Business
For Nigerians In Diaspora, CBN Launches Non-Resident BVN
In collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), The Central Bank of Nigeria (CBN), has launched the Non-Resident Bank Verification Number (NRBVN) platform for Nigerians in diaspora.
Launched on Tuesday, the innovative digital gateway, which is projected to actualise the CBN’s $1 billion monthly diaspora remittances target and about $12 billion annually, allows Nigerians in the diaspora to obtain a BVN remotely without the need for a physical presence in the country.
Speaking at the launch attended by stakeholders in the financial ecosystem, including the chief executives of commercial banks in Abuja, CBN Governor, Olayemi Cardoso, hailed the initiative as a milestone in the country’s financial inclusion journey and a critical bridge connecting the country to its global citizens.
The CBN governor also hinted that the initiative could reduce the high cost of remittances in Sub-Saharan Africa and ensure continued engagement with stakeholders to optimise the platform.
He said the CBN remained committed to reducing the cost of remittances, currently averaging over seven per cent in Sub-Saharan Africa, adding that lowering these costs would enhance the safety and appeal of formal channels while amplifying the socioeconomic impact of diaspora remittances on Nigerian households and the broader economy.
Cardoso said, “For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements.
“The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide should now be able to access financial services more easily and affordably.”
He said, though not the final destination, the NRBVN represented the “beginning of a broader journey.”
The NRBVN is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA).
Together, these enable access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.
Under current regulations, Nigerians in the diaspora will retain the flexibility to repatriate the proceeds of their investments.
Essentially, the NRBVN system has been built with global standards in mind, incorporating stringent Anti-Money Laundering (AML) and KYC compliance protocols to ensure the integrity, transparency, and security of Nigeria’s financial system.
Every NRBVN enrollment undergoes comprehensive verification checks to safeguard against illicit financial activity, bolstering international confidence in the platform and the broader financial ecosystem.
Remittance flows through formal channels increased from $3.3 billion in 2023 to $4.73 billion in 2024, due to recent reforms and policy shifts, including the introduction of the willing buyer, willing seller FX regime.
With the NRBVN in place, the CBN is optimistic about reaching its monthly remittance target.
Cardoso added, “We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally. This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity.
“With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1 billion in monthly remittance flows, a goal we believe is entirely achievable given the growing trust and convenience in formal remittance channels.
“To meet these targets, collaboration and compliance with established regulatory frameworks remain essential. All stakeholders must adhere strictly to the FX Code and other relevant regulatory guidelines.”
He said, “This is critical to ensuring market stability, integrity, and overall confidence in Nigeria’s financial system.
“We also invite IMTOs to integrate with the NRBVN platform as part of our shared vision to build a secure, efficient, and inclusive financial ecosystem for Nigerians globally.
“A fully connected system will ensure that every Nigerian in the diaspora can confidently contribute to national development through trusted and cost-effective channels.”
Chairman/Chief Executive, Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, described NRBVN as a game changer.
The launch also featured a presentation by the Managing Director/Chief Executive Officer of NIBSS, Premier Oiwoh, and a panel discussion with key industry stakeholders.
Business
Trade Fair Board Backs NAFDAC Crackdown
The Lagos International Trade Fair Complex Management Board (LITFCMB) has condemned the use of its facility for the production of counterfeit products and other illegal activities, pledging to work with regulatory and law enforcement agencies to rid the complex of such practice
The board also commended the National Agency for Food and Drug Administration and Control (NAFDAC) for its recent enforcement operation, which led to the arrest of two persons allegedly linked to the illegal revalidation of expired drinks and the production of counterfeit consumables within the complex.
In a statement issued on Wednesday, the Executive Director and Chief Executive Officer of LITFCMB, Veronica Safiya Ndanusa, said the activities were contrary to the board’s commitment to promoting legitimate trade and ethical business practices.
She disclosed that relevant authorities had commenced investigations to establish the facts surrounding the incident and identify measures to prevent a recurrence.
Ndanusa warned that individuals and businesses found culpable of engaging in activities that endanger public health or undermine the integrity of local manufacturing would face the full weight of the law.
“As a body rooted in the principles of ethical business practices, transparency and genuine trade, we strongly condemn any activity that threatens public safety or brings the reputation of the Lagos International Trade Fair Complex Management Board into disrepute,” she said.
