News
Why Recession Will Grow Nigeria’s Travel & Hospitality Industry

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
News
Nigeria Customs Deploys AI to Cover Revenue Leaks

The Nigeria Customs Service (NCS) has rolled out an artificial intelligence (AI) driven capacity-building programme to improve revenue generation and reconciliation across its operations.

The initiative, unveiled during a three-day training event in Abuja, aims to transition the agency toward data-driven administration as Nigeria seeks to boost non-oil revenue.
The adoption of AI will enable the service to better manage complex trade systems, detect anomalies and reduce revenue leakages, says Bashir Adewale Adeniyi, comptroller-general of the NCS.
AI-powered tools are already being integrated into risk management and cargo scanning systems to allow for real-time analysis of trade patterns.
The technology marks a transition from manual, reactive processes to predictive and automated decision-making, Adeniyi adds.
The programme also reflects a shift in the relationship between the NCS and the National Assembly toward a collaborative framework focused on transparency and efficiency.
The training is a strategic intervention to address persistent gaps in revenue management, says Kikelomo Adeola, deputy comptroller-general of the NCS.
AI applications, ranging from automated data analysis to predictive intelligence, will significantly enhance the integrity of public financial systems, she says.
The initiative aligns with broader efforts to modernise governance and improve compliance across revenue-generating agencies, says Bamidele Salam, chairman of the House Public Accounts Committee.
Lawmakers and fiscal authorities at the event underscored the urgency of adopting advanced technologies amid rising budgetary pressures.
This move comes as the federal government increases scrutiny over revenue leakages and audit discrepancies.
The partnership between the NCS and the legislature is critical to strengthening fiscal discipline and ensuring all revenue due to the federation is accurately captured, Adeniyi concludes.
News
Lagos Targets Vulnerable Residents in Expanded Social Register

Lagos State Government has intensified efforts to strengthen its social protection framework with a fresh push to update the state’s Single Social Register.

Babajide Sanwo-Olu, Governor, Lagos
This was contained in a press statement on the government’s Facebook page on Wednesday.
The initiative, led by the Lagos State Ministry of Economic Planning and Budget, formed the focus of a strategic engagement held on Monday with Community-Based Targeting teams, local government coordinators and field enumerators across the state’s 57 Local Government Areas and Local Council Development Areas.
The meeting, themed “Closing the Gap: Accelerating Lagos State Single Social Register Update,” took place at the Radio Lagos Multipurpose Hall in Agidingbi, Ikeja.
Officials said the exercise is aimed at improving the accuracy and reach of the register, which serves as a critical tool for planning and delivering targeted social interventions, including financial support, healthcare and education services.
Speaking at the session, Ope George, commissioner for Economic Planning and Budget, commended field workers for their commitment while urging them to scale up their efforts.
He called on participants to be “more intentional by intensifying their commitment,” reaffirming the government’s resolve to “continuously strengthen and refine the Register to reflect evolving realities.”
Also speaking, Olayinka Ojo, permanent secretary in the ministry, described the register as central to effective governance and service delivery.
She said “it remains a cornerstone for effective planning and delivery of social intervention programmes,” adding that the ongoing update is designed to “further enhance data reliability, coordination, and service delivery outcomes.”
Ojo noted that sensitisation efforts would be expanded across all councils to ensure wider inclusion of residents, stating that “the advocacy and sensitisation will scale throughout the 57 LGAs and LCDA to give more to Lagos residents.”
According to the government, the updated register is expected to expand access to social protection programmes and improve the targeting of interventions for the most vulnerable populations.
The engagement also provided a platform for stakeholders to strengthen collaboration, improve data quality and reinforce transparency in grassroots data collection.
The state government reiterated its commitment to leveraging accurate data and partnerships to drive inclusive development, reduce vulnerability and improve living standards across Lagos.
News
Study Shows 38% of Northern Women Lack Access to Financial Services

A new study by Bayero University, Kano, has found that 38 per cent of women in Northern Nigeria do not have access to financial services.

The study, carried out by the Aminu Kano Centre for Democratic Studies of the university, was supported by the Gates Foundation. It examined how social norms and behavioural factors influence financial inclusion across the 19 Northern states.
The report, titled “Understanding Influence and Behaviour in Northern Nigeria” and unveiled in Abuja on Wednesday, stated that while 52 per cent of women are financially served, only 45 per cent access formal financial services through deposit money banks, merchant banks, interest-free banks and microfinance institutions.
It stated that “38 per cent of women across the region lack access to financial services. “52 per cent of women are financially served, while 45 per cent access formal financial services through Deposit Money Banks, merchant banks, interest-free banks and microfinance institutions. An additional seven per cent utilise other formal non-bank financial products, including insurance services. ”
Speaking at the unveiling, the Director of Academic Planning at Bayero University, Prof. Yusuf Garba, who represented the Vice Chancellor, Prof. Haurna Musa said the research was designed to uncover why the region lags in financial access.
“This study, which started in 2024, aims to examine how social norms influence attitudes and behaviour of various groups across Northern Nigeria, particularly to find out why states in the region fall behind in access and use of financial services,” he said.
Garba explained that the research, conducted over 18 months, produced two volumes detailing how influence structures, trust hierarchies, gender norms, and religious considerations shape decisions around finance, health and education.
He added, “The report is structured into volumes to provide a unified explanation of how social norms, authority structure, and trust shape financial behaviour across Northern Nigeria.”
On the findings, the Principal Investigator, Prof. Ismael Zango, said the data aligns with figures from the National Bureau of Statistics, particularly on poverty and unemployment.
According to him, “unemployment in the region stands at about 37 per cent,” while “poverty levels average about 80 per cent across Northern Nigeria, with Sokoto State recording the highest rate at over 80 per cent.”
Zango stressed that addressing financial exclusion requires more than temporary interventions.
“Economic empowerment must go beyond token financial support,” he said, adding that “sustainable development requires equipping women and youths with relevant, market-driven skills.”
He cited women-led initiatives such as groundnut processing groups in Kebbi State and the Women in Agriculture programme in Kano State as practical models.
“These initiatives should be scaled up to bring more people into productive economic activities and reduce poverty,” he said.
In her remarks, the Chief Executive Officer of Enhancing Financial Inclusion and Advancement, Mrs. Foyinsolami Akinjayeju, described financial inclusion as both an ethical and economic imperative.
Akinjayeju called for stronger collaboration among stakeholders, including government, financial institutions and development partners, as well as policy reforms to address existing gaps.
“Everyone has a role to play, but commitment must come from the top,” she said.
The findings come amid growing concerns over low financial inclusion rates in Northern Nigeria, driven by poverty, unemployment, and entrenched social norms that limit women’s economic participation.
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