Petron earns DOE nod as LPG training hub

Petron Corp. has secured accreditation from the Department of Energy as an official liquefied petroleum gas (LPG) training center, becoming the first oil company to earn this distinction.

The DOE’s Oil Industry Management Bureau (OIMB) awarded the certification last week to Petron through its vice president for industrial sales Virgilio Centeno.

‘We are honored to be recognized as a center of safety and excellence in the LPG sector, an industry we are proud to lead through our trusted flagship brands, Petron Gasul and Fiesta Gas,’ Centeno said.

The accreditation, he added, underscored the company’s commitment to championing the ‘highest standards of safety and quality in every aspect of our LPG business.’

According to Petron, the certification is expected to boost its ability to train and certify qualified service persons from its refinery, terminals, haulers, dealers and retail outlets.

The company currently operates the Bataan refinery, the country’s remaining oil refinery that is capable of producing around 180,000 barrels of oil per day.

‘As more LPG personnel undergo proper training from qualified institutions, consumers can be more confident in the quality and reliability of the LPG products they receive,’ DOE-OIMB director Rino Abad said.

Petron has started scheduling its training sessions, kicking off with dealers and retailers in Ormoc, Leyte. All LPG personnel trained by Petron will receive a DOE certificate, which is essential for meeting licensing requirements.

The LPG Industry Regulation Act, mandates businesses engaged in the production, distribution or sale of LPG to secure the necessary licenses, permits and certifications from the DOE and other relevant agencies.

The DOE has called on all LPG players to strictly follow regulations to ensure public safety, warning that failure to comply could result in business shutdowns, permanent disqualification and fines of up to P100,000 for each violation.

Violators may also face imprisonment for up to 12 years, the DOE said.

ERC expedites review of power projects, contracts

The Energy Regulatory Commission (ERC) is accelerating the review process for proposed power projects and contracts to support the government’s total household electrification program.

The ERC has issued a resolution authorizing the use of summary proceedings for applications critical to ensuring energy reliability and affordability across the country.

This includes applications for constructing dedicated point-to-point limited transmission facilities, capital expenditure projects, confirmation of over- and under-recoveries, and approval of power supply contracts.

The commission, however, clarified that summary proceedings would only apply to uncontested applications or those without intervenors.

For cases with intervenors, summary proceedings may be used only if all parties agree to this process.

ERC chairman and CEO Francis Saturnino Juan said the move affirmed the agency’s dedication to delivering faster and more efficient regulation.

‘We will do everything we can to accelerate the resolution of applications filed before the ERC. Streamlining our processes is key to fulfilling our commitment to a more responsive and revitalized ERC,’ Juan said.

According to the ERC, adopting summary proceedings in several cases aligns with the Marcos administration’s target of lighting up every household nationwide.

Based on the latest Department of Energy data, around 5.25 percent of households across the country still has no access to electricity, most of which were in Mindanao.

The electrification rate in Mindanao lagged at 83.45 percent, well below the 98.84 percent for Luzon and 95.23 percent for Visayas.

In his State of the Nation Address in July, President Marcos said about 200 power plants were expected to be completed within the next three years to energize four million households and over 2,000 factories.

FIFA U20 World Cup: Flying Eagles defeat Saudi Arabia in second group F encounter

Femi Fabunmi

Nigeria’s Flying Eagles defeated Saudi Arabia 3-2 in an interesting group F encounter in Talca on Friday morning to earn three points and brighten their chances of reaching the Round of 16 at the ongoing 24th FIFA U-20 World Cup finals holding in Chile.

Midfielder Nasiru Salihu scored Nigeria’s first goal of the tournament by converting in the 10th minute, but the Asians were back on level terms in the 21st minute through Amar Alyuhaybi.

Undaunted, the seven-time African champions went in front again as Amos Ochoche scored with seven minutes left in the first period. The first half ended with Nigeria leading 2-1. Six minutes into the second half, Saudi Arabia were again back on level terms, thanks to Talal Haji.

