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Domestic air travel in Nigeria saw a significant rise in costs in July 2024, with airfares jumping by 25% year-on-year, according to the latest report from the National Bureau of Statistics (NBS). The average fare for a one-way domestic flight increased to ₦98,561.74, compared to ₦78,775.74 in July 2023. This represents a 9.65% increase from the previous month (June 2024), highlighting the rising cost of air travel within the country. The steep increase in airfare comes on the heels of the federal government’s announcement in July 2024 that it would further raise tax charges on the aviation sector. This decision was met with concerns from the Airline Operators of Nigeria, who have been vocal about the challenges posed by multiple taxation on the industry. https://lnkd.in/dktYM63X

In April 2024, Nigeria experienced a notable surge in capital outflows, reaching a total of $1 billion, marking a significant 35.14% increase compared to the $740 million recorded in March. This surge was primarily fueled by capital reversals, which constituted a substantial 78% of the total outflow, amounting to $780 million, according to data from the Central Bank of Nigeria (CBN). The CBN’s April 2024 Monthly Economic Report highlighted that loan repayments also contributed to the rising outflows, increasing to $160 million from $120 million in March. However, dividend repatriation saw a decline, dropping to $40 million from $90 million in the previous month. https://lnkd.in/gUNh7_2B #Nigeria #CapitalOutflow #Finance #EconomicTrends #april2024

Nigeria’s Gross Domestic Product (GDP) recorded a robust growth of 3.19% year-on-year in real terms during the second quarter of 2024, according to the latest report from the National Bureau of Statistics (NBS). This marks an improvement over both the 2.51% growth observed in Q2 2023 and the 2.98% growth registered in the first quarter of 2024. The key driver of this growth was the Services sector, which expanded by 3.79% and contributed a substantial 58.76% to the total GDP. This sector’s performance was pivotal in boosting the overall economic output during the quarter. Meanwhile, the Agriculture sector grew by 1.41%, showing a slight decline from the 1.50% growth recorded in the same period last year. https://lnkd.in/gt-N9Zbq #Nigeria #GDPGrowth #NigerianEconomy #Q22024 #economicgrowth

In a dramatic surge, petrol prices at many independent filling stations across Nigeria have skyrocketed to between N900 and N1,000 per litre, sparking widespread concern and prompting the Federal Government to take a hard stance against exploitative pricing practices. These sharp price increases have caused significant disparities between independent outlets and stations operated by the Nigerian National Petroleum Company (NNPC), where prices remain between N568 and N617 per litre. The substantial price gap has led to long queues at NNPC stations as consumers seek to avoid the exorbitant rates charged by independent marketers. https://lnkd.in/gdDnktqZ #Nigeria #FuelCrisis #PetrolPrice #FG #fuelstations

The Central Bank of Nigeria (CBN) has implemented a new exchange rate for calculating customs duties, offering relief to importers struggling to clear goods at the nation’s ports and airports. The updated rate, effective from Wednesday, August 22, 2024, now stands at ₦1,569.53 per dollar, a slight decrease from the ₦1,575.19 rate used earlier in the week. This adjustment comes amid recent gains by the naira in the official foreign exchange market, where it strengthened to ₦1,586.11 per dollar on Thursday, up from ₦1,592.38. The improvement in the naira’s value has prompted the CBN to adjust the customs duty rate accordingly, making it slightly cheaper for importers to clear their goods. https://lnkd.in/dbZ56Cjq #Nigeria #CBN #CustomsDuty #ExchangeRate #importers

Nigeria has so far received just 16% of the World Bank loans approved during the administration of President Bola Tinubu, raising concerns over the pace of fund utilization and project implementation. An analysis of the World Bank’s disbursement data reveals that out of a total of $4.95 billion approved for various projects, only $774.99 million has been disbursed as of July 31, 2024. These loans are intended to support critical sectors, including economic reforms, infrastructure development, and social welfare programs. https://lnkd.in/d798pbKf #Nigeria #WorldBank #LoanDisbursement #TinubuAdministration #economicpolicy

Nigeria saw a significant rise in capital outflows in April 2024, with total outflows reaching $1 billion, marking a 35.14% increase from the $740 million recorded in March. This surge was primarily fueled by capital reversals, which accounted for a substantial 78% of the total outflow, equivalent to $780 million. The spike in capital reversals is particularly noteworthy, as it surpassed the total foreign capital outflow recorded in May 2024, highlighting the growing trend of foreign investors pulling their investments out of Nigeria. These capital reversals, where foreign investors repatriate their investments in response to economic instability or more attractive opportunities elsewhere, have been a major driver of the country’s capital outflows this year. https://lnkd.in/di9vEmUR #Nigeria #ForeignOutflow #CapitalReversal #EconomicChallenges #finance

Nigeria’s foreign exchange (FX) market experienced a significant boost in trading activity in July 2024, with a turnover of N11.48 trillion, equivalent to $7.39 billion, at the official trading window. This represents a substantial increase from the N10.01 trillion recorded in June, as reported by the FMDQ, which oversees the official foreign exchange trading platform in Nigeria. In dollar terms, the FX market turnover in July saw a 10.02% month-on-month increase, amounting to $0.67 billion more than the $6.72 billion traded in June. This rise in turnover indicates a heightened level of activity in the forex market during the period under review. https://lnkd.in/dNiGaVsN #Nigeria #Forex #FXTurnover #TradingActivity #financialmarket

Pavel Durov, the billionaire founder of Telegram, was detained by French authorities at Le Bourget airport near Paris on Saturday evening. The 39-year-old Franco-Russian entrepreneur was apprehended following his arrival from Baku, Azerbaijan, under charges linked to his widely used messaging platform. Sources disclosed that Durov’s arrest was ordered by France’s Office for the Prevention of Violence against Minors (OFMIN), which had issued a warrant as part of a broader investigation into various alleged crimes. These charges include fraud, drug trafficking, cyberbullying, organized crime, and the promotion of terrorism. The authorities accuse Durov of failing to curb illegal activities conducted via Telegram, which has been criticized for its encrypted messaging system that allows for anonymity. https://lnkd.in/ddc86ZaM #PavelDurov #Telegram #BreakingNews #TechNews #france

The Nigerian naira made a notable recovery in the official market on Wednesday, August 21, 2024, after a sharp depreciation earlier in the week. Following a drop to N1,592 per dollar on Tuesday, the naira bounced back, trading at N1,543.84 per dollar, reflecting a recovery margin of N49. However, this positive movement in the official market contrasts with the currency’s continued decline in the parallel market, where it traded at N1,610 per dollar, creating a significant gap of N67 between the two rates. The rise in the naira’s value in the official market is partly attributed to the Central Bank of Nigeria’s (CBN) recent actions, including the Retail Dutch Auction System (rDAS), which influenced market sentiment positively. According to Janet Ogochukwu, a senior economics banker, a series of recent events, such as the highest recorded diaspora remittances in July—amounting to $553 million—have contributed to the naira’s recovery. https://lnkd.in/dvcbeb74 #NairaRebound #ForexMarket #ParallelMarket #NigeriaEconomy #currencytrading