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Tourism and Culture in Nigeria

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Tourism and Culture in Nigeria Documentary Title: “Nigeria: The Beating Heart of Culture and Tourism” [Opening Scene: Aerial view of Zuma Rock, then shifting to the bustling Lagos coastline. In the heart of West Africa lies a nation with a soul so vibrant, its rhythm can be felt across the globe. This is Nigeria—Africa’s giant, a land of over 250 ethnic groups, breathtaking landscapes, and a cultural heritage as rich as its natural resources. Tourism Treasures Cut to visuals of Olumo Rock, Erin-Ijesha Waterfalls, Obudu Cattle Ranch. From the rocky heights of Olumo Rock in Ogun State to the cascading waters of Erin-Ijesha Waterfalls in Osun, Nigeria boasts some of the most diverse tourist attractions in Africa. The Obudu Mountain Resort in Cross River offers a blend of nature and luxury, while the Sukur Cultural Landscape in Adamawa—recognized as a UNESCO World Heritage Site—stands as a monument to centuries of civilization. Coastal Wonders Scenes from Tarkwa Bay, Badagry Slave Port, Lekki Conservation Centre Along the Atlantic coast, Lagos offers vibrant beach life at Tarkwa Bay, historical reflections at the Badagry Slave Port, and a walk in the clouds along the canopy walk at Lekki Conservation Centre—Africa’s longest sea coast. Cultural Diversity Montage of Egungun festival, Argungu Fishing Festival, Durbar in Kano Nigeria’s cultural tapestry is woven from the threads of ancient traditions and modern expression. In the South West, the Egungun Festival brings ancestral spirits to life. In the North, the Durbar Festival transforms cities like Kano and Katsina into scenes of regal horsemen and royal pageantry. The Argungu Fishing Festival in Kebbi State is a cultural and sporting marvel, where hundreds dive into the river to catch the biggest fish—by hand. Arts, Music, and Fashion Clips of Nigerian drummers, Afrobeats concerts, Aso-Oke weaving, and fashion runways. From traditional drumming to the global beats of Afrobeats, Nigeria’s music moves the world. Its fashion, seen in the vibrant patterns of Ankara, Aso-Oke, and Adire, tells stories passed down through generations. The country’s art scene thrives in galleries from Lagos to Abuja, celebrating both heritage and innovation. Royalty and Architecture Visuals of the Palace of the Ooni of Ife, Benin Bronze sculptures, Northern mud palaces. Nigerian history is deeply rooted in powerful kingdoms—the Benin Empire, the Oyo Empire, the Kanem-Bornu Empire. Their legacies live on in palaces, shrines, and artifacts like the Benin Bronzes, now celebrated worldwide for their craftsmanship and cultural significance. The Future of Tourism Shots of modern airports, tour guides with visitors, cultural centers, youth-led tourism startups. With increased investment in infrastructure, digital innovation, and cultural preservation, Nigeria’s tourism sector is poised for exponential growth. Home to a young, creative population, the country is redefining travel experiences with authenticity, warmth, and pride. Closing shot: Nigerian children waving flags, dancers in traditional attire, sunset over a savanna. This is Nigeria—where every dance, drumbeat, and destination tells a story. Come, explore her wonders. Feel her heartbeat.