Nigeria secured victory with four minutes into added time when captain of the side, Daniel Bameyi converted from the penalty spot.

Victory means the two-time World Cup finalists will reach the Round of 16 if they get a result against Colombia on Sunday.

Insecurity erodes Nigeria’s Growth, Experts warn at Kosofe Dialogue

Leading voices from Nigeria’s business and policy community have warned that the country’s growth prospects will remain fragile unless economic expansion and national security are pursued in tandem.

The spoke at the Kosofe Economic and Security Dialogue 2025.

Held at the Fish Farm, Ogudu, Lagos, on 18 September, the dialogue brought together the President of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Gabriel Idahosa; the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf and the Founder of B. Adedipe Associates Limited (BAA Consult), Dr. Biodun Adedipe, among others. The dialogue, convened by Joe Femi-Daguro, President of the Kosofe Chamber of Commerce and Industry, carried the theme ‘Forging a Resilient Future: Balancing Economic Growth and Security Imperatives.’

Speaking on this year’s theme, ‘Forging a Resilient Future: Balancing Economic Growth and Security Imperatives,’ Dagunro, reminded participants of the founding vision of the dialogue.

According to him, the platform was never intended to be ‘a place where people gather to complain,’ but rather ‘a model of how communities can solve their own problems.’ ‘Everywhere you go, people complain about the economy, about security, about life itself. Complaining is natural,’ he said.

‘But when we created this programme, we agreed it would not just be a forum for lamentation. It must be a space where we propose practical solutions and hold ourselves accountable for progress year after year.’

Dagunro pointed to tangible results from the previous year’s deliberations, including the establishment of a multipurpose cooperative society under the Chamber.

The scheme, he said, has become a lifeline for small businesses long stifled by bank loans with interest rates as high as 36 percent.

‘If you put in ?200,000, you can access ?400,000. If you put in ?2 million, you can access ?4 million. The rules are simple-members guarantee one another,’ he explained.

‘If your own community cannot vouch for you, then even a bank will not. This is how we take our destiny into our own hands,’ he added.

In a lighter moment, he contrasted the initiative with government’s frequent rhetoric about ‘unlocking opportunities.’

‘Government likes to say they are unlocking, but who locked it in the first place?’ he asked, drawing laughter from the audience, adding that ‘We don’t need to keep unlocking. We are building houses without doors, so there’s nothing to lock.’ This year, Dagunro added, the dialogue expanded its scope to include security, recognising that economic progress cannot thrive without safety, saying that experts from Nigeria, Ghana, and beyond were invited to share comparative strategies on tackling insecurity while fostering enterprise. ‘Security challenges are not just about what happens on the streets,’ he said. ‘They affect businesses, supply chains, and the confidence of investors. That is why we must examine them from a broader perspective.’

Speaking at the event, Idahosa commended the Kosofe Chamber for creating a platform to interrogate Nigeria’s toughest challenges, describing the theme as both urgent and existential.

‘Economic growth without security is fragile, and security without economic opportunity is unsustainable,’ he said.

He identified youth unemployment, cybercrime, and fragile supply chains as pressing threats to community stability, stressing that businesses must embrace innovation and corporate responsibility to become co-architects of national security.

Also speaking, Dr. Yusuf warned that insecurity has become Nigeria’s greatest economic threat, eroding investor confidence, disrupting agriculture, and draining oil revenues.

He linked persistent food inflation to insecurity in farming communities and highlighted the billions lost annually to crude oil theft.

‘Insecurity is not just a social or political problem; it is fundamentally an economic problem. It distorts markets, deters investment, and deepens poverty,’ he noted.

He called for stronger security institutions, technology-driven intelligence, and deeper public-private collaboration to break what he described as the ‘vicious cycle of poverty and crime.’ Echoing these concerns, Dr. Adedipe argued that resilience begins with anticipating disruptions and building capacity to recover from them.

