Issue #230923: Nigeria and its MOU feat. India & Cuba
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The Minister of Interior, Hon. Olubunmi Tunji-Ojo, has announced that talks will begin soon among relevant stakeholders in the national identity system to harmonize all identity systems in Nigeria. The harmonization of national identity is crucial for mitigating and controlling crime, as well as promoting national development. The National Identity Management Commission (NIMC), along with other stakeholders, plays a vital role in achieving this goal.
What are the potential benefits of harmonizing all identity systems in Nigeria for mitigating crime and promoting national development? Join the conversation here
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The Vice President of Nigeria, Senator Kashim Shettima, led the country’s delegation to the G77+China Summit and signed a Memorandum of Understanding (MoU) with the Republic of Cuba to enhance collaboration in the field of Innovation, Science, and Technology. The bilateral agreement will focus on areas such as biotechnology, scientific investigation and innovation, technological development, human resources development, and technology transfer for development areas. This agreement demonstrates Nigeria’s commitment to South-South cooperation and aims to deepen the partnership between the two countries.
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Nigeria’s delegation to the G77+China Summit signed a Memorandum of Understanding with Cuba to collaborate in the areas of biotechnology, scientific investigation and innovation, technological development, human resources development, and science and technology exchange. The agreement, signed by Nigeria’s Minister of Innovation, Science & Technology, Uche Nnaji, and Cuba’s Minister of Science, Technology and Environment, Elba Montoya, will focus on R&D and human resource development to deepen the partnership between the two countries. Nigeria’s Vice President, Kashim Shettima, emphasized the importance of South-South cooperation in promoting sustainable development.
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In the second quarter of 2023, Nigeria earned N1.3 billion in revenue, a 33% increase from the first quarter and a 76.6% increase compared to the same quarter in 2022. The majority of the revenue, N1.10 billion, came from passengers, which saw an 83.88% increase from the previous year. Additionally, N188 million was received from goods/cargos, a 105.04% increase from Q2 2022. Overall, rail transportation in Nigeria experienced growth in both passengers and goods transported, and the Ministry of Transportation is committed to improving railway services and security for passengers and facilities.
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The quest for economic independence in Africa is still ongoing, even after attaining political independence. Nigeria has the opportunity to lead African trade and expand its business across the continent. It is crucial for the government, financial institutions, and states to support and sponsor participants to attend trade fairs and invest in infrastructure and technology for manufacturing in order to compete globally. Intra-African trade and investment are expected to result in significant deals and growth opportunities at the upcoming Intra-African Trade Fair (IATF2023) in Cairo, Egypt. Nigerian businesses should seize this chance to expand their footprint and play a major role in intra-African trade.
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The demand for cash is decreasing in Nigeria as more people are using cards and mobile devices for transactions. This trend is impacting banking and mobile money agents who primarily deal in cash transfers. The future of these agents lies in how relevant they are to the cashless economy, and their success will depend on attracting more merchants into the space.
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President Bola Tinubu encouraged Nigerians in the U.S. to embrace a change of mindset for success, emphasizing that Nigeria is home to business opportunities and that there is always an opportunity in everything you do if you know how to search for it. He urged Nigerians to embrace one another and remove ethnic identities that tend to differentiate them.
Why should you care?
- This insight is relevant to Nigerian business owners because it highlights the importance of having a positive mindset and being open to business opportunities.
- It encourages Nigerians to see Nigeria as a place with vast business potential and to consider bringing their expertise and investments back home.
- The call to embrace one another and remove ethnic identities is particularly important for Nigerian business owners as it promotes unity and collaboration, which can lead to greater success and growth in the business community.