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Nigerian hospitality industry must increase payment options to maximise growth

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Nigeria

The World Travel & Tourism Council’s Economic Impact Report (EIR) shows that Nigeria’s travel and tourism sector’s contribution to GDP is forecasted to grow at an average rate of 5.4% between 2022-2032

LAGOS, Nigeria, December 14, 2022/APO Group/ — 

After many months of low or no growth, the Nigerian hospitality industry is gearing up to take advantage of good future opportunities. However, customers now prefer to browse, research, and transact online and hotels must ensure they can offer their foreign customers as many digital payment methods as possible. Fortunately, there is a safe way to collect payments from international and virtual cards that can also help companies take advantage of the new business that is expected in the coming months. 

The World Travel & Tourism Council’s Economic Impact Report (EIR) (https://bit.ly/3YlfroU) shows that Nigeria’s travel and tourism sector’s contribution to GDP is forecasted to grow at an average rate of 5.4% between 2022-2032, a good deal higher than the 3% growth rate of the overall economy. The report goes on to point out that this will boost the sector’s contribution to GDP to nearly ₦12.3 trillion by 2032, which represents 4.9% of the total economy.

Travel and tourism companies hoping to benefit from this growth, especially when it comes to lucrative international business tourism, must take a close look at digital payment options as part of their competitive offering.

“During the past four years operating as a licensed payment solution service provider in Nigeria, we have seen four-, three- and two-star hotels struggle to collect payment from international and virtual cards, especially from foreign customers due to limited payment facilities, and sometimes staff’s limited knowledge of payment options. This has cost hotels millions of Naira when they can’t charge checked-in guests or collect penalties from cancellations, resulting in many lost customers. Being able to charge international cards and accept foreign currencies like US Dollars will not only boost venue revenue, but foreign currency inflow for the country as a whole,” says Chidinma Aroyewun, DPO Group’s country manager in Nigeria which offers DPO Pay (https://bit.ly/3PrB6rB).

Cards are widely accepted around the world and are the preferred payment method of corporate travellers. Credit cards in particular offer longer payment terms, come with built-in travel insurance, accrue more loyalty points and frequent flyer miles and, most importantly, can have their spend data integrated into the company’s expense systems. 

Our clients are quick to share that the more payment options they offer, the more appealing they are to a wider client base

More protection for merchant and customer

Offering a card service would allow venues to take direct booking and, should there be a cancellation, they would still be able to apply a small cancellation fee to cover costs. However, many business owners are wary of the ever-present threat of fraud, which has made many hesitant to offer a more varied payment offering.

“A Virtual Terminal allows businesses to take booking deposits through an online virtual card terminal and manually process payments without using a physical POS device. Guests can pay in the currency of their choice. The complete transparency of the system means you can display the original price, exchange rate, and final amount to your customer in their local currency or currency of choice. Our hotel merchants can now charge guests while they are making a telephone enquiry, upon receiving reservation requests from an OTA like Booking.com, or if they’re a walk in,” says Ms. Aroyewun. 

By offering a secure payment method, businesses can build trust with their customers which will result in repeat business. This is especially important as fraudulent activity continues to rise, including an uptick of fake travel agency or airline websites.

Venues using Virtual Terminal can immediately process transactions and receive real-time payment confirmation without the need or cost of a physical point of sale device. Nor do they need any additional phone lines or hardware to operate the terminal. The setup is easy and the service can be added to their payment option without much hassle.

“Our clients are quick to share that the more payment options they offer, the more appealing they are to a wider client base. Customer experience is a key differentiator. Businesses will support a chain of hotels, or even a small boutique lodge, if they know that they can conduct business the way they prefer, no matter what country they are in. The added security of working with a known, trusted payment provider that is recognised across Africa will also help build trust and, ultimately, revenue,” Ms. Aroyewun concludes.

Distributed by APO Group on behalf of DPO Group.