He noted that while Nigeria’s rebased GDP in 2024 stood at ?372.8 trillion (US$243 billion) with a growth rate of 3.38 percent, the figures mean little if insecurity continues to erode productivity.

‘Every act of violence or insecurity has an underlying economic motivation,’ he observed, citing terrorism, oil theft, and banditry as examples of the ‘economics of insecurity,’ he said.

Adedipe added that poverty, unemployment, poor governance, and the proliferation of arms remain key drivers of unrest.

He urged the government to adopt transparent social safety nets to cushion the harsh effects of reforms, stressing that ‘successful reforms are the outcome of courage and sacrifice.’

The dialogue ended with a consensus that Nigeria’s future resilience depends on an integrated approach in which economic policies reinforce security, and security provides the foundation for inclusive and sustainable growth.

House SecGen directed to drop Zaldy Co from roll of solons

House of Representatives Secretary General Cheloy Garafil has been formally directed to drop former Ako Bicol party-list Rep. Elizaldy Co from the roll, after his resignation was brought to the plenary.

During the House’s session on Thursday, which lapsed to early Friday morning, Assistant Majority Leader and Sultan Kudarat 2nd District Rep. Bella Vanessa Suansing moved to take up additional reference of business.

After reading House Resolution No. 326 which expresses the House’s condolences to victims of the Cebu earthquake, Garafil then said that there is a letter from Co about his resignation.

‘Communication dated September 29, 2025, from Honorable Elizaldy S. Co, Representative of Ako Bicol party-list, addressed to the House of Representatives, regarding resignation letter-reply to the 22 September 2025 letter-complaint,’ Garafil read.

After Suansing said that the House committee on rules has received the letter, Deputy Speaker Janette Garin, who was presiding over the session directed Garafil to drop Co from the roll.

‘In view of the resignation of Representative Elizaldy S. Co, the Secretary General is hereby directed to drop Representative Co from the roll of members of the House of Representatives. So ruled,’ Garin said.

Last Monday, Co said on his Facebook page that he is stepping down from his post with a heavy heart, attaching copies of his letter to Speaker Faustino ‘Bojie’ Dy III. Later on, Co’s office confirmed that the beleaguered lawmaker has relinquished his seat in the 20th Congress.

According to Co, he is leaving the House due to the threat to his and his family’s life, and the alleged denial to accord him due process.

Co said the party-list will inform the House who will replace him to fill one of the two seats allocated for the group.

Co is currently out of the country for what he said was a health procedure in the United States.

However, Dy last September 18 officially revoked Co’s travel clearance, asking him to come home within 10 days to answer allegations linking him to questionable budget insertions and contractors doing public works projects. Co is currently facing a myriad of issues regarding the 2025 national budget and the infrastructure project scandal. At the Senate blue ribbon committee hearing, contractor-couple Pacifico and Sarah Discaya named several lawmakers who allegedly asked for and received kickbacks from infrastructure projects, after their firms were able to bag government contracts.

Pacifico also claimed that lawmakers asked for a 25 percent cut for Co and former House Speaker Ferdinand Martin Romualdez.

Both Co and Romualdez denied the accusations.

Last Tuesday, Henry Alcantara and Brice Hernandez, former officials of the Bulacan first district engineering office tagged Co and other lawmakers as allegedly involved in the kickbacks scheme for infrastructure projects. Navotas City Rep. Toby Tiangco meanwhile accused Co, as former chairperson of the House committee on appropriations, of masterminding insertions and realignments in the 2025 national budget, bulk of which supposedly went to flood control.

It was also Tiangco who filed an ethics complaint against the former Ako Bicol solon.

Co was also criticized because company with ties to him figured as one of the top 15 contractors for flood control projects. Co disputed these allegations, saying that he will answer these at the proper forum.

