Travel News

By Dickson Omobola

In a country of over 200 million people with no fewer than 10 airlines, concerns are mounting over Nigeria’s future in the Single African Air Transport Market, SAATM.

Launched on January 28, 2018, SAATM is a project of the African Union, AU, to create a single market for air transport in Africa.

The air transport initiative once completely in force, industry analysts predict, would allow significant freedom of air transport in Africa, while advancing the AU’s 2063 Agenda focused on transforming Africa into a global powerhouse as well as achieving inclusive and sustainable socio-economic development.

But anxiety, which has left many disturbed, is spreading among stakeholders in the air transport sector, especially as regional carriers continue to expand into Nigeria.

The situation has not only evoked memories of the past when Nigeria had a formidable airline in defunct Nigeria Airways, it has also led to questions on when the country’s domestic carriers would be prepared to fully maximise the benefits of the air pact like its competitors. The debate is reignited following a recent call by the Minister of Aviation and Aerospace Development, Mr Festus Keyamo, to African countries to move from words to action in implementing SAATM.

Member countries

According to the AU, 38 countries, including Angola, Benin, Botswana, Burkina Faso, Cabo Verde, Cameroon, Central African Republic, Chad, Congo Republic, Côte d’Ivoire, Democratic Republic of Congo, Egypt, Equatorial Guinea, Eswatini, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Lesotho, Liberia, Mali, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Sao tome et Principe, Senegal, Sierra Leone, South Africa, Togo, Zambia, Zimbabwe and Malawi, are subscribed to SAATM.

Thanks to the agreement, airlines from some of these countries have either increased or strengthened their reach in the lucrative Nigerian aviation market, thereby boosting their domestic economy.

Taking advantage

For instance, in January 2025, the newly established flag carrier of Sierra Leone, Air Sierra Leone, commenced flight operations into Nigeria, marking a significant step in regional expansion.

On June 23, 2024, Royal Air Maroc expanded its presence in Nigeria by adding the Federal Capital Territory, Abuja, to its route network.

By March 2026, South African Airways, SAA, which would be “responding to strong demand,” said it would increase flight frequencies into Lagos, Nigeria’s economic nerve centre by offering daily connections.

In early 2025, Africa World Airlines, AWA, also disclosed plans to increase flight frequency into Nigeria.

Before then, specifically in May 2024, Kenya Airways announced plans to increase flight frequencies to Lagos, with daily flights rising from seven weekly frequencies to 10.

The Nigerian situation

In Nigeria’s case, however, only few domestic airlines operate limited and often inconsistent flights across West Africa, leaving other regions; thereby raising worries over the country’s ability to benefit meaningfully from SAATM.

Checks by Saturday Vanguard reveal that these airlines include Akwa Ibom State owned airline, Ibom Air, which serves Accra; Nigeria’s largest flag carrier, Air Peace, which operates to Abidjan, Banjul, Cotonou, Dakar, Freetown and Monrovia; Overland Airways and ValueJet which operate to Banjul.

Given the unimpressive number and the lack of firm regional reach, some industry analysts have blamed it on the protectionist strategies devised against Nigeria.

According to them, these tactics include unfavourable visa policies and unfair handling services by their ground handling companies.

Ground handling companies are organisations that provide services to an aircraft while on the ground at an airport.

Protectionism

Bearing this in mind, President of the Aircraft Owners and Pilots Association of Nigeria, Dr Alex Nwuba, who spoke to Saturday Vanguard, said: “SAATM is great for the continent, but the implementation remains the challenge. Travel within Africa required to boost business, investment, tourism and trade within the continent is low, oftentimes requiring flight connections through regions outside the continent to connect cities in the continent.

“It is therefore hoped that a single air travel market will ameliorate this problem and bring about significant economic benefits to Africa. The challenge remains that most countries are protective of their aviation industry, while not even permitting visa free travel that will make it easier to make the human connections that will bring about prosperity for all. Until we make an African commitment for unity and oneness, the great plans for the continent will remain a pipedream.”

No structure

For a former General Manager, Public Affairs, Nigeria Airways, Mr Chris Aligbe, Nigerian airlines cannot harness the air pact because they are not structured to exploit the regional market.

According to him, the country’s carriers, which do not have the competency to key into SAATM, have refused to seek expertise.

He identified several factors inhibiting them, saying they include lack of structure to exploit regional markets, managerial and technical incompetence, lack of finance, no maintenance facility, absence of corporate governance and proper study.

