[Nigeria Business Week] Andrea Ayemoba: State to digitize tourism, FG takes on efficient mobility
With a staggering population of over 200million inhabitants, mobility is always an issue in Nigeria; not surprising, with well over 11 million registered vehicles in circulation. A resounding note, usually heard toward year end and spilling into the first quarter, is that of fuel availability. Following weeks of agitation, the Nigerian National Petroleum Corporation has finally promised an end to all fuel scarcity within the next few days.
Changes are also taking place in the airspace, with the passing of six aviation bills that can potentially reposition Nigeria’s aviation sector. The Federal Government is also funeling billions of dollars into railway maintenance. As we said, mobility is an issue.
Banking is one of the most thriving sectors in Nigeria. The reason for this success has been attributed to the efficiency with which this industry has leveraged technology to modernize its operations. Indeed, the sectors the flourish the most have done so by leaning heavily on the magic of tech. Just this week, a fintech startup in Nigeria gained international recognition by becoming the continent’s biggest fintech startup, shooting its valuation above $3billion. Banks themselves are taking longer strides in investing in local businesses, showing a steady rise in loans handed out to the private sector. One bank is in the process of paying out increased dividends to shareholders and another gifted out well-performing stocks to thousands of young customers as a Valentine’s Day celebration package.
Tourism and Education are taking their cue from these prospering sectors. Phrases like smart tourism and crypto-education are floating around. A middle belt State is working with a blockchain company to launch what is to be a smart tourism initiative, with the clear aim of digitizing tourism in the region.
Nigeria’s international debts are soaring. Catching up to interest payments is a tall task, but it is a task that the IMF says is very possible, though the payments will consume the larger portion of national revenue. National inflation has shown an all-time decline as of January this year, boosting investor confidence and international interest in the economy, as evidenced by the European Union's launching of several interventions in Nigeria.
Andrea Ayemoba is a Senior Editor at Africa Business Communities.