Luzon storm signals raised as Paolo becomes severe tropical storm

The state weather bureau raised storm signals – from Nos. 3 to 1 – in several areas in Luzon on Thursday night as Paolo intensified into a severe tropical storm.

The center of Paolo was estimated to be at 320 km East of Baler, Aurora (15.6 °N, 124.6 °E ), according to the 11 p.m. bulletin issued by the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa).

The storm, which was moving west at 30 kph, had maximum sustained winds of 95 kph near the center, with gusts reaching up to 115 kph.

Following are the areas where storm signals have been raised.

Signal No. 3

Luzon extreme northern portion of Aurora: Dilasag, Casiguran

central and southern portions of Isabela: Dinapigue, San Mariano, San Guillermo, Echague, Jones, San Agustin, Cordon, City of Santiago, Ramon, San Isidro, Alicia, Angadanan, City of Cauayan, Benito Soliven, Naguilian, Luna, Reina Mercedes, Cabatuan, San Mateo, Aurora, San Manuel, Burgos, Gamu, Roxas, Palanan

northern portion of Quirino: Maddela, Cabarroguis, Aglipay, Saguday, Diffun

northern portion of Nueva Vizcaya: Diadi, Bagabag, Villaverde, Ambaguio, Quezon, Solano, Bayombong, Mountain Province, Ifugao

northern portion of Benguet: Mankayan, Buguias, Kabayan, Bakun

Signal No. 2

Luzon

southern portion of mainland Cagayan: Peñablanca, Tuguegarao City, Enrile, Solana, Iguig, Tuao, Piat, Rizal

rest of Isabela

rest of Quirino

rest of Nueva Vizcaya

northern and central portions of Aurora: Dinalungan, Dipaculao, Baler, Maria Aurora

northeastern portion of Nueva Ecija: Carranglan, Pantabangan

southern portion of Apayao: Conner

Kalinga

Abra

rest of Benguet

southern portion of Ilocos Norte: Nueva Era, Badoc, Pinili, City of Batac, Paoay, Currimao, Banna

Ilocos Sur

La Union

Signal No. 1

Luzon

rest of mainland Cagayan, including the Babuyan Islands

rest of Aurora

northern portion of Quezon: General Nakar, Infanta – including Polillo Islands

Camarines Norte

northern portion of Camarines Sur: Siruma, Tinambac, Lagonoy, Garchitorena, Caramoan, Goa, San Jose, Presentacion

Catanduanes

rest of Apayao

rest of Ilocos Norte

Pangasinan

rest of Nueva Ecija

northern portion of Bulacan: Doña Remedios Trinidad, San Miguel, San Ildefonso, Norzagaray, San Rafael

Tarlac

northeastern portion of Pampanga: Magalang, Arayat, Candaba, Mabalacat City

northern portion of Zambales: Palauig, Masinloc, Candelaria, Santa Cruz

I shot over 1,000 music videos and got tired -Unlimited LA on creating ‘Rise Again’

After directing over 1,000 music videos, Unlimited LA said he was ready for a new challenge, a desire that led him to create ‘Rise Again’, his debut Africa Magic Original.

He disclosed this during a panel session at the Africa Magic Showcase screening in Lagos, where he explained that after years of shaping the visual landscape of Nigerian music, he was determined to take on a bigger storytelling challenge.

‘I’ve shot over 1,000 music videos and I got tired, so I asked myself if I could just transition into filmmaking,’ he said. ‘Everybody on that set happened to be my friend. I reached out to everybody and I got a lot of ‘nos,’ but the ones that told me ‘yes’ are the people who made Rise Again possible.’

His words reflected the philosophy shared at the screening by Victor Sanchez Aghahowa, Head of Production, West Africa, MultiChoice, who said the company prioritises creators with both vision and tenacity.

