New data for the global air cargo market has shown a general increase in demand for African airlines among the top gainers. The International Air Transport Association (IATA) cargo market report for April 2021, released yesterday, showed that demand continued to outperform pre-COVID levels (April 2019) with demand up 12 per cent. Global demand was up 12 per cent compared to April 2019 and 7.8 per cent compared to March 2021. Seasonally adjusted demand is now five per cent higher than the pre-crisis August 2018 peak. North American carriers contributing 7.5 percentage points to the 12 per cent growth…
Author: Temitope N.
Despite concerns about xenophobia between Nigeria and South Africa, bilateral ties between the two countries hit $2.9 billion last year with hopes of improved trade with the African Continental Free Trade Area (AfCFTA). According to Nigeria’s Consulate in Johannesburg, Nigeria accounts for 64 per cent of South Africa’s trade in West Africa and is one of South Africa’s top three sources of crude oil. The Consulate noted that in 2020, South Africa imported R35 billion ($2.48 billion) worth of goods, predominantly crude oil from Nigeria and exported R6 billion ($425milion) to Nigeria. The Consulate added that while the…
The Amalgamated Union of Food Stuff and Cattle Dealers of Nigeria (AFUCDN) has threatened to cut the supply of foodstuff nationwide if insecurity is not addressed by the Federal Government. A drastic drop in food supply would have an adverse effect on inflation and household incomes. The National President of the union, Muhammed Tahir, who disclosed this at the end of an emergency meeting of the union in Abuja, said since Governor Yahaya Bello of Kogi State intervened last three months in a move that led to the suspension of six days old industrial action, nothing has been done to…
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has declared that the country can no longer sustain subsidy, insisting that the corporation has been burdened by the fuel subsidy dilemma even without budgetary provisions. He made the assertion, yesterday, when he appeared before the Senate Committee on Anticorruption and Financial Crimes to assess the level of implementation of the National Anti-corruption Strategy 2017-2021. He, therefore, sought the National Assembly’s support on complete deregulation of Premium Motor Spirit (PMS), otherwise known as petrol. “The issue needs the help of not only this committee, but also of the…
A top global ICT infrastructure provider, Huawei, has introduced new ICT solutions for higher safety and efficiency in the oil and gas industry in Nigeria. While participating at the Nigeria International Petroleum Summit 2021, Huawei hosted a forum to discuss how to drive data to barrel and set up an exhibition booth to showcase its leading new ICT innovations such as Oil and Gas IoT, Digital Pipeline, HPC & Operations Management, and Smart Distribution. While introducing Huawei’s innovation to the Minister of State for Petroleum Resources, Timipre Sylva, who visited the Huawei exhibition booth with other dignitaries like the…
Findings of the survey for Nigeria include that demands on IT teams increased as technology became the key enabler for dispersed and digital organizations. It disclosed that the overall IT workload (excluding security) increased for 66 per cent of IT teams, while 69 per cent experienced an increase in cybersecurity workload. Besides, the survey said adversaries were quick to take advantage of the opportunities presented by the pandemic, where 60 per cent of IT teams overall reported an increase in the number of cyberattacks targeting their organization over the course of 2020. According to the findings, the…
National telecoms operator, Globacom, has moved to address a common problem usually encountered by phone users whose lines get disconnected after 90 days as a result of inactivity. To bring relief to this category of subscribers, the company, yesterday, announced the introduction of ‘Always On’, a new prepaid tariff, which allows subscribers to retain their phone numbers for one full year even if they do not use the lines during the period. In a statement released in Lagos yesterday, Globacom said its subscribers no longer need to worry about their lines getting suspended or disconnected even if they…
• 2020 fiscal deficit stands at N6.6tr as debt hits N33.1tr • ‘FX rate may hit N700/$ before next year’ • Political industry (2023) to add more pressure, says Opeoluwa • Naira can’t be stable without market transparency, says ex-CBN director • Reps urges halt in free fall of naira value to dollar, other currencies Except extraordinary measures are taken to salvage the naira, experts have warned that economy could reach the cliff sooner than expected. The warning comes as structural challenges, coupled with transient measures ranging from insecurity, mono foreign earnings, insatiable borrowings, declining foreign investment inflows, rising…
Naira depreciated further against the U.S. dollar at the official market, also known as the Investors and Exporters (I&E) window on Tuesday, data posted on the FMDQ Security Exchange where forex is officially traded showed. The domestic currency remained stable at the black market. Data from the I& E window showed that the naira closed at N411.50, a 0.11 per cent decline from N411.07 it traded on Monday. Naira experienced an intraday low of N421.96 and a high of N400.00 at the Nafex window, before closing at N411.50 on Tuesday. This occurred as foreign exchange supply…
The Development Bank of Nigeria (DBN) has reaffirmed its commitment to environmental sustainability, pledging to entrench positive practices in its operations and among its stakeholders. In his message to the staff to commemorate the 2021 World Environment Day, the DBN Managing Director, Tony Okpanachi, highlighted some of the various challenges that the environment is facing, adding that DBN will continue to prioritise and focus on issues of sustainability essentially aimed at addressing some of the challenges. He noted: “The World Environment Day is a day set aside by the United Nations to raise awareness on and take action…