Reports

FINTECH – NIGERIA

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Nigeria’s fintech sector in 2025 is experiencing significant growth, driven by technological innovation, increased investment, and evolving regulatory frameworks. Fintech Growth and Investment Nigeria’s fintech industry has seen remarkable expansion, with over 430 fintech companies operating as of February 2025. In 2024 alone, the sector processed more than 108 billion mobile money transactions worth $1.68 trillion, marking a 20% increase from the previous year. This growth is fueled by widespread smartphone adoption, projected to surpass 140 million users by the end of 2025, and an 87% mobile penetration rate. Notably, Moniepoint, a digital payment and banking platform, achieved unicorn status in 2024 after raising $110 million from investors including Google’s Africa Investment Fund. This funding will support its expansion across Africa. Innovations in Payment Systems AfriGo Pay Launched by the Central Bank of Nigeria (CBN) in January 2023, AfriGo Pay is Africa’s first national domestic card scheme. It aims to enhance the cashless economy and promote financial inclusion by offering affordable debit, credit, prepaid, and virtual cards. AfriGo ensures that transaction fees are settled in naira, reducing reliance on foreign exchange and retaining data within Nigeria. Biometric and Contactless Payments Fintech companies are increasingly adopting biometric authentication methods, such as facial and fingerprint recognition, to enhance security and user experience. This shift is driven by consumer demand for speed and convenience, as well as the high cost of traditional point-of-sale terminals. Regulatory Developments Investment and Securities Act (ISA) 2025 In March 2025, Nigeria enacted the ISA 2025, which formally recognizes virtual and digital assets, including cryptocurrencies and tokens, as securities under the Securities and Exchange Commission’s (SEC) jurisdiction. This legislation mandates that Virtual Asset Service Providers (VASPs) register with the SEC, bringing more structure to digital asset transactions. Crypto Regulation and Enforcement The Nigerian government has intensified its oversight of cryptocurrency activities. In 2024, authorities detained two Binance executives and, in 2025, filed a lawsuit against the exchange, seeking $81.5 billion in compensation for alleged economic losses and back taxes. The government accuses Binance of facilitating unregulated naira trading, contributing to currency instability. Consumer Behavior and Financial Inclusion A recent survey reveals that Nigerians often use multiple financial apps simultaneously but still face challenges in establishing consistent saving habits. Users express a desire for financial tools that offer automation, budgeting assistance, and personalized insights. Fintech companies are responding by developing more intuitive and user-friendly platforms . Upcoming Fintech Events: Fintech Revolution Summit Nigeria 2025: Scheduled for June 24–25 in Lagos, this summit will focus on redefining financial innovation in Nigeria’s fintech sector .  Nigeria Fintech Week 2025: Entering its eighth edition, this event will bring together key              players shaping the future of financial technology in Nigeria. Recent Developments in Nigeria’s Fintech Sector Financial Times The ranking: Africa’s Fastest-Growing Companies 2025 Reuters Google among investors putting $110 million into Nigeria’s Moniepoint LAGOS, Oct 29 (Reuters) – Nigeria based fintech Moniepoint has raised $110 million in new funding from investors including Google to scale up digital payments and banking solutions across Africa, the company said on Tuesday. Moniepoint started operations in 2015 providing infrastructure and payment solutions for banks and financial institutions but has grown to also offer personal banking services. The Technology Roundup newsletter brings the latest news and trends straight to your inbox.  The latest funding round was supported by existing investors London-based Development Partners International and private equity firm Lightrock. Google’s Africa Investment Fund and Verod Capital came in as new investors. Sources close to the transaction said the new funding valued Moniepoint above $1 billion, giving it “unicorn” status – a term for tech firms with a valuation of a billion dollars or more. The new capital would be used to speed up Moniepoint’s growth across Africa and build an integrated platform for businesses. “This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions,” Moniepoint said. Nigeria is the fastest growing fintech market in Africa, driven by its more than 200 million people, many who still lack access to financial services like banking. The latest funding round was supported by existing investors London-based Development Partners International and private equity firm Lightrock. Google’s Africa Investment Fund and Verod Capital came in as new investors. Sources close to the transaction said the new funding valued Moniepoint above $1 billion, giving it “unicorn” status – a term for tech firms with a valuation of a billion dollars or more. The new capital would be used to speed up Moniepoint’s growth across Africa and build an integrated platform for businesses. “This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions,” Moniepoint said. Nigeria is the fastest growing fintech market in Africa, driven by its more than 200 million people, many who still lack access to financial services like banking. Bottom of Form

