Nigeria Hikes Passport Fees Amidst Declining Global Ranking

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Headlines

Nigeria Hikes Passport Fees Amidst Declining Global Ranking - In a move that is likely to impact Nigerians, the Federal Government has announced a 43% increase in the cost of Nigerian passports, effective September 1, 2024. The 32-page passport with a 5-year validity will now cost 50,000 Naira, up from the previous N35,000, while the 64-page 10-year passport will rise to N100,000 from N70,000. The government cited the need to "maintain the quality and integrity of the Nigerian Standard Passport" as the reason for the price hike. However, this decision comes at a time when the Nigerian passport has been ranked as one of the least powerful globally, granting visa-free access to only 45 out of 227 countries. The poor performance of the Nigerian passport compared to its West African counterparts has forced citizens to spend millions on visa travel, further burdening their financial resources. The government's move to increase passport fees, despite the declining global ranking, is likely to receive mixed reactions from the Nigerian public.

Protecting Nigerians’ Financial Assets: New Measures Unveiled - In a recent economic dialogue, Finance Minister Wale Edun assured Nigerians that their rights to own assets, whether in naira or other currencies, are legally protected. Edun stated that the Tinubu administration is committed to transforming Nigeria's economy into a safe and lucrative haven for citizens to keep their savings. To achieve this, the government has launched a U.S. dollar domestic bond to attract Nigerian savings from abroad and encourage investment in the country. Edun acknowledged the cost of macroeconomic reforms, such as inflation, which will be borne by the wealthiest in society. Sterling Bank CEO Abubakar Suleiman emphasized the need to address value erosion and rebuild customer confidence in Nigeria's banking sector. He cited instances where Nigerians have moved money out of the system due to concerns about government actions. Suleiman stressed the importance of protecting the currency's value and avoiding "technology slavery," where the banking sector's value is externalised. He urged Nigeria to focus on building its own technology to empower the financial system, prioritizing innovation over-regulation.

My three takeaways from the recent protests - Ahead of the recently concluded protests, I found it surprising that the government was too jittery and felt that those who called for the protests would listen to the voices of elders and traditional rulers that they believed were responsible for their hunger and hopelessness. Read More

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