Aligbe said: “We lack the capacity, which is not just about aircraft. We do not have the finances. We do not have the maintenance capacity. We have Forex challenges and there is a total absence of corporate governance.”

Market exploitation

While considering the numerous benefits of SAATM, the industry analyst, who spoke to Saturday Vanguard, said: “Every airline starting operation is coming to Nigeria. TAAG Angola is increasing flights. Uganda Air is coming to Nigeria. Air Algerie is increasing flights. But for us, we do not have what it takes, even our domestic market is not properly exploited; how much more the regional market.

“There are so many factors impeding the airlines. Those factors were fewer before; now, they are more. There have been pull and push factors put in place by the Minister of Aviation. Take for instance the Cape Town Convention Practice Directions.

“However, how many airlines have keyed into dry lease since the CTC practice direction was put in place? These airlines are exploiting our market while our airlines cannot even exploit the domestic market. Even when Nigerian airlines go to the regional market, they do not do proper research, especially on the West Coast.

Prediction

“The market in the West Coast is so small that no airline should fly it as a terminator. The challenges, which are both internal and external, are increasing.

And because we have delayed and we are still delaying, sooner than later, our airlines will have no passenger on any route they want to operate out of Nigeria. For those who think that a national flag carrier, which is the solution to this, will kill them; the absence of a national flag carrier will kill them faster.”

Way forward

For Mr Olumide Ohunayo, a travel analyst, there is a need for strategic growth in the country’s air transport sector to enable Nigeria regain its place among the committee of nations. The General Secretary of the Aviation Safety Round Table Initiative said: “For us, looking at the dwindling number of aircraft in Nigerian fleet and the astronomical exchange rate, what we need now is to develop and build.” According to him, building is not just about airlines, but a total revamp of the industry including airports.

Ohunayo told Saturday Vanguard: “We already have the market, what we do not have is a dominant airline or airlines that can say we have taken over the West Coast and other routes within Africa. We must be strategic about building to take our rightful place in the committee of nations.

FDI

“Our airlines need to come together under commercial partnerships. While they do that, there is also a need to address reasons we have not been able to attract foreign direct investment, FDI, into the airline business. This is very troubling. We had a category 1, the population and market for travel yet we cannot attract FDI.

“We need to understand what is holding such an investment. Is it economic policies? Is it security? Is it regulations? These are things hindering us from becoming a big player. We cannot get big with three or four aircraft per airline. We have to move beyond that number. And to do that, there has to be partnerships, mergers, commercial integration and foreign investors.

Hurry

“We need not be in a hurry. We should take those critical steps. It is not only the responsibility of the airlines. We also need to address infrastructure and some of our regulations to boost the domestic environment.”

Shorter routes, cheap airfares

The analyst who, however, urged more African countries to enter into the initiative, said: “You can see how horrible the fares within Africa are; the flight duration is unnecessarily long. The only way we can beat this is to continue to invoke the spirit of SAATM. It is for all parties to see SAATM’s benefits, which include flying shorter routes with cheap airfares, opening tourism and boosting the regional economy.”

BY Olasunkanmi Akinlotan

The Federal Government has threatened that any airline caught airlifting passengers into Nigeria without a valid entry visa, landing, and exit cards would be sanctioned.

The Minister for Interior, Dr Olubunmi Tunji-Ojo, stated this during a stakeholders’ engagement on the implementation of the E-Visa, Landing and Exit Cards on Friday in Lagos.

The minister said Nigeria is not a dumping ground, and no foreigner should be allowed entry without a visa. He added that although Nigeria was making entry more accessible with the introduction of the E-Visa, it would not compromise on national security.

He urged the Nigeria Civil Aviation Authority to step up the enlightenment and enforcement of its oversight function as a regulator and ensure that airlines adhere to the 2025 Nigeria Visa Policy.

Tunji-Ojo further tasked airlines on national security, stating that the E-Visa was of national interest to improve border security, tourism, and sustainable economic growth.

“I plead with the NCAA to regulate, that is why this meeting is a strategic collaborative effort of the ministry, the Nigeria Immigration Service, and the NCAA. I can see the DG of the NCAA in his seat, and that is what is called collaboration.

“For the airlines, I know you are here to do business, but you also have a responsibility in terms of national interest and security. Before anybody comes to Nigeria, please see their visas, not a proof of payment or their tickets. It is not acceptable in the UK, US, Canada, and other climes, and it will not be acceptable in Nigeria anymore,” he added.

Speaking on the ease of applying for the E-Visa and Landing, and Exit cards, Tunji-Ojo said that it was necessary for the purpose of opening Nigeria’s frontiers to investors.

