic needs. This is where Starsight Energy comes in, providing the crucial first step toward building a more resilient, sustainable, and profitable future. By adopting advanced models like the Power-as-a-Service (PaaS) model, businesses can not only stabilise their operations but also unlock new avenues for growth and competitiveness. This is more than a simple transaction; it’s a strategic partnership in building a future where your business is insulated from volatility, powered by innovation, and positioned for enduring success.

About Starsight Energy

The Starsight Energy Africa Group is an Africa-focused pure-play commercial and industrial (‘CandI’) renewable energy service provider covering the full scope of CandI projects, from rooftop projects to large-scale corporate Power Purchase Agreement (‘PPA’) backed projects, including power-as-a-service and cooling-as-a-service. It provides carbon reduction, power security and cost savings to blue-chip clients in several key economic sectors, including agro-processing, education, financial services, healthcare, manufacturing and data storage. The company’s presence spans three key geographical hubs (Southern, Western and Eastern Africa) with operations in Nigeria, South Africa, Ghana, Kenya, Namibia, Tanzania and Uganda. Starsight Energy’s primary objective is to offer complete solar solutions at no upfront cost, enabling its clients to reduce their energy expenses, enhance energy efficiency, and reduce their carbon footprint.

The renovation of the Wole Soyinka Centre for Culture and Creative Arts (National Arts Theatre) with N68 billion by the Central Bank of Nigeria (CBN)-led Bankers’ Committee opens a new chapter for global relevance for Nigeria’s arts and culture. The project championed by the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee opens new opportunities for financial institutions to invest and support the Federal Government’s vision of a $1 trillion economy. For the CBN Governor, Olayemi Cardoso, the investment remains one of Bankers Committee’s deliberate investment in Nigeria’s cultural future.

The Central Bank of Nigeria (CBN)-led Bankers’ Committee commitment to the creative economy came to the fore last Wednesday when the Wole Soyinka Centre for Culture and Creative Arts (National Arts Theatre) was reopened in Iganmu, Lagos.

The event, attended by President Bola Ahmed Tinubu was opportunity to highlight the CBN’s commitment to private sector-led investment in the arts and culture space.

Cardoso had lauded the role of the Bankers’ Committee in bringing back the moribund national edifice back to life.

President Tinubu further directed Cardoso to float National Arts Theatre Endowment Fund that would ensure continuous maintenance of the national edifice.

‘It has been a wonderful evening, and I have enjoyed myself. It is now left for Cardoso and others to put together an endowment fund, and I will contribute to it. It’s not a bad thing for us to use this opportunity to create jobs, maintain accessibility, and commitment. This place will not go dry again’, President Tinubu said.

The event was attended by the First Lady, Senator Oluremi Tinubu, Governor of Lagos State, Babajide Sanwo-Olu; the Honourable Minister of Art, Culture, and the Creative Economy, Hannatu Musawa and other dignitaries.

President Tinubu said there was no controversy in the National Theatre renaming Wole Soyinka Centre for Culture and Creative Arts, adding that he considered Prof. Wole Soyinka’s contributions to the arts and culture.

‘Prof. Wole Soyinka is one of the greatest assets of the world. So, the renaming could not have gone to anyone else,’ he said.

President Tinubu advised that Nigerians stop talking about Nigeria in a negative way. ‘Let us all come together to rebuild Nigeria. The youths should also renew their hope in Nigeria and work together for her continued greatness,’ he said.

Bankers’ Committee funding

Cardoso said the Bankers’ Committee committed N68 billion into the remodeling of the National Arts Theatre.

‘The Central Bank of Nigeria, the Bankers’ Committee, the Lagos State Government, and the Ministry of Art, Culture, and the Creative Economy came together with a shared purpose to deliver this national project, with the Bankers’ Committee alone committing approximately N68 billion, not as corporate social responsibility but as a deliberate investment in Nigeria’s cultural future,’ Cardoso said.