Reports

AGRICULTURE IN NIGERIA: SOWING THE SEEDS OF A NATION

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Nigeria, the giant of Africa, is a land blessed with vast arable land, a favorable climate, and a youthful population. For decades, agriculture has been the backbone of this nation—feeding millions, providing jobs, and driving rural development. The Roots of Agriculture in Nigeria Before the discovery of oil, Nigeria was a major agricultural powerhouse. The groundnut pyramids of Kano, the cocoa farms of the Southwest, palm oil in the Southeast, and rubber in the South-South marked the nation’s economic landscape. Agriculture was not just a livelihood—it was a way of life. But with the oil boom in the 1970s, agriculture took a back seat. Rural youth moved to cities, and national investment shifted to crude oil. The result? A steady decline in food production and increased dependence on imports became the order of the day. Today, the tide is turning. With rising food insecurity and unemployment, Nigeria is rediscovering agriculture. Government initiatives like the Anchor Borrowers’ Programme and the Presidential Fertilizer Initiative are empowering smallholder farmers. The Central Bank and private investors are funding agribusiness, from rice mills to processing plants. Technology is also reshaping farming. Agri-tech startups are using mobile apps, drones, and data to boost productivity. Young Nigerians are embracing farming not just as labor, but as business. From fish farming to organic vegetables, agripreneurs are rewriting the story. Yet, challenges persist—climate change, insecurity in rural areas, poor infrastructure, and limited access to finance. For agriculture to truly transform Nigeria, consistent policies, public-private partnerships, and investment in rural development are essential. Agriculture is more than farming. It is food security, economic independence, and national pride. In the hands of millions of Nigerian farmers lies the seed of prosperity—and the future of the nation. Farmers in Nigeria face numerous challenges that hinder the growth and development of agriculture. These challenges affect productivity, profitability, and sustainability. Here’s a breakdown of the major obstacles: 1. Poor Infrastructure 2. Limited Access to Finance 3. Insecurity 4. Climate Change and Environmental Degradation 5. Inadequate Government Support and Policy Inconsistency 6. Low Adoption of Modern Technology 7. Poor Market Access 8. Lack of Education and Extension Services 9. Land Tenure Issues 10. Post-Harvest Losses Conclusion Solving these challenges requires a multi-stakeholder approach, including government policy reforms, private sector investment, infrastructure development, education, security improvement, and access to technology and finance. With the right support, Nigerian farmers have the potential to not only feed the nation but also drive economic growth. WAY FORWARD FOR AGRICULTURAL DEVELOPMENT IN NIGERIA WHICH INVOLVES STRATEGIC & MULTI-LAYERED ACTIONS 1. Investment in Infrastructure 2. Access to Affordable Finance 3. Strengthen Security in Rural Areas 4. Climate-Smart Agriculture 5. Consistent and Supportive Government Policies 6. Promote Mechanization and Technology Adoption 7. Enhance Agricultural Education and Extension Services 8. Improve Market Systems and Value Chains 9. Resolve Land Tenure Issues 10. Encourage Public-Private Partnerships (PPP) Conclusion Agriculture in Nigeria can be a major driver of economic growth, poverty reduction, and food security—but this requires a committed, coordinated effort. By investing in infrastructure, security, technology, finance, education, and sustainable practices, Nigeria can transform its agricultural sector into a modern, efficient, and profitable enterprise.

ES.Ng

BEST GOVERNMENT AGENCY OF THE MONTH

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When it comes to identifying the best government agency in Nigeria presently, several agencies stand out for their performance, impact, and efficiency. However, one that consistently receives commendation for transparency, effectiveness, and innovation is: The Nigerian Customs Service (NCS) Why Nigerian Customs Service (NCS) stands out: 1. Revenue Generation 2. Anti-Smuggling & Border Security 3. Automation and Technology 4. Trade Facilitation & Modernization 5. Transparency and Reform Nigerian Customs Service (NCS) Overview The Nigerian Customs Service is the government agency responsible for the collection of customs revenue, border security, and enforcement of trade laws in Nigeria. It operates under the Federal Ministry of Finance and plays a critical role in safeguarding Nigeria’s borders and facilitating legitimate trade. Organizational Structure Revenue Generation Anti-Smuggling and Border Control Trade Facilitation and Modernization Collaboration & Partnerships Leadership and Institutional Reforms Impact on Nigeria and the Masses Challenges and Ongoing Efforts Summary Aspect Details Revenue Contribution Over ₦2.1 trillion annually, second highest revenue agency Anti-Smuggling Efforts Major seizures, border patrols, collaboration with security forces Modernization Integrated Customs Management System, Single Window, e-payment Impact Economic growth, job creation, border security, trade facilitation Challenges Border porosity, infrastructure, corruption risks Ongoing Reforms Technology upgrades, capacity building, transparency initiatives Enforcement of tariffs Protection of local textile, cement, steel manufacturers by cracking down on smuggled alternatives Local manufacturers can compete fairly, grow production Faster raw material clearance Automation and e-payment enable quicker clearance of machinery and raw materials Reduced production downtime and cost, improved efficiency Revenue reinvestment Customs revenue helps fund industrial infrastructure like power and roads in industrial hubs Enhanced manufacturing capacity and competitiveness Summary The Nigerian Customs Service, through effective enforcement and modernization reforms, has significantly improved Nigeria’s revenue generation, protected local industries, and enhanced public safety. Its seizures have stopped billions of naira in illicit goods from undermining Nigeria’s economy and health. The reforms have made trade easier, faster, and more transparent, directly benefiting agricultural exporters and manufacturers.

