Nigeria cuts visit visa application to 48 hours

The Nigerian government has set a four-week deadline to review its visa policy, aiming to streamline visitor visa applications to just 48 hours in a move to enhance the ease of doing business initiative. Alongside this effort, the government has intensified its crackdown on currency speculators as the nation's currency, the Naira, faces a continued decline. Senior Economist at SPM Professionals, Paul Alaje, joined CNBC Africa to provide insight into these developments and shed light on the economic landscape in Nigeria. During the Federal Executive Council meeting, major decisions were made, including the approval of 1.6 trillion Naira for Section 2 of the Lagos Calabar Coastal Highway. Both the currency market and the ease of doing business have been significant focal points in recent discussions. Alaje highlighted the importance of addressing fundamental challenges in the supply side of the economy to combat currency depreciation effectively. He emphasized the need for sustainable solutions that go beyond temporary measures to stabilize the Naira and promote economic growth. Alaje also touched on the upcoming Paul and Alaje Colloquium, which will focus on key areas such as economy, security, governance, and development. The conversation aims to explore ways to improve real income, reduce insecurity, and enhance governance in Nigeria. The event will gather stakeholders to discuss pressing issues and chart a path forward for the nation's economic and social progress. As security threats persist, with incidents targeting key infrastructure like the Abuja-Kaduna rail track and oil installations, the need for a comprehensive approach to address challenges becomes even more critical. Alaje's insights underscore the interconnected nature of economic stability, security, and governance in driving sustainable development and prosperity for Nigeria.