- FG pushes for fair visa policies to boost Nigeria’s global trade presence
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has called for deeper economic collaboration between Nigeria and the Middle East, emphasizing the role of financial reforms and diaspora engagement in strengthening Nigeria’s economy.
Cardoso met with Talal Al-Humond, the assistant governor for monetary affairs at the Saudi Central Bank (SAMA), at the first Conference on Emerging Markets Economies, which was hosted by the Saudi Ministry of Finance and the International Monetary Fund Regional Office in Riyadh.
He praised the development of Saudi Arabia Talal Al-Humonda’s economic diversification strategy, infrastructure and tourism investment as an important lesson for Nigeria.
“Saudi Arabia’s commitment to diversifying the economy through innovative environmental projects, massive transformation and tourism investments is extremely important for development,” Cardoso said.
He also reaffirmed the CBN’s commitment to engaging the Nigerian diaspora in the Middle East to boost remittance flows and strengthen the country’s financial sector.
“The Central Bank of Nigeria will continue enhancing macroeconomic fundamentals to create an enabling environment that facilitates private sector growth and the creation of high-quality jobs for Nigerians,” he added.
In response, Talal Al-Humond assured Cardoso that the Saudi Central Bank is willing to collaborate with the CBN to achieve mutually beneficial economic goals.
During a panel discussion moderated by the Director of the IMF’s Middle East and Central Asia Department, Jihad Azour, Cardoso outlined major financial reforms undertaken by the CBN.
He stated that Nigeria had decreased the gap between official and parallel market exchange rates from 60% to only 4-5% as a result of continuous policy direction, market confidence, and increased forex trade transparency.
To further improve forex market stability, the CBN implemented an electronic matching system and a foreign exchange code of conduct, which all Nigerian banks have signed to assure market compliance.
As a result of these steps, Nigeria’s foreign reserves have reached $40 billion, reaching their highest level in nearly three years.
Cardoso admitted that Nigeria has seen capital outflows, currency depreciation, inflation, and foreign exchange backlogs, resulting in a loss of confidence in the naira.
His administration placed a high priority on restoring market confidence by ensuring economic stability and clearing forex backlogs.
In order to control inflation, the CBN raised interest rates by 850 basis points in the last year and shifted away from quasi-fiscal interventions that had distorted the economy, further solidifying its reliance on conventional monetary policies.
Cardoso claims that the elimination of the fuel subsidy, which formerly consumed 6% of Nigeria’s GDP yearly, was one of the most significant changes.
Even if previous administrations lacked the political fortitude to do away with the subsidies, doing so has greatly improved Nigeria’s financial situation.
To enhance the financial system, the CBN has required banks to recapitalize, guaranteeing they possess sufficient buffers to endure economic shocks.
Regarding financial inclusion, Cardoso highlighted the importance of increasing access to financial services, pointing out that Nigeria’s financial inclusion rate is currently at 74%.
“As the economy rebounds, reducing disparities and ensuring broad-based financial access is critical,” cardoso stated.
He emphasised digitalisation as a crucial driver of financial inclusion, emphasising that extending mobile money services, utilising technology, and prioritising gender-focused programs will close financial access gaps, particularly among marginalised groups.
Cardoso concluded by reaffirming the CBN’s commitment to macroeconomic stability, policy consistency, and long-term economic resilience.
The two-day Emerging Markets Economies Conference in Al Ula, Saudi Arabia, brought together policymakers, central bankers, and economic experts from across emerging markets to discuss global economic shifts and their impact on developing economies.
FG pushes for fair visa policies to boost Nigeria’s global trade presence
Also, the Minister of Information and National Orientation, Mohammed Idris, has called for a more liberal visa regime for Nigerian companies seeking to establish factories and businesses in foreign countries.
The Minister made the call in Addis Ababa, Ethiopia on Sunday when he represented President Bola Tinubu at a meeting with the executive members of the Nigerian Community in Ethiopia, on the sidelines of the 38th Ordinary Session of the Assembly of the African Union Heads of State and Government.
Idris emphasized that as Nigeria continues to provide an enabling environment for foreign companies to invest and operate within its borders, it is only fair and mutually beneficial for other nations to extend similar support to Nigerian businesses looking to expand internationally.
“Last year, I was representing Nigeria in Indonesia and found out that about 50 big Indonesian companies are operating in Nigeria but we do not have five Nigerian companies operating in Indonesia. If they want to come to our country to trade because of our population and ability to purchase their goods and services, then there should also be that reciprocal arrangement where Nigerians are also given the rightful place; and the visa issue is the same problem you find in Ethiopia and Indonesia. It becomes very complex for people to give Nigerians visas,” he said.
In response to concerns regarding the Ethiopian government’s cancellation of the e-visa and Visa-on-Arrival options for Nigerian travelers, Idris assured that the matter will be escalated to the Minister of Foreign Affairs for appropriate diplomatic engagement.
While acknowledging the concerns raised by Nigerians in Ethiopia, the Minister emphasized that visa policies among nations are typically based on the principle of reciprocity.
He noted that governments often implement visa regulations in response to the policies extended to their citizens, highlighting the need for balanced and mutually beneficial agreements in international travel and diplomacy.
“Every relationship with other countries is reciprocal. So if we give them Visa-on-Arrival, there is no reason why they should not give us Visa-on-Arrival,” he said.
The Minister therefore urged Nigerians living abroad to consistently demonstrate good conduct and responsible citizenship in order to promote the image of the country to the outside world.
“We don’t allow bad people to represent us and that’s where you come in. You are the ones who are here and if you don’t represent us well, there is no way we will look good. The visit of the President to Ethiopia from time to time or the visit of any minister here cannot do it. It is those who are here and living with them that can change whatever perception they have about our country,” he said.
The Minister used the occasion to inform the Nigerian community about the policy direction of the Tinubu administration, stressing that a lot has been achieved in revamping the economy, provision of infrastructure, curbing insecurity, and the restoration of investor confidence in Nigeria.
Idris said Nigeria has recently secured approximately $1.07 billion in Foreign Direct Investment for the establishment of drug and pharmaceutical manufacturing industries.
He emphasized that this significant investment marks the beginning of Nigeria’s medical industrialization by positioning the country as a key player in pharmaceutical production to enhance local drug manufacturing capacity, reduce dependency on imports, create jobs, and strengthen the nation’s healthcare sector.
The Minister said in less than 250 days, about N32 billion has been disbursed to students under the Students Loan Scheme to ensure that no student is denied access to quality education due to lack of funds.
Idris, who reaffirmed the government’s commitment to tackling security challenges head-on, disclosed that in 2024 alone, security forces neutralized 8,000 terrorists and bandits, rescued 8,000 kidnapped victims, and recorded 11,600 arrests.
The Minister stated that the Kaduna-Abuja Expressway, once notorious for criminal activities, has now been successfully cleared of criminal elements, noting that the improved security along the route has brought significant relief to commuters.
Idris said reform is usually a very difficult task but there is a gradual progression towards prosperity for all as promised by the President.
In his remarks, the President of the Nigerian Community in Ethiopia, Muideen Alimi, said part of their work plan is to collaborate with the Nigerians in the Diaspora Commission to organize a workshop on enhancing economic development through intra-African trade.
He urged Nigeria to support the actualization of the plan to set up the African Central Bank as well as have a strong presence in the African Remittance Agency.
The meeting was attended by the Director General of the Nigerians in Diaspora Commission, Mrs. Abike Dabiri-Erewa, and other top government officials.