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That Bilateral Air Services Agreement With Israel

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In spite of the rising volume of trade between Nigeria and Israel and the large number of Nigerians performing the yearly Christian pilgrimage to Israel, there is no direct air link between the two countries.

As a result of this, “spiritual visits’ to the Holy Land and business trips have been tortuous and rigorous due to the absence of direct flights between Nigeria and Israel.

This is because anyone travelling to Israel from Nigeria has to make a compulsory stopover in countries like Turkey, France, Germany, Cyprus and Ethiopia before proceeding on the journey

Statistics from Israel’s Ministry of Tourism, however, indicate that Nigeria has the highest number of pilgrims coming to Israel after the U.S.

Observers, therefore, believe that the signing of Bilateral Air Services Agreement (BASA) with Israel in Jerusalem on October 28, 2013 would redress the trend.

The Acting Minister of Foreign Affairs, Prof. Viola Onwuliri, who signed the agreement on behalf of Nigeria, said that the agreement would deepen bilateral ties between the two countries and boost their economies.

“The agreement will augur well for movement of persons, pilgrims, businessmen, academics, the civil society and students. Many of our people also come here to benefit from the technology of Israel,’’ she said.

Onwuliri said that the agreement would also make a tremendous impact on trade and investment, agriculture, construction, tourism, security and capacity building.

Mr Zeev Elkin, who signed on behalf of the State of Israel, noted that the visit of President Goodluck Jonathan, who was in Israel when the agreement was signed, provided a great opportunity for the signing of the agreement.

The Minister of Aviation, Ms Stella Oduah, said that the BASA agreement would be exploited to enhance the performance of the aviation sector. She said that the aviation sector was already targeting the operation of daily flights to Israel.

On his part, Mr John Kennedy Okpara, the Executive Secretary, Nigerian Christian Pilgrims Commission, said that the agreement could reduce the number of hours which pilgrims spent on flights, as well as cut costs.

Mr Ike Willie-Nwobu, the Executive Director, Nigeria-Israel Chamber of Commerce (NICC), said that the BASA agreement with Israel would remove some barriers hindering trade between the two countries.

He stressed that Nigerian entrepreneurs had not been able to fully utilise the investment opportunities in Israel because of the rigours of travelling through connect flights.

“Anyone travelling to Israel from Nigeria has compulsory stopovers in countries like Turkey, France, Germany and Ethiopia before proceeding on the journey.

“This has been a major disincentive to Nigerian entrepreneurs seeking business ties with their Israeli counterparts,” he said.

Willie-Nwobu said that the agreement would open new frontiers for investment opportunities in various sectors of the economy.

“There will be opportunities for airlines that are interested in flying through major air routes in Nigeria and Israel.

“It will also create a crash in the price of flight tickets which is currently between N400,000 and N450, 000. It will shorten business transactions and reduce restrictions on export of goods,” he said.

Mr Jude Arinze, Executive Secretary of NICC, said that the BASA agreement would definitely boost trade between the two countries.

He said that the value of Nigeria’s exports to Israel had increased from N2.7 billion in 2012 to N4.5 billion in 2013.

While Israel’s import from Nigeria, however, declined from N14.6 billion in 2012 to N9.3 billion in 2013 and the current trade deficit between the two countries was N12.5 billion.

Apart from economic interests and pilgrimage binding Nigeria and Israel together, the two countries share common stance in global peace and fight against terrorism.

Israel’s President Shimon Peres, who met Jonathan during the 2013 pilgrimage to Israel when the BASA deal was signed, said that both countries were facing the menace of terrorism.

Peres said that Nigeria and Israel had been steadfast partners in efforts to combat radical religious terror groups such as al-Qaida, Hezbollah and Boko Haram.

“With Nigeria at our side on the front against terror, we remain determined as ever to combat the spread of darkness. The future can be saved by making peace; it is in Israel’s interest to live in peace with our neighbours. Peace, in itself, may be the greatest benefit to the two of us — Israel and Palestine.

“Terrorists all over the world are united in their attempt to destroy hope and unity; those of us who seek peace and freedom must be united in order to defend our common front,’’ Peres said.

On his part, Jonathan acknowledged the unrelenting efforts of the Israeli president to bring about a peaceful solution to the protracted Israeli-Palestinian conflict.

He said that Nigeria welcomed the commitment to peace talks by both sides and the recent release of a number of Palestinian prisoners by Israel. We urge that the momentum for negotiations and eventual resolution of the crisis be sustained,’’ he said.

Jonathan noted that with the burgeoning peace between Israel and her neighbouring countries, more Nigerians would be encouraged to visit the State of Israel.

