Image
08-February-2024

Unlocking Africa’s Travel Tech Potential Within $13trn Global Travel Industry

By Adam Aziz In 2019, tourism was a global powerhouse, accounting for 10% of GDP, or roughly $9 trillion. After weathering the pandemic storm, we expect 2023 figures to show a full recovery to pre-COVID levels, in line with data from leading travel platforms and the World Bank. But the story doesn’t end there. A transformative shift is underway, fuelled by evolving consumer preferences and habits, which could push tourism spending even higher to $13 trillion by 2030. Amidst this dynamic landscape, the travel tech sector is witnessing noteworthy developments. Online Travel Agencies (OTAs) are still capitalising on the shift from traditional

Image
02-February-2024

Zenith Bank Reaffirms Commitment to African Aviation Financing

By Aduragbemi Omiyale The chief executive of Zenith Bank Plc, Mr Ebenezer Onyeagwu, has reaffirmed the lender’s determination to ensure that African airline operators get the necessary funding support to grow their businesses. Securing adequate funding poses a significant hurdle for African carriers. Financing conditions for African Airlines are generally less favourable compared to other regions. Consequently, African airlines encounter challenges in acquiring and executing renewal and expansion initiatives. In November 2023, Ibom Air, an airline owned by the Akwa Ibom State government, received an Airbus A220, with Zenith Bank involved in the financing. “At Zenith Bank, we know how

Image
31-January-2024

Airline Operators, CBN Clash Over FX Backlog Settlement Claims

By Adedapo Adesanya There is a disagreement between the Central Bank of Nigeria (CBN) and foreign airline operators regarding the claims by the former that it has completed the payment of foreign exchange (FX) backlogs trapped in the country. The CBN on Tuesday said it has completed the payment of all verified forex liabilities to foreign airlines with the injection of an additional $64.44 million into the sector, noting that the total amount disbursed to the aviation sector was $136.7 million, contradicting the widely reported backlog of over $700 million the operators said is trapped in the country. A few

Image
26-January-2024

Lagos Mulls Establishment of State Controlled Airline

By Adedapo Adesanya Lagos State is considering the establishment of a state-controlled airline for passenger operations. The Governor of the state, Mr Babajide Sanwo-Olu, disclosed the plan on Thursday at the Lagos West Senatorial District People’s Town Hall Meeting, noting that the state is preparing to commence the construction of its airport in Lekki. According to a statement by the state government, a former permanent secretary and retired auditor general for local government in Lagos, Mr Muhammed Hassan, submitted that the state was ripe to own an airline. In his response, Mr Sanwo-Olu noted that the plan had been in

Image
19-January-2024

FAAN Relocates Headquarters to Lagos to Cut Costs

By Aduragbemi Omiyale The corporate head office of the Federal Airports Authority of Nigeria (FAAN) has been moved from Abuja to Lagos, where it was in the past, on the directive of the Minister of Aviation and Aerospace Development, Mr Festus Keyamo. This development was confirmed in a statement on Thursday by the Director of Public Affairs and Consumer Protection of FAAN, Mrs Obiageli Orah. The agency explained that the decision to move its corporate headquarters to its original base was taken after consultations with the relevant stakeholders. The statement noted that it was also because the relocation to Abuja

Image
13-January-2024

William Ruto, A Threat to Kenyan Tourism Industry?

By Kestér Kenn Klomegâh By description, Kenya, at least, has a palpable difference in tourism features compared with its neighbours in the East African Community (EAC), which is an intergovernmental organization composed of seven countries in the region. Kenya, Tanzania and Rwanda enjoy, to a considerable extent, relative peace and stability in the region. Determined to ensure an increasing flow of tourists, travellers and visitors to Kenya, the government supports with consistency the tourism industry by adopting flexible rules and regulations. Up until late November 2023, Kenya maintained strict visa requirements for all foreign and African travellers to the country.

