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Foreign Airlines Slash Ticket Sales To Nigeria Routes
Foreign airlines operating in Nigeria would begin the reduction of the total number of tickets they sell on Nigerian routes amid worsening dollar scarcity. According to the International Air Transport Association (IATA)–the global body for international carriers, foreign airlines operating in Nigeria had been unable to repatriate about $144m (N60bn) in ticket sales back to…
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Inflation Bites Harder In Nigeria As Food Price Rises By 21.03%
A market survey report by People’s Gazette has revealed the drastic rise in food prices as the country suffers another wave of food inflation growth in the last quarter of the year. Food inflation rose by 21.03 percent due to the constant depreciation of the naira against the dollar and rigid importation laws by the…
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Zimbabwe Central Bank Freezes Accounts Over Illegal Foreign Transfers
30 bank accounts has been frozen by the Central Bank Of Zimbabwe for illegally exchanging foreign currency through mobile phones and social networks, according to an official statement on Tuesday. The apex bank said it had identified 30 people “abusing mobile telecommunication services and other social media platforms” for “illegal foreign exchange transactions and money…
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Inflation Rate Drops For Fifth Consecutive Month
The National Bureau of Statistics revealed that the Consumer Price Index which measures inflation rate fell to 17.01 percent in August. According to the latest CPI report, this rate is 0.37 percent points lower than the 17.38 percent recorded in July this year. This, according to the report, is the fifth consecutive month that the…
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South Africa Reports Steady Economic Recovery In Q2
Though South Africa’s economic growth margin is still considered stuck in its longest downward cycle since World War II at below 3%, recent reports show the economy has quickened in the second quarter of 2021 as restrictions to contain the coronavirus pandemic were eased. According to Statistics South Africa, gross domestic product expanded 1.2% in the…
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What You Need To Know About The Survival Fund Scheme
The Nigerian government in a recent statement revealed it had disbursed N56 billion within a year to over 1,079,323 persons and small business owners to protect them from the potential vulnerabilities brought about by the COVID-19 pandemic. According to the minister of state, industry, trade and investment, Maryam Katagum, exactly N56,842,780,000.00 have been disbursed to business…
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‘27.4 Million Nigerians Earn Less Than N100,000 Per Annum’
The Socio-Economic Rights and Accountability Project has said that 27.4 million Nigerians earn below N100,000 per annum. It said the figure represented 48.9 percent of persons living in poverty in the country. It made the declarations at the launch of a report entitled: “The Ignored Pandemic: How Corruption in the Health, Education and Water Sectors…
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Reactions To South Africa’s Nuclear Energy Plan
South Africa’s nuclear energy industry dates back to the mid-1940s when the predecessor organisation to the Atomic Energy Corporation (AEC) was formed. Years passed and the commitment to nuclear energy slowed, as the world championed renewable energy. Now 31 years later, the Department of Mineral Resources and Energy has announced its plans to revive its…
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Manufacturing Sector Records N12.2tn In 6 Months
According to the National Bureau of Statistics, the manufacturing sector recorded a total output of N12.2tn in the first half of the year. Data obtained from the Gross Domestic Product report show that aggregate manufacturing output in the first and second quarters stood at N6.1tn each. The total output of N12.2tn for H1 2021 represents…
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Unemployment Rate In South Africa Rises To 44.4%
Bloomberg reports that the unemployment rate in South Africa has surged to the highest on a global list with 82 countries. According to Statistics South Africa, the unemployment rate rose from 34.4% to 44.4% in the second quarter of the year. In the first three months through March, the unemployment rate was 32.6%. Due to…