‘If you are stubborn enough and you believe enough, our job at MultiChoice is to put everything behind you,’ Sanchez said. ‘But it’s to put it behind you because if I find that I have to put it in front of you there’s a problem. So, I tend to look out for people who right from the beginning are dogged. They know what they want to do. They are great at taking notes but they’re also good at giving vision.’

‘Rise Again’ follows the story of a gifted dancer’s journey of resilience and redemption as he battles betrayal, loss and injury in a bid to reclaim his dream. The limited series will premiere on October 19.

The show also boasts a star-studded cast, including reality TV favourites Liquorose, Saskay and Hermes Iyele; media personalities Do2dtun, Dadaboy Ehiz and Koko by Khloe; music star Mr P; and dance icon Kaffy, among others.

K1 De Ultimate, Ayuba, Osupa, Pasuma, others felicitate FUMAA president on daughter’s graduation

It is a thing of joy for a parent to witness the success of the children in their academic pursuit. This is the case of the President, Fuji Musicians Association in America (FUMAA) based in Texas, Akeem Adewale Alamu, popularly called ‘Oga Alamu’ by his fans when his daughter, Mistura Ayomide Abiola Lawal graduated from Army Basic Combat Fort, Jackson, Columba, South Carolina in USA, recently.

Oga Alamu, in a chat with the Friday Treat said: ‘I’m using this medium to express my gratitude to God Almighty for this great feat. My daughter, Ayomide has made me, Nigerians in America and Nigeria as a nation proud. My joy know no bound.

‘Like Yoruba adage says that ‘ibi gbogbo lo n gba alagbara, omo ole nikan laaye o gba’, which implies that there is no place that a hard-working person cannot excel except the lazy one.

‘To crown it all, Ayomide has also been granted citizenship of America. So, it is a double celebration. She has been enlisted in US Army and she has become an American citizen as well,’ Oga Alamu said.

Following the cheering news, Oga Alamu’s contemporaries in Fuji music have felicitate him on his daughter’s landmark and unprecedented breakthrough.

Among the fuji musicians that congratulated him include; President, Fuji Musicians Association of Nigeria (FUMAN), Alhaji Sikiru Ayinde Agboola (Sensation), Alhaji Wasiu Ayinde K1 De Ultimate, Adewale Ayuba, Aaare Sir Shina Akanni Scorpido, Alhaji Wasiu Alabi Pasuma, Saheed Osupa, Sule Alao Malaika, Adeyinka Ishola (Askari to n ko fuji).

Other fuji musicians based in USA like Dipo k3, Akeem Tutuye, Yinka Rhythm (Mr Somebody), Ayinla Segema in Canada, Bolaji Bello, Adebewaji Aboki Oganla, based in London and others.

NEXIM Bank Declares N30.4bn Profit, Earns Bbb+ Rating

The Nigerian Export-Import Bank (NEXIM) has declared an operating profit of N30.47 billion for 2024, more than double the N13.75 billion recorded in the previous year.

The bank also secured a Bbb+ rating from Agusto and Co., a leading credit rating agency, which said the grade reflected NEXIM’s satisfactory financial condition and strong capacity to meet obligations compared with other development finance institutions.

Managing Director of the Bank, Mr. Abba Bello, said the performance was as a result of intensified interventions in the non-oil export sector.

‘We disbursed over N495 billion to support Nigerian exporters, and this has led to the creation and sustenance of more than 36,000 direct and indirect jobs,’ he said.

He added that NEXIM’s loan book grew significantly in key areas such as manufacturing, agriculture, solid minerals, and services, sectors the Federal Government has identified as critical to its diversification agenda.

Bello further noted that the bank was driving initiatives such as the Regional Sealink Project, a public-private partnership aimed at improving maritime logistics across West and Central Africa.

‘We are also promoting factoring services to expand export financing options for SMEs, while our Joint Project Preparation Fund with Afreximbank is enhancing the bankability of projects,’ he explained.