He disclosed that as of May 22, 2025, the NIS had received a total of 5,814 applications, approved 5,671, rejected 66, and queried 62 applications since the introduction of the E-Visa on May 1.

According to him, the E-Visa process will improve the database of the NIS with information about travellers. He explained the features of the E-Visa, the Landing and Exit cards with a barcode

“That you applied for a Nigerian visa does not mean you will have the visa; you will need to meet certain criteria for the visa to be issued,” he added.

The Director-General of the NCAA, Capt Chris Najomo, in his welcome address, said that the introduction of the E-Visa and the associated Landing and Exit card systems was a milestone.

Najomo said that was a significant milestone in Nigeria’s journey towards enhancing air travel facilitation while ensuring the highest standards of aviation security and operational efficiency are maintained.

“The E-Visa showcases one of the practical ways we continually align with global best practices by complying with the ICAO provisions of Annex 9 to the Convention on International Civil Aviation – on Facilitation.

“It is, inherently, designed to improve the experience of travelers, while strengthening our border control mechanisms. The importance of seamless inter-agency collaboration cannot be overemphasized in a bid to ensure the effective implementation of these systems without compromising safety, security, or service delivery.

“The benefits derived from e-Visa applicants being able to complete visa applications entirely online, with processing time reduced to less than 48 hours, would have a multiplier effect. It will showcase Nigeria as an investor- and tourist-friendly nation, invariably translating to economic growth.”

The Controller-General of the NIS, Kemi Nanna Nandap, in her closing remarks, expressed her appreciation to the Minister of Aviation and Aerospace Development, the NCAA DG, the Managing Director of the Federal Airports Authority, and the NIS team.

She called for more inter-agency collaboration to further strengthen the implementation of the E-Visa, Landing, and Exit cards innovation.

The United States Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, May 26, in observance of Memorial Day, a significant federal holiday in the United States.

The U.S. Mission in Nigeria announced through its official X (formerly Twitter) handle, noting that the annual holiday, observed on the last Monday of May, is dedicated to honouring American military personnel who lost their lives in service to the nation.

“Memorial Day is a time for reflection and remembrance of the brave men and women who paid the ultimate price while serving in the U.S. Armed Forces,” the Mission stated.

The observance is marked across the United States by solemn ceremonies, flag-raising events, parades, and moments of silence in tribute to the fallen.

While the holiday also signals the unofficial start of summer in the U.S., it remains deeply rooted in honouring the nation’s military history and sacrifice.

BY Olasunkanmi Akinlotan

The Federal Government has announced a shift in its aviation strategy, declaring that it will now be paying attention to policies that can strengthen local airlines against the widespread calls for a national carrier.

This announcement was made in Lagos by the Minister of Aviation and Aerospace Development, Festus Keyamo, during the launch of a book authored by veteran aviation journalist, Wole Shadare, titled “100 Years of Civil Aviation in Nigeria: History, Issues and Prospects.”

Keyamo emphasised that the administration of President Bola Tinubu is focused on creating a more supportive environment for domestic carriers.

He said, “Recent policy reforms, including revised insurance regulations for leased aircraft, have made aircraft acquisition easier and are expected to help bring down airfares across the country.

“Our focus has shifted,” Keyamo stated. “We are now committed to promoting the growth of local operators through targeted policies.”

He also noted efforts to train and retrain air traffic personnel, address revenue leakages, and enhance efficiency within the aviation sector.

In another significant move, the minister revealed that nearly all foreign airlines operating in Nigeria now comply with the government’s directive to use local catering services for in-flight meals.

Additionally, he announced plans to construct a smart airport, pending presidential approval. Keyamo criticised the deteriorating condition of the old terminal at Murtala Muhammed International Airport, saying it has remained unchanged since 1997. He stressed the urgent need for a complete rebuild.

Speaking at the event, the Managing Director of the Federal Airports Authority of Nigeria, Olubunmi Kuku, highlighted the sector’s growth. She reported that Nigeria currently boasts 39 certified airline operators, 31 airports, and over 2,100 licensed pilots.

While saying the aviation industry contributes about $1.7bn to Nigeria’s GDP, the FAAN MD acknowledged existing challenges such as outdated infrastructure, regulatory hurdles, and financing gaps, but urged investors to view these as opportunities for development.

