Flooding remains a major climate change concern in Nigeria. Over the years, irregular rainfall patterns have left many displaced from their homes and farmlands destroyed. One Nigerian entrepreneur is however changing the narrative with a newly adopted solution to flooding.
Wednesday, September 28, 2022
Video - Nigerian entrepreneur innovates technique to 'prevent flooding'
Nigeria's northwest faces worsening malnutrition
Nigeria faces worsening malnutrition in the northwest due to insecurity, high food prices and the impact of climate change, Medicines Sans Frontiers (MSF) said on Tuesday, calling for the region to be included in United Nations funding plans next year.
Gunmen have terrorised the northwest, killing and kidnapping people for ransom this year. Africa's most populous nation is already grappling with an Islamist insurgency that has displaced at least two million people in more than a decade.
Insecurity has prevented some farmers from planting in a region now experiencing some of its worst flooding in years.
MSF said it had witnessed extraordinarily high numbers of children with malnutrition in five states across the northwest, where about 100,000 were treated for acute malnutrition.
"With increasing insecurity, climate change and global inflation of food prices in a post-pandemic world, we can only imagine this crisis getting worse," Simba Tirima, MSF country representative in Nigeria, said.
"The Nigerian authorities need support to deal with a crisis of this magnitude."
Humanitarian aid groups have largely focused their attention on the northeast, where Nigeria's military is stepping up attacks against the Islamist insurgents.
By MacDonald Dzirutwe
Ethiopian Airlines Announced As Partner For Nigeria Air
The Nigerian Government announced that Ethiopian Airlines, Africa’s most prominent air carrier, was selected as a strategic partner and 49% shareholder of Nigeria Air. A breakdown of stakes showed that Ethiopian Airlines would own 49 % equity, the federal government would control 5 % equity, while a consortium of three Nigerian investors, MRS, SAHCO, and other institutional investors will have 46 %.
The stakeholders involved
Speaking during a press conference in Abuja, the Minister of Aviation, Hadi Sirika, noted that after a careful, detailed, and ICRC-governed selection process, Ethiopian Airlines (ET) Consortium has been selected as the preferred bidder for Nigeria Air.
He noted that the consortium will be subjected to a due diligence process, after which the contract will be negotiated between the consortium and the FGN, leading to a Full Business Case, which will be expected to be approved Federal Executive Council (FEC). The process, according to the minister, will take off in six to eight weeks.
Fleet and first routes
The overall share capital of around $300 million will be provided by the preferred bidder that will launch Nigeria Air to its full size of 30 aircraft and international operation within the next two years. Nigeria Air will be launched with three Boeing 737-800 in a configuration very suitable for the Nigerian market.
It will launch with a shuttle service between Abuja and Lagos to establish a new comfortable, reliable, and affordable travel between these two major Nigerian Airports. Other domestic destinations will follow thereafter. According to the Minister of aviation.
“A signature-ready contract has been finalized with Ethiopian Airlines for the three Boeing 737-800 with a 16 Business Class and 150 Economy Class configuration."
The approval process and recruitment
All executives have been approved by NCAA (Nigeria Civil Aviation Authority), and the Air Transport License has also been issued. Nigeria Air (having identified the first three aircraft) will finalize all necessary Operation Manuals and then go through the inspection and approval process of NCAA.
The money spent for the launch of Nigeria Air, for all the requirements to establish an AOC ( Air Operators Certificate) and be admitted to starting an airline operation as prescribed in the FEC-approved Outline Business Case (OBC), is well within the 5 % capital investment of the Federal Government of Nigeria. The minister added:
“No further federal government funding will be provided above the five percent share capital of the next national Carrier of Nigeria, which was provided to launch Nigeria Air."
The airline has already begun its recruitment process, announced in a memo posted to the official Twitter account of the Federal Ministry of Aviation at the end of last week. The memo reads:
"Nigeria Air is now recruiting qualified crew for the following positions: Experienced, and current B737 Captains; Experienced, and Current B737 First Officers; Experienced, and Current B737 Senior Cabin Crew and Cabin Crew Experienced, and Current B737 Engineers (B1/B2 preferred).”
The announcement adds that positions will be based in Abuja or Lagos, and that additional details of open positions will be available soon on the airline's website.
By Afema Ronnie
Related story: Nigeria To Fine Airlines That Don't Sell Tickets In Local Currency
Nigeria hikes rate to highest level to head off inflation
Nigeria's central bank on Tuesday hiked its main lending rate by 150 basis points to 15.50% (NGCBIR=ECI), its highest level yet and more than forecast, forging ahead with efforts to rein in inflation and ease pressure on the currency.
A Reuters poll of economists had predicted a much smaller 50 basis point hike. read more
But with inflation at its highest in 17 years, Central Bank of Nigeria Governor Godwin Emefiele said the Monetary Policy Committee had to continue with an aggressive stance.
Annual inflation rose for a seventh straight month in August to 20.52% from 19.64% in July.
Tuesday's rate hike, the third in a row, means the central bank has delivered a total 400 basis-point increase this year, its most hawkish in a single cycle, analysts said.
The benchmark interest rate was introduced in 2006.
"The MPC noted that a tight policy stance would help consolidate the impact of the last two policy rate hikes, which is already reflected in the slowing growth rate of money supply," Emefiele told a news conference.
"It also felt that an aggressive rate hike would slow capital outflows and likely attract capital inflows and appreciate the naira currency," Emefiele added.
The naira currency weakened to a new low of 725 against the dollar on the black market this week, traders said, and within a band of 415-435 on the official market.
Emefiele increased the cash reserve requirements for banks to mop liquidity from the market and stop currency speculation. He said banks which fail to raise their reserves would be barred from the foreign exchange market from Friday.
Economist Virág Fórizs from Capital Economics said Emefiele's comments "suggest that more monetary tightening lies in store".
High inflation, weak economic growth and mounting insecurity are major issues for voters as Nigeria heads for a national election in February, when incumbent President Muhammadu Buhari will step down.
Responding to reporters' questions, Emefiele declined to rule out further rate hikes to fight inflation.
By Macdonald Dzirutwe
Tuesday, September 27, 2022
Video - Why is Nigeria’s Nollywood failing to make awards shortlists?
Despite the growing popularity of Nigerian movies, Nollywood is struggling. It is ranked as the world's second-largest producer of films, but lacks the resources to compete with Hollywood and Bollywood. Al Jazeera looks at the challenges in an industry that releases hundreds of films a year - but fails to make the shortlist at international festivals. Al Jazeera’s Ahmed Idris reports from Lagos, Nigeria.
Related stories: Video - Nigeria’s entertainment sector contracts
Netflix first original series from Nigeria drops highly anticipated trailer
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