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Institute commends Tinubu on stand-alone tourism ministry

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Abiodun Odusanwo, President ITPN

Mr Abiodun Odusanwo, the National President of the Institute for Tourism Professionals of Nigeria (ITPN), has commended President Bola Tinubu for creating a stand-alone Federal Ministry of Tourism.

Odusanwo, in a statement on Friday in Abuja said the tourism industry would now be given full commitment and effective concentration to make it thrive and bring in the desired benefits.

He described the development as a strategic move by the government to embrace tourism as a key driver of socio-economic growth in the country.

According to him, the industry never had a stand-alone tourism ministry, adding that this would take the sector to the next level.

“Government is the unifying and rallying point for all private sector operators in the sector to look up to, for the provision of better policy directives.

“They make provision of necessary infrastructure for Nigeria to be transformed into a compelling, highly competitive and preferred destination.

The newly appointed Minister of Tourism Ms Lola Ade-John.

The ITPN boss, while felicitating the newly appointed Minister of Tourism, Ms. Lola Ade-John, urged her to bring her wealth of experience as an IT specialist into tourism.

He added that Ade-John being a resource manager has the capacity to run the ministry in view of the enormous socio-economic potential of the nation’s tourism resources.

“Nigeria is greatly endowed with huge tourism potential waiting to be tapped.
“The minister should see her appointment as a clarion call to grow and develop the country’s tourism sector via the creative application of modern technology.

” The modern technology which is capable of generating great revenue, creating job opportunities, fighting poverty and revamping the national economy.

“The industry players and critical stakeholders in the sector look up to the minister, to run the affairs of the ministry with that ‘orchestra-conductor’ relationship, with the objective of re-positioning the ministry as a viable government body.

“For purposeful leadership guidance and direction, functional policy formulations, and implementable high-tech solutions that will create the enabling environment for operators of the industry at both public and private sector levels to thrive,” he added
Odusanwo further said that the call for a stand-alone tourism ministry had been on for a very long time.

” It is hoped that the ‘Renewed Hope Agenda’. of government will truly breath a renewed hope in the Nigerian tourism industry, for better performance in the nation’s socio-economic facet,” he said.
He further said that ITPN, as nation’s premier professional body in tourism, hospitality and related trades, would continue to ensure high level of competent professional practices in the industry.

He added that ITPN would put in check the wanton and unwholesome infiltration and practices of quacks within the professional fold of the industry.

He called on all stakeholders and key players in the industry to instill professional competence in their operations and rally around the new minister.

He added that such supports would go a long way in helping her to achieve a successful administration of the ministry.

He said that it would also ensure better results and greater outcome for the industry and good of the country.

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Hardship: Protesters Defy Police Warning, Hit Lagos Streets

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Residents have hit the streets of Lagos State to protest against the increasing spike in the price of food and the high cost of living in the country.

The protest was facilitated by a human rights group identified as the “Take It Back Movement.”

This comes against the warning issued by the Lagos State Commissioner of Police, Adegoke Fayoade, on Sunday.

The protesters were seen carrying placards of various inscriptions at Ojuelegba Under Bridge area of the state to express their grievances.

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CBN Lifts Ban On BDCs, Introduces New Operational Mechanism

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In a major development aimed at financial stability and strengthening the naira, the Central Bank of Nigeria (CBN) plans to resume its weekly intervention in the country’s foreign exchange (FX) market through the Bureau de Change (BDC) operators.

In 2021, the central bank, in a bid to achieve its mandate of safeguarding the value of the local currency, ensuring financial system stability, and shoring up external reserves, announced the immediate discontinuance of foreign currency sales to Bureau de Change (BDC) operators in the country.

However, the resumed intervention, which would reportedly commence today for funding as well as Tuesday for collection, will see the apex bank inject FX into the subsector in a bid to rescue the naira from further depreciation against major currencies, particularly the US Dollar. The collection will be at designated CBN branches in Lagos, Abuja, Kano, and Awka, while details of the naira accounts to be credited for funding bidding will also be made available today.

CBN is also expected to publish the list of eligible BDCs to benefit from its funding using certain compliance criteria.National Executive Council of Association of Bureau De Change Operators of Nigeria (ABCON) hinted on the latest developments through a memo to its members over the weekend.

The association also warned members that it will no longer be business as usual under the new supervisory regime of the central bank, as any infringement or infraction would result in outright revocation of license and prosecution.

ABCON said through the association’s various engagements with the central bank, in conjunction with ABCON’s strategic partners, CBN had agreed to its request, under the bank’s supervision, to inject liquidity into the market through a weekly intervention beginning today.

CBN assured ABCON that the new circular on the Revised Regulatory and Supervisory Guidelines to BDCs, which was introduced over the weekend, was only a draft exposure that required the association’s inputs before the release of the final guidelines by the apex bank.

To that effect, the letters of the guidelines were not cast in stone, the association’s leadership told its members, who had been worried over the sweeping reforms in the document, which, among other things, prescribed N2 billion and N500 million minimum capital for national and state BDCs, respectively.

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