Business

Deregulation, Best Option For Nigeria’s Economic Dev

Published

11 years ago

April 29, 2015

The Major Oil Marketers Association of Nigeria (MOMAN) has said that deregulation of the downstream sector of the oil and gas industry remains the best option to move the economy forward.
The Executive Secretary of MOMAN, MrObafemiOlawore, made the assertion in an interview with newsmen in Lagos on Monday.
Olawore said that deregulation would bring in investments into the sector, adding that only deregulation would encourage the establishment of private refineries in the country.
According to him, the Federal Government should summon the courage to fully deregulate and remove subsidy or embark on continuous subsidy regime payment as at when due.
“If government likes, they can introduce gradual removal of subsidy but it should not go beyond 6 to 18 months period.
“If fully deregulated with rules, you will have the serious investors coming in to invest adequately,” Olawore said.
According to him, deregulation is the answer and the government must talk to the people and let them understand the advantages.
“The governemnt must also show that in the areas where there have deregulation, people are gaining and that whatever comes in as funds will be used for the benefit of the people.
“People should know that the subsidy refund is not dash money. It is what you have paid for and somebody is paying you back because you have been told to sell below the market price.
“We were hoping that we will be paid back on time but the refund is delayed infinitely. Banks are on us demanding for their money and interest,” he said.
The executive secretary also said that the foreign exchange element affected the business.
“When you buy a product at 160 to 1 dollar, for instance, and you don’t get the money until the exchange rate has been raised to 240, it means that you incur a huge loss. Who bears that?
He said that there was need for government to pay as at when due for marketers to underscore the need for a hedge fund that would enable importers to cover such losses.
“There is no hedge fund that will give us protection for one year because increases come up, so many feel that once there is a hiccup it will lead to increase in price,’’ he said.
Olawore said that passage of the Petroleum Industry Bill (PIB) remained the best options that would usher in deregulation, adding that even if the current PIB was not perfect, it could be amended after the passage.
“Once you deregulate, these refineries will be coming up. So, we will plead that we get the National Assembly to pass the PIB.
“We believe that the PIB will go a long way in encouraging deregulation but if we want a PIB that will be faultless before it will be passed, then we are thinking that we are not human beings.
“ Why do we have the word amendment? How many amendments have they done on the American constitution?
“American constitution has experienced so many amendments. It is better to pass it and as we go ahead, if there is any need for amendment, we make it,” he said.

L-R: Accountant-General of the Federation, Mr Jonah Otunla; Representative of the Vice President, Amb. Bashir Yuguda; Head of the Civil Service of the Federation, Mr Danladi Kifasi; Permanent Secretary, Ministry of Land and Urban Development, Mr George Ossi and Auditor-General of the Federation, Mr Samuel Ukura, during the Launch of Accrual Accounting Manual, International Public Sector Accounting Standards Compliant In Nigeria (IPSAS) in Abuja on Monday.

Transport

Nigeria Rates 7th For Visa Application To France —–Schengen Visa

Published

2 days ago

January 28, 2026

The Tide

Nigeria was the 7th country in 2024, which filed the most schenghen visa to France, with a total of 111,201 of schenghen visa applications made in 2025, out of which 55,833, about 50.2 percent submitted to France

Although 2025 data is unavailable, these figures from Schengen Visa Info implies that France is not merely a preferred destination, but has been a dominant access point for Nigerian short-stay travel into Europe.

France itself has received more than three million Schengen visa applications, making it the most sought-after Schengen destination globally and a leading gateway for long-haul and third-country travellers. It was the top destination for applicants from 51 countries that same year, including many without visa-exemption arrangements with the Schengen Zone, and the sole destination for applicants from seven countries.

Alison Reed, a senior analyst at the European Migration Observatory said, “France’s administrative reach shapes applicant strategy, but it also concentrates risk. If processing times lengthen or documentation standards tighten in Paris, the effects ripple quickly back to capitals such as Abuja.”

The figures underline that this pattern is not unique to Nigeria. In neighbouring West and Central African states such as Gabon, Benin, Togo and Madagascar, more than 90 per cent of Schengen visas were sought via French authorities in 2024, with Chad, Djibouti, the Central African Republic and Comoros submitting applications exclusively to France.