He added that NEXIM was developing tailored financing schemes for the mining sector, including contract mining, equipment leasing, and buyers’ credit, to unlock export potential and boost foreign exchange inflows.

Naira Rallies To N1,455/$; Reserves Hit $43bn

The positive rally of the local currency against the dollar continued yesterday with the naira exchanging at N1,455 to one dollar even as forex speculation declined, at an all-time low as the gap between the official and parallel market rates has significantly dropped.

The naira, which has sustained rally across markets in recent months, trading at N1,455/$ as of yesterday according to the Nigeria Foreign Exchange Market (NFEM) and N1,460 to N1,470,$ at the unofficial black market.

Daily Trust reports that the naira is making its strongest gain in the year with the improvement attributed to surge in foreign reserves to $43.05 billion and drop in speculative FX activities as the impact of the Central Bank of Nigeria (CBN’s) reforms continue to drive positive sentiments and confidence across markets, according to analysts.

A country’s currency is an instrument of her pride. For the Nigeria naira, a turbulent past that saw it lose its significant value is almost over, according to analysts.

The local currency rebound is being driven by a combination of stronger demand for the naira, reduced speculative trading, and rising foreign reserves now at $43.05 billion.

Besides, the forex reforms instituted by the CBN Olayemi Cardoso are now yielding great benefits from reduction in forex speculation and narrowing of gaps between official and parallel markets.

The CBN leadership has continued to take major steps to keep the naira stable in line with its exchange rate stability objective.

The apex bank is boosting FX supply to retail end users, reducing distortions in the market and maintaining effective foreign reserves management and accretions.

The injection of liquidity into the market and rising compliance with FX regulations have reduced sharp depreciation of the naira at official and parallel markets and buoyed foreign investors’ interest in the domestic economy.

The naira stability is also driven by inflows from Foreign Portfolio Investors (FPIs), substantial contributions from International Oil Companies (IOCs), and the CBN’s interventions to authorised dealers.

There is also renewed interest of Foreign Portfolio Investors (FPIs) in the FX market-driven by improved market confidence, a more efficient FX framework, and strengthening macroeconomic conditions.

The CBN chief Cardoso recently announced that gross external reserves remained robust at $43.05 billion on September 11, 2025, compared with $40.51 billion at end-July 2025 with an import cover of 8.28 months.

‘Similarly, the second quarter 2025 current account balance recorded a significant surplus of $5.28 billion compared with $2.85 billion in the first quarter of 2025,’ Cardoso stated during the 302nd monetary policy committee meeting held in Abuja last week.

FX speculations drop

A Bureaux De Change (BDC) trader based in Marina, central Lagos, Garuba Sarki, said many dealers lost huge funds as they sold below purchase rates as exchange rate gap narrowed.

‘I know some BDC operators that sold dollars below the purchasing rate. This is expected to continue in the weeks ahead. Also, the expected dollar inflows to the economy will help strengthen the naira position against the dollar,’ he said.

Analysts at Commercio Partners attributed the rally and gradual narrowing of the exchange rate gap to a combination of stronger demand for the naira, reduced speculative trading, and improved foreign reserves.

Head of Research at Commercio Partners, Ifeanyi Ubah, expressed optimism that the positive sentiment would be sustained in the near term, supported by increasing external buffers.

‘Nigeria’s rising external reserves are reflecting a healthier external position for the country. With reserves strengthening, speculative activity subsiding, and oil earnings supporting inflows, many market watchers believe the naira’s current rally has a stronger foundation compared to previous cycles of volatility,’ he said.

Call for caution

However, other experts caution that sustaining this momentum will depend on the government’s ability to maintain macroeconomic discipline, boost crude oil production, and diversify export earnings.

President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said key policies like the Foreign Exchange (FX) Code, rising investors’ confidence, and foreign direct investment supporting policies are effectively putting FX speculators in check.

He said the FX Code implementation is comprehensively addressing various aspects of market conduct and practices.