Image
08-January-2024

Nigeria Settles $61.64m of $790m Trapped Foreign Airlines’ Funds

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has announced the disbursement of $61.64 million to foreign airlines through various Deposit Money Banks (DMBs) as part of continued efforts to clear foreign exchange backlogs trapped in the country. This disbursement was disclosed by the CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, in Abuja on Sunday. She said the move aligned with the central bank’s commitment to clearing the backlog of pending matured foreign exchange in DMBs. Additionally, Mrs Sidi-Ali mentioned that in the last three months, the CBN has successfully redeemed outstanding forward liabilities amounting to nearly

Image
05-January-2024

TOP 7 Schengen Countries to Visit in 2024

Schengen attracts tourists with the opportunity to visit many countries with one visa: Norway to Greece, Spain to Estonia. Every year, more and more tourists visiting EU countries are thinking of reclassifying from ordinary travelers to owners of real estate in the territory of European countries. It is difficult for many foreigners to choose one of the many countries. Not to mention citizenship, when you choose thoroughly and hope for the best conditions. We have selected the best seven among 27 republican territories based on statistical data and according to Polly Johnson (agency My Schengen). We offer you a short

Image
14-December-2023

Ticket to Paradise, Others Emerge Most-Watched Movies on Emirates Flights

By Aduragbemi Omiyale In 2023, Ticket to Paradise, Avatar: The Way of Water, Bholaa, La Syndicaliste, and Return to Seoul, among others, were among the most-watched movies by passengers of Emirates Airlines. The airline operator, which flies to about 140 destinations across the globe, provides entertainment and food to its customers to make them feel at home in the sky. In a statement made available to Business Post on Thursday, the firm said in the year under review, it did its best to satisfy its passengers, promising to do better next year, which is just a few weeks away. “Looking

12 3 4 5 6 7 8 9 10 Next
Ad
Ad
Recent Stories
Image
29-February-2024

Africa Beyond Russia’s Grains Partnerships

By Kestér Kenn Klomegâh Until sustainable food security is established through modernizing agriculture and ensuring adequate support for local farmers, Russia’s grain supply would be a soft geostrategic bait (i) to reinforce the existing time-tested relationships with Africa and (ii) to solicit an endorsement for the unprovoked war in Ukraine. In a speech delivered on March 20, 2023, during the interparliamentary conference ‘Russia-Africa’ held in Moscow, President Vladimir Putin described six African countries as the least developed and poorest in the world that are urgently in need grains, alternatively referred to as humanitarian aid, to feed its population. The beneficiary

Image
29-February-2024

MasterCard, MTN Partner to Boost Digital Commerce, Payments

By Aduragbemi Omiyale A partnership aimed at driving acceleration of the mobile money ecosystem in Africa across 13 markets has been entered into between Mastercard and MTN Group Fintech. This is coming shortly after the payments giant completed the purchase of a minority stake in the telecommunications company. The deal will see Mastercard giving a prepaid virtual card tailored for MTN’s MoMo customers, granting them access to over 100 million acceptance points worldwide. Additionally, it will empower MoMo merchants to seamlessly accept card payments, enhancing the platform’s instant cross-border money remittance services and capabilities. Further, Mastercard will use its cutting-edge

Image
29-February-2024

Adesina to Receive Prestigious Obafemi Awolowo Prize for Leadership

By Ichie Enyi Ejike Umunnabuike Jr Come March 6, 2024, the Lagos Continental Hotel will host an unforgettable occasion when the President of the African Development Bank (AfDB), Mr Akinwumi Ayodeji Adesina, will be formally honoured and presented with the distinguished Obafemi Awolowo Prize for Leadership 2023. The Obafemi Awolowo Prize for Leadership was first announced in December 2012, with the official award ceremony held on March 6, 2013. Before Mr Adesina was announced as its fourth recipient, three other distinguished personalities had been conferred with the prestigious award – Noble Laureate, Prof. Wole Soyinka; former South African President, Thabo

Image
29-February-2024

Exploring Diverse and Evolving Sounds of Africa

Africa’s music scene is a sonic melting pot, where rhythms collide and cultures connect. It’s a universal language, a force that breaks boundaries and fuels the soul. This sonic tapestry isn’t just diverse – it’s explosive. Afrobeats and Amapiano own the spotlight right now. Those irresistible Afrobeats hooks? They’ve got the whole world dancing. And Amapiano’s hypnotic blend of South African house and street sounds? It’s straight-up addictive. Mainstream African artists are pushing the boundaries like no one else, taking Amapiano and running with it. They’re injecting their fire, creating a whole new flavour. This is proof that African music