“France acts as the central enumeration point for many African and Asian applicants,” said Manish Khandelwal, founder of Travelobiz.com, which reported the consolidated statistics. “Historical ties, language networks and established diaspora communities all play into that concentration. But volume inevitably invites scrutiny, and that affects refusal rates and processing rigour.”

That scrutiny is visible in the rejection statistics. Of the more than three million French applications in 2024, approximately 481,139 were denied, a rejection rate of about 15.7 per cent. While this rate is lower than in some smaller Schengen states, the sheer volume of applications means France contributes significantly to the total number of refusals within the zone.

For Nigerian applicants and policymakers, one implication is the need to broaden engagement with other Schengen consular hubs. “Over-reliance on a single consulate creates what one might call administrative bottleneck effects,” said Jean-Luc Martin, a professor and expert in European integration and mobility law at Leiden University. “If applicants from Nigeria default to France without exploring legitimate alternatives in countries like Spain, Germany or the Netherlands, they expose themselves to systemic risk

Martin added that the broader context of Schengen visa policy is evolving, with the European Commission’s preparing roll-out of the European Travel Information and Authorisation System (ETIAS) aimed at harmonising pre-travel screening across member states.

For Nigerians seeking leisure, business or educational travel to Europe, these trends suggest that strategic planning and consular diversification could become as important as the completeness of documentation and financial proof. Governments and travel consultancies in Abuja, Lagos and beyond are already advising clients to explore alternative consular pathways and to prepare for more rigorous screening criteria across all Schengen states

By: Enoch Epelle

Transport

West Zone Aviation: Adibade Olaleye Sets For NANTA President

Published

2 days ago

January 28, 2026

The Tide

Prince Abiodun Ajibade Olaleye, a former Welfare Officer and Public Relations Officer of the National Association of Nigeria Travel Agencies (NANTA), has formally declared his intention to contest for the position of Vice President of NANTA Western Zone, ahead of the zonal elections scheduled for Thursday, February 26, 2026.

In a New Year message to members of the association, Olaleye expressed optimism about the prospects of the travel and tourism industry in 2026, despite the economic headwinds and migration policy challenges that affected operations in the previous year.

He acknowledged that reduced patronage and declining trade volumes had placed significant financial pressure on many travel agencies, but urged members to remain resilient and forward-looking.

According to him, the challenges confronting the industry should be seen as opportunities for growth, innovation and institutional strengthening.

He stressed the need for unity and collective action among members of the association, noting that collaboration remains critical to navigating the evolving global travel environment.

Unveiling his vision for the NANTA Western Zone, Olaleye said his aspiration is to consolidate on the achievements of past leaders while expanding the zone’s relevance, influence and impact “beyond imagination.” He promised a leadership focused on commanding excellence, improved member welfare and stronger stakeholder engagement.

Drawing from his experience in previous executive roles within NANTA, the vice-presidential aspirant said he is well-positioned to make meaningful contributions to the association, particularly in areas of member support, public engagement and institutional growth.

“I believe that together, we can take our association to greater heights and build a stronger, more prosperous NANTA Western Zone that benefits all members,” he said, while appealing to delegates for their support and votes.

Olaleye concluded by offering prayers for good health, peace and prosperity for members in 2026, expressing confidence that the new year would usher in renewed opportunities for the travel industry and the association at large.

By: Enoch Epelle

Business

Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE

Published

2 days ago

January 28, 2026

The Tide

The Centre for the Promotion of Private Enterprise (CPPE) has warned that renewed calls for a sugar tax on non-alcoholic beverages could hurt Nigeria’s manufacturing sector, threaten jobs and slow the country’s fragile economic recovery.

In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.

Yusuf who insisted that the food and beverage sector remains the backbone of Nigeria’s manufacturing industry, said the industry supports millions of livelihoods across farming, processing, packaging, logistics, wholesale and retail trade, and hospitality.

He remarked that any policy that weakens this ecosystem could have far-reaching consequences, including job losses, lower household incomes and reduced investment.

Yusuf argued that proposals for sugar taxation in Nigeria are often influenced by global policy templates that do not adequately reflect local conditions.

According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.

“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.

“Existing obligations include company income tax, value-added tax, excise duties, levies on profits and imports, and multiple state and local government charges. These are compounded by high energy costs, exchange-rate volatility, elevated interest rates and expensive logistics,” he said.

The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.

Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.

By: Lady Godknows Ogbulu