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Why Recession Will Grow Nigeria’s Travel & Hospitality Industry

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The International Monetary Funds (IMF) predicted in 2015 that Nigeria’s economy will slide into a recession in 2016 by 1.8 per cent.

The forecast indicated that our economy will grow at a much slower pace than South Africa’s. Months after the prediction, truly Nigeria slipped into a recession.

Everywhere around the world, recession is one of the most dreaded economic downturns. The reasons – although not far-fetched – include, but not limited to, drop in stock market, hike in unemployment, salary cuts in most private establishments and monumental decline in housing market.

Many economy and non-economy experts have weighed in on the ways to curb the ripple effects of this monster that has clutched its fist on commerce and trade. But like they say, talk is cheap.

Recently, I heard in the news that the Minister of Finance, Mrs. Kemi Adeosun, out of her many ‘un-put-down-able’ rhetorics on how to revive the economy and chase out recession, had said the commencement of rice production in some parts of the country will deal a major positive blow on the recession.

Well, I’d like to think she was quoted out of context because I can’t think of any immediate impact rice production will have on the economy right now.

But then again, what do I know about the economics of a country? Absolutely nothing!

Our fears and worries about the ugly reality of where we’re at this point in time are completely not misplaced.

We have reasons to quake with fear. Prices of items have shot up like never before. And sadly, revenue/income has remained firmly reluctant to grow.

Not too long ago, I saw a meme that was circulated on social media which compared very aptly the rising costs of living to a student who passes his exams and moves from one class to the other, and income to a student who has been repeating same class with no hope of graduating to a new class. While the meme was very amusing, it passed a very serious message in a comical way but the underlining truth could not be missed for those who could read between the lines.

Nonetheless, this doesn’t mean that the things a recession carries around are mere economic vices. A number of macro economy experts have made deliberate efforts to shift our attentions to the equally promising opportunities that a recession promises.

While it may be highly improbable to sell these opportunities to anyone, I think they are surprisingly appealing, depending on what side of the divide you are.

As a travel and tourism enthusiast, I am always on the look-out for bright and ingenious ideas on how to grow our hospitality sector.

I led myself to a lot of mind-boggling and quizzical conversations on how to rewrite a better destiny for this sector. And so, an economy in a recession, as far as I am concerned, is not a threat to this sector. Rather, it will boost its growth and the attendant benefits are the ingredients we need to promote the sector.

Recently, Jumia Travel’s global CEO, Paul Midy was in the country on a week-long working visit.

During his stay, a number of journalists dropped by our office to have a quick chat with him. Although, more than 90% of these distinguished journalists intended to inquire if Jumia Travel will be relocating office from Nigeria due to the recession and also find out what the company was planning to do to stay afloat in business.

They all came prepared, each of them hoping to be the first to break the news of the company’s decision to pack its business from Nigeria and relocate to any of the more economically stable African countries.

Sadly, the CEO’s response was indeed the most shocking comment they had ever received from any top boss they have spoken to since the recession paralyzed the economy.

Paul quickly dismissed their speculations on any plot to relocate. He stated that the recession makes our business more lucrative and profitable. The shock on their faces betrayed their expectations.

“The reason, he continued, is because recession has made the country a cheaper place to do business. The fall in the value of naira makes it cheaper for people who want to trade with Nigeria and for businessmen and women to travel through Nigeria to other destinations both in Africa and beyond.

“We know that many foreign firms are withdrawing from Nigeria but we are instead increasing our investment because Nigeria is our core market and with the depreciating value of the naira, goods from this part of Africa have become very cheap for our customers in other parts of Africa. We see recession as a short term and mid-term situation but in the long term, Nigeria is still the strongest market with almost 200 million people.”

The recession has restricted a number of Nigerians to the shores of the country to spend their vacations.

It is therefore not surprising that hotel booking portals have received an unprecedented requests from well-meaning Nigerians who are planning to spend their vacations in some of the tourist sites in the country.

People are already locking down a lot of hotels in the South South for the Calabar International festival in December.