He said that the project stands as proof that when the public and private sectors unite behind a shared national purpose, there is no limit to what Nigeria can achieve.

He disclosed that 65 years after our nation’s founding, Nigeria’s creative spirit remains alive, pervasive, and shaping global culture.

‘This edifice has stood for nearly half a century as a proud symbol of our heritage. Completed in 1976 and inaugurated at FESTAC ’77, it became a beacon of African creativity and a repository of our shared history,’ he said.

He said that in 2020, the Federal Government approved a landmark public-private collaboration: the transfer of the Theatre and its estate into a special partnership with the Central Bank, on behalf of the Bankers’ Committee.

‘What began as an ambitious vision to reimagine an aging monument as a world-class creative hub has today become a stunning reality. The journey was not without challenges. Structural complexities, contractual issues, and even the global pandemic extended the timeline far beyond expectations,’ he said.

‘ This was a project especially close to the President’s heart, and it was his vision that transformed it from a restoration into a symbol of national renewal. By renaming the National Arts Theatre as the Wole Soyinka Centre for Culture and Creative Arts in July 2024, President Tinubu charted a bold course to place creativity at the heart of Nigeria’s renaissance,’ he said.

Cardoso explained that the Wole Soyinka Centre is more than a renovation; it is a rebirth.

‘Its iconic silhouette has been preserved while delivering world-class performance halls, cinema spaces, exhibition galleries, an African literature library, rehearsal rooms, media and medical facilities, and fully modernised infrastructure. The surrounding grounds now offer gardens, outdoor exhibition areas, upgraded access, and seamless integration with the Lagos Blue Line rail, placing culture at the heart of city life,’ he said.

Nobel Laurette, Prof. Wole Soyinka, said that before the renovation of the edifice, he thought it was irredeemable but the Bankers’ Committee made me to eat my words.

He said the Bankers’ Committee had done a great job, and brought the edifice to global standards.

He said that with the recreation of the edifice, Nigerians can now watch Africa Theatre at home instead of traveling abroad,’ he said.

On his part, Governor Sanwo-Olu reflected on the deep historic significance of the event.

He described the reopening of the Theatre as more than a renovation, it was a cultural and spiritual rebirth. He recalled that nearly 50 years ago, the same venue hosted FESTAC ’77, a pan-African celebration of culture and unity. The event, he said, demonstrated Africa’s capacity to use culture as a unifying force.

The renaming of the Theatre in honour of Wole Soyinka, he added, reflects both respect for a national icon and Nigeria’s cultural ambition on the global stage.

Sanwo-Olu highlighted the collaboration behind the transformation of the Theatre. He credited the Federal Government, CBN, Bankers’ Committee, and Lagos State for the successful execution of the project. He also noted that Lagos contributed additional land for the development and ensured direct connectivity to the Lagos Blue Line Metro, placing infrastructure and accessibility at the core of the revitalised complex.

How it started

The Memorandum of Understanding (MoU) for the handing over of the National Arts Theatre to the Bankers’ Committee by the Federal Government was signed in February 2021, and had initial completion timeline of 15 months, and estimated cost of N21.3 billion

Themed the ‘Lagos Creative and Entertainment Centre’, the project is expected to restore the glory of an iconic building by aligning most of the fabric and equipment and facilities in the building with the aesthetics of the 21st century.

Cardoso had earlier commended the work done and the vision that has repositioned the Theatre to a world class status.

He said: ‘Well, firstly, it is highly commendable what we are seeing here today. One has to commend the vision and resources of the Bankers’ Committee for doing this. It has been a long, hard road, and if it was not for the belief and the commitment of those sponsors, this would never be realized.’

He explained that it would have been a great disservice to the country if this was not achieved, because embedded in the theatre is a lot of the history and culture of the Nigerian people.

He said the Bankers’ Committee had a vision, and were determined to surmount all the obstacles in getting the theatre to where it is today.

