The limitations of the Nigerian Passport in regard to global travel are very well documented. Citizens of Africa’s most populous country and largest economy only have visa-free access to 54 destinations that account for a combined 2.1% of the world’s GDP. In fact, according to La Vida Golden Visas’ Passport index, the Nigerian Passport is one of the lowest ranking passports in West Africa, even behind countries like Cote d’Ivoire, Ghana and Cameroon.
However, with a burgeoning technology scene and growing appetite amongst the rising middle class for international business, education and leisure, It is no surprise that more wealthy Nigerians are looking beyond the Nigerian passport and to second citizenships to provide greater mobility and access to global opportunities.
One avenue wealthy Africans have increasingly turned to is the acquisition of dual citizenships through government-approved investment programmes like Grenada’s Citizenship by Investment programme, which allows foreign individuals to acquire citizenships by investing in the country’s latest real estate marvel. A particularly popular government-approved project is Kimpton Kawana Bay Hotel Resort.
The ‘Isle of Spice‘ as it is most fondly called for its abundance of nutmegs and mace crops, Grenada, has emerged a particular favourite for wealthy Africans looking for a second passport. And with benefits including access to the US, China, Russia and the EU Schengen zone, tax haven, 60 to 90 days turnaround time and much cheaper cost to acquire, it’s not hard to see why.
The Grenada Citizenship by Investment Programme: Africa’s new sweetheart
Launched in August 2013 by the Grenada government to drive the economy, the Grenada Citizenship by Investment programme (CBI) is one of the world’s top-ranked CBI programmes and allows individuals and their families to obtain citizenship in Grenada. It offers a user-friendly second citizenship and a first-class investment opportunity whereby applicants can buy Government-approved real estate from USD220,000 like a unit in the Kimpton Kawana Bay resort, which is currently the most popular project. Citizenship by Investment in Grenada is fast, financially sound, and provides global access opportunities that other CBI programmes around the world simply cannot rival due to its low price and unique benefits.
Kimpton Kawana Bay
Kimpton Kawana Bay is a new beachfront 5-star luxury resort in Grenada. Title deeded studios and suites are for sale for the minimum investment of USD220,000 through Grenada’s acclaimed Citizenship by Investment (CBI) programme, which allows purchasers to apply for Grenadian citizenship for themselves and their family in one application. The resort is ideally positioned on Grand Anse Beach, voted by CNN and Condé Nast Traveller as one of the world’s best beaches. The resort will be operated by an internationally recognised hotel brand – Kimpton Hotels & Restaurants, part of IHG (InterContinental Hotels Group), one of the largest hotel groups in the world.
Benefits of Investing in the Kimpton Kawana Bay Project
Kimpton Kawana Bay offers hassle-free ownership with no annual out of pocket fees. There is a projected rental income of 3-5% through the transparent revenue-sharing model and personal accommodation usage of up to 2 weeks each year. After 5 years, investors are allowed to disinvest and recoup their initial investment should they require. The hotel, which will feature an infinity-edge pool overlooking Grand Anse Beach, state-of-the-art gym and spa facilities, exquisite fine dining restaurant, roof-top bar, beach bar, lounge with terrace, and water sports facilities already promises to be marvel and spectacular piece of real estate wonder.
A route to live and work in the United States of America
The E-2 Visa is an optional and secondary application which is available as an extra service to those who may want to gain residency in the USA. Should investors decide to take this step, they need to budget for an additional investment into a US business. There is no fixed amount set by the government, but it is recommended that applicants invest a minimum of $120,000 upwards and become at least a 50% shareholder in the company. This route is fast becoming more popular than the direct EB5 programme to the USA, which has lengthy delays and requires a much larger investment of $900,000+. It’s important to note that the E-2 visa category is not affected by the recent immigration bans announced by President Trump.
Unlocks a world of opportunities to Nigerians
According to La Vida’s Passport Report, Grenadian Passport is ranked 35 out of 109 countries when it comes to the most powerful passports in the world and combined with a Nigerian passport provides visa-free access to 163 countries, or 58.7% of the world’s GDP.
Grenada imposes no foreign income, wealth, inheritance, capital gains, or gift tax. The simple and effective tax structure of the country makes it attractive to the world’s leading business people.
One application, four generations.
Grenada citizenship applications allow the main investor to include their spouse, dependent children, unmarried siblings, parents and grandparents under one family application. This allows large families also partake of the huge benefits the country has to offer, including high-quality education from St. George University.
While changes in the political and legal structure of a country are normal, Grenada makes sure it doesn’t have any impact on your citizenship. This is why once you acquire its citizenship it stays with you for life. No subsequent changes in any policy can threaten your claim and you can reap the benefits for life.
Visa-free travel, increased global business and education opportunities, creating a legacy for one’s family and having a ”Plan B” is just one of the many reasons investors take up second citizenship. And the Grenadian Citizenship offers several added attractions that many of its competitor countries simply do not.