Daily Trust reports that the policy authorises the CBN to establish and enforce directives regarding the standards for financial institutions under which FX deals are to be conducted.

Gwadabe said the code further entrenches transparency and accountability in the FX market, and continually sustains naira stability and rally.

He also backed CBN’s position that all institutions engaged in the foreign exchange market must also provide the CBN with a detailed implementation plan outlining how they intend to achieve full compliance with the FX Code.

Cardoso had at the launch of the Nigeria Foreign Exchange Code (FX Code), emphasised integrity, fairness, transparency, and efficiency as critical pillars for driving Nigeria’s economic growth and stability.

According to Cardoso, ‘The FX Code represents a decisive step forward, setting clear and enforceable standards for ethical conduct, transparency, and good governance in our foreign exchange market. The era of opaque practices is over. The FX Code marks a new era of compliance and accountability. Under the CBN Act 2007 and BOFIA Act 2020, violations will be met with penalties and administrative actions.’

Gwadabe, said the policy shifts showed the level of creativity, policy and hard work the Cardoso puts in ensuring that more forex flows into the economy and remain accessible to businesses.

Boosting remittances inflows

As part of its efforts to boost diaspora remittances and support naira stability, the CBN recently announced the introduction of two new financial products designed to serve Nigerians living abroad.

The Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account was created to streamline remittances, encourage investments, and foster financial inclusion among Nigerians in the diaspora.

It said, ‘The Central Bank of Nigeria is pleased to inform the general public of the introduction of the Non-Resident Nigerian Ordinary Account and Non-Resident Nigerian Investment Account targeted at Nigerians in diaspora.’

The Non-Resident Nigerian Ordinary Account was designed to facilitate remittances by allowing non-resident Nigerians to remit foreign earnings into Nigeria and manage funds in foreign currency or naira.

Deposits from sources such as salaries, allowances, and dividends are supported, alongside spending on family maintenance, education, and healthcare.

On the other hand, the Non-Resident Nigerian Investment Account provides an opportunity for NRNs to invest in Nigeria’s financial markets, including foreign currency-denominated bonds, fixed deposits, and local assets like equities, government securities, and mortgage products.

The CBN explained that both accounts offer currency flexibility, enabling holders to maintain balances in either foreign currency or naira.

Account holders will also be able to convert funds between the two currencies at prevailing exchange rates through authorised dealers.

The CBN’s initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year.

The remittances in the economy is expected to increase based on CBN’s ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth.

In a report: ‘Diaspora remittances: The power behind Africa’s sustainable growth’, Regional Vice President of Africa at Western Union, Mohamed Touhami el Ouazzani, said remittances may be measured through the movement of money, but their real impact is measured in lives changed.

He disclosed that in 2023 alone, $90 billion flowed into Africa from its global diaspora, an amount that rivals the Gross Domestic Product of the entire region.

He said that remittances symbolize deep ties that keep communities connected across borders. ‘Families with a breadwinner working abroad depend on these funds to provide vital support for day-to-day needs. They also build the foundation for broader financial stability,’ he said.

For remittances to be truly transformational, it begins with understanding and meeting people’s aspirations. Ensuring individuals who strive for more can send and receive funds, regardless of their financial status, is crucial. We must cater to diverse needs.

‘In a continent renowned for its entrepreneurial spirit, offering multiple channels for remittance access is key. Whether through bank accounts, digital wallets, mobile money apps, or cash pickups, this flexibility ensures that funds are delivered in ways that best suit local realities. Providing innovative and inclusive solutions empowers individuals to not only manage their immediate needs but also to invest in long-term growth opportunities,’ he added.

According to him, every remittance is a seed of change – a deliberate investment in a future where borders blur.

‘The future of remittances in Africa transcends mere financial support. By strategically directing funds into sectors that need them most, Africa’s diaspora is not just sending money home; they are building resilient economies and challenging traditional models of progress,’ he said.