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Nigeria and UAE Reach Agreement on Visa Access for Nigerians

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The Nigerian Federal Government announced on Monday that it has reached an agreement with the United Arab Emirates (UAE) to facilitate visa access for Nigerian citizens.

This announcement came following the weekly Federal Executive Council (FEC) meeting, presided over by President Bola Tinubu.

Mohammed Idris, Minister of Information and National Orientation, made the announcement while briefing journalists after the FEC meeting.

He highlighted the importance of this agreement in strengthening the bilateral relationship between Nigeria and the UAE, and in fostering greater economic and cultural exchange.

“After extensive negotiations, we are pleased to announce that an agreement has been reached with the UAE that will enable Nigerians to access UAE visas,” Idris stated.

“This development is a testament to the commitment of President Tinubu’s administration to improving the mobility and opportunities for Nigerian citizens globally.”

The agreement is expected to streamline the visa application process, making it easier for Nigerians to travel to the UAE for business, tourism, and other purposes. This move comes as a relief to many Nigerians who have faced difficulties in obtaining UAE visas in recent times.

In addition to the visa agreement, the FEC also directed the Ministry of Budget to propose amendments to the 2024 budget.

This directive aims to address emerging fiscal challenges and align the budget with current economic realities.

Idris further announced that President Tinubu will meet with labor leaders on Thursday to finalize discussions on the new minimum wage.

This meeting is part of ongoing efforts to ensure fair wages for Nigerian workers without triggering inflationary pressures.

“The President is committed to delivering a minimum wage that is both fair and sustainable. After thorough consultations, the proposed figures will be submitted to the National Assembly,” Idris explained.

The FEC’s deliberations on the wage increase focused on balancing the need for higher wages with the potential impact on the economy.

“We are determined to provide wages that improve the standard of living for Nigerians while maintaining economic stability,” Idris added.

This week’s FEC meeting also discussed various national issues, including infrastructure development, security, and public service reforms.

The council reiterated its commitment to pursuing policies that promote growth and improve the welfare of all Nigerians.

The agreement with the UAE and the forthcoming minimum wage proposal are seen as significant steps in President Tinubu’s broader agenda to enhance Nigeria’s international standing and address domestic economic challenges.

As the government moves forward with these initiatives, citizens and stakeholders are hopeful for positive outcomes that will benefit the nation.

In the coming days, further details of the UAE visa agreement and the new minimum wage proposal are expected to be disclosed, providing more clarity on the government’s plans and their implications for Nigerians.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Ethiopian Airlines Expands African Reach with a New Port Sudan Service

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Ethiopian Airlines is delighted to announce the launch of a daily flight service to Port Sudan, Sudan, commencing on October 15, 2024.

This strategic expansion further strengthens Ethiopian’s commitment to enhancing connectivity across the African continent and beyond, fostering regional socio-economic growth and facilitating trade and tourism.

The new route will provide seamless travel options for passengers traveling between Ethiopia and Sudan, as well as connecting travelers from across the vast Ethiopian Airlines network to this significant Red Sea port city.

The introduction of this service underscores Ethiopian’s dedication to serving the evolving needs of the African market and contributing to the continent’s economic development. By connecting Port Sudan to
its extensive global network, Ethiopian Airlines aims to unlock new opportunities for businesses, travelers, and communities, promoting cross-border collaboration and cultural exchange.

The inaugural flight, ET350, will depart from Addis Ababa at 11:00 and arrive in Port Sudan at 12:15. The return flight, ET 351, will leave Port Sudan at 14:15, arriving back in Addis Ababa at 17:30. Both flights will be operated by the state-of-the-art Boeing 737 Max aircraft, ensuring a comfortable and reliable journey.

“We are pleased to connect our Sudanese brothers and sisters from Port Sudan to Addis Ababa,
and to the rest of the world using our extensive global network,” says Mesfin Tasew, Group CEO of Ethiopian Airlines.

“By introducing daily flights to Port Sudan, we are bridging cultures and economies. This expansion is a testament to our unwavering dedication to serve our continent and its people, driving progress and prosperity through the skies.”

With the inclusion of Port Sudan, Ethiopian Airlines expands its network to 66 destinations within Africa. The inauguration of this new route emphasizes Ethiopian Airlines’ dedication to broadening its presence throughout Africa, while simultaneously enhancing connectivity for both business and leisure travelers.

Port Sudan, a city strategically situated along the Red Sea, acts as an essential center for commerce and economics in the region. This development offers a gateway to the diverse cultural
history and burgeoning economic prospects of Sudan.

Ethiopian Airlines invites passengers to experience the warmth and hospitality of its newest destination, Port Sudan. Book your journey today and be part of the growth story that is Ethiopian Airlines – the New Spirit of Africa.