The recession has awakened our forsaken interests in engaging in intra-country vacations by visiting any of the choice destinations spread all over the country. A lot of airlines, hotels, travel agencies, OTAs etc, will undoubtedly benefit immensely from the patronage which will contribute significantly to our GDP eventually.

More patronage for these service providers will also attract increase in the workforce, meaning employment for more people. Imagine the millions of nairas which will hitherto be spent in other countries now being spent internally. The ripple will run through the whole gamut of our economy.

As one writer put it, “Nigerians are known for their love for luxury goods, foreign products, showing off and taking loans to keep up with the lifestyle.

If people will ever recognize this misbehaviour, these things won’t happen during a recession. As we know from the past, a recession lasts for about 10 months, so good times will be back. Nevertheless, they are necessary and you will experience a few recessions in your life, so better be prepared.”

Olukayode Kolawole is head of PR & Marketing | Jumia Travel NG


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Nigeria, Others Lag Behind as Egypt Tops Africa in AI Readiness

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Nigeria and other Sub-Saharan Africa countries rank ninth out of nine global regions as Egypt has emerged as Africa’s leading country in artificial intelligence readiness, ranking first on the continent and 51st globally in the 2025 Government AI Readiness Index published by Oxford Insights.

The impressive ranking has been lauded as underscoring North Africa’s growing influence in the global AI race.

According to Egypt’s Ministry of Communications and Information Technology (MCIT), the country scored 57.5 points out of 100, climbing 14 places from 65th in 2024.

The Nile nation also ranked fourth in the Middle East and North Africa (MENA) region, behind Saudi Arabia, Israel and the United Arab Emirates.

The Oxford Insights index assesses 195 governments using 69 indicators across six pillars, including policy capacity, governance, AI infrastructure, public sector adoption, development and diffusion, and resilience.

Egypt topped the Policy Capacity pillar globally with a perfect score of 100, tying with the UK, Serbia and Australia, an indicator of strong national AI policymaking and institutional readiness.

Oxford Insights noted that countries such as Egypt are “expanding the use of AI across national priorities while shaping policies to strengthen domestic AI ecosystems,” although gaps in infrastructure and talent development remain in some contexts.

MCIT minister Amr Talaat attributed Egypt’s strong performance to deliberate government action.

“This achievement reflects our efforts to integrate artificial intelligence into public services and accelerate digital transformation through Egypt’s second National AI Strategy. We are positioning Egypt as a regional AI hub while ensuring AI delivers real economic and social value,” he said.

Launched for 2025–2030, Egypt’s National AI Strategy targets sectors such as healthcare, justice and public administration, while aiming to train 30 000 AI specialists by 2030 and raise AI’s contribution to GDP to 7.7%.

Talaat also highlighted Egypt’s cybersecurity credentials when he highlighted that the country ranked among the top 12 globally in the ITU’s Global Cyber security Index.

Regionally, the results expose sharp contrasts across Africa. Sub-Saharan Africa ranks ninth out of nine global regions, with an average score of 28.04, reflecting persistent gaps in AI infrastructure and public sector adoption.

However, countries such as Kenya, South Africa, Mauritius and Nigeria lead the sub-region, while Rwanda and Ethiopia are gaining momentum through innovation hubs and policy reforms.

In contrast, the MENA region ranks fifth globally, buoyed by significant investment in AI infrastructure and policy capacity, particularly in Gulf states.


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SERAP Sues INEC Over Alleged ₦55.9Bn Election Funds Diversion

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Socio-Economic Rights and Accountability Project (SERAP) has dragged the Independent National Electoral Commission (INEC) to court over the alleged failure to account for ₦55.9 billion reportedly meant for the procurement of election materials for the 2019 general elections.

SERAP Sues INEC Over Alleged ₦55.9Bn Election Funds Diversion

The grave allegations are documented in the latest annual report published by the Auditor-General on 9 September 2025.

In the suit number FHC/ABJ/CS/38/2026 filed last Friday at the Federal High Court in Abuja, SERAP is seeking: “an order of mandamus to direct and compel INEC to account for the missing or diverted N55.9 billion meant to buy smart card readers, ballot papers, and other election materials for the 2019 general elections.”

