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CBN’s $1bn monthly diaspora inflow target faces immigration threat

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CBN Revokes Licences of 46 Microfinance Banks (FULL LIST)
CBN Governor, Olayemi Cardoso

CBN’s $1bn monthly diaspora inflow target faces immigration threat

With many countries recalibrating their immigration and international fund remittance frameworks to cement their protectionist posturing, the Central Bank of Nigeria’s (CBN) push to secure $1 billion in monthly diaspora remittances now faces fresh headwinds.

Offshore inflows, seen as a cornerstone of the apex bank’s foreign exchange strategy, are now in the midst of policy shifts especially as countries like the United States and the United Kingdom move to tighten immigration controls and remittance regulations.

Diaspora remittances have long served as a critical cushion for Nigeria’s economy.

In 2023 alone, remittances topped $21 billion, according to World Bank data, making Nigeria the largest recipient in Sub-Saharan Africa.

These inflows often exceed foreign direct investment and official development assistance combined and serve as vital source of income for millions of households, especially in rural areas.

Recognising this potential, the CBN prioritised boosting diaspora remittance inflows through a raft of financial and regulatory reforms.

This year, the apex bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) introduced the Non-Resident Bank Verification Number (NRBVN) framework to enable Nigerians abroad remotely open BVN-linked naira and domiciliary accounts.

The move, designed to capture more inflows through official channels, was widely praised by stakeholders and fintech operators alike.

Governor, CBN, Olayemi Cardoso, while fielding questions from newsmen at the last Monetary Policy Meeting (MPC), said the platform will be a game-changer in expanding access to financial services for Nigerians in the diaspora.

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Cardoso noted that the cost of repatriating funds from overseas to Nigeria and many other emerging markets which stands around 7 per cent is clearly unacceptable.

“One key solution, which we have now begun to pursue, is rooted in the volume business. As we drive up transaction volumes, the cost of remittances will inevitably decline and I must say, the recent bold steps taken in partnership with the Nigerian Regulatory Bank Verification Network (NRBVN) is truly game-changing. This is what our diaspora community has been waiting for, that is, the ability to transact from abroad seamlessly. Now, the opportunity to invest in the country of their birth is wide open. It could not have come at a better time”.

According to him, the apex bank sees itself as facilitators and catalysts clearing the path and letting the private sector take the lead. He noted that the key target of $1 billion a month in diaspora inflows might sound ambitious, but it is not unattainable.

The CBN’s strategy appeared to gain traction. By early 2025, remittances through formal channels had climbed to over $600 million monthly, with a target of hitting $1 billion by the third quarter (Q3) of the year.

“In fact, we have already made remarkable progress moving from just over $200 million to peaking at over $600 million in a single month. That is the Nigerian spirit in action and at work. There is nothing that would stop us from exceeding that. This shows what is possible when we get creative, stay committed, and work together. Other countries like Pakistan, India, and others have done this, so why can’t we? So, this is a reflection and effort that proves what can be achieved when the government steps back and allows the private sector to lead”, the CBN governor remarked.

However, that momentum is now at risk as the U.S President, Donald Trump, at the weekend signed the proposed “One Big Beautiful Bill”. The bill includes a provision to levy a 3.5 per cent surcharge on all outbound remittances by foreign nationals. The funds raised would reportedly go toward enhancing border security and immigration enforcement.

For Nigerian families that rely on modest monthly transfers from relatives abroad often between $100 and $500, a new fee structure could sharply reduce the value of those transfers or deter formal transactions altogether. Already, fintech operators say they are fielding concerns from customers about the potential costs and implications of the policy.

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Analysts at CardinalStone Partners in a recent brief seen by Daily Sun, warned that such a tax could push many Nigerians abroad to revert to informal and unregulated remittance channels, undermining efforts by the CBN to formalise inflows and improve transparency in the foreign exchange market.

Similarly, the U.S Department of State noted that effective July 8, 2025, most non-immigrant and non-diplomatic visas issued to Nigerians will now be valid for only three months and limited to a single entry.