Energy

Venezuela Energy Week Confirms 19 August Date for Houston Industry Showcase

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Officially supported by Venezuela’s Ministry of Hydrocarbons and national oil company PDVSA, the Houston Industry Showcase will take place on 19 August, convening U.S. energy leaders ahead of Venezuela Energy Week 2027 in Caracas

HOUSTON, United States of America, August 10, 2026/APO Group/ –The organizers of Venezuela Energy Week (VEW) have confirmed that the Houston Industry Showcase will take place on 19 August 2026 at The Post Oak Hotel. Officially supported by Venezuela’s Ministry of Hydrocarbons and national oil company PDVSA, the event will bring together U.S. energy companies, investors and policymakers to explore commercial opportunities ahead of Venezuela Energy Week 2027 in Caracas in February.

The showcase will feature Minister of Hydrocarbons Paula Henao as a keynote speaker, providing an update on Venezuela’s energy priorities, investment agenda and opportunities for international partnership. Her participation underscores the country’s commitment to strengthening engagement with global industry as it seeks to expand production and unlock new upstream investment.

Bringing together exploration and production companies, independent operators, oilfield service providers, engineering firms, technology companies and financial institutions, the Houston Industry Showcase will examine opportunities across exploration, production optimization, infrastructure rehabilitation and field development.

As Venezuela works to increase oil and gas production, demand is expected to grow for the technical expertise of U.S. service providers in drilling, well intervention, completion services, production optimization, artificial lift, digital oilfield technologies and infrastructure rehabilitation. Houston-based industry leaders – including SLB, Halliburton, Baker Hughes, Weatherford and a broad network of EPC contractors, equipment manufacturers and specialized service companies – are well positioned to support the modernization of mature fields, improve operational efficiency and deliver the technologies and services needed for future upstream projects.

The Houston event follows a successful Industry Showcase in London, which brought together international investors, operators and energy service companies to explore Venezuela’s evolving investment landscape. Building on that momentum, the Houston edition will deepen engagement with the U.S. energy industry and strengthen commercial dialogue ahead of Venezuela Energy Week 2027.

Venezuela Energy Week – the country’s largest energy investment platform to date – has been confirmed for 22–25 February 2027 in Caracas. Organized by Energy Capital & Power, the event will bring together government leaders, investors and industry stakeholders from across the global energy value chain.

To register for the Houston Industry Showcase on August 19, visit https://apo-opa.co/4g0TncR. To learn more about delegate, sponsorship and partnership opportunities for the showcase or to secure your place at Venezuela Energy Week 2027 in Caracas, contact info@venezuelaenergyweek.com.

Supporting Venezuela’s Earthquake Recovery
Our thoughts are with the people and communities affected by the recent earthquakes in Venezuela. As the country begins the long process of recovery, we encourage members of the global energy community to support relief and reconstruction efforts through the CAF Recovery and Reconstruction Fund for Venezuela, which channels contributions from individuals, companies and organizations to emergency assistance, essential services and long-term rebuilding efforts.

To learn more or make a contribution, please visit the CAF Recovery and Reconstruction Fund for Venezuela (https://apo-opa.co/4hkvteE).

Distributed by APO Group on behalf of Energy Capital & Power.

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Islamic Development Bank Institute (IsDBI) Secures New Patent for Smart Stabilization System from Intellectual Property Office of Singapore

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IsDBI

The Smart Stabilization System is a pioneering digital market infrastructure designed to stabilize asset markets by intelligently managing supply-demand gaps and mitigating excessive volatility

JEDDAH, Saudi Arabia, August 10, 2026/APO Group/ –The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org) is pleased to announce that the Intellectual Property Office of Singapore (IPOS) has granted a new patent for its innovative Smart Stabilization System.

 

The patent was granted on 10 July 2026 under Singapore Patent No. 10202250873B for the invention titled “A Computer Network Stabilization System and Method.” The patent application was filed on 1 September 2022 and was formally granted following a comprehensive review process.