“Our facility exists to provide a conducive environment for legitimate businesses to thrive, not to serve as a breeding ground for the production or distribution of counterfeit and substandard products.”
The board chief assured members of the public that the management would collaborate with relevant regulatory and law enforcement agencies to ensure that the complex remained free of illegal activities.
She also urged traders and business operators within the facility to comply with established standards, stressing that the pursuit of profit must never come at the expense of consumers’ health and safety.
Business
Not The Right Time To Impose New Taxes , Oyedele Warns Governments
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned governments against introducing new taxes or increasing existing tax burdens on vulnerable citizens and productive sectors, warning that such measures could deepen economic hardship.
Oyedele spoke on the sidelines of the 2026 annual meetings of the International Monetary Fund (IMF) and World Bank in Bangkok, Thailand, where he presented a communiqué on behalf of the Intergovernmental Group of Twenty-Four (G24), which he chairs.
“This is the wrong time to impose new taxes or increase the burden of tax, particularly on the vulnerable population and productive sectors of the economy,” he said.
Responding to questions on how developing countries could reduce debt-servicing costs without cutting essential public spending,report quoted Oyedele as urging governments to identify waste, find savings and improve revenue collection before placing additional financial pressure on citizens and businesses.
He said borrowing remained necessary to finance economic growth but stressed that governments must ensure that debt supports job creation and inclusive development.
“Borrowing and debt financing is a necessary condition for growth, and every country emerging, developing must be able to apply debt financing in a way that is overall of positive impact, particularly to stimulate job-rich and inclusive growth,” he said.
The minister also called for available public funds to be prioritised for essential services, including healthcare and education, while private capital could help finance other areas of investment.
On the choice between taxation and borrowing, Oyedele said both options carried consequences and should be considered in the context of their impact on household welfare.
“If you collect taxes, you raise the money now, and that itself has a lot of trade-offs. What taxes are you collecting? You collect taxes from the most vulnerable, and this will deprive them of money to provide food, health, education,” he said.
He argued that excessive taxation could leave low-income households with less money for basic needs, while borrowing also carried future obligations.
“Debt is future taxes, so it’s not one or the other. It’s to strike a balance, bearing in mind ultimately that the essence of tax and of debts is to cater for the people,” Oyedele said.in the report.
Business
Fayemi Explains Why America Must Have Nigeria As Partner
Former Governor of Ekiti State and ex-Minister of Mines and Steel Development, Dr Kayode Fayemi, has warned the United States against slipping into isolationism in its engagement with Africa, insisting that Nigeria remains a must-have strategic partner in the evolving global order.
Fayemi maintained this position in Lagos while speaking as a panelist at the Nigeria Moment, a Nigeria–United States Strategic Dialogue organised by the American Business Council in collaboration with the Heritage Foundation.
In his presentation, which focused on why Nigeria is a must-have partner in the changing world order, Fayemi,former chairman of the Nigeria Governors’ Forum (NGF) stressed the need for a more holistic relationship between both countries grounded in transparency, mutual benefit and shared prosperity.
He insisted that Nigeria must be treated as a strategic partner in the emerging world order.
“While welcoming the growing American interest in Nigeria’s vast mineral endowment, Fayemi warned that the partnership must go beyond resource extraction.
“Nigeria must be engaged as a strategic actor and a co-creator in shaping the future of global energy and resource governance, rather than as a testing ground for experiments. A partnership built on mutual respect, shared interests and long-term cooperation offers the strongest foundation for an enduring relationship between Nigeria and the United States,” Fayemi said.
Describing the engagement as a pleasure, Fayemi said the dialogue brought together a distinguished group of policymakers, business leaders and strategic thinkers to reflect on the future of Nigeria-US relations.
He commended the convener of the dialogue, Mr Ayo Otuyalo,for an excellent convening and for bringing together such high-level participants for the important strategic conversation.
The conference featured Governor Babajide Sanwo-Olu of Lagos State as keynote speaker, alongside senior representatives of the Federal Government, including the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole; Minister of Power,
Also st the event were : Engr Joseph Tegbe; Minister of Solid Minerals Development, Mr Dele Alake, represented by Engr Simon Nkom; and the Head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyinwa Eyesan among others.
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