Business

High Airfare Prevents Nigerians From Travelling For Christmas

Published

14 years ago

December 28, 2011

High cost of air ticket on Nigeria- South Africa route has scuttled the plans of many Nigerians resident in the country to travel home for the Christmas.

Some of them, who spoke to newsmen in Johannesburg, said they were disappointed at the high cost of fare, which in some cases went up by more than 200 per cent.

“It is unbelievable that the cost of ticket between Johannesburg and Lagos now goes for as much as 2,000 Rand which would be about N300, 000, the same ticket you could get for less than 700 Rand or less (N120.000.00),” Dotun Olubadejo a medical doctor told reporters.

He said apart from the high cost of the ticket it was also difficult to secure a seat for the return journey, which would be risky if one was to resume work immediately after the holiday.

‘’Having weighed all the options, I decided to celebrate the Christmas here, ’’ Olubadejo said.

Chidi Okereke, a businessman, also said that some of the airline operators were exploiting the desperation of intending travellers to extort money from them.

“My brother, it is tough, if you are desperate to travel to Nigeria now you have to pay extra, some airline operators are making money out this situation.

“It is either they tell you that there is no seat the day you want to go or no seat the day you want to come back. But once you offer to pay them something extra they will make seat available on the days you want. So, if you want travel, you have to play ball.

“It is mandatory for some of us to travel either for family engagement or for the feeling of being with your people during the festive period.

“Some people save money for this annually. In my own case I have to go because I will turn 40 on December 28, and I just completed my house in the village to mark my birthday,’’ Okereke said.

Paul Ajuluchukwu, said he was eager to travel with his South African wife to meet his family in Nigeria for the first time.

“I have been in this country for about 10 years now and I married a South African two years ago, and she wants to meet my people at home.

“Christmas period is the best time for me to take her and my children home because every member of my family will be home for Christmas and that will provide her the opportunity to know about my culture.

“But the price I’m paying is too much, all my savings for the year is going into this, due to high cost of tickets. The airfare for the four of us including the children is about N800, 000. 00.

‘’What do I do, I had promised my family that we will all celebrate Christmas in Nigeria,’’ Ajuluchwu said.

An officer at the Nigerian Consulate in Johannesburg, who spoke on condition of anonymity, said they received more than 1,000 applications for visas and other travel-related documents between October and December.

“We have been working round the clock since October trying to make sure that Nigerians or non Nigerians willing to travel during the Christmas period are not denied the opportunity.

“Some Nigerians coming to the Consulate are here for either loss of their passports or renewals. We ensure that we attend to those of them with genuine requests,” he said.

Meanwhile, business and commercial activities in Johannesburg and Pretoria are paralysed because of the Christmas celebrations as all the shops and offices were closed except a few restaurants that remained open for business.

Some of the residents of Johannesburg who spoke to our source said that Christmas was very important to South Africans.

“They don’t joke with Christmas in South Africa. It is a big thing here, the whole of the city is almost empty as you can see for yourself. They have all gone home. People have been leaving Johannesburg for their villages about two weeks before Christmas,’’ Alfred Luke a resident of Johannesburg said.

Reports say that there has also been an increase in the number of road accidents following mass movement of people going to celebrate Christmas in their villages.

According to the Department of Transport more than 800 lives had been lost as a result of road accidents since the beginning of December.

Business

Nigeria’s ETF correction deepens as STANBICETF30, VETGRIF30 see 50% decline in a week

Published

18 hours ago

February 23, 2026

The Tide

Nigeria directs all oil, gas revenues to federation account in sweeping reform

Nigerian President Bola Tinubu has signed an order directing that all oil and gas revenues owed to the government be paid directly into the federation account, in sweeping reforms aimed at boosting public finances, the presidency said on Wednesday.

Under the law, the Nigerian National Petroleum Corporation keeps 30% of oil and gas profits for frontier exploration in inland basins. The presidency said those funds will now be paid into the federation account and appropriated by the government.

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NNPC also retains 30% of oil and gas sales as operational costs and receives 30% of proceeds from Production Sharing Contracts. Under the new directive, all revenues under these arrangements will flow directly to the federation account, while the company will instead receive appropriated management fees.