Across Europe and Asia, governments are implementing tighter immigration controls, increased financial scrutiny, and stricter documentation requirements for money transfers. Specifically, in the UK, another major remittance source country for Nigeria, new rules around immigration process for Nigerians applying for study and work visas, proof of income and recipient verification have increased processing times and compliance burdens for remittance service providers.

The United Arab Emirates (UAE) has also imposed tougher entry conditions for Nigerian travelers, banning transit visa applications entirely. According to the UAE, Nigerians aged 18-45 will no longer be eligible for tourist visas unless accompanied while those aged 45 and above must provide a 6-month personal bank statement showing at least $10,000 monthly balance before they are granted visas.

These policy shifts are driven by a combination of factors: anti-money laundering efforts, populist politics, national security concerns, and a push to tax cross-border capital flows. But for developing economies like Nigeria, they represent a new layer of risk in already fragile FX ecosystems.

Economic implications

If diaspora remittances fall significantly, the consequences for Nigeria could be severe. First, it would tighten pressure on the naira, which has already experienced persistent volatility despite CBN interventions and rising oil prices.

The naira depreciated by 0.2 per cent to N1,531/$1 at the official market amid emerging demand pressures which outweighed supply from foreign portfolio investors (FPIs) looking to participate in the Open Market Operations (OMO) Primary Market Auction (PMA) despite $50 million intervention from the CBN.

Secondly, household consumption could suffer as remittances are often used to pay for food, school fees, medical bills, and housing. A drop in these flows could worsen poverty, reduce domestic demand, and strain public social services. Finally, Nigeria’s fiscal position could weaken further with the government already grappling with a high debt burden and limited revenue.

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Hence, reduced FX inflows could hinder its ability to service external debts or finance imports, especially for critical sectors like power and healthcare.

Experts’ views

This has led to several calls for Nigeria to engage in high-level diplomacy to advocate for policies that will not disproportionately hurt its diaspora.

They also called for a diversified strategy that goes beyond remittances. One such option is the issuance of diaspora bonds, which would allow Nigerians abroad to invest in infrastructure and development projects back home in exchange for returns in dollars or naira.

Governor Cardoso has hinted at such a possibility, noting in a recent interview that the CBN and Ministry of Finance are exploring instruments to channel diaspora savings into productive uses.

Founder, Cowry Asset Management Limited, Johnson Chukwu, speaking during a recent forum, noted that this could only work if there is a high level of transparency, security and impact.

“There is no doubt that there is appetite within the diaspora community for investment products but this can only work if there is a high-level of transparency, security, and impact”. Do we need to move beyond consumption driven inflows? The answer is yes. We need to move beyond consumption-driven remittances to investment-driven diaspora engagement”, Chukwu said.

Executive Director at Zenith Bank, Dr Temitope Fasoranti, said, “In the current environment, every dollar counts. Losing even $200–300 million a month in diaspora remittances would be a significant shock to Nigeria’s external balance. There have been calls to diversify our export base which is good but the government needs to also look at creating diaspora funds that will target housing, agriculture, or even renewable energy which can channel long term capital back home”

The CBN’s $1 billion monthly remittance target is not just a financial benchmark, it is a critical lifeline for the Nigerian economy at a time of macroeconomic fragility. But as global migration policies harden and remittance corridors become more expensive and complex, Nigeria faces a new set of external risks that require both nimble diplomacy and domestic resilience.

Whether the country can sustain and grow its diaspora inflows will depend on how effectively it can navigate these emerging global headwinds. For now, the road to $1 billion a month looks steeper than ever.

CBN’s $1bn monthly diaspora inflow target faces immigration threat

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Pi-CNG boss: Clean mobility will cut transport cost, create jobs, power Nigeria’s economic growth

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Pi-CNG boss: Clean mobility will cut transport cost, create jobs, power Nigeria’s economic growth

 

The Federal Government has declared that Nigeria’s transition to compressed natural gas (CNG) and electric vehicles (EVs) is no longer an environmental ambition but a critical economic strategy to slash transportation costs, strengthen energy security, create jobs and unlock new investments across the automotive value chain.