She said, “Nevertheless, this journey has not been devoid of turbulence. Upon Nigeria’s attainment of independence in 1960, we were faced with a pivotal question: How could we convert colonial-era infrastructure into a sovereign aviation powerhouse? Our national carrier, Nigeria Airways, emerged as a response, yet it soon faced challenges stemming from mismanagement and operational inefficiencies. By the early 2000s, we found ourselves at a crossroads—adapt or risk obsolescence.

“This juncture precipitated a remarkable transformation. The private sector took the initiative, introducing fresh capital, contemporary management practices, and a competitive spirit. Companies such as Air Peace and Arik Air did not merely fill the void—they revolutionised our aviation landscape. The current figures sum up this transformation: 39 certified airline operators, 31 airports nationwide, over 2,100 licensed pilots, a workforce comprising thousands, ranging from engineers to air traffic controllers.

“Nigeria has emerged as a testament to the efficacy of market-driven solutions. Our aviation sector now contributes approximately $1.7 billion to our GDP. Private airlines are connecting our cities with unprecedented efficiency, and international carriers increasingly regard Nigeria as a critical market. Last year, over 16 million passengers traversed our domestic terminals, while international passenger numbers exceeded 3.5 million. These figures are indeed impressive, yet there remains substantial potential for growth.”

The author of the commemorative book, Shadare, described it as a detailed 25-chapter chronicle that captures the history, challenges, and future potential of Nigeria’s aviation sector over the past century. He said the book serves as a valuable resource for scholars and industry researchers alike.

Nigeria and Venezuela have agreed to launch direct Abuja-Caracas flights celebrating 60 years of diplomatic ties

Nigeria and Venezuela have reaffirmed their commitment to deepening economic and diplomatic cooperation as they both reached agreement to launch a direct Abuja-Caracas flights to mark 60 years of diplomatic ties.

A key highlight of the discussions was the announcement of plans by the Venezuelan government to establish direct flights between Caracas and Abuja, aimed at boosting business, tourism, and cultural exchange.

Padilla revealed that in 2022, both nations signed an agreement for direct flights from Caracas to Nigeria, and Venezuela is now prepared to operationalise this arrangement.

“We held a bilateral joint commission with Nigeria, and we seek to renew our relationship, particularly in the aviation industry,” Padilla stated.

“Our government has been working diligently, and we are ready to commence direct flights to either Abuja or Lagos. As we celebrate sixty years of diplomatic relations, this initiative is a fitting milestone and this is the best time start operations,” he added.

The ambassador confirmed that Venezuela’s national carrier, CONVIASA, is fully prepared to commence operations pending approval from the Nigerian government.

He said: “We have completed all necessary preparations on our end and are eager to receive Nigeria’s consent. This will significantly enhance connectivity and foster stronger ties between our nations.”

In response, the Nigeria’s Aviation Minister, Festus Keyamo, expressed optimism about the proposed direct flight service, noting its potential to ease travel between Africa and South America.

Keyamo in a statement by his Personnel Assistant on Media/Research, EmamehGabriel, announced the formation of a joint committee comprising officials from the Ministry of Aviation and the Nigerian Civil Aviation Authority (NCAA) to expedite the approval process.

“We are pleased that Venezuela has designated an airline ready for operations, as this is often a critical factor in Bilateral Air Services Agreements (BASA).

“This development is mutually beneficial, as it will reduce travel time and eliminate the current inconvenience of transiting through distant hubs like Dubai or Doha for South American routes,” Keyamo remarked.

The Minister noted that as Nigeria and Venezuela commemorate this milestone, their commitment to enhanced aviation and sectoral cooperation underscores a joint vision for greater connectivity and prosperity.

Both nations expressed confidence that the direct flights will spur expanded economic and cultural ties in the coming years.

Currently, a direct flight from Nigeria to Venezuela takes approximately seven hours, compared to the lengthy layovers travelers endure via alternative routes.

The new connection is expected to enhance trade, tourism, and diplomatic engagements, further cementing the six-decade-old relationship between both nations.

Kasim Sumaina

By Hamisu Kabir Matazu

The National Hajj Commission of Nigeria (NAHCON) has announced the completion of pilgrims airlift operations by three of its designated carriers, Air Peace, UMZA Aviation and Max Air.

Fatima Sanda Usara, the Assistant Director of Information and Publications of the commission, made the announcement in a statement.

Usara said the three airlines have fulfilled their assigned responsibilities in transporting Nigerian pilgrims to the Kingdom of Saudi Arabia for the 2025 Hajj exercise.