Royalty payments, petroleum profit taxes and other statutory revenues previously collected and retained by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will also be paid directly into the Federation Account. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) will likewise remit its revenues in full, with its cost of collection to be funded through appropriation.

Tinubu’s office said deductions enabled by the law had sharply reduced net oil inflows and contributed to fiscal strain across federal, state and local governments. The president also ordered a review of the law and established an implementation committee to enforce the changes.

Business

BOI Introduces Business Clinic

Published

19 hours ago

February 23, 2026

The Tide

The Bank of Industry (BoI) has introduced a business clinic model designed to diagnose, treat and rehabilitate the Micro, Small and Medium Enterprises (MSMEs) to ensure long-term growth and sustainability.

The Divisional Head, Business Development, BoI, Dr Obaro Osah, made this known at the bank’s Thrive Summit with the theme: “Driving Growth through Innovation and Financial Empowerment” on Tuesday in Lagos.

Osah noted that traditional banking often treated businesses as mere account opening and management relationships.

He said the BoI business clinic model was created to reimagine the essence of a bank as a specialised teaching hospital.

According to him, just as a hospital requires a thorough diagnosis before service treatment/surgery, the bank must analyse the structural health of a small business before injecting capital.

“Financial distress is often just a symptom, the disease lies in operations and adopted philosophy, strategy, or governance,” he said.

Osah noted the many MSMEs, in spite of their potential, suffer from recurring ailments: restricted cash flow, poor operational structure, lack of proper packaging and market access, poor management among others.

He said the bank’s triage and vital signs included screening SMEs by maturity stage, pulse check to assess cash flow and liquidity and market temperature to evaluate competitive landscape.

Osah said after these evaluation, advanced diagnostics, prescriptions, surgical interventions and recovery and rehabilitation would be carried out where necessary.

“Prescription without diagnosis is malpractice and the Thrive Summit ensures we treat the root cause, not just the symptoms,” he said.

The Chief Strategy and Development Officer, BoI, Dr Isa Omagu, noted that MSMEs needed more than finance to succeed.

Omagu said they needed structure, advisory, capacity building, governance, digital readiness, access to market information and the right business infrastructure to operate and scale effectively.

He said as part of the bank’s 2025-2027 Corporate Strategy, the business clinic would expand BoI’s value proposition to broaden its products and services to better reach target segments.

Omagu said by offering structured business advisory and project development support, the clinic would enable the bank deliver deeper, more holistic value to MSMEs beyond financing.

“This vision of a structured, holistic business clinic; one that strengthens MSMEs across all core business functions and makes them more bankable, competitive, digitally enabled, and sustainable, is fully aligned with our strategic initiative to develop and roll out non-financial product offerings.

“Through this initiative, BoI commits to providing business advisory for MSMEs and project lifecycle support for enterprises, and the business clinic serves as the practical platform through which this commitment comes to life,” he said.

Omagu urged MSMEs to apply the guidance received to strengthen structure, governance, and financial management.

He added that they must adopt digital tools and improve internal processes to boost competitiveness while engaging BoI as a long-term partner in building a resilient, scalable business.

Mrs Eniola Akinsete, Divisional Head, Sustainability, BoI, said adopting Environmental, Social and Governance (ESG), principles often led to business prosperity.

Akinsete, however, noted that in spite of the benefits, adoption challenges persisted.

She affirmed BoI’s support on the adoption of ESG Practices by the MSMEs.

Earlier, the Executive Director, Corporate Finance, Sustainability and Investments, BoI, Mr Rotimi Akinde, said the summit represented a shared commitment to building a stronger, more resilient business ecosystem in Nigeria.

Akinde stated that the business clinic created a platform for practical knowledge sharing where entrepreneurs and small business owners could gain actionable insights to overcome challenges and seize opportunities.

He said discussions would focus on critical areas that drive sustainable growth, including branding and marketing, financials and activities, human rights, human resources, raising capital for equity and technology.

Business

Dangote signs $400 mln equipment deal with China’s XCMG to speed up refinery expansion

Published

19 hours ago

February 23, 2026

The Tide

Nigeria’s Dangote Group has signed a $400 million equipment deal with China’s Xuzhou Construction Machinery Group to speed up the expansion of its oil refinery toward a planned 1.4 million barrels per day, the company said on Tuesday.