Making the declaration at the 3rd Nigeria Auto Industry Summit (NAISU) organised by the Nigeria Auto Journalists Association (NAJA) in Lagos, the Executive Chairman and Chief Executive Officer of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Barrister Ismaeel Ahmed, said clean mobility had become a central pillar of President Bola Ahmed Tinubu’s transport and energy reforms.

Delivering a keynote address titled, “Nigeria’s Clean Mobility Future: The EV and CNG Journey Under the Bola Tinubu Administration,” Ahmed said the Presidential Initiative was established to coordinate Nigeria’s transition to cleaner transportation by building a sustainable ecosystem for CNG and electric mobility.

He explained that the Initiative’s mandate extended beyond promoting alternative fuels to attracting investments, expanding refuelling and charging infrastructure, supporting vehicle conversion, strengthening local manufacturing, developing technical skills and boosting consumer confidence.

According to him, the programme was conceived following the removal of fuel subsidy to provide Nigerians with a practical and affordable transport alternative by leveraging the country’s abundant natural gas resources.

“Our focus from the beginning has been to build the foundation of a sustainable industry rather than pursue isolated interventions,” Ahmed said, noting that Pi-CNG & EV has worked closely with regulators, investors, vehicle manufacturers, conversion firms, financial institutions, development partners, transport unions and state governments.

Reviewing the Initiative’s achievements over the past two years, he said Nigeria’s CNG ecosystem has expanded rapidly, with more certified conversion centres established across the country and refuelling infrastructure growing through public and private sector investments.

He added that vehicle conversions have continued to rise as commercial transport operators and private motorists increasingly embrace the lower operating costs of CNG, while thousands of technicians have been trained to ensure safe and professional conversion services nationwide.

Ahmed also disclosed that strategic partnerships with financial institutions, energy companies, vehicle manufacturers and state governments are helping to improve access to financing, stimulate infrastructure development and accelerate the adoption of clean mobility solutions.

To strengthen safety and regulatory compliance, he announced the introduction of the Nigeria Gas Vehicle Monitoring System, which he said would enhance transparency, improve regulatory oversight and build public confidence in the conversion industry.

While acknowledging the remarkable progress recorded in CNG adoption, Ahmed stressed that the Initiative remains equally committed to advancing electric mobility, saying Nigeria’s long-term transport future would be powered by multiple clean-energy technologies.

He revealed that government is engaging manufacturers, investors and development partners on electric vehicle deployment, charging infrastructure, local assembly and policy reforms aimed at accelerating market growth.

Despite the progress, Ahmed identified infrastructure expansion, consumer financing, local manufacturing, technical capacity development, research, innovation and standardisation as key areas requiring sustained investment and collaboration.

He urged government agencies, investors, manufacturers, transport operators, financial institutions, development partners and the media to work together to overcome these challenges and build a sustainable clean mobility ecosystem.

Describing the media as a strategic partner, Ahmed called on members of the Nigeria Auto Journalists Association to intensify public education on the economic, environmental and technological benefits of clean mobility.

“The transition to clean mobility is as much an information challenge as it is an infrastructure challenge. Public understanding influences public acceptance, while market confidence is built on accurate, timely and responsible information,” he said.

He pledged deeper engagement with journalists through regular technical briefings, industry dialogues and improved access to credible data to combat misinformation and promote informed public discourse.

Ahmed said Pi-CNG & EV would continue expanding CNG infrastructure nationwide, strengthen the regulatory framework, support local manufacturing and vehicle conversion capacity, deepen financing partnerships and collaborate with stakeholders to build a commercially viable clean mobility industry.

According to him, the true measure of the Initiative’s success will not be the number of conversion centres or refuelling stations established, but its ability to reduce transport costs, improve energy security, generate employment, stimulate industrial growth and improve the quality of life of Nigerians.

He commended NAJA for providing a platform for robust industry dialogue, saying stronger collaboration among government, industry players and the media would be essential to accelerating Nigeria’s clean mobility transition.