BY Damilola Aina

The Federal Ministry of Industry, Trade and Investment, in collaboration with the United Nations Development Programme and Uganda Airlines, has officially launched the Nigeria–East/Southern Africa Air Cargo Corridor—a transformative export initiative under the African Continental Free Trade Area framework.

Speaking at the landmark event held on Africa Day at the Nnamdi Azikiwe International Airport, Abuja, on Sunday, the Minister of Industry, Trade and Investment Dr Jumoke Oduwole, announced that the new air corridor will provide Nigerian exporters with access to three key African hubs—Uganda, Kenya, and South Africa—with air cargo rates discounted between 50-75 per cent reduction in logistics cost (including regulatory charges).

This initiative marks Nigeria’s key campaign promise by President Bola Tinubu to accelerate the diversification of Nigeria’s non-oil exports by leveraging the opportunities presented by the AfCFTA.

Specifically designed to empower Nigerian enterprises, particularly MSMEs, this initiative enables them to expand into African markets with greater confidence, lower costs, faster delivery timelines, and reduced risk.

The preferential cargo rates will apply to businesses affiliated with leading national business associations, including Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Nigeria Association of Small and Medium Entrepreneur, Nigerian Association Of Small Scale Industralists, and Women Chamber of Commerce Industry Mines & Agriculture, ensuring inclusive participation and coordinated implementation.

This milestone follows Tinubu’s approval and the formal gazetting of Nigeria’s Provisional Schedule of Tariff Concessions in April 2025.

With support from the UNDP Regional Bureau for Africa, the Ministry has worked to position Nigeria not just as a participant in AfCFTA, but as a leader in shaping and advancing the agreement’s implementation.

Operating from Lagos and Abuja, the corridor is backed by strong government collaboration.

In her remarks, the trade minister expressed appreciation to the Minister of Finance and the Coordinating Minister of the Economy, the Minister of Aviation, as well as the Comptroller General of the Nigeria Customs Service, and the MD/CEO, Federal Airports Authority of Nigeria, for facilitating and being instrumental to its successful launch.

The inaugural cargo shipment featured a diverse basket of Made-in-Nigeria products, including textiles, cosmetics, fashion accessories, and agro-processed goods, marking the beginning of a new era for Nigerian exports into African markets.

Notably, all exporters on this historic flight were women-owned businesses. These female entrepreneurs were recognized as pioneers, leading the charge in positioning Nigerian enterprises at the forefront of intra-African trade.

“AfCFTA tariffs are now gazetted, enabling Nigerian goods to benefit from lower tariffs across African markets. As we mark Africa Day, I want to especially commend and thank the indefatigable Nigerian businesses participating in this inaugural flight. Today, they are exporting a diverse product basket, textiles, bags, cosmetics, agro-processed products, and more, to our African partners.

“This Administration will continue to stand with you as you take even bigger and bolder leaps to expand Nigeria’s footprint across the continent. The Federal Government remains committed to supporting Nigerian businesses in scaling their exports across the continent,” she stated.

BY Damilola Aina

The Federal Ministry of Industry, Trade and Investment, in collaboration with the United Nations Development Programme and Uganda Airlines, has officially launched the Nigeria–East/Southern Africa Air Cargo Corridor—a transformative export initiative under the African Continental Free Trade Area framework.

Speaking at the landmark event held on Africa Day at the Nnamdi Azikiwe International Airport, Abuja, on Sunday, the Minister of Industry, Trade and Investment Dr Jumoke Oduwole, announced that the new air corridor will provide Nigerian exporters with access to three key African hubs—Uganda, Kenya, and South Africa—with air cargo rates discounted between 50-75 per cent reduction in logistics cost (including regulatory charges).

This initiative marks Nigeria’s key campaign promise by President Bola Tinubu to accelerate the diversification of Nigeria’s non-oil exports by leveraging the opportunities presented by the AfCFTA.

Specifically designed to empower Nigerian enterprises, particularly MSMEs, this initiative enables them to expand into African markets with greater confidence, lower costs, faster delivery timelines, and reduced risk.

The preferential cargo rates will apply to businesses affiliated with leading national business associations, including Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Nigeria Association of Small and Medium Entrepreneur, Nigerian Association Of Small Scale Industralists, and Women Chamber of Commerce Industry Mines & Agriculture, ensuring inclusive participation and coordinated implementation.

This milestone follows Tinubu’s approval and the formal gazetting of Nigeria’s Provisional Schedule of Tariff Concessions in April 2025.

With support from the UNDP Regional Bureau for Africa, the Ministry has worked to position Nigeria not just as a participant in AfCFTA, but as a leader in shaping and advancing the agreement’s implementation.