The additional equipment is expected to support major projects under construction across refining, petrochemicals, agriculture and infrastructure.

Dangote said the XCMG agreement would allow it to acquire a wide range of new heavy-duty machinery to complement existing assets deployed for the refinery build?out, which the company expects to complete within three years.

As part of the expansion, polypropylene capacity will rise to 2.4 million tons per year from 900,000 tons. Urea production in Nigeria will triple to 9 million tons per year, alongside an existing 3 million-ton plant in Ethiopia, positioning the conglomerate as the world’s largest urea producer, the company said.

The output of linear alkyl benzene – a key raw material for detergents – will increase to 400,000 tons annually, making Dangote the biggest supplier in Africa. Additional base-oil capacity is also planned in the programme.

Dangote Group described the equipment deal as a strategic investment aligned with its ambition to become a $100 billion enterprise by 2030.

“The additional equipment we are acquiring under this partnership will significantly enhance execution across our projects,” it said in a statement.

Owned by Nigerian billionaire Aliko Dangote, the $20 billion refinery began operations in 2024 after years of delays. Once fully operational, it is expected to reduce Nigeria’s heavy dependence on imported refined fuel and reshape fuel supply across West and Central Africa.

Reporting by Isaac Anyaogu; Editing by Anil D’Silva

The Nigeria-Slovenia Chamber of Commerce on Thursday urged the Nigerian business community to explore business opportunities in Slovenia to widen their horizons.

The Tide source reports that the chamber made the call at its 2025 Last Quarter Business Forum held in Lagos State.

The forum is the chamber’s routine session aimed at informing businesses about the latest opportunities of mutual benefit between both countries, encouraging people to explore them to improve their livelihoods.

Speaking at the event, which was attended by businessmen and trade regulatory agencies, the Director-General of the Nigeria-Slovenia Chamber of Commerce, Mr Uche Udungwor, described the relationship between the two countries as a bilateral economy.

Udungwor said the body, established to build, promote and facilitate trade and investment activities between Nigeria and Slovenia, had positively impacted both nations.

He said the mandates of the chamber include: “To provide a forum representative of Nigeria and Slovenia’s interests for the development and improvement of commerce and industry between the two countries.

“Also, to create, promote and sustain broad exchanges and interactions in commercial, industrial and economic fields between the countries.

“To promote cooperation on technical and scientific innovations between institutions of the countries through the exchange of regular information on trade and investment opportunities.

“To advise members on opportunities, challenges, legislation or otherwise arising from the pursuit of trade between Nigeria and Slovenia, and to encourage the exchange of ideas and views on trade matters within the context of trade promotion between both countries.”

According to him, Slovenia’s major imports include organic chemicals, agro products such as cocoa beans, iron and steel/metal scraps, wood, and mineral fuels/petroleum products.

He said the trade balance between Slovenia and Nigeria is “not quite encouraging”, citing United Nations COMTRADE data indicating that Slovenia’s imports from Nigeria in 2022 amounted to $5.7 million.

Udungwor described the Republic of Slovenia, located in Central Europe with about 2.1 million inhabitants, as a promising business frontier for Nigerians.

He noted that the country features Alpine mountains, thick forests and a short Adriatic coastline.

“Slovenia, which borders Italy to the west, Austria to the north, Croatia to the south and southeast, and Hungary to the northeast, has a 2024 GDP of 72.49 billion dollars, a sound economy and a low-risk business environment.

“Slovenia has been a member of the European Union since 2004 and of the Schengen Group since 2007. It is also a member of the Organisation for Economic Co-operation and Development (OECD).

“Slovenia today is a stable, vibrant democracy that offers a stimulating business environment and represents a bridge between the Balkan, Central European and Western European countries.

“The Nigeria-Slovenia Chamber of Commerce is at your service to provide up-to-date information and advice about Slovenia’s economy, business opportunities, companies, products and services for the mutual benefit of all,” he said.

A participant, Mr Muyiwa Ajose, said his partnership with the chamber had bolstered his agro exports to Slovenia.