Foreign capital inflow into Nigeria more than doubled to $6 billion in the first half of 2024 from last year as portfolio investors returned after the west African nation eased currency controls, official data showed on Tuesday.
The National Bureau of Statistics (NBS) said inflows rose to $5.98 billion between January and June this year, up from $2.16 billion during the same period in 2023.
The United Kingdom and Netherlands were the biggest sources of capital, with portfolio investors piling into the country's banking sector.
Nigeria's central bank has allowed the naira currency to freely trade in a bid to boost forex inflows as part of President Bola Tinubu's reforms, which also included slashing petrol and electricity subsidies.
The bank plans to automate foreign currency trades from December to enhance transparency and remove market distortions.
The central bank has hiked interest rates five times this year to head off inflation and attract portfolio investors hungry for yields.
Wednesday, October 9, 2024
Nigeria's capital inflow more than doubles to $6bn in first half of year
Tuesday, October 8, 2024
States in Nigeria With Highest ‘Okada’ Fares
However, the fares in Lagos, Ondo, and Taraba states were significantly higher than the national average during the same month.
Lagos led with N850 per journey, followed by Ondo at N725, and Taraba at N670, highlighting regional disparities in transportation costs.
These are according to the latest National Bureau of Statistics (NBS) Transport Fare Watch report for March 2024, as published on the website of the data agency.
Nigeria To Sanction Elon Musk’s Starlink For Illegal Price Hike
In a statement released on Tuesday, the NCC’s Director of Public Affairs, Reuben Muoka, disclosed that Starlink had raised its monthly subscription fee by 97%, from ₦38,000 to ₦75,000. The price for the Starlink installation kit also saw a hike, increased by 34% to ₦590,000 from the previous ₦440,000.
Starlink informed customers of the changes last week, noting that both current and new users would be affected. However, Nigerian telecommunications sector regulator NCC clarified that it had not sanctioned the adjustments. “The decision by Starlink to unilaterally review its subscription packages upwards did not receive the approval of the Nigerian Communications Commission,” Muoka stated.
He further explained that the commission was “surprised” by the move, as Starlink had previously submitted a request for a price adjustment, which the NCC was yet to approve. “The action of the company appears to be a contravention of Sections 108 and 111 of the Nigerian Communications Act (NCA) 2003, and Starlink’s Licence Conditions regarding tariffs,” Muoka added.
Under Section 108 of the NCA 2003, the NCC holds the authority to regulate telecommunications tariffs, mandating that no licensee can impose service charges without securing tariff approval from the commission. Section 111 of the Act further empowers the NCC to impose financial penalties on licensees that exceed approved rates, underscoring the importance of regulatory compliance.
“Notwithstanding any other provision of this Act, the commission shall prescribe and enforce appropriate financial penalties upon any holder of an individual licence who exceeds the tariff rates duly approved by the commission for the provision of any of its services,” the Act stipulates.
The NCC has yet to specify the exact penalties Starlink may face but has emphasised its commitment to maintaining regulatory stability within the Nigerian telecommunications sector.
Related story: Starlink Mini Dish Revolutionizing Internet Connectivity in Nigeria
Monday, October 7, 2024
Nigeria reports 359 cholera deaths in first nine months of year
More than 350 people have died from cholera in Nigeria in the first nine months of this year, a 239% jump from the same period last year, data from the Nigeria Centre for Disease Control (NCDC) showed on Monday.
Cholera, a water-borne disease, is not uncommon in Nigeria where health authorities say there is a lack of potable drinking water in rural areas and urban slums.
NCDC said 359 people had died between January and September compared to 106 during the same period last year.
The number of suspected cholera cases also surged to 10,837, up from 3,387 the previous year, with most of those affected being children under five years old.
Lagos, the country's commercial capital, recorded the highest number of cases, NCDC said.
Authorities in northeastern Borno said on Friday that a cholera outbreak had hit the state, which is also dealing with flooding that has displaced nearly 2 million people.
Friday, October 4, 2024
Emirates Airlines resumes daily flights from Dubai to Lagos, Nigeria
Emirates Airlines has restarted daily passenger flights to Nigeria, connecting Dubai and Lagos cities.
The first Dubai-Lagos flight was conducted on October 1, 2024, following a two-year suspension. Emirates halted it flights to Nigeria on October 29, 2022, due to trapped funds and the government’s inability to provide dollars for foreign carriers to take as their profits.
“This has been a long-awaited moment, and we are excited to resume operations to Lagos, helping reconnect travelers seamlessly to and through Dubai,” Adnan Kazim, Deputy President and Chief Commercial Officer of Emirates Airlines, said in a press release published on October 3, 2024.
The new daily flight from Dubai to Lagos, EK783, is scheduled to leave Dubai at 09:45 local time and reach Lagos at 15:20 local time. The return flight, EK784, departs Lagos at 17:30 local time and arrives back in Dubai at 05:10 local time the following day. The new route is operated by Boeing 777-300ER aircraft.
Dubai-Lagos service has been scheduled to optimize connections to and from key locations in Europe, the US, Far East and the wider Middle East, making it easier to travel to and from Nigeria. Emirates will also help travelers from Nigeria with 48-hour and 96-hour Dubai visa applications.
“We are pleased to welcome Emirates back to Nigeria,” Festus Keyamo, Honourable Minister of Aviation and Aerospace Development of Nigeria, said. “Emirates has become a global brand and Nigeria, being the most populous black nation in the world, is the sure destination for all major airlines in the world.”
Additionally, Emirates SkyCargo, the air freight division of Emirates, will assist Nigerian businesses by providing over 300 tons of cargo space in and out of Lagos every week. The cargo will be sent to the markets in the United Arab Emirates (UAE), Malaysia, Hong Kong, and Bahrain.
Nigeria is expected to receive imports from markets such as UAE, India and Hong Kong, featuring a variety of items such as general cargo, medicine and electronics.
By Goda Labanauskaitė, AeroTime
Related story: Ban lifted on Nigerian Travelers to UAE After president Tinubu’s Visit