Image
29-February-2024

Nigeria Needs Policies that Prioritize Economic Recovery—Peter Obi

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has raised concerns over the recent decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) to 22.5 per cent and the Cash Reserve Ratio (CRR) to 45 per cent. Mr Obi warned that this move is likely to worsen the ongoing economic challenges faced by many Nigerian households, and emphasized the need for policies that prioritize economic recovery. In a statement issued via X (formerly Twitter), the businessman and former

Image
29-February-2024

Silence Laboratories Raises $4.1m for Privacy-Preserving Computing

By Adedapo Adesanya Silence Laboratories has announced securing $4.1 million in funding to enable privacy-preserving collaborative computing led by Pi Ventures and Anurag Arjun, along with several prominent angel investors. In a statement shared with Business Post, the company said with the market for privacy-enhancing technologies (PETs) growing globally at a compound annual growth rate of 26.6 per cent, there is growing demand. In recognition of this, Silence Laboratories is offering to provide mathematical guarantees for techno-legal expectations as part of a mission to create infrastructure to enable complex data collaborations between enterprises and entities, without any sensitive information being

Image
29-February-2024

MainOne Stretches Submarine Cable to Akwa Ibom

By Modupe Gbadeyanka A submarine cable spanning 45,000km in length known as 2Africa has been landed in Akwa Ibom State by MainOne, an Equinix company. It is one of the world’s largest subsea cable projects and will interconnect Europe, Asia, and Africa, with a design capacity of up to 180Tbps. The cable is the first and only submarine cable system in Nigeria outside of Lagos, and it marks a significant milestone in enhancing broadband connectivity and driving economic development in the South-South, South-East and North-Central regions of Nigeria. The significance of 2Africa lies in its capacity to address critical internet

Image
29-February-2024

Russia, Mali Review Military Partnership

By Kestér Kenn Klomegâh  Russian Foreign Minister Sergey Lavrov has offered an increased military partnership during the latest bilateral talks held on February 28, 2024, with his Malian counterpart Abdoulaye Diop in Moscow. The significance of Russian support is directed at fighting terrorism and enhancing the combat effectiveness of the Malian army and law enforcement agencies, including the training of soldiers and police officers The interim military government has maintained a well-developed multifaceted nature of bilateral relations with Russia since the military ascended into political power. Russian leader Vladimir Putin and Mali’s Interim President Assimi Goita on the sidelines of

Image
29-February-2024

Anthropics Unveils Zyler Virtual Try-On for Menswear

By Modupe Gbadeyanka One of the global leaders in virtual fashion try-on technology, Anthropics, has moved to transform the future of online shopping with the introduction of the Zyler Virtual Try-On for menswear. The new initiative will improve the way consumers shop for clothes, providing a realistic virtual try-on experience. With it, customers can upload a headshot, enter some measurements, and then see themselves on the screen wearing the outfit. Powered by the latest research in Artificial Intelligence, Zyler creates a lifelike virtual representation of the user, allowing them to see how different garments fit and look on their unique

Image
29-February-2024

Aradel Holdings, CSCS, FrieslandCampina Sink NASD Exchange by 0.79%

By Adedapo Adesanya Profit taking in the trio of Aradel Holdings Plc, Central Securities Clearing System (CSCS) Plc, and FrieslandCampina Wamco Nigeria Plc made the NASD Over-the-Counter (OTC) Securities Exchange close the midweek session further in the red territory on February 28 by 0.79 per cent. Aradel Holdings Plc lost N20.50 to close at N2,500.00 per share compared with the previous day’s N2,520.50 per share, CSCS Plc depreciated by N1.35 to end the day at N18.65 per unit versus the N20.00 per unit it was traded on Tuesday, and FrieslandCampina Wamco Plc declined by 63 Kobo to N70.25 per share