SERAP is also seeking: “an order of mandamus to direct and compel INEC to disclose the names of all contractors paid the N55.9 billion for the procurement of smart card readers, ballot papers, result sheets, and other election materials for the 2019 general elections, including the names of their directors and shareholders.”

In the suit, SERAP is arguing that: “INEC must operate without corruption if the commission is to ensure free and fair elections in the country and uphold Nigerians’ right to participation.”

SERAP is also arguing that, “INEC cannot ensure impartial administration of future elections if these allegations are not satisfactorily addressed, perpetrators including the contractors involved are not prosecuted and the proceeds of corruption are not fully recovered.”

According to SERAP, “INEC cannot properly carry out its constitutional and statutory responsibilities to conduct free and fair elections in the country if it continues to fail to uphold the basic principles of transparency, accountability and the rule of law.”

SERAP is also arguing that, “These allegations also constitute abuse of public office and show the urgent need by INEC to commit to transparency, accountability, clean governance and the rule of law.”

SERAP also said, “Allegations of corruption in the supply of smart card readers, ballot papers, result sheets and other election materials directly undermine Nigerians’ right to participate in elections that are free, fair, transparent, and credible.”

The lawsuit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, and Andrew Nwankwo, read in part: “These grim allegations by the Auditor-General suggest a grave violation of the public trust, the Nigerian Constitution 1999 [as amended] and international anticorruption standards.”

“According to the recently published 2022 audited report by the Auditor General of the Federation (AGF), the Independent National Electoral Commission (INEC) ‘irregularly paid’ over N5.3 billion [N5,312,238,499.39] ‘to a contractor for the supply of Smart Card Readers for the 2019 general elections’.

“The contract was awarded without prior approval from the Bureau of Public Procurement (BPP) and the Federal Executive Council. The payment was also ‘made without any document. There was no evidence of supplies to the commission.’”


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FG Inaugurates N40Bn CCTV Control Centre for Third Mainland Bridge

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Federal government has inaugurated a ₦40 billion closed-circuit television (CCTV) control centre for the Third Mainland Bridge in Lagos.

FG Inaugurates N40Bn CCTV Control Centre for Third Mainland Bridge

Speaking at the inauguration on Sunday, David Umahi, minister of Works, said the project followed extensive rehabilitation works carried out on the bridge after the current administration took office in 2023.

“When we came on board in 2023, we met a very terrible Third Mainland Bridge,” Umahi said, adding that the structure, along with Carter and Iddo bridges, required comprehensive re-evaluation and repairs both above and below water level.

He said President Bola Tinubu approved the total rehabilitation of the bridge, including replacement of expansion joints, noting that the completed work had improved driving conditions and extended the bridge’s lifespan.

Umahi said the CCTV system, first announced in 2025, was designed to curb dangerous driving, prevent suicide attempts and strengthen security.

He added that security personnel would monitor live footage from the control centre and enforce speed limits on the bridge.

The minister commended the China Civil Engineering Construction Corporation (CCECC), which executed the project, for what he described as high-quality delivery. He said the contract also included a surveillance boat and two Hilux vans, which would be handed over to the police to support monitoring and rapid response.

“The idea is that we can see everything that is happening on the bridge,” Umahi said, expressing concern over excessive speeding and urging motorists to comply with traffic regulations.

Earlier, Olufemi Dare, federal controller of works in Lagos, said the facility was the first of its kind on any bridge in Nigeria.

He said the system allows real-time monitoring of activities on the bridge and surrounding waters.

Dare said the project includes 240 solar panels, 10 inverters, a 300 KVA transformer, a standby generator, multiple monitoring screens and full air-conditioning for the control centre.

He added that the contract also covers 1,268 solar-powered street lights and a borehole facility.

According to Dare, the project was awarded at a cost of ₦40.17 billion, with about ₦36 billion paid so far to the contractor. He said the current inauguration marked the first phase, with additional commissioning planned once work on the bridge’s extension is completed.

He thanked the president for approving the project and praised Umahi for ensuring due process during its execution.


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