Operating from Lagos and Abuja, the corridor is backed by strong government collaboration.

In her remarks, the trade minister expressed appreciation to the Minister of Finance and the Coordinating Minister of the Economy, the Minister of Aviation, as well as the Comptroller General of the Nigeria Customs Service, and the MD/CEO, Federal Airports Authority of Nigeria, for facilitating and being instrumental to its successful launch.

The inaugural cargo shipment featured a diverse basket of Made-in-Nigeria products, including textiles, cosmetics, fashion accessories, and agro-processed goods, marking the beginning of a new era for Nigerian exports into African markets.

Notably, all exporters on this historic flight were women-owned businesses. These female entrepreneurs were recognized as pioneers, leading the charge in positioning Nigerian enterprises at the forefront of intra-African trade.

“AfCFTA tariffs are now gazetted, enabling Nigerian goods to benefit from lower tariffs across African markets. As we mark Africa Day, I want to especially commend and thank the indefatigable Nigerian businesses participating in this inaugural flight. Today, they are exporting a diverse product basket, textiles, bags, cosmetics, agro-processed products, and more, to our African partners.

“This Administration will continue to stand with you as you take even bigger and bolder leaps to expand Nigeria’s footprint across the continent. The Federal Government remains committed to supporting Nigerian businesses in scaling their exports across the continent,” she stated.

… investors will receive settlement rights and visa-free travel to 172 countries

…adjudged to become the second-most valuable citizenship program on the market.

Nigerians can obtain Argentine citizenship with an investment of $500,000 that will be channeled in key sectors, likely to be agribusiness, energy, technology, and tourism.

Obtaining the citizenship will provide settlement rights for investors from any nationality, who will obtain visa-free travel to 172 destinations including Schengen countries; more than any Caribbean citizenship-by-investment (CBI) country.

The Argentine government introduced this with the goal of promoting  economic development and job creation focusing on long-term contributions to the country’s economy, rather than relying solely on passive investments like real estate or donations.

It is part of Javier Milei’s, Argentina’s president’s wider economic reform efforts aimed at attracting high-net-worth individuals.

This is the first time that citizenship in Argentina will be directly linked to foreign investment.

As reported by Investment Migration Insider (IMI), “No South American country has had a citizenship by investment program since Peru’s short-lived $25,000 CIP in the early 1990s”.

“A CIP programme, would be a huge achievement for the market….the country could likely raise more than $2 billion a year through a donation-based CIP”.

“It would instantly become the second-most valuable citizenship on the market, creating a tier of its own. This is because Argentine citizenship is less valuable than Malta’s, which provides settlement rights in 30 European countries, but more valuable than that of Turkey (which doesn’t have Schengen-travel) and Caribbean (which has Schengen travel but limited settlement rights)”.

According to government sources, the ministry of economy will establish a special agency to assess and certify eligible investments. This new body will work closely with the ministry of the interior, the foreign ministry, and the national directorate of migration to make the application process as smooth as possible.

The programme is said to take inspiration from the United States’ SelectUSA model.

The citizenship-by-investment scheme is part of a broader immigration reform package expected to be released later this week as an emergency decree. The proposal is currently under review by the legal and technical secretariat, and the government plans to issue the changes in two separate decrees to prevent legal challenges.

Industry insiders have noted that discussions are already taking place between a well-known citizenship-by-investment firm and a consortium of major industry players.

With no similar programme in South America since Peru’s short-lived initiative in the early 1990s, this new policy could attract around 2,000 applications per year and generate an estimated US$2.5 billion in revenue.

More details regarding due diligence, timelines, and naturalisation procedures are expected to be provided in the coming weeks after the programme is formally enacted.

Trump Media & Technology Group (DJT) is doubling down on cryptocurrency, unveiling plans Tuesday to create what it claims will be one of the largest bitcoin treasuries held by any public company.

The initiative is backed by a $2.5 billion private funding round, with commitments from roughly 50 institutional investors, according to a company press release. The deal includes $1.5 billion in Trump Media common stock and $1 billion in convertible senior secured notes, set to close on or around May 29.

Once finalized, the move will place bitcoin directly on Trump Media's balance sheet, alongside existing cash, cash equivalents, and short-term investments totaling $759 million as of the end of Q1 2025.

Shares of Trump Media, which are majority owned by President Trump, fell over 7% in early trading following the announcement. Bitcoin (BTC-USD), meanwhile, is hovering near record highs, trading around $110,000 per coin.