He said that the number of Nigerians visiting Israel annually was ever increasing, stressing that not less than 30,000 Nigerians visited Israel in 2012.

Jonathan also said that about 50 Israeli companies were actively operating in Nigeria, either directly or through joint ventures.

He listed the areas of Israeli involvement in Nigeria as agriculture, construction, communications, infrastructure, water management and resources, education and health.

Stakeholders urge the Federal Government to improve Nigeria’s economic relations with the State of Israel, while aiding the fulfilment of the BASA agreement with the Middle East country.

Okoronkwo for News Agency of Nigeria (NAN).

 

Chijioke Okoronkwo

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NEM Insurance celebrates IWD 2026 with pledge to sustain support for women endeavour

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NEM Insurance Plc – the number one motor insurance provider in Nigeria, in a vibrant commemoration of the 2026 International Women’s Day (IWD), has reaffirmed its dedication to fostering an inclusive environment that empowers women to excel in their endeavours.
Speaking at the corporate headquarters in Lagos, the Chairman of NEM Insurance Plc, Tope Smart, stated that the company remains resolute in its mission to support women affairs, noting that their contributions are vital to the sustainability of the insurance industry.
Aligning with the global theme “Give To Gain,” Smart highlighted that the insurance provider views gender diversity not just as a corporate social responsibility, but as a core driver of innovation and high-level performance.
“Our commitment to female professionals at NEM Insurance is unwavering,” Smart declared. “We recognize that by ‘giving’ women the right tools, mentorship, and leadership platforms, the industry ‘gains’ unparalleled dedication and diverse perspectives that move the needle of progress.”
The multiple award winning underwriting company and one of the top three leading general insurance business companies in Nigeria, has remained focused in promoting and supporting women affairs.
Adding her voice to the celebration, the General Manager, Corporate Services, Mrs. Mojisola Teluwo, emphasized that the company’s gender-focused initiatives, such as the “She Means Business” contest, represent a practical approach to inspiring inclusion.
Mrs. Teluwo maintained that supporting women-led initiatives is a strategic investment in the fabric of society, rather than just a philanthropic gesture.
“At NEM Insurance, we believe that when a woman thrives, a family thrives, and the nation prospers,” Mrs. Teluwo stated. “The ‘She Means Business’ initiative is our way of moving beyond mere applause for women toward active, tangible support. We are proud to provide the financial catalyst needed for visionary women to turn their business aspirations into reality.”
To mark the occasion, the leadership outlined several key pillars of support:
Leadership Development: Targeted training programs to prepare more women for executive-level decision-making.
Inclusive Work Culture: Sustaining a workplace environment that balances professional growth with personal well-being.
Economic Catalyst: Providing grants and professional frameworks to help female entrepreneurs upscale their operations.
The event featured a series of internal sessions where female staff engaged in mentorship dialogues, focusing on career advancement within the evolving landscape of the Nigerian insurance sector and paint and Sip, which provided an opportunity for women to showcase their creativity.
Smart concluded by urging other industry stakeholders to prioritize the development of female talent, asserting that a more inclusive sector is a more prosperous one for all Nigerians.
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Nigeria: Profit-Taking Persists as NGX Dips Marginally by 0.2%

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Trading on the Nigerian Exchange (NGX) closed slightly lower on Wednesday as profit-taking in selected equities continued to weigh on the market, dragging key performance indicators into negative territory.
Market data showed that the benchmark All-Share Index (ASI) declined by 0.09 per cent to close at 195,898.53 points, compared with the previous session’s level, as investors booked profits in some large and mid-cap stocks.
Consequently, market capitalisation shed N107.57 billion, settling at N125.75 trillion. Despite the marginal decline, the market still maintained positive returns, with the month-to-date gain standing at 1.6 per cent, while the year-to-date return moderated to 25.89 per cent.
The downturn was largely driven by losses recorded in stocks such as Presco Plc and UAC of Nigeria Plc, both of which declined by 10 per cent, alongside Dangote Cement Plc, which slipped by 0.6 per cent.
Market breadth closed negative, reflecting bearish investor sentiment, as 40 stocks recorded losses compared with 29 gainers, translating to a market breadth ratio of 0.7 times.
Among the top gainers were NGX Group Plc and Premier Paints Plc, which appreciated by 10 per cent and 9.9 per cent respectively. Other notable gainers included Omatek Ventures Plc, Prestige Assurance Plc and HMC Allied Plc.
On the losers’ chart, Presco Plc and UAC of Nigeria Plc led the decline with 10 per cent losses each, followed by Morison Industries Plc, LivingTrust Mortgage Bank Plc and SCOA Nigeria Plc.
Sectoral performance was mixed, with the Industrial Goods index leading the gainers after advancing by 1.42 per cent, while the Banking index recorded a marginal gain of 0.04 per cent.
Conversely, the Commodities sector topped the laggards, declining by 1.30 per cent. The Insurance index fell by 0.44 per cent, the Consumer Goods index dipped by 0.43 per cent, while the Oil and Gas index edged down by 0.06 per cent.
Activity level on the exchange weakened as investors traded a total of 671.27 million shares valued at N26.13 billion in 58,792 deals.
This represents a decline of 8.61 per cent in volume, 5.18 per cent in value and 9.31 per cent in the number of transactions compared with the previous trading session.
Wema Bank Plc emerged as the most actively traded stock by volume and value, accounting for 106.36 million shares worth N2.75 billion.
Analysts said the cautious mood in the market reflects continued portfolio rebalancing by investors following the strong rally recorded earlier in the year.
They noted that trading may remain mixed in the near term as investors react to corporate earnings releases and macroeconomic development.
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Wema Bank Admits 10 Startups into Hackaholics 2026