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Côte d’Ivoire woos Nigerian auto investors to regional mobility expo

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From left Mr. Akin Akinbola, MD/CEO of Promosalons Nigeria; Dr. Kaslime Kouassi, Director of Tourism who represented the Ivorian Ambassador to Nigeria His Excellency Ambassador Kalilou TRAORE; and Mr. Luc AZILINON, President of Interlinks Auto and MIWA Africa.

Côte d’Ivoire woos Nigerian auto investors to regional mobility expo

  • 150 global brands to storm Abidjan 

Côte d’Ivoire is making a bold bid to become West Africa’s automotive and mobility hub with the launch of EQUIP AUTO Côte d’Ivoire, an international trade exhibition expected to attract more than 150 exhibitors and brands from across Europe, Asia and Africa in a move aimed at deepening regional trade and cross-border investment.

The maiden edition of the exhibition will hold from November 26 to 28, 2026, at the Abidjan Exhibition Centre, bringing together about 10,000 industry professionals, investors, policymakers and members of the public from across the automotive value chain.

Speaking at a press conference in Lagos on Wednesday, President of Interlinks Auto and MIWA AFRICA SARL, Mr. Luc Azilinon, described the event as a major milestone in expanding the globally recognised EQUIP AUTO brand into sub-Saharan Africa.

The briefing, held at the Radisson Blu Hotel, Victoria Island, was convened by the Managing Director/Chief Executive Officer of Promosalons Nigeria, Cameroon and Gabon, Mr. Akin Akinbola, whose organisation represents the organisers of EQUIP AUTO Côte d’Ivoire in Nigeria and Cameroon.

According to Azilinon, the exhibition is being organised through a collaboration between EQUIP AUTO Paris and MIWA AFRICA SARL and is designed to become West Africa’s leading business platform for mobility and the automotive industry.

He said the three-day event would feature exhibitions, thematic workshops, conferences, business-to-business and business-to-consumer meetings, product demonstrations and live vehicle testing.

The exhibition will cover passenger vehicles, light commercial vehicles, heavy-duty and industrial vehicles, transport, automotive aftermarket, agriculture and public works, reflecting the realities and growth potential of the West African market.

Azilinon disclosed that exhibitors are expected from Germany, France, Türkiye, Italy, Algeria, Nigeria, Cameroon, India, China, South Korea and Japan.

“Our ambition is to position EQUIP AUTO Côte d’Ivoire as the leading platform for developing business in West Africa by combining innovation with business opportunities and establishing the region as a strategic mobility hub for Africa,” he said.

He added that the event’s innovative B2B2C format would create a strategic meeting point for vehicle manufacturers, distributors, repairers, fleet operators and government agencies, while giving participants access to cutting-edge technologies and mobility solutions tailored to regional needs.

According to him, the exhibition is also expected to stimulate regional trade, strengthen cross-border partnerships, support the modernisation of automotive infrastructure and distribution networks, and facilitate the expansion of international companies into West African markets.

Explaining why Côte d’Ivoire was selected to host the inaugural edition, Azilinon cited the country’s political stability, investor-friendly environment, strategic infrastructure and growing economic influence within the Economic Community of West African States.

He noted that Côte d’Ivoire has maintained strong institutional stability following the 2025 elections, recorded major investments in transport, energy and construction, and hosts the Port of Abidjan, one of West Africa’s busiest maritime gateways.

He also pointed to the country’s robust economic performance, with a growth rate of 6.5 per cent in 2024, driven by agriculture, agribusiness, infrastructure and services.

The Ivorian Ambassador to Nigeria, Ambassador Kalilou Traoré, was represented at the event by Dr. Kaslime Kouassi, underscoring the country’s commitment to strengthening economic and commercial ties across the region through the automotive sector.

