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Global Airline Industry Records $201Bn In COVID-Related Losses
The International Air Transport Association has set the combined losses for the industry at over $200 billion as travel curbs weigh on corporate and long-haul demand well into 2022. According to the industry’s main body, airline carriers are set to post a collective deficit of $11.6 billion for next year, due to the very slow…
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Nigeria’s Economy To Grow By 2.4% In 2021
Projections by the World Bank has revealed that Nigeria’s economy would grow by 2.4 percent in 2021; an increase in the bank’s earlier growth projection of 1.8 per cent made in January this year. The bank made this disclosure in the new edition of its Africa’s Pulse report titled ‘Climate change adaptation and economic transformation…
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E-payments Rise By 6.37% To N24tn In September
Data released by the Nigeria Inter-Bank Settlement System has said that the value of e-payment transactions in Nigeria rose by 6.37 percent to N24.08 trillion in September 2021. In August total e-payment transactions was N22.64 trillion. E-payment transactions are updated on the NIBSS through the Nigeria Instant Payment System and Point of Sales terminals. The…
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Nigeria Serviced Debt With N1.47tn In 6 Months
The Debt Management Office has revealed that Nigeria spent N1.47 trillion on debt servicing payments in the first half of 2021. In the first quarter of the year, the country spent N1.02tn on both domestic and external debt servicing, while a total of N445.45bn was spent in the second quarter of 2021. Between January to…
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Manufactured Imports Exceed Exports By N4.3tn
Figures obtained from the National Bureau of Statistics has shown that the value of manufactured goods imported into the country exceeded exports by N4.37tn in the second quarter of 2021 NBS stated that the value of manufactured goods trade in Q2, 2021 stood at N4.51tn representing 37.50 percent of total trade. “Out of this, the…
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ICT Contributes N26tn To GDP In 18 Months
Analysis from the National Bureau of Statistics showed that the Information, Communication and Technology sector contributed N26.02tn to the nominal Gross Domestic Product in 18 months. This was extracted from the GDP reports for the four quarters of 2020 and the first two quarters of 2021; that isJanuary 2020 to June 2021. The ICT sector…
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Nigeria Spent N445bn On Debt Servicing In Q2
Data obtained from the Debt Management Office have shown that Nigeria has spent a total of N445.4 billion to service the debt in the second quarter of this year. From April to June 2021, Nigeria spent N322.7bn on domestic debt servicing, while $299m (N122.7bn) was spent on external debt servicing. The exchange rate of the…
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External Reserves Gained $2.4bn In September
The Central Bank of Nigeria has said that the country’s external reserves rose by $2.4bn in September. CBN said that the reserves which stood at $34.02bn as of the end of August rose to $36.41bn as of September 2021. At the last Monetary Policy Committee meeting, the Central Bank Governor, Godwin Emfiele, said, “The…
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Foreign Exchange Inflow Drops To $4.97bn
Figures obtained from the Central Bank of Nigeria has shown that the foreign exchange inflow into the economy fell by 59.8 percent in April. This is according to the bank’s monthly report on ‘Foreign exchange flows through the economy’. Part of the report read, ‘Aggregate foreign exchange inflow into the economy declined sharply, reflecting tepid…
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Banks’ Borrowings Rise By 737%
Bank borrowings from the Central Bank of Nigeria’s Standing Lending Facility has risen year-on-year by 737 percent to N2.3 trillion in April 2021 from N274.65 billion in April 2020. Also, CBN earnings from the SLF during the period rose by 381 percent to N1.33 billion from N270 million in April 2020. However, banking system liquidity…