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Wema Bank has admitted 10 Nigerian startups into the 2026 edition of its Hackaholics Accelerator Programme as part of efforts to strengthen innovation, entrepreneurship, and sustainable business growth in the country.
The 10 cohort selected startups for the 2026 edition such as; Farmslate, Ploy, Stocmed, Feest , Varsityscape, MamaAlert, Sane, Cyclex, Kieva and Loocomo were drawn from the top performing finalists of Hackaholics 6.0.
The Hackaholics Accelerator, a selective growth programme under the bank’s Hackaholics platform, is designed to help promising startups reinforce their business foundations while preparing them for scalable growth and investment readiness.
Wema Bank said the programme represents a strategic expansion of its support for innovators, moving beyond ideation and competition to hands-on startup development after six years of driving innovation through the Hackaholics initiative.
According to Wema bank, the accelerator provides founders with structured mentorship, industry guidance and access to networks required to transform innovative ideas into viable and scalable businesses.
Speaking at the programme, Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, said the accelerator demonstrates the bank’s commitment to supporting founders beyond the early stages of innovation.
He noted that Hackaholics has evolved from a competition into a platform that showcases Nigeria’s entrepreneurial potential and technological creativity. Where he explain that the second edition of the accelerator focuses on helping founders transition from ideation to building sustainable business capable of long trem projects .
“Over the past six years, Hackaholics has grown into more than a competition; it has become a platform that reveals the depth of innovation and entrepreneurial potential that exists across Nigeria,”Oseni said.
Oseni stressed that the startups selected are representing some of the most promising solutions emerging from the Hackaholics ecosystem, and the back remain committed to helping them refine their business models, strengthen their operational foundations, and scale their impact.
Also speaking at the program , Wema Bank’s Chief Transformation Officer,Mr. Babatunde Mumuni, said the accelerator would guide founders through a structured process aimed at strengthening their operations and positioning them for sustainable growth.
As part of the programme, startups founders will participate in intensive training sessions facilitated by industry experts across key areas of business growth. Facilitators include Wema Bank executives such as Chief Transformation Officer, Babatunde Mumuni; Head of Strategy and Investor Relations, Femi Akinfolarin; Head of Data Transformation, Olamide Jolaoso; and Team Lead, Corporate Social Investment, Oluwatoyin Adetunji. While External facilitators include Managing Director of Impact Hub Lagos, Idowu Akinde; Managing Director of B4B Partners, Napa Onwusa; startup advisor and scout, Onaopemipo Dara; Google for Startups mentor, Rosemond Phil-Othihiwa; Head of Growth at Africhange, Tega Ogigirigi; and startup advisor and mentor, Ademola Adewuyi.
The Hackaholics Accelerator is also supported by Wema Bank’s broader innovation ecosystem, including IDEAx Labs, the bank’s innovation and venture platform, and its corporate venture programme focused on enabling startup growth through partnerships, infrastructure and access to capital.
Since its launch in 2019, Hackaholics has grown into one of Nigeria’s leading youth innovation platforms, attracting more than 15,000 applicants and supporting hundreds of digital solutions across multiple sectors.
Through the initiative, Wema Bank said it has disbursed more than $400,000 in funding to young innovators and startup founders nationwide.
Previous participants such as Feegor, Myitura and Bunce have emerged from earlier editions of the programme, highlighting the accelerator’s focus on nurturing growth-ready companies. Meanwhile the 2026 edition builds on this progress by supporting startups as they transition from innovation to sustainable business growth.
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