‘For me as a Lagosian, I grew up here, and saw this in 1977 when we had FESTAC and subsequent times, we used to come here to have different events and activities and we were very proud of what we had as Lagosians. Sadly, the edifice, which was iconic at a time, fell into a state of abandonment,’ he said.

‘So, to have been able to live today, to see this massive transformation to a world class structure is again a testimony to the Nigerian spirit. For those who are going to be using the edifice and those whom it is home to their profession, it is a giant step forward. It is something that we all as Nigerians should be extremely proud of,’ he added.

He said the difficult work on the theatre has already been done, adding that not just the Bankers’ Committee, but all Nigerians should take pride in defending the Theatre.

‘This is a very, very, very major reflection. And when you go around and you see, and some of you have toured already, you will see that a lot of our culture is embedded in the structures here. So, it is beyond just an edifice. It is what it represents.’

‘Going forward, I am very certain that the partnership that has taken place between the private sector and public sector that has resulted in this, that spirit, in conjunction with the Nigerian people, will take us to the next level,’ he said.

The Bankers’ Committee also, funded the prototype cluster located to the north of the National Arts Theatre, labelled the ‘Signature Cluster’ consisting of a building each for Music, Film, Fashion and Information Technology verticals.

The main contractor for the project is Cappa and D’Alberto Limited while the Electrical Sub Contractor is being handled by Nairda Limited, and VACC Limited is in charge of the Mechanical Sub Contractor.

The aim is to deliver a successful Creative and Entertainment city that will encourage additional investment into Nigeria’s creative industry.

According to the Bankers’ Committee, a portion of the site was earmarked for the construction of the ‘Signature Cluster’, which consists of one building each for Fashion, Music, Film and IT.

The committee, said each structure was uniquely designed to function independently, yet providing the opportunity for extensive collaborations between the different creative communities.

The 44-hectare site adjourning the National Theatre will be developed and utilised for the development of purpose-built creative hubs for the Fashion Industry, Music and Film as well as Information Technology (IT).

The Bankers Committee said the project will deliver a successful Creative and Entertainment city that will encourage additional investment into Nigeria’s creative industry.

X-raying the National Arts Theatre

The National Arts Theatre stands as one of Nigeria’s most iconic landmarks.

Analysts believe the project will open financing opportunities for commercial banks when activities fully commence after the renovation.

On October 5, 2019, President Muhammadu Buhari approved the reconstruction of the National Theatre in Iganmu, Lagos, into a world-class convention center for the development of the creative sector in diverse areas, including entertainment, movies, music, fashion, and Information and Communication Technology (ICT).

As the initial investment in the creative industry, the government expects to create at least one million jobs when the project begins operations.

In 2022, the CBN and the Bankers’ Committee collectively agreed to invest over N65 billion to rehabilitate the National Arts Theatre and restore it to its former glory. This effort has been carried out in collaboration with the Federal Ministry of Information and Culture (FMIC), the Ministry of Youth and Sports Development, and the Lagos State Government.

Analysts said banks have opportunity to finance activities at the National Theatre but that depends how it is managed. According to them, there would be a lot of activities such as cultural, training schools, events, and skill development, among other activities that will require banks involvement.

The N100 million gift given to Governor Umo Eno of Akwa Ibom to facilitate his nomination form for a second term in All Progressives Congress (APC) by traders, during their 2025 Annual General Meeting in Uyo, has sparked off both commendation and criticism across the State.

While Idorenyin Rapheal, Governor’s Special Assistant on Market Duties and officers of Akwa Ibom Traders Union, described the gesture as deserving, in view of the ‘governor’s inclusive leadership style, political stability, vision-driven administration, peace mission and ARISE agenda’, others see it as tricks by sychophants, to create a ‘false’impression and manufacture a spurious endorsement of the governor for a second term.

A food stuff importer at the popular Akpan Ndem market, Edem Okon said Akwa Ibom people should appreciate Governor Umo Eno in view of his remarkable performance, political stability, peaceful coexistence among different political parties in the State, his peace mission, as expressed in his ‘United Akwa Ibom Party’ mantra and business friendly attitude, which he believed, had encouraged commercial and economic boom.

