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US, Nigeria Strengthen Ties with New Air Transport Agreement

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The United States has announced the establishment of an Air Transport Agreement with Nigeria, marking a significant milestone in the civil aviation relationship between the two nations. Revealed by the Public Diplomacy Department of the U.S. Mission in Nigeria, this agreement has been provisionally applied since 2000, reflecting long-standing cooperation in aviation.

The U.S. Mission emphasized that the agreement aligns with the U.S. Open Skies international aviation policy, which underscores commitments to stringent aviation safety and security standards. This bilateral accord aims to modernize and liberalize the aviation sector, fostering stronger economic and commercial ties between the United States and Nigeria.

Raphsody Banner, a spokesperson for the U.S. Mission, stated, “This agreement with Nigeria is a step forward in liberalizing the international civil aviation sector in Africa. It further expands our strong economic and commercial partnership, promotes people-to-people ties, and creates new opportunities for airlines, travel companies, and customers.”

Banner highlighted several key provisions of the agreement, including unrestricted capacity and frequency of services, open route rights, a liberal charter regime, and open code-sharing opportunities. These provisions enable air carriers to offer more affordable, convenient, and efficient air services to travelers and shippers, thereby boosting tourism and commerce.

The U.S. Mission also recalled recent high-level engagements between U.S. and Nigerian officials. In April, U.S. Deputy Secretary of State, Kurt Campbell, met with Nigeria’s Foreign Affairs Minister, Amb. Yusuf Tuggar, reaffirming their commitment to a robust partnership aimed at building a prosperous future for both nations.

Matthew Miller, a spokesperson for the Department of State, provided additional insights, stating, “On May 14, Deputy Secretary Kurt Campbell met with Nigerian Foreign Minister Yusuf Tuggar in Washington. Following their engagement during a successful U.S.-Nigeria Bi-national Commission (BNC) in Abuja last month, the Deputy Secretary and Foreign Minister made progress toward implementing mutual economic, governance, and security priorities.”

Campbell’s visit to Nigeria included co-chairing the sixth U.S.-Nigeria Bi-national Commission with Tuggar. Their discussions covered a wide range of topics including partnerships, shared prosperity, democracy, governance, accountability, and movement of people.

The Air Transport Agreement not only strengthens the aviation ties between the two countries but also signals a deepening of overall bilateral relations. By fostering greater connectivity and cooperation, this agreement has far-reaching implications for the aviation industry, economic growth, and the enhancement of people-to-people ties between the United States and Nigeria.

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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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