Business
Diaspora Remittances Stood At $21.9b In 2022 — Tinubu

The Federal Government said Diaspora home remittances in 2022 stood at US$ 21.9 billion through official channels.
Nigeria’s President, Bola Ahmed Tinubu, said this at the 17th annual National Diaspora Day (NDD), 2023, at the Conference Centre, Presidential Villa, Abuja, on Tuesday.
The theme of the day was: “Consolidating Diaspora Engagement for National Development”.
Tinubu was represented by Hon. Femi Gbajabiamila, his Chief of Staff.
The president said Nigerians were excelling globally and contributing immensely to the country’s development through their resources, talents, skills and global exposure.
“In 2022, our Diaspora home remittances through official channels stood at US$ 21.9 billion, over four times the value of our Foreign Direct Investment (FDI).
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“The Nigerians in the Diaspora are also actively investing in healthcare, agriculture, education, information and communication technology, housing and real estate, sports, transportation, oil and gas and other sectors.
“This I must say is commendable and in our enlightened self-interest as only Nigerians both at home and abroad can develop Nigeria.”
He also estimated Nigerians in the Diaspora at over 17 million and reiterated that the government held the Diaspora in high esteem and worked hard to uplift engagements with them.
He said parts of the engagement included the passage of the Nigerians in Diaspora Commission (NiDCOM) (Establishment) Act in 2017, and its take off in 2019, and the approval and adoption of the National Diaspora Policy in 2021.
Tinubu also described the day as special owing to the new initiatives by NiDCOM to celebrate contributions of the Diaspora champions with the introduction of the maiden edition of the National Diaspora Merit Awards.
He said the initiative would serve as a morale booster for the Diaspora community and also encourage Diaspora engagement and participation for national development.
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The president also commended the commission for its dynamic engagements with the Diaspora community, especially with laudable programmes for Nigerians in Diaspora to invest at home.
“I believe in the years to come, these programmes will impact tremendously on our economy by catalysing our developmental efforts.
“May I therefore encourage you to key into these programmes for our mutual benefits.
“May I also let you know that this new democratically-elected government is a Diaspora friendly one, which will provide an enabling platform for effective policies for the Diaspora with the view to galvanising support for the new administration and concretising our democracy, setting a good example for other African countries to emulate.”
He assured that the government would address some of the challenges the commission faced to make it more effective with the Diaspora for national development.
In her welcome address, Mrs Abike Dabiri-Erewa, Chairman, NiDCOM, said the theme of the day was a summary of the entire mandate of NiDCOM.
Dabiri-Erewa said the mandate was to engage and harness the talents, skills, resources and global exposure of Nigerians in the Diaspora for national development.
“Our interactions with the Diaspora community during this year’s National Diaspora Day celebrations therefore are expected to mobilise the Diaspora to key into some of the programmes of the government and to chart improved and better ways on how to achieve the positive results for national development within the “Renewed Hope Agenda” of the government.”
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The chairman urged the federal government for a review of the Act setting up NiDCOM to streamline its activities by setting up a sustaining funding mechanism for the commission’s activities.
She encouraged the government to support and conclude the setting up of the Nigeria Diaspora Investment Fund (NDIF) as an investment window for the Diaspora, and the setting up of a Diaspora Intervention Fund for emergencies involving the Diaspora.
In his opening remarks, Amb. Adamu Lamuwa, Permanent Secretary, Ministry of Foreign Affairs, applauded the Nigerians in the Diaspora for their contributions in Nigeria.
Lamuwa was represented by Amb. Samson Itegboje of the ministry.
The permanent secretary commended NiDCOM for its efforts and promised to work hand-in-hand with the commission for better Diaspora relations.
Highlights of the day included a cultural performance by the National Council for Arts and Culture, a musical interlude performed by Christiana Igbokwe, granddaughter of the late Nigerian musician, Christy Essien-Igbokwe, a saxophone played by OreOfe Sax, among others.
(NAN)
Business
Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”
He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.
Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”
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According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.
The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.
He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.
According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.
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He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.
“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.
“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.
“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”
When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”
Business
JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.
Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.
This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.
Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.
According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.
READ ALSO:Drivers Protest Fuel Increase, Raise Fares in Benin
However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.
This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.
Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.
Business
Dangote Refinery Hikes Petrol Price

Dangote Refinery has increased the ex-depot price of petrol by N75.
The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.
READ ALSO:Dangote Sugar Announces South New CEO
This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.
DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.
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