On the other hand, Ephraim Edem expressed doubt that the N100 million truly came from peasant, struggling traders, who are battling to bring their products from the rural communities to urban markets with multiple taxes and high cost of transportation.

He however directed the Senior Special Assistant to the Governor on Market Affairs, to advise the governor to approve and implement grants and free loans to traders and tell him the true business condition of the traders

He described the development as a ‘beautiful work of sychophants and eye servants, and the endorsement of the governor as fraudulent’

‘Politicians should allow the governor to concentrate on governance rather than to push him to electoral desperation.

‘If you listen to bitter complaints from traders and the frustrations they pass through to stand a chance of getting the Gtate Government grant, you’ll not believe it is the same people, who present the cheque of N100 million for the governor’s second term nomination form’

Others advised the governor to be careful with political jobbers, who had already started the same game they played on ex Governor Udom Emmanuel.

‘If you look at the faces of the traders, you will know they can’t afford, even one tenth of the 100 million naira.

‘Return ticket formula is workable political strategy, but an old recycling trick, used by political jobbers and professional sychophants to devour desperate power seekers’, some people remarked.

Yet, others praised the governor for his inclusivity, advised him to shut his eyes and ears from the drumbeats and deceptive flowers from sychophants.

Abubakar Kyari, minister of Agriculture and Food Security, says Nigeria’s new climate-resilient rainfed wheat varieties will boost local production, reduce import costs, and strengthen food security.

Speaking at the Second National Rainfed Wheat Farmers’ Field Day in Kuru, Jos, Plateau State over the weekend, Kyari described the development as transformative, noting that wheat cultivation is no longer limited to irrigated areas.

He said farmers in Plateau, Taraba, and Cross River States can now grow wheat sustainably during the rainy season, a move that could help the country meet its domestic demand.

Kyari commended the Lake Chad Research Institute (LCRI) for developing the varieties and reaffirmed President Bola Tinubu’s commitment to making agriculture central to Nigeria’s economic transformation.

He noted that the Federal Government is expanding mechanization, financing, and partnerships to scale up rainfed wheat farming across the country. Over 2,000 tractors have been deployed under the Renewed Hope Mechanization Initiative, while the recapitalized Bank of Agriculture and the National Agricultural Development Fund will provide financing for farmers.

Kyari urged stakeholders and private investors to support the expansion of rainfed wheat cultivation, reduce import dependence, and make Nigeria a future exporter of quality wheat, a statement by the ministry informed.

The Gulf region, is set to launch a schengen-type tour visa called Cooperation Council’s (GCC) Grand Tour visa which will allow travellers explore six Gulf member states.

It is set to commence its pilot phase by the last quarter in 2025.

The plan, often compared to Europe’s schengen visa system, plans to mark a strategic milestone in regional integration. It will allow tourists to travel seamlessly between the United Arab Emirates (UAE), Saudi Arabia, Oman, Qatar, Kuwait, and Bahrain under a single permit, with a rollout occuring in stages.

Originally approved by GCC ministers in 2023, the system is now in the advanced stages of digital and logistics integration, and will start with a pilot phase at the end of 2025 before expanding across all member states.

Abdulla bin Touq Al Marri, UAE minister of Economy and Tourism, who also chairs the Emirates Tourism Council, stated that the initiative is designed to enhance the Gulf’s collective appeal as a unified tourism destination.

Jassim Al-Budaiwi, secretary-general of the GCC, confirmed that the visa framework has reached its final approval and technical phases. The visa application processing will take place through a dedicated digital platform, streamlining access and planning for travellers eager to experience multiple Gulf destinations in one itinerary.

Tourism officials describe it as a key step in positioning the GCC as a globally competitive destination. ‘This visa will enhance cross-border tourism, stimulate economic development, and boost the region’s reputation as one connected market,’ Al Marri said.