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U.S. Remains the World’s Most Powerful Travel & Tourism Market

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The World Travel & Tourism Council (WTTC) today launched its 2024 Economic Impact Trends Report, which has revealed the U.S. as the world’s most powerful Travel & Tourism market, contributing a record-breaking $2.36 TN to the nation’s economy last year.

Despite the slow return of spending from international travellers, the U.S. keeps pole position, with almost double the economic contribution of its nearest rival.

Following a record-breaking year for Travel & Tourism, the sector continues to be the backbone to many country economies, while supporting millions of jobs globally.

The latest report from the global tourism body reveals China as the world’s second most powerful market with a GDP contribution of US$1.3 TN in 2023, underscoring its impressive rebound, despite the late reopening of its borders.

Germany secured the third spot with a US$487.6 BN economic contribution, while Japan, which in 2022 was in 5th place, jumped up to 4th position, contributing US$297 BN.

The United Kingdom completes the top five contributing US$295.2 BN.

France, the world’s most popular destination retained its sixth position with a contribution of US$264.7 BN, followed closely by Mexico at US$261.6 BN, showcasing its continued appeal as a major tourist destination.

India came in eighth, rising from a previous 10th position, with US$231.6 BN, marking a notable improvement and highlighting its growing influence in the sector. Italy and Spain complete the top 10, contributing US$231.3 BN and US$227.9 BN, respectively.

However, over the next decade, WTTC predicts China will become the biggest Travel & Tourism market with India moving up to 4th position.

These shifts illustrate the dynamic nature of the global Travel & Tourism sector, with emerging markets gaining ground and traditional powerhouses maintaining their strongholds.

The report also highlights the countries experiencing the highest annual growth rates in their Travel & Tourism contributions to GDP.

In 2023, China’s sector surged led with an astounding year on year growth of 135.8%, while other Asian countries, such as Hong Kong SAR, Malaysia, and the Philippines recovered soon after the removal of travel restrictions.

Julia Simpson, WTTC President & CEO, said: “As we look forward to a record-breaking 2024, it’s clear that Travel & Tourism is not only back on track, but also set to achieve unprecedented growth.

“We will continue to prioritise sustainability and inclusivity, ensuring that this growth benefits everyone and protects our planet for future generations. The sector’s resilience and potential for innovation continues to drive us forward.”

According to the report, many key destinations will profit from a surge in international spending this year compared to pre-pandemic levels, with Saudi Arabia, up 91.3% compared to 2019%, Türkiye (+38.2%), Kenya (+33.3%), Colombia (+29.1%) and Egypt (+22.9%) leading the way.

Globally international visitor spending is set to grow by nearly 16% to reach US$1.9 TN, while domestic tourists are projected to spend more than ever before, reaching US$5.4TN, an increase of 10.3% over 2019 levels.

Travel & Tourism investment grew 13% in 2023 to reach more than US$1TN, with a return to pre-pandemic levels anticipated by 2025.

However, high interest rates around the world could create challenges for future investment. It is therefore crucial that the public and private sectors work together to innovate to ensure the continual strengthening of this vital sector.

The report also highlights the sector’s commitment to sustainability, showcasing the decoupling of growth from greenhouse gas emissions and the increasing opportunities for women, young people, and marginalised communities.

Technological advancements, particularly in AI, are expected to further enhance the travel experience and drive future growth.

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Red Line Rail Starts Operations Ahead of Christmas

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The Lagos Red Line Rail has commenced partial passenger operations as part of a test run for the new rail project.

According to a statement released by Lagos State Governor Babajide Sanwo-Olu, the Red Line will operate four daily trips between Oyingbo and Agbado.

The service starts from Oyingbo at 8:30 am and will be making a stop at Yaba, Mushin, Oshodi, Ikeja, Agege, and Iju before arriving at Agbado by 9:37 am.

Below is the trip schedule:

AM Trip 1: Oyingbo (8:30), Yaba (8:37), Mushin (8:45), Oshodi (8:54), Ikeja (9:05), Agege (9:15), Iju (9:27), Agbado (9:37).
AM Trip 2: Agbado (10:30), Iju (10:37), Agege (10:49), Ikeja (10:59), Oshodi (11:10), Mushin (11:19), Yaba (11:27), Oyingbo (11:37).
PM Trip 1: Oyingbo (12:40), Yaba (12:47), Mushin (12:55), Oshodi (13:04), Ikeja (13:15), Agege (13:25), Iju (13:37), Agbado (13:47).
PM Trip 2: Agbado (14:50), Iju (14:57), Agege (15:09), Ikeja (15:19), Oshodi (15:30), Mushin (15:39), Yaba (15:47), Oyingbo (15:57).

This partial operation aims to assess the Red Line’s safety, reliability, and efficiency.

Once fully operational, the Red Line is projected to run 20 trips daily and transport about 500,000 passengers per day.

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