Author: Aishat Olalere

The International Air Transport Association disclosed that Global flight passenger demand, measured in revenue passenger kilometres, was up by 16.6 per cent in January 2024. The IATA, in a report released on Wednesday, said the figure indicated a robust start to the year. According to the report, a 20.8 per cent surge in international demand was noted, along with a 20.9 per cent increase in capacity. The load factor reached 79.7 per cent. Domestic demand showed a 10.4 per cent rise, with capacity increasing by 4.6 per cent, and the load factor saw a 4.2 percentage point increase to 80.2…

A group of academicians made a call at a summit in Abuja on Tuesday with the theme: “BRICS + And Global South Collaboration; Problems and Prospects” where they emphasised the need for Nigeria to join BRICS, an economic bloc comprising Brazil, Russia, India, China and South Africa for economic transformation. Prof. Williams Ijoma, President, of the United Nations Economic and Social Council Foundation, BRICS said countries operate as an organisation seeking to further economic cooperation among member nations and increase their economic and political standing in the world. “Nigeria joining BRICS is a gateway to boost its influence around the…

On Tuesday, March 12, President Bola Ahmed Tinubu submitted the 2024 budget for the Federal Capital Territory Administration to the House of Representative for consideration and passage. President’s letter seeking the passage of the budget, which was read on the floor of the House during the plenary session was silent on the estimate. The letter reads: “In line with the provisions of sections 121 and 299 of the Constitution of the Federal Republic of Nigeria, 1999, the Honourable Minister of the Federal Capital Territory has prepared the 2024 budget proposal of the FCT, which is here before you for the…

Ibidapo Lawal, Chief Executive Officer of Neveah Limited, an indigenous commodities export company said in a statement that the salary of its employees has increased by 44 percent with the aim of easing the burden of economic hardship in the country. According to the company, it takes effect immediately and will reflect on the payroll for the month of March. He added that while most Neveah employees would receive a salary bump of over 44 per cent on average, some would enjoy a 70 per cent upward review. Lawal said, “We understand the challenges that our employees are facing, and…

Supported by the latest FX inflow into the market, the improvement in US dollar supply has supported the Naira rally. With the use of policy measures, the apex bank intensified effort to reduce speculation on the local currency. The naira converged for the first time in March 2024. The Nigeria Exchange rate is around N1,603 per dollar at the official and parallel markets. The volume of US dollars requested for import matched the forex supply at the official market. For about a week, the FX rate has remain stagnant to around N1600 per dollar. Analyst express their view that forex…

FCT Minister of state, Mariya Mahmod disclose at the presiding over of the 186th joint Accounting Allocation Committee meeting in Abuja on Tuesday that the Federal Capital Territory Administration (FCTA) disbursed N4.43 billion to the six area councils of FCT, Pension Scheme and Primary School Teachers as statutory allocation for January 2024. However, the amount represents a slight decline compared to N4.8 billion shared in the month of December 2023. The breakdown of the figures shows that N1.97 billion was disbursed to the six area councils, while N2.46 billion was allocated to pension scheme and primary school teachers. The analysis…

OPEC’s monthly oil market report that for the month of February, Nigeria’s crude oil production dropped by 104,000 barrels per day from 1.42 million barrel to 1.32 barrel per day. This report is base on direct communication from Nigeria to OPEC’s authorities. Base on secondary sources, Nigeria recorded a daily crude oil production of 1.47 million barrel for February. This represent an increase of 47,000 barrels of oil per day. It was shown in the report that the global oil production for 2024 from non-OPEC producers is expected to grow by 1.1 million barrels daily while that from OPEC countries…

An Old Mutual Financial Service survey shows that Kenyans are moving to cheaper brands and cheaper rented property as a way of managing expenses resulting from high inflation in the country recently. More males at 25 per cent have paused contributions to their investments compared to female counterparts at 19 per cent.29 per cent of women sampled have moved from one rented property to another cheaper rented property compared to males at 29 per cent.More than male counterparts, females have cut down on house help and switched to cheaper brands to beat inflation. “To cope with financial pressures, females in…

Dr. Habil Olaka has retired from the long service of being the CEO of Kenya Bankers Association. He became the CEO in 2010 and will be exiting the office at the end of March 2024. Raimond Molenje has been appointed as the New CEO of the Kenya Bankers Association after announcing the retirement of Olaka. Molenje has been the banking lobby’s Director, Legal, Human Resources and Policy Advocacy. He has 19 years experience and joined KBA in 2018. “During his tenure, Olaka led the introduction of the Sustainable Finance Initiative (SFI) in 2015 to support member banks to create long-term…

The Head of Media and Publicity of the EFCC, Dele Oyewale said in a statement that the Economic and Financial Crime Commission (EFCC) on Monday tendered additional evidence against MICAD Ptoject City Service Limited and James Nolan, a Director of Process and Industrial Development Limited (P&ID), before Justice Nora Egwuatu of the Federal High Court, sitting in Abuja. P&ID had obtained a $11billion award against the Federal Government over the botched contract but reprieve came the way of the country last October when a London arbitration court set aside the $11bn award, holding that the contract was fraudulently secured. The…