Regional tourism network to strengthen

Nigeria was among Dubai’s fastest-growing visitor markets in the years preceding the pandemic. The introduction of the unified GCC visa could now make it easier for Nigerian travellers to combine trips to Dubai with visits to other Gulf destinations, strengthening tourism links across the region.

The Gulf region already represents a major source of intra-regional travel. In 2024, the UAE recorded 3.3 million visitors travelling within GCC countries, accounting for 11 per cent of total hotel guests.

In 2024, Saudi Arabia accounted for the largest share of GCC visitors to the UAE, with 1.9 million arrivals representing 58 per cent of the total. Oman followed with 777,000 visitors, or 24 per cent, while Kuwait contributed 381,000 travellers, making up 12 per cent. Bahrain recorded 123,000 visitors (4 per cent), and Qatar rounded off the list with 93,000 visitors, representing 3 per cent of the total GCC arrivals.

These figures underline the Gulf’s interconnected tourism landscape, which the unified visa is set to further expand by reducing travel friction and encouraging longer, multi-country stays.

As the pilot launch of the unified visa is underway, the Gulf is ready for a new era of regional travel. For the first time, visitors will be able to explore all six countries with a single travel document.

If the rollout proceeds as planned, it could redefine how the region presents itself to the world, transforming six borders into one shared gateway for global travellers.

Vice President Kashim Shettima has called on Nigerians to safeguard and respect the multibillion-dollar investment of Africa’s richest man, Aliko Dangote, describing the Dangote Refinery as a national asset critical to the country’s economic future.

Speaking on Monday at the opening of the 2025 Nigerian Economic Summit in Abuja, Shettima hailed Dangote as ‘an institution’ and a pillar of Nigeria’s development, warning that the nation’s treatment of its foremost investor sends a message to the rest of the world.

His remarks come on the heels of last week’s strike by members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) over the alleged sack of about 800 unionised employees at the refinery. The industrial action was suspended following the intervention of the Minister of Labour and Employment, Muhammad Dingyadi, and the National Security Adviser, Nuhu Ribadu.

Shettima said the $20 billion, 650,000-barrel-per-day refinery-one of the largest in the world-was a vital component of Nigeria’s quest for energy security, job creation, and global competitiveness.

‘Aliko Dangote is not an individual; he’s an institution, and a leading light in Nigeria’s economic parliament,’ Shettima said.

‘How we treat this gentleman will determine how outsiders will judge us. If he had invested $10 billion in Microsoft, in Amazon, or in Google, he probably might be worth $70 to $80 billion by now.

‘But he opted to invest in his country, and we owe it to future generations to jealously protect, promote, preserve, and defend the interests of this great Nigeria.’

The vice president also urged labour unions and the organised private sector to exercise restraint and patriotism in resolving disputes, warning that reckless actions could jeopardise national progress.

‘I wish to call for caution, retrospection, and a deeper sense of patriotism from both labour and the organised private sector in defining and improving the relationship between labour and industry,’ he said.

‘It’s not about holding the whole nation to ransom because of a minor labour dispute. Nigeria is greater than PENGASSAN. Nigeria is greater than each and every one of us.’

Nigeria loses billions yearly to foreign control of its shipping industry. With the new Blue Economy framework, the nation has a once-in-a-generation chance to reclaim its maritime sovereignty, create jobs, and unlock $20 billion in annual value by 2035.

For 15 years, Nigeria has quietly haemorrhaged an estimated $120 billion in potential earnings-not through corruption alone, but through the invisible hand of foreign vessels hauling our crude, containers, and cargo while our own fleet languishes. Every shipment of fertiliser or barrel of crude exported carries with it jobs, expertise, and national sovereignty that should belong to Nigerians. This is not just an economic imbalance; it is a question of sovereignty at sea.

