Nigeria Tops Tourist Arrivals to Kenya

Written by  |  Wednesday, 05 April 2017 00:00  |  Published in BUSINESS TOURISM

The number of tourists from West Africa to Kenya is expected to grow by 30 per cent this year following intense marketing by the Kenya Tourism Board (KTB). In recent years, the agency has been promoting tourism in Nigeria, Ghana and Senegal markets in a bid to boost arrivals to the country.

Currently, Nigeria is Kenya’s leading tourist market from West Africa. Tourist arrivals from Nigeria to the country increased to 17,962 last year up from 14,065 arrivals in 2015.

Investments to Make Nigeria Africa's Tourism Hub

Written by  |  Wednesday, 23 December 2015 00:00  |  Published in BUSINESS TOURISM

Nigeria is determined to fully exploit its potential for tourism as one of Africa’s major tourist destinations, the Minister of Information and Culture, Mr. Lai Mohammed has said.

NSIA moves to revamp Nigeria’s comatose Commodity Exchange

Written by  |  Thursday, 17 September 2015 00:00  |  Published in BUSINESS TOURISM

The Nigerian Sovereign Investment Authority (NSIA), managers of the nation’s Sovereign Wealth Fund (SWF) has expressed interest in reviving the country’s Commodity Exchange,  a process which government  authorities estimate could cost as much as $20 million.

The government has scheduled the comatose Abuja Securities and Commodity Exchange (ASCE) for privatisation, but the NSIA and industry experts fear that selling the company at its present state would come at a loss, since the assets are almost worthless.

The NSIA’s interest is therefore in pre-privatisation investments which would mean fixing the software to drive an efficient trading platform and putting  proper processes and procedures in place, till a point that the Exchange can start trading.

The Abuja Securities Commodity Exchange (ASCE) is no longer functional, having stopped trading several years back, but it has up to 60 staff who do nothing but collect salaries at the end of each month, BusinessDay discovered.

NSIA authorities are already in early talks with the government to allow them make that very important pre-privatisation investment and bring the Commodity Exchange to an operational level, in exchange for shares in the company before it is finally privatised.

Smart City Dubai eye Lagos with $10bn investment

Written by  |  Thursday, 17 September 2015 00:00  |  Published in BUSINESS TOURISM

A consortium of investors united under the Smart City Dubai project is to stake about $10 billion in Lagos, in what is seen as renewed interest in Africa’s biggest economy, as President Muhammadu Buhari, and Governor Akinwunmi Ambode of Lagos State inch closer to unveiling their cabinets later this month.
Smart City is said to be eyeing key sectors of the economy such as transportation, communications, infrastructure development and electricity, among others.  
A number of local and international business delegations have so far visited Lagos since the inauguration of the new administration on May 29, and held talks with the government. Lagos, Nigeria’s economic nerve centre, remains an attractive hub for investors. Its economy is considered bigger than several West African countries; and equivalent to that of Ghana at over $45 billion, according to a study by Renaissance Capital.
BusinessDay gathered that the long delays in the constitution of the federal cabinet, as is also the case in Lagos, had slowed down eager investors who want to see and study the policy direction of the new governments.

However, following the submission of names of nominees for the position of ministers to the security agencies for screening by President Buhari, the investors’, the investors seem to be regaining appetite. Governor Ambode is also putting finishing touches to his list of commissioners for submission to the state House of Assembly’s approval.  

Top 5 business hotels in Lagos

Written by  |  Monday, 31 August 2015 00:00  |  Published in BUSINESS TOURISM

Many business people find themselves traveling to Lagos for work. While Lagos has plenty to offer, it can be tough for them to find the perfect place to stay.

Aside from top-notch room service, reliable WiFi connections, easy-to-find data ports, and streamlined check-in and check-out policies, seasoned corporate travelers tend to ask questions like "how close is the hotel to the planned event?" and "can the hotel accommodate the meetings and spare their company the cost of renting out additional space?"

The truth is, not every hotel in Lagos is equipped to handle the needs of 21st-century business travelers. Fortunately, has gone through its database and have found the top hotels that are perfect for business travelers on the move. If you are planning a trip and need a place to start, you have come to the right place. Take a look at our top picks for business in Lagos, and get inspired!

Guyana should be seeking visa-free agreements with leading African countries

Written by  |  Friday, 28 August 2015 00:00  |  Published in BUSINESS TOURISM

Africa again has caught the attention of hungry investors from China, India, Brazil, Arabia and Turkey. More and more countries are becoming politically and economically stable. Construction and development is booming in South Africa, Uganda, Kenya, Tanzania and Zimbabwe. These countries attract millions of tourists each year and yet, unfortunately, Guyanese and Surinamese nationals need visas to visit all of them except South Africa.

Guyana which had championed liberation movements in Africa and hosted many African heads of states still does not have diplomatic ties with many African nations. Further, Guyanese require visas to visit most African countries except the Gambia, Malawi, Botswana and South Africa.

From all the indications out of Georgetown, the new coalition government which has a history of strong ties with Africa and the Islamic world under former president Forbes Burnham who visited Algeria, Botswana, Egypt, Guinea Conakry, Iraq, Nigeria, Somalia, Tanzania, Uganda, Zambia and other African countries, will seek to further strengthen ties with Africa and Islamic countries. Ironically, Guyana does not even have a visa abolition policy with some of these countries. Kenya, Tanzania and Uganda are now some of the fastest growing economies in Africa today.

Brookings report: Mobile-money drives access to finance in Africa

Written by  |  Friday, 28 August 2015 00:00  |  Published in BUSINESS TOURISM

Kenya and South Africa lead in access to and usage of affordable financial services across 21 countries globally says, a new report.

The 2015 Brookings Financial and Digital Inclusion Project (FDIP) report was launched on August 24 at the Center for Technology Innovation at Brookings.

Kenya garnered 89 percent points, followed by South Africa at 80 percent, Brazil came third at 78 percent, Rwanda and Uganda were tied with 75 percent each, and Chile and Colombia are tied with 74 percent each.

Ethiopia, Malawi, Nigeria, Tanzania, and Zambia are other African countries in the selected 21.

Other international countries included are Afghanistan, Bangladesh, India, Indonesia, Mexico, Pakistan, Peru, the Philippines, and Turkey.

The report was compiled by John D. Villasenor, a non-resident senior fellow in Governance Studies at the Center for Technology Innovation at Brookings and Darrell M. West, vice president and director of Governance Studies and founding director of the Center. It ranks countries on indicators that include country commitment, mobile capacity, regulatory environment and adoption.

Five ways China's economic crisis will affect Africa

Written by  |  Thursday, 27 August 2015 00:00  |  Published in BUSINESS TOURISM

Signs of an economic slowdown in China have led to fears of a global recession, including Africa, given the close ties it has built up with China in recent years.

South Africa's currency has taken the hardest battering because it is the only African currency traded on the so-called "carry-trade".

This is the money-market, where currency- and foreign-exchange brokers decide on the valuations of each nations currency. They look at the nature of the economy, its strength and its future prospects.

In this regard, South Africa is showing signs of weakness on the growth front, low productivity of the factory side and pull-backs on the mining side.

Together with volatile prices for its commodities such as gold, platinum and coal, traders have decided that the South African economy, and therefore its currency, will be risky to buy and invest in.

This is why the rand has lost nearly 8% of its value in the past week alone.

It is important to note that for other countries that buy and sell commodities, similar speculation would have occurred.
South Africa's stock market South Africa will feel a secondary impact on its stock market.

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