BUSINESS TOURISM

World Bank: $1bn investment guarantee for Nigeria

Written by  |  Monday, 14 April 2014 00:00  |  Published in BUSINESS TOURISM

Following recent rebasing of Nigeria's GDP and her becoming the largest economy in Africa, two-times bigger than former largest, South Africa's economy! An influential arm of the World Bank has just announced and moved to implement specialised investment in Nigeria's critical, and most lucrative, sector Oil, Gas and Energy. The Multilateral Investment Guarantee Agency (MIGA), the political risk insurance and credit enhancement arm of the World Bank Group, would provide over $1 billion investment guarantees to support infrastructure development in Nigeria. Announcing this on Wednesday in Abuja, Michel Wormser, vice president and chief operating officer of MIGA, said the guarantees would primarily come into Nigeria’s expanding energy sector, manufacturing and also help the private sector, especially the banks expand their businesses outside the country. Womser who was visiting Nigeria to find out critical investment options has held talks with the banks and would also discuss with the government on specific areas of interests that would bring the best values to the country“Over the next couple of years, I expect that MIGA will provide guarantees above one billion dollars in Nigeria. This is primarily going to be in the energy sector. “And the discussions that we are going to have today is to precisely identify with the governments and agencies where they would see the highest value from MIGA involvement,

AfDB Report: Low Investment Slows Down Tourism Growth In Africa

Written by  |  Friday, 28 February 2014 00:00  |  Published in BUSINESS TOURISM

To maximize Africa’s tourism potential, critical investments are needed in key infrastructure sectors such as transport, energy, water and telecommunications, says African Development Bank (AfDB) Group Vice-President and Chief Economist, Mthuli Ncube. At present, the potential of Africa’s tourism is untapped because of the poor investment in these sectors, he says. In the foreword of the inaugural issue of the Africa Tourism Monitor, a joint initiative produced by AfDB in partnership with the Africa Travel Association and Africa House at NYU, Ncube says the expansion and development of tourism in the continent depends on better transport infrastructure - including airline connections, roads and railways - in addition to open borders, and improved marketing to niche sectors such as adventure and eco-travellers. “While Africa accounts for 15 percent of the world population, it receives only about 3 percent of world tourism,” writes Ncube.

Africa is home to some of the fastest-growing economies, and revenues from tourism in Africa already represent more than double the amount of donor aid. Tremendous opportunities exist to further expand tourism across the African continent, yet challenges remain. The need for solid infrastructure, in the form of good roads and transportation corridors, for better airline connections, and fewer visas to cross African borders are

Nigeria & UAE Bilateral Trade Hits $857m on Emirates Airline’s Connections

Written by  |  Thursday, 27 February 2014 00:00  |  Published in BUSINESS TOURISM

New economic activities have arisen between Nigeria and the United Arabs Emirates (UAE) as a result of the air connectivity occasioned by Emirates Airline. This has increased the bilateral trade volumes between both countries to $857 million in 2009 from $106 million in 2004, a 710 percent increase in a 5-year period. A document in which Emirates recently examined the impact on bilateral trade to 15 countries following the launch of services between 2002 and 2007, showed that among all the fifteen countries Emirates started operating into since 2002, the positive trade and commerce impact on Nigeria is just a little lower than Mauritius whose trade volume increased by 951 percent in 5-year cumulative percentage growth. Emirates started operations into Nigeria in 2004 and has witnessed tremendous increase in traffic figures and ticket sales as the route became one of the most attractive to traders who come from far and wide to do business in Nigeria.For instance, many traders prefer to first go through Dubai to connect other European countries in order to buy goods to either take back to Nigeria or take to their destinations. A list of foreign airlines operating into Nigeria released by the Nigerian Civil Aviation Authority in December

Nigeria: Customs Command impounds 800 bags of rice

Written by  |  Friday, 21 February 2014 00:00  |  Published in BUSINESS TOURISM

Mr Willy Egbudin, the Area Comptroller, Seme Command of the Nigerian Customs Service (NCS), on Thursday said 800 bags of rice hidden under a truck loaded with pineapples had been seized. Egbudin told newsmen on Thursday that the truck, with Benin Republic registration number AY 1791 RB, was loaded with pineapples while 800 bags were concealed under them. He said the truck was intercepted at Aradagun/Mowo, near Badagry, Lagos State at midnight on Feb. 18. "These seizures were made due to intelligence gathering we were able to get with the help of our officers. "Our men had monitored the truck right from the loading point and allowed it to enter Nigeria. "It was intercepted at Aradagun/Mowo near Badagry where the bags of rice were hidden under pineapples" he said.