The recently launched Nigeria Maritime Sovereignty and Blue Economy Acceleration Plan (NMS-BEAP 2035) offers the most coherent pathway yet to reverse this drain. It aims to reclaim $5-6 billion in annual freight earnings, raise maritime GDP from 2 to 5 percent, and generate over 250,000 jobs through indigenous fleet participation and shipbuilding. By 2035, the plan envisions that at least 80 percent of Nigeria’s shipping tonnage will be carried by Nigerian-owned vessels, anchoring prosperity within our shores.

The urgency is clear from the data. In 2024, Nigeria’s ports handled 103 million tonnes of cargo and recorded 4,005 vessel calls, yet less than 20 percent of this trade was moved by local operators. The country currently has only 7,000 certified Nigerian seafarers, far short of the 25,000 required by 2035 to sustain the sector. The result is a $7-9 billion annual forex leak, an economic wound that deepens Nigeria’s balance-of-payment pressures and weakens the naira.

But this narrative is reversible. Other nations have shown what political will and structured investment can achieve. In the 1970s, South Korea built a $40 billion shipbuilding industry almost from scratch, anchored on state-backed finance and technology transfer. The Philippines, now one of the world’s largest suppliers of seafarers, trains nearly 375,000 maritime professionals whose remittances generate over $6 billion annually. Nigeria, strategically located on the Atlantic corridor and already commanding West Africa’s largest cargo throughput, can replicate such success: if it aligns policy, finance, and enforcement.

Three pillars are essential for this transformation: finance, enforcement, and human capital.

First, activate and disburse the long-dormant Cabotage Vessel Financing Fund (CVFF). Nigerian shipowners currently borrow at interest rates of 25 percent for three years, while foreign competitors enjoy 4.5 percent loans over 25 years. Unlocking the CVFF with single-digit interest rates and 15-20-year tenors would be catalytic. Paired with a National Shipbuilding Fund and duty-free vessel imports, it could reduce capital costs by as much as 70 percent and stimulate shipyard investment in Lagos, Onne, and Calabar. The NMS-BEAP projects $12-16 billion in CAPEX by 2035, with a healthy 16-19 percent ROI, strong fundamentals for both investors and the Treasury.

Second, enforce cabotage with integrity. Nigeria’s Coastal and Inland Shipping Act (Cabotage Act) was meant to protect indigenous operators, yet it has been gutted by indiscriminate waivers that favour foreign fleets. The proposed Cabotage Joint Taskforce (CJT), uniting NIMASA, the Navy, Customs, and indigenous operators, must operate with transparency and authority. Real-time vessel tracking, publicly accessible waiver logs, and whistleblower incentives can deter sabotage. Without credible enforcement, policy remains paper.

Third, invest strategically in people. Nigeria’s maritime academies are underfunded and outdated. Establishing a National Seafarer and Technical Certification Centre aligned with IMO and STCW standards would close the skills gap and future-proof the workforce for digital, green, and LNG-based shipping. This is not an aspirational goal but an economic imperative. A skilled maritime workforce not only earns forex but also enhances safety, efficiency, and Nigeria’s reputation as a maritime nation.

Reform must also tackle the currency dimension. Freight billing in dollars has created a hidden inflationary pressure, shipping costs alone add an estimated 35 percent to domestic prices. Transitioning to naira-denominated freight settlements, backed by the Central Bank and key exporters, will localise value and stabilise the naira. Such a move is neither isolationist nor illegal: under the WTO’s GATS Article XIV bis, countries may adopt maritime sovereignty measures for national security. The U.S. Jones Act, India’s tonnage tax, and the UK’s post-Brexit cabotage reforms all affirm this principle.

Critics may argue that indigenous control risks inefficiency or rent-seeking. But the alternative, continued dependency, is far costlier. Maritime sovereignty does not mean shutting out competition; it means ensuring Nigerians benefit first from the resources of their own waters. When South Korea protected and nurtured its shipyards, it didn’t stifle trade, it built global champions.

The stakes are not abstract. If Nigeria executes the NMS-BEAP roadmap with discipline, activating CVFF by 2025, enforcing waiver sunsets by 2027, scaling shipyards by 2031, and achieving full sovereignty by 2035, the payoff will be historic. The blue economy could contribute ?30 trillion annually, reduce unemployment, and reposition Nigeria as a maritime hub between the Gulf of Guinea and the global Atlantic trade system.