This achievement reflects our commitment to translating pioneering research into practical solutions that contribute to economic resilience and sustainable development

The Smart Stabilization System is a pioneering digital market infrastructure designed to stabilize asset markets by intelligently managing supply-demand gaps and mitigating excessive volatility. Leveraging sophisticated algorithms and advanced simulation models, the system is designed to anticipate supply and demand imbalances and implement programmable stabilization measures before they escalate into market disruptions.

Unlike traditional stabilization mechanisms that rely on capital reserves, buffer funds, or external interventions, the Smart Stabilization System introduces a next-generation framework for achieving autonomous market stabilization through proactive and programmed stabilization mechanisms. By incorporating distributed ledger technology and cryptographic trust mechanisms, the platform enhances transparency, trust, and operational resilience for digital asset and commodity markets.

The successful patent grant reflects IsDBI’s growing contribution to technological innovation and its commitment to developing knowledge-based solutions that address contemporary economic and development challenges.

Since filing the patent application back in 2022, the Institute has continued to advance the Smart Stabilization System through ongoing development and testing, aimed to expand its practical applications and support future capitalization opportunities. These advancements have positioned the system as a potentially transformative solution for enhancing stability and resilience in increasingly digital and interconnected economies.

Commenting on this occasion, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said, “The grant of this patent by the Intellectual Property Office of Singapore further strengthens the Institute’s position as a leader in developing innovative knowledge-based solutions that leverage modern technologies to address complex development challenges. This achievement reflects our commitment to translating pioneering research into practical solutions that contribute to economic resilience and sustainable development.”

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

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Liberia to Preview Next Oil & Gas Licensing Round Strategy at Houston Investor Day

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The Liberia Petroleum Regulatory Authority will host operators, investors and partners in Houston on August 19 to preview future licensing opportunities and showcase the exploration potential of its offshore basins

HOUSTON, United States of America, August 7, 2026/APO Group/ –The Liberia Petroleum Regulatory Authority (LPRA) will present its strategy for the country’s next offshore licensing round at Liberia Investor Day Houston on August 19, bringing together international exploration companies, investors, service providers and energy leaders to discuss the next phase of Liberia’s upstream development.

Hosted in partnership with Energy Capital & Power, the event will provide a platform for the LPRA, led by Director General Hon. Marilyn T. Logan, to outline Liberia’s regulatory framework, investment priorities and plans to attract new participation across the country’s offshore sector. Discussions will focus on upcoming licensing opportunities, exploration prospects and the subsurface data supporting future investment decisions.

Liberia’s offshore sector is entering a new phase of exploration activity, with renewed international participation and a growing pipeline of opportunities. Following the award and ratification of eight Production Sharing Contracts in 2025, Liberia has re-established itself as a frontier exploration destination, with international operators advancing work programs designed to further evaluate the country’s petroleum potential. TotalEnergies is progressing exploration activities that include offshore geochemical surveys, 3D seismic acquisition and seabed mapping, while Oranto Petroleum has also signed contracts to explore Liberia’s offshore.

At the Liberia Investor Day Houston, the LPRA will provide industry stakeholders with insight into the priorities shaping the next licensing round, including the anticipated process, qualification requirements, available acreage and access to technical data. The engagement will give prospective investors a clearer view of Liberia’s exploration landscape and the opportunities emerging across its offshore basins.

The event will also facilitate direct dialogue between LPRA and the global upstream community, connecting companies with policymakers and industry stakeholders involved in shaping Liberia’s next chapter of petroleum development.

As exploration companies continue to seek new frontier opportunities, Liberia Investor Day Houston will highlight the role of regulatory certainty, data availability and strategic partnerships in unlocking long-term investment across Liberia’s offshore sector.

Registration is now open for attendees. Companies interested in Liberia’s emerging offshore opportunities are invited to join LPRA, investors and upstream leaders in Houston for insights into the country’s licensing strategy and exploration outlook. For more information contact info@energycapitalpower.com.

Distributed by APO Group on behalf of Energy Capital & Power.

 

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