Nigeria has launched a new visa policy as the country is determined to boost its Ease of Doing Business rank. This was unveiled by President Muhammadu Buhari at the State House in Abuja, today.
The new visa policy was designed to attract some individuals, professionals and investments to the nation. President Buhari explained that the policy would push Nigeria’s economy towards global competitiveness.
“This new Visa Policy will advance our goal of building a globally competitive economy, by helping attract Innovation, and specialized skills and knowledge from abroad, to complement locally available ones. We are sending a message to the world that Nigeria is Open for Business.
“Pleased to announce that Nigeria has a new Visa Policy, which I launched today. This new Policy will help improve our business environment, attract FDI, boost tourism, and improve African integration, without compromising national security and our territorial integrity,” President Buhari stated on his Twitter handle.
People favoured by the policy: Nairametrics learnt that the special Short Visa classes (single entry) will favour Journalists, Clerics, Sportspeople, Artists/Entertainers/Musicians, Religious Tourists, Humanitarian Workers, etc.
What it means: This means, foreigners (Africans) coming to Nigeria for a short visit, business purpose or for tourism, will be given a legal stay for up to 90 days. But the individual has to have a valid passport.
According to the Nigerian immigration, “The document contains a range of Visa administration reforms efforts aimed at simplifying processes & making Nigeria the preferred investment and tourism destination.”
Note that the new visa policy has 79 visa classifications, with the most popular being the Visa on arrival.
Nigeria’s ease of doing business: Back in October 2019, Nigeria’s ranking on the World Bank’s Ease of Doing Business increased by 15 steps from what was recorded in 2018. Nigeria, which was one of the two African countries on the list, also made the top 10 most improved economies in the world’s list, the second time in three years. This new visa policy is expected to have a positive impact on the ease of doing business in Nigeria.
Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million
Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.
Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).
The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006
The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.
Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.
The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.
According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.
What you should know
- NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
- Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
- Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
- More people are currently bidding their tweets on the platform.
Bamboo’s current rate for buying U.S Stocks weakens to N492/$1
Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.
The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.
About two weeks ago, the Nigerian stock trading app offered an exchange rate of about N484 to $1.
The green-colored trading app known for allowing local-based Nigerians to invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.
That being said, Nairametrics’s most recent research observed Chaka. ng offers the lowest exchange rate charge of N480 to 1$, other Nigerian-based stock trading apps that include Trove and Risevest currently offer their clients N491.68 and N486 to $1 respectively.
In addition, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.
A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.
Consequently, a lot of Nigerians are flocking the New York Stock Exchange (NYSE) on the account it has about 2,800 companies listed, while the NASDAQ has about 3,300 stocks listed. This gives Nigerian investors numerous options where they can invest their money. It is also why the US economy attracts billions of dollars in portfolio investments annually.
Bamboo is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.
In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Seplat falls into a loss in FY 2020
- 2020 FY Results: Cornerstone Insurance Plc reports a 61.1% decline in profit
- Ellah Lakes increases operating expenses by 33.36% in HY 2020
- 2020 FY Results: Nigerian Breweries reports a 54.3% decline in profits in 2020
- Abbey Mortgage Bank projects N51.08 million profit in Q2 2020.