As the late Capt. Bashir, a pioneer Nigerian mariner, once demonstrated, rising from the defunct National Shipping Line to command a 350,000 MT Saudi Aramco tanker, our talent has never been the issue. What Nigeria lacked was a system. With political resolve and public pressure, symbolised by the ongoing 111,111-signature e-petition, the nation can finally build that system.

Our maritime story need not remain one of loss and dependency. If we act decisively, Nigeria’s blue waters can become a reservoir of prosperity, pride, and sovereignty, anchoring not only ships but also the nation’s economic future.

A group of housing sector stakeholders has urged Nyesom Wike, the Minister of the Federal Capital Territory (FCT), to halt the allocation and conversion of designated green areas in Abuja for other uses.

The group, known as Housing Development Advocacy Network (HDAN), explained that such allocation or conversion threatens the city’s environmental sustainability, urban planning integrity, and quality of life of its residents.

A leading civil society organization, HDAN, which champions housing rights and sustainable urban development in Nigeria, raised an alarm when it observed that parks, gardens, and buffer zones originally reserved as green areas of the city are now being eroded through indiscriminate land allocations for commercial and residential developments.

The group said this trend, if left unchecked, could plunge the capital into severe environmental, social, and infrastructural crises.

‘Abuja was carefully planned with specific provisions for green areas to ensure a healthy living environment. Unfortunately, we are witnessing the gradual encroachment on these spaces, which not only violates the city’s master plan, but also endangers its future sustainability,’ Festus Adebayo, the group’s executive director, noted.

Adebayo noted further that green areas are essential for regulating urban temperature, improving air quality, reducing flooding, and providing much-needed recreational spaces for families and communities, warning that turning such spaces into concrete jungles poses long-term dangers to the environment and undermines Abuja’s original vision as a model city.

He disclosed that HDAN has received multiple reports from stakeholders in housing, real estate, and environmental protection sectors, raising concerns about the increasing loss of green zones.

‘The destruction of these areas is not just an environmental issue, it is also a governance and accountability matter,’ he emphasized, noting that preserving green spaces is vital to ensuring that Abuja does not become a city defined by congestion, pollution, and poor livability.

Residents have also raised alarm over the conversion of Abuja’s designated green belts into estates and private developments. In several districts such as Guzape, Maitama, Wuse, Katampe, and Kado, areas originally mapped as utility corridors and environmental buffers have been fenced, cleared, and built upon.

This trend is already taking a toll on the city, with flooding, burst sewer lines, and worsening air quality becoming more frequent, particularly during the rainy season when natural water channels are obstructed.

HDAN therefore cautions that unchecked development could worsen traffic congestion, deprive children of recreational spaces, and expose communities to health and safety risks.

Environment experts have added that citing structures near waterways and directly under power transmission lines not only violates safety standards but also heightens the risk of disasters. The growing concern is that Abuja is gradually losing its environmental balance and livability due to the erosion of its green areas.

‘The Minister should prioritize strict enforcement of the Abuja Master Plan, ensure transparency in land allocations, and launch a comprehensive audit of all areas designated as green zones,’ Adebayo advised.

He called for stronger collaboration with urban planners, environmentalists, and housing advocates to create sustainable solutions for development without compromising green infrastructure.

‘Cities across the world are embracing greener and more sustainable urban policies, but Abuja risks moving in the opposite direction if this issue is not urgently addressed.

Protecting our green spaces is not negotiable; it is about safeguarding the future of the capital and ensuring the wellbeing of generations to come,’ he said.

While acknowledging the enormous pressures on land in the FCT due to rapid urbanization, the executive director maintained that such challenges should not justify the destruction of spaces that are meant to serve public interest, urging the government to explore innovative housing and infrastructure policies that balance growth with sustainability.