Business

Nigeria, Trinidad & Tobago Sign Direct Air Connectivity Agreement to Boost Trade

The agreement grants designated airlines from both countries the rights to operate passenger and cargo flights, establish commercial agreements, and access the other’s territory under agreed terms.

Published

1 year ago

April 15, 2025

OCHEFA

414 Views

• The Minister of Aviation and Aerospace Development, Festus Keyamo

The Federal Government of Nigeria and Trinidad and Tobago have signed a Bilateral Air Service Agreement (BASA) to boost trade, tourism, and air connectivity.

The Minister of Aviation and Aerospace Development, Festus Keyamo, and his counterpart, the Minister of Works and Transport, Rohan Sinanan, signed the agreement on behalf of both countries at the Piarco International Airport, Trinidad and Tobago.

The agreement, according to a statement by the Media Aide to the minister of Aviation and Aerospace Development, Tunde Moshood marks the official commencement of direct air links between both nations.

The agreement is the culmination of diplomatic and technical conversations that began during the administration of former President Olusegun Obasanjo.

Keyamo commented: “Today’s signing not only fulfills a long-standing bilateral vision initiated during President Obasanjo’s time but also represents our commitment to expanding Nigeria’s global aviation footprint.

This agreement will enhance trade, tourism, cultural exchange, and connectivity between Nigeria and the Caribbean region.

”The agreement grants designated airlines from both countries the rights to operate passenger and cargo flights, establish commercial agreements, and access the other’s territory under agreed terms.

It is expected to strengthen economic and people-to-people ties.Sinanan expressed optimism about the potential of the agreement to boost cooperation and expand aviation opportunities for Caribbean and African carriers.

The agreement adds to Nigeria’s growing list of strategic international aviation agreements and reinforces President Bola Tinubu’s administration’s commitment to improving air connectivity, promoting regional integration, and strengthening diplomatic relations through aviation diplomacy.

Related Topics:Air connectivity agreement Featured Nigeria and Trinidad and Tobago

Up Next

CBEX: Nigerians lose N1.3tn as digital trading platform crashes

Don't Miss

FG Commissions N10bn Prism Foods Onion Storage Facility in Kano

Click to comment

Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

4 hours ago

July 21, 2026

OCHEFA

14 Views

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

Published

12 hours ago

July 21, 2026

OCHEFA

20 Views

File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.