Nigeria Customs seizes goods worth N8.5bn

Written by  |  Tuesday, 04 February 2014 00:00  |  Published in BUSINESS TOURISM

The Nigeria Customs Service (NSC) seized goods valued at N8.5 billion, which entered into the country through illegal sources in 2013, an official publication of the service has revealed. The publication, “Naija Customs,” said that the value of the impounded goods was N3.1 billion higher than the N4.6 billion worth of goods seized in 2012. The NCS attributed the improved performance in seizure of unauthorised goods during the period to dedication of officials. It stated that the seizures were made at the seaports, airports and border posts, adding that it would strengthen the anti-smuggling strategies and ensure that smuggling was reduced to the barest limit. A break-down of the seizures showed that goods valued at N2.5 billion were seized in the first quarter of the year, N2.3 billion in the second quarter, N1.9 billion in the third quarter and N1.8 billion in the fourth quarter.

Africa Bank to Fund Abuja's BRT Road Facility

Written by  |  Wednesday, 29 January 2014 00:00  |  Published in BUSINESS TOURISM

The prospect of a $50 million facility from the African Development Bank (AfDB) to finance the proposed Abuja Bus Rapid Transportation (BRT) system is brightening as the bank’s delegation is expected in Abuja in the first quarter of 2014 for another round of due diligence. The visit is the outcome of the initial assessment conducted last November, and the second in the collaboration between the bank and the FCTA to evolve a modern mass transit system for the fast developing Federal Capital Territory. Donald Kaberuka, the AfDB chairman told BusinessDay of the commitment of the bank, stating that the Abuja BRT project is one of the continent’s priorities. “Yes, it is on the way and it is a project which I am very very interested in. If the team did not come, maybe it is some logistics issues. But we work with the government on that because it tourism could be one of the projects which could be interesting to Africa”.He explained that the bank together with the FCTA will monitor the project when it finally comes on stream. “Everything that we are doing is in collaboration with government and Nigerian financial institutions because this project is in Nigeria and for the Nigerian people”. “BRT-BUSSo we will work very closely with them

Nigeria becomes 25th largest economy in 2028

Written by  |  Monday, 30 December 2013 00:00  |  Published in BUSINESS TOURISM

Nigeria is to become the 25th largest economy in the world by 2028, second only to Egypt in Africa. This will firmly consolidate the country’s place as the largest economy in Sub-Saharan Africa, the 2013 Centre for Economic and Business Research’s (CEBR) World Economic League Table has revealed. The country’s Gross Domestic Product (GDP) is estimated to hit $927 billion, $655 billion higher than the current estimate of $272 billion. And with the on-the-pipeline rebasing plans by the National Bureau of Statistics (NBS), the figure is expected to reach $405 billion in January 2014, overtaking South Africa, which is currently the largest African economy, with an estimated GDP of $370 billion. Incidentally, South Africa does not have any place in this table that contains 30 prospective  economic powerhouses by 2028.  On the other hand, Nigeria, currently 36th on the table, is not only expected to rank 25th on this chart, but is also tipped to clearly topple South Africa, currently 33rd, by 2020. ‘’Nigeria is predicted to overtake South Africa as Sub Saharan Africa’s largest economy in 2020 and to rise from 36th position in the league table in 2013 to 25th in 2028,’’ said the report, released on Friday. The chart shows Nigeria being ranked

BANK APPROVES $185M FOR TRANS-SAHARA HIGHWAY

Written by  |  Thursday, 19 December 2013 00:00  |  Published in BUSINESS TOURISM

African Development Bank (AfDB) has approved the release of 184.79 million dollars for the proposed 9,000-kilometre Trans-Sahara Highway (TSH).The approval is contained in a statement issued by the bank on Monday in Addis Ababa. It noted that the bank had approved the release of the amount during its meeting on Dec. 11, held in Tunis. According to the statement, the project involves the construction and asphalt of 565 kilometres of road to link the main axis and the Chadian branch of the Trans-Sahara Highway. The statement added that part of the amount would be used for the construction of a 543-metre-long bridge on River Niger at Farié, with three kilometres of access road. It would also include the construction of infrastructure to ease transport and transit at the Algeria and Niger and the Niger and Chad borders. ``The project will facilitate overland trade and regional integration between the Arab Maghreb Union (AMU), ECOWAS, Economic community of Central African States (ECCAS) in general and Algeria, Niger and Chad, in particular.


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