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Obi Must Apologise, Pay ₦25,000 or Face FAAN Action — Keyamo Issues Ultimatum

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Peter Obi has no police escort — Spokesman replies Keyamo over CCTV video
Minister of Aviation and Aerospace Development, Festus Keyamo and Nigeria Democratic Congress (NDC) presidential candidate Peter Obi

Obi Must Apologise, Pay ₦25,000 or Face FAAN Action — Keyamo Issues Ultimatum

The Minister of Aviation and Aerospace Development, Festus Keyamo, has issued a seven-day ultimatum to Nigeria Democratic Congress (NDC) presidential candidate Peter Obi, demanding a public apology and payment of a ₦25,000 fine over a parking violation at Abuja’s Nnamdi Azikiwe International Airport. Keyamo’s demand follows an internal investigation he ordered after Obi publicly claimed his vehicle was unjustly clamped as part of a political persecution campaign by the Federal Government. The minister released CCTV footage which he says contradicts Obi’s account, insisting the former Anambra governor violated airport regulations and then used his influence to evade the prescribed fine. In a statement posted on his X page, Keyamo declared that what had emerged was a clear case of an opposition candidate trying to whip up unnecessary sentiments for a wrong he and his driver committed.

According to the minister’s detailed narrative, the incident occurred on July 4, 2026, and the CCTV footage tells a very specific story. Obi arrived at the domestic terminal at approximately 8:28 p.m., driven by a police officer, and entered the building with two other occupants. The police driver then parked the vehicle in a designated drop-off zone—almost blocking the entrance—and also left the vehicle unattended. The driver briefly returned at about 8:32 p.m. to retrieve an item but abandoned the vehicle again. Airport security personnel then clamped the tyres, with Keyamo insisting nobody knew the vehicle belonged to Obi at the time. When the driver discovered the clamp, he contacted Obi, who spoke with an airport manager and requested the vehicle’s release—which was granted without payment of the ₦25,000 fine. Keyamo emphasised that the vehicle remained unattended for about 30 minutes in a restricted zone, describing this as a security risk under global airport standards.

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However, the Peter Obi Media Office and the Obidient Movement have strongly rejected Keyamo’s narrative, accusing the minister of releasing poorly edited propaganda and manipulating CCTV footage to criminalise the opposition leader. They have raised several counter-claims that directly challenge the minister’s version of events. On the timing dispute, the Obidient Movement argues that timestamps on Keyamo’s own footage show Obi’s vehicle arriving at 20:28 and being clamped at approximately 20:34—six minutes, not thirty. The group accused Keyamo of zooming into the seconds display to confuse viewers into believing they were looking at the minute counter. On the identity of the driver, Obi’s spokesman, Idris Zekeri Jnr, stated that Peter Obi does not have any police or civil defence personnel attached to him in Abuja, challenging Keyamo’s reference to a “police driver”. Obi’s camp also claims the incident Keyamo publicised is entirely different from the one Obi narrated during his interview, suggesting a pattern of targeting the opposition figure. Furthermore, both the Obidient Movement and Obi’s media office insist other vehicles were parked in the same area without being clamped, pointing to selective enforcement targeting Obi. They also questioned why Keyamo showed no similar enthusiasm in investigating high-profile incidents involving Adams Oshiomhole and KWAM 1—known associates of the President.

The Presidency has weighed in on the matter, with presidential spokesman Bayo Onanuga backing Keyamo’s position. Onanuga stated that the evidence completely debunked Obi’s falsehood that he was unduly targeted and persecuted, insisting that he and his police driver broke a simple parking rule at the Airport.

Keyamo has made two formal demands, warning that failure to comply within seven days would prompt him to direct the Federal Airports Authority of Nigeria (FAAN) to take further action. First, Obi must tender an unreserved, public apology to the airport workers he accused of persecution. Second, Obi must voluntarily return to the airport and pay the ₦25,000 fine for wrongful parking, which he allegedly evaded through influence peddling. The minister declared that Obi cannot be bigger than the law.

Meanwhile, legal analyst Ekemini Udim, a Senior Partner at Justice Chambers, has questioned the minister’s authority to impose a fine, arguing that Keyamo is not a court of law. Udim cited a Court of Appeal decision which held that the Federal Road Safety Commission cannot impose fines without taking offenders before a magistrate’s court, arguing the same principle should apply to FAAN. Furthermore, he noted that under the principle of criminal liability, it is the person who commits the offence that should be made to pay for the offence—suggesting that if Obi was not the driver, he cannot be held personally liable.

Obi Must Apologise, Pay ₦25,000 or Face FAAN Action — Keyamo Issues Ultimatum

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