Business
Terrorism: New Rules Restrict Passengers’ Movement
Some airlines were telling passengers on Saturday that new government security regulations prohibit them from leaving their seats beginning an hour before landing
The regulations are a response to a suspected terrorism incident on Christmas Day.
Air Canada said in a statement that new rules imposed by the Transportation Security Administration limit on-board activities by passengers and crew in U.S. airspace. The airline said that during the final hour of flight passengers must remain seated. They won’t be allowed access to carryon baggage or to have any items on their laps.
Flight attendants on some domestic flights are informing passengers of similar rules. Passengers on a flight from New York to Tampa Saturday morning were also told they must remain in their seats and couldn’t have items in their laps, including laptops and pillows.
The TSA issued a security directive for U.S.-bound flights from overseas, according to a transportation security official who spoke on condition of anonymity because the official was not authorised to speak publicly.
The official said passengers travelling internationally could see increased security screening at gates and when they check their bags, as well as additional measures on flights such as stowing carryons and personal items before the plane lands.
Homeland Security Secretary Janet Napolitano said in a statement Saturday that passengers flying to the U.S. from overseas may notice extra security, but she said the measures “are designed to be unpredictable, so passengers should not expect to see the same thing everywhere.”
A Nigerian passenger on a Northwest Airlines flight from Amsterdam allegedly attempted to start a fire as the plane prepared to land in Detroit on Friday, according to authorities. The incident has sparked a major international terrorism investigation.
Air Canada said it was limiting passengers to one carryon bag in response to a request from the U.S. and Canadian governments.
The airline advised U.S.-bound passengers to restrict their carryon item to “the absolute minimum” or not to carry any bag on board at all.
“Carriage of any carryon item will result in lengthy security delays for the customer,” the airline said.
U.S.-bound flights on all airlines are experiencing significant delays, said Duncan Dee, Air Canada’s executive vice president and chief operating officer.
A spokeswoman with Infraero, a Brazilian government agency that oversees airport infrastructure, said that airlines had been asked by federal authorities to add another layer of security for international flights originating in the country after the attempted attack in the U.S.
The official, who spoke on condition of anonymity because she was not authorised to discuss the matter, said that passengers would face an extra screening that would take place just before they boarded planes. She would give no more details, citing security concerns.
David Castelveter, a spokesman for the Air Transport Association, said the domestic airline industry has been in close coordination with the security administration since Friday’s incident and there will be increased scrutiny of passengers. He declined to comment on whether new regulations have been put in place.
Business
FG Approves ?758bn Bonds To Clear Pension Backlogs, Says PenCom
Business
Banks Must Back Innovation, Not Just Big Corporates — Edun
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
Business
FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.
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