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14-March-2024

Nigeria Gets $1.3bn from CCECC, Others for Kano-Maradi Rail

By Adedapo Adesanya Nigeria has secured $1.3 billion in funding to complete a railway project connecting Kano, the largest city in Northern Nigeria, to Maradi in neighbouring Niger, as part of efforts to boost infrastructure that will expand regional trade. The project is part of a government plan to build rail networks across Nigeria to address the poor transport infrastructure that has affected economic growth in Africa’s largest economy for decades. The Ministry of Transportation on Wednesday said that the railway line would build on existing economic and social ties to boost trade and cultural cooperation between the two countries.

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07-March-2024

How Businesses Can Make Good Use of Transportation Services

Transportation services play a vital role in the operations of businesses, facilitating the movement of goods, services, and personnel. To make good use of transportation services, businesses must implement effective strategies and practices to optimize efficiency, reduce costs, and enhance overall productivity. This article will explore various ways in which businesses can make good use of transportation services to support their objectives and achieve success. Supply Chain Optimization One of the key ways businesses can make good use of transportation services is by optimizing their supply chain management. Effective supply chain optimization involves streamlining transportation routes, consolidating shipments, and minimizing

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06-March-2024

Bayo Onanuga Admits UAE Yet to Lift Visa Ban on Nigerians

By Adedapo Adesanya The Special Adviser to President Bola Tinubu on Information and Strategy, Mr Bayo Onanuga, has walked back on a widely reported admission that the United Arab Emirates (UAE) has lifted the visa ban placed on Nigerian travellers. Earlier on Tuesday, two media aides of Mr Tinubu, the Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale, and Mr Onanuga, confirmed that the restriction has finally been removed. In a single tweet posted hours after the initial announcement, Mr Onanuga wrote, “UAE has not resumed visa issuance to Nigerians. The document in circulation is not

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05-March-2024

UAE Lifts Visa Ban on Nigerians After Two Years

By Modupe Gbadeyanka The visa ban earlier placed on Nigerian travellers by the United Arab Emirates (UAE) has been lifted after two years. In a joint statement issued on Monday, February 26, 2024, it was, however, stated that applicants must “first obtain a Document Verification Number” to obtain a visa into the country. The UAE government advised Nigerian travellers to strictly “adhere to the guidelines and initiate the applications promptly, ensuring and smooth transition to the new system,” Recall that last year, President Bola Tinubu, after he assumed office in May 2023, travelled to the Middle East country to talk

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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

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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

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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

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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

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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

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19-March-2024

How Putin Won March 2024 Presidential Election

By Kestér Kenn Klomegâh After three days (March 15 to 17) of voting, Vladimir Putin is leading the Russian presidential election with 87.34% after 98% of ballots were counted, according to data from the Russian Central Elections Commission. Undoubtedly it gives Putin, who has been in power since the last days of 1999, another six-year term (2024-2030) to lead Russia, and to pursue with much vigour its foreign policy ambitions in the international system and push forward the much-trumpeted multipolar configuration with a focus on Global South. Putin’s assertive control over the political landscape has been solidified due to the

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19-March-2024

Moove Raises $100m in Fresh Race to Conquer New Markets

By Adedapo Adesanya Exactly a year after raising $105 million in an oversubscribed Series A2 round, African mobility company, Moove, has raised $100 million in a Series B funding round as it plots expansion into new markets. According to reports, the funding round was led by mobility giant, Uber and saw injection from others such as sovereign wealth fund Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. This now pushes Moove’s post-money valuation to $750 million. The company is helping to solve the continent’s acute problem of limited access to vehicle financing for millions of

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19-March-2024

Oil Stocks Trigger 1.77% Gain at NASD OTC Exchange

By Adedapo Adesanya Oil stocks, Aradel Holdings and Acorn Petroleum, led the NASD Over-the-Counter (OTC) Securities Exchange to a 1.77 per cent appreciation on Monday, March 18. They increased the value of the alternative bourse by N24.85 billion during the trading session to N1.428 trillion from the N1.403 trillion it closed in the preceding, and the NASD Unlisted Security Index (NSI) rose by 18.33 points to wrap the session at 1,053.98 points compared with 1,035.65 points recorded at the previous session. Aradel Holdings Plc, after recent profit taking, appreciated by N114.28 yesterday to settle at N1,734.28 per unit compared with last

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19-March-2024

Naira Trades N1,597/$1 at Official Market, N1,600/$1 at Black Market

By Adedapo Adesanya The Naira appreciated against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the currency market on Monday by 0.3 per cent or N5.41 to close at N1,597.34/$1 compared with last Friday’s value of N1,602.75/$1. It also improved its value against the Pound Sterling in the official market yesterday by N50.97 to wrap the session at N2,003/£1 compared with the preceding session’s N2,054.06/£1 and gained N41.89 against the Euro to close at N1,712.69/€1 versus N1,754.58/€1. It was observed that the supply of forex, according to data from the FMDQ Securities Exchange, slightly waned

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19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

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18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

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18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

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18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

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18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

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18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a