Business Development

ALTERNATIVE FUND RAISING METHOD

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Developing the alternative entrepreneurship mind-set in fundraising is the principle and guidelines that will provide you with a better chance of effectively launching a new business from the scratch with little or no capital at the beginning. Some aspiring entrepreneurs don’t have the interest to start a business with borrowed money. They don’t search for loans or investors into their perceived business opportunity. They want to start all by themselves to maintain 100% shares of their businesses. At the beginning of starting a new business from scratch, all you have at this point is only your written proposal or business plan, indicating the amount that you basically need to start the business. The first step to take in this alternative method is thus:- Start with what you have. At the out-set of looking to start a new business venture after all other means and methods have proven abortive, you start by taking stock of what you have at your disposal by looking inward into yourself. 1.    Skill: What can you do practically? 2.    Experience: What have you done in the past very well? 3.    Knowledge: What do you know? 4.    Tangible Resources: What do you neither have nor own as a property, and you do have access to? It is recommended that you think very carefully about your answers to these questions. Go beyond what comes to mind immediately and think a little more deeply about what you have at your disposal. In this process, be sure to write down your responses to these questions. Your written responses will create a collection of artifacts that can be combined to create something interesting, novel and valuable in establishing a new business. Take into account what you have: What you have need to be combined with what you know, for it to have real power. Take stock of the relationships you have with others, map out your net-work of locations. Consider how your connections could enable you to use what you have more effectively. The alternative means of venture creation advocates, “stitching together partnerships to create new markets”. Relationship, particularly equity partnership, may drive the shape and trajectory of the new venture. Invest what you can afford to lose: There is a big difference in your mindset if you start with the perspective, either “I am investing this amount, or expect at least 30% return”, versus, I can afford to lose this much, therefore, I will put it into the business and see if I can make it work”. If you have only put in what you can afford to lose, you will maintain flexibility in the business and minimize stress in managing it. But if you are only willing to invest when you expect that you can get a specific return, there is a strong chance that you may never take the leap and launch the business you always dreamed of owning. =An example of this, is an entrepreneur who refuse to leave a well-paying job until he finds an opportunity that he predicts will pay more, versus one who decides to invest a small portion of her savings and two years of her life in a project that she believes is worth that amount of time and money-irrespective of whether it will pay than what she currently earn. She is trying out the alternative entrepreneurial mind-set. Experiment and Adapt: With this mind-set, flexibility and adaptability are a competitive advantage. You succeed not by becoming so fixated on a single goal or outcome but by being responsive to changes in the environment. Existing firms typically take longer to adapt than new firms, because they have more incentives for things to remain the same and they have established routines and practices that re-enforce the status-quo. New firms are not tied to the way things have always been done and thus entrepreneurs can benefit from shifts in consumer preferences, or shifts in technology or changing legislation by re-aligning their businesses to take advantage of such developments. In the traditional approach of business planning, there is an explicit effort to avoid unpleasant surprises. (The entrepreneurs with the alternative mind-set, in contrast has to stand ready to make do with what comes her way and learn to transform both positive and negative contingencies into useful components of a new opportunity).           However, still in the process of starting a new business, when all the needful have been done for the purpose of raising seed funds, and there is no capital yet to start your dreamed business; with this alternative mind-set and the adaptation to circumstances on ground, they are yet different kinds of work and business the entrepreneur can start that will not require any capital or may require a very small capital for logistics. This takes us into businesses one can start, with little or no capital. The alternative mind-set is to start something else or to do any other job for a period of time, just to raise the sum of money needed to set up the business of your dream. In starting an alternative business, you need to give yourself a time frame to do the available job, may be six month, or one year, or so. A time frame you think within yourself that you will be able to do the job and possibly raise the needed funds to start the business of your dream. A Case Study There was this French national I met in the Republic of Gabon, more than twenty years ago. He was an expatriate worker, working in one of the petroleum exploration company, Shell Petroleum Company, precisely. Despite the facts that his colleague of same nationality where highly placed in the very company, this French national was in the swamp forest working alone side with us. When we asked him why is he in the forest, while his colleagues are in the offices and at highly placed positions. His response: There was no vacancy for me in this company. So I demanded for any available position, because I was in

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