By Adedapo Adesanya

The chief executive of the Nigerians in Diaspora Commission (NIDCOM), Mrs Abike Dabiri-Erewa, has attributed the recent increase in diaspora remittances to the economic reforms of the Central Bank of Nigeria (CBN).

She also said it indicated the presence of  trust and confidence that Nigerians in diaspora have in the system, according to a statement issued by the agency’s spokesperson, Mr Abdur-Rahman Balogun, in Abuja on Monday.

She described the boost to Nigeria’s economy from its diaspora community in recent times as “humongous”.

Diaspora remittance inflows tripled to $600 million monthly over the past two months, according to statistics from the central bank.

Mrs Dabiri-Erewa appreciated the apex bank under the leadership of Olayemi Cardoso, whose various policies she said have led to the upsurge in remittances, including the introduction of the Non-Resident BVN and an exchange rate which, according to her, encouraged more formal channels of remitting funds.

Sharing the CBN Governor’s optimism that the figure could reach $1 billion per month by 2026, Mrs Dabiri-Erewa said NiDCOM would continue to propagate activities like the Nigerian Diaspora Investment Summit, National Diaspora Day, Diaspora Youth Summit and constant engagement with the diaspora wherever they are.

The NIDCOM boss also commended the trust and the patriotism of Nigerians in diaspora, adding that the President Bola Tinubu’s administration is determined to improve the welfare of Nigerians at home and abroad.

By Adedapo Adesanya

The Lagos Chamber of Commerce and Industry (LCCI) has urged the Nigerian government to turn recent global trade agreements into actionable results.

The Director-General of LCCI, Mrs Chinyere Almona, gave this advice on Monday in reaction to the outcomes of President Bola Tinubu’s recent diplomatic missions to Brazil and Japan.

Mrs Almona said given the persistent tariff tensions worldwide, the outcomes presented new trade opportunities worth exploring as Nigeria strove to push trade to new frontiers.

Already, Nigeria’s non-oil exports rose by 19.6 per cent to $3.22 billion in the first half of 2025, driven by global demand for products such as cocoa and urea/fertilizer, cashew nuts.

The LCCI Director-General stressed the need for the country to remain focused on supporting these statistics by creating new market routes to new trade partners.

According to her, an increase in non-oil exports to 4.04 million metric tons from 3.83 million tons shows an increased capacity to process non-oil exports and boost our export earnings.

She urged government to reach out to strategic partners that would place Nigeria in a stronger negotiating position when needed.

“LCCI commends the signing of the Bilateral Air Service Agreement (BASA) with Brazil, which enables direct flights between the two nations.

“This agreement will expand export markets, boost tourism and cultural exchange, and unlock new trade routes for Nigerian businesses.

“Beyond aviation, it offers opportunities for technical partnerships in aircraft maintenance, aerospace engineering, and vocational training for Nigerian youth.

“BASA should not be just about flights, but about creating new pathways for trade, mobility, and job opportunities for Nigerian youths and must therefore be activated quickly and strategically,” she said.

Mrs Almona also lauded the 238 million dollars collaborative financing framework outcome of the Tokyo International Conference on African Development (TICAD 9) to upgrade the national electricity generation grid infrastructure.

She said the investment gestures from Japan and other economies would encourage Nigeria to equip its youth population with vocational and technical skills.

This, she added, would enable them capitalise on opportunities in labour-intensive sectors, such as those found in high-manufacturing countries like Japan.

Mrs Almona stated that Nigeria’s foreign policy must now focus on translating agreements into tangible outcomes.

She advised that the private sector be well-integrated in operationalising these agreements through follow-up mechanisms, setting clear timelines for implementation, and prioritising vocational and technical skills development in markets.

“Japan sees our youth as Africa’s biggest strength and Nigeria must equip its young people with the technical skills to compete globally.

“By combining visionary diplomacy with practical action, Nigeria can shift global perceptions from challenges to opportunities and rebrand itself as a reform-driven, youth-powered, and investment-ready economy,” she said.

By Adedapo Adesany

Nigeria has signed a new deepwater oil contract with French oil and gas giant,  TotalEnergies.

The contract, which is a Production-Sharing Contract (PSC), also includes local firm South Atlantic Petroleum, and will involve two offshore blocks.

The deal was done in a step to boost exploration and attract investment under its new oil framework.

Nigeria, Africa’s largest oil producer, is seeking to revitalize its upstream sector amid global energy transition pressures and declining investment in fossil fuels.

The deal covers petroleum prospecting licences 2000 and 2001, awarded during the 2024 licensing round, and spans about 2,000 square km (772 square miles) in the Niger Delta Basin.

Already, TotalEnergies holds an 80 per cent contractor interest, while Sapetro holds 20 per cent, the upstream oil regulator said on Monday.

Speaking on the deal, Mr Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said this will help Nigeria tap into its underutilized reserves and help boost production.

“This PSC signals the start of a committed work programme that will help us unlock the untapped geological potential of our deepwater, expand our reserves, boost production, and strengthen Nigeria’s energy security,” he said.

The contract includes provisions for signature and production bonuses, minimum work guarantees, profit-sharing, and compliance with host community development obligations.

It also outlines environmental safeguards, including decommissioning and remediation funds.