Audiomack partners Slum2School to support the education of students from underserved communities
These funds will go towards supporting 38 learners with tablets in the virtual learning program.
Moving music forward means empowering the next generation of creatives. In that spirit, Audiomack will be donating $5000 USD worth of tablets and headsets that will support the Slum2School initiative in Africa, which is a volunteer-driven development organization empowering underserved children in slums and remote communities with quality education, entrepreneurial skills, and psychosocial support to enable them to realize their full potential and become social reformers.
These funds will go towards supporting 38 learners with tablets in the virtual learning program which was designed to combat the impact of COVID-19 on education in disadvantaged communities in Nigeria.
Speaking about the initiative, Charlotte Bwana, Head of Business Development and Media Partnerships for Audiomack Africa reiterated Audiomack’s commitment to empowering its host communities. She said, “While the Coronavirus pandemic has impacted all aspects of our lives including the education sector, we recognize the increased gap on children from underprivileged communities as they are unable to access quality education and learning materials. This donation demonstrates our efforts to bridge this gap because we are committed to fostering a world where everyone has the opportunity to learn and prosper.”
Also commenting, Otto Orondaam, Founder of Slum2School Africa said, “We are glad to collaborate with Audiomack who shares in our vision to transform the society by empowering underserved children in slums and remote communities with quality education. We also call on individuals and organizations to support this cause and help make an impact in Nigeria’s educational development”.
This donation comes on the heels of Audiomack donating to Girls Who Listen and Pretty Girls Sweat for Women’s History Month.
Dangote: Cement price from our factories is between N2,450 and N2,510 per bag, VAT inclusive
…says Nigeria price is in line with or lower than prices across the West African coast.
Management of Dangote Cement Plc has clarified that the price of a bag of cement from its factories and plants across Nigeria (as at 12th April, 2021) is N2,450 in Obajana and Gboko, and N2,510 in Ibese inclusive of VAT. The clarification was made in view of recent insinuations that the company sells cement in Nigeria at significantly higher prices relative to other countries, particularly Ghana and Zambia.
Dangote’s Group Executive Director, Strategy, Portfolio Development & Capital Projects, Devakumar Edwin revealed that, while a bag of Cement sells for an equivalent of $5.1, including VAT in Nigeria, it sells for $7.2 in Ghana and $5.95 in Zambia ex-factory, inclusive of all taxes. He said that though the company has direct control over its ex-factory prices, it cannot control the ultimate price of cement when it gets to the market. He advised that it is important to distinguish Dangote’s ex-factory prices from prices at which retailers sell cement in the market.
He, therefore, frowned at intentional misinformation or demarketing, allegedly sponsored by some individuals, that Dangote sells its cement at higher prices in Nigeria relative to other African countries at the expense of Nigerians. He described the allegation as false, misleading, and unfounded, while giving the media persons present at the press conference copies of invoices from Nigeria and some other African countries (Cameroun, Ghana, Sierra Leone, Zambia), and urging them to conduct independent investigations on the price of cement across the West African coast.
Edwin further explained that while Dangote cement has 60% share of the market, other companies have the remaining 40%. DCP has no control over neither the prices charged by other cement manufacturers nor the prices charged by retailers in the markets.
He further explained that “Demand for cement has risen globally as a fallout of the COVID crisis. Nigeria is no exception as a combination of monetary policy changes and low returns from the capital market has resulted in a significant increase in construction activity. To ensure that we meet local demand, we had to suspend exports from our recently commissioned export terminals, thereby foregoing dollar earnings. We also had to reactivate our 4.5m ton capacity Gboko Plant which was closed 4 years ago and run it at a higher cost all in a bid to guarantee that we meet demand and keep the price of Cement within control in the country.”
He said: “Over the past 15 months, our production costs have gone up significantly. About 50% of our costs are linked to USD so the cost of critical components like: gas, gypsum, bags, and spare parts; has increased significantly due to devaluation of the Naira and VAT increase. Despite this, DCP has not increased ex-factory prices since December 2019 till date while prices of most other building materials have gone up significantly. We have only adjusted our transport rates to account for higher costs of diesel, spare parts, tyres, and truck replacement. Still, we charge our customers only N300 – 350 per bag for deliveries within a 1,200km radius. We have been responsible enough not to even attempt to cash in on the recent rise in demand to increase prices so far.”
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- NASD Plc announces admission of newly demutualized NGX shares.
- Lotus Halal Fixed Income announces dividend of N20 per unit for Q1 2021.
- Friesland Campina Wamco Nigeria Plc announces AGM, proposes dividend of N6.74 per share.
- ETI appoints Akin Dada as Group Executive, Corporate & Investment banking.
- Union Homes REIT proposes final dividend worth N465.03 million for shareholders.