The International Air Transport Association (IATA) unveiled a series of roadmaps aimed at providing step-by-step detailing of critical actions and dependencies for aviation to achieve net zero carbon emissions by 2050. These roadmaps address aircraft technology, energy infrastructure, operations, finance, and policy considerations leading to net zero. With the adoption of a Long Term Aspirational Goal (LTAG) at ICAO’s 41st Assembly, governments and industry are aligned to reach the same net zero CO2 emissions goal by 2050. As policy initiatives lay the foundation on which many of the needed innovations and actions will rest, these roadmaps will be a critical…
Author: Elvis Eromosele
The World Bank has said that the accelerating inflation in Africa’s biggest economy has pushed an additional four million Nigerians into poverty in the first five months of 2023. In its latest Nigeria Development Update report for June 2023, the Bank said the loss of purchasing power from high inflation has increased poverty in the short term, pushing an estimated four million Nigerians into poverty between January 2023 and May 2023. Nigeria’s economic performance weakened in the first part of 2023 amid a challenging global context – which has continued to pose challenges for Nigeria’s economy – and domestic economic…
Oil prices rose on Monday as investors balanced concerns about global demand growth against upcoming supply disruptions that could be exacerbated by political instability in Russia. Brent crude futures rose by 33 cents or 0.5 per cent to settle at $74.18 a barrel, while the US West Texas Intermediate (WTI) futures increased by 21 cents or 0.3 per cent to $69.37 a barrel. Heavily armed Russian mercenaries withdrew from the southern Russian city of Rostov under a deal that halted their rapid advance on Moscow on Saturday. Despite the change of course, the move raised questions about President Vladimir Putin’s…
The Federal government has declared two days, Wednesday, June 28 and Thursday, June 29, 2023, as public holidays for this year’s Eid-El-Kabir. A statement signed by the Permanent Secretary in the Ministry of Interior, Ms Oluwatoyin Akinlade, said Muslims and all Nigerians were charged by the government to make sacrifices for the growth and development of the country. While felicitating with the Muslim Ummah at home and in the diaspora,” the government expressed hope that “the prayers and sacrifices that come with this great celebration, as well as the message of Eid-ei-Kabir, will bring about peace, unity and progress in…
The number of customers under the 11 licensed Electricity Distribution Companies (DisCos) in Nigeria increased from 11.06 million in the fourth quarter of 2022 to 11.27 million in the first three months of 2023. This is according to the National Bureau of Statistics (NBS) in its Nigeria Electricity Report for Q1 2023 which showed an increase of 1.89 per cent. The report focuses on energy billed, revenue generated, and customers by Discos under the reviewed period. The report said on a year-on-year basis, customer numbers in Q1 2023 increased by 5.99 per cent from 10.63 million reported in Q1 2022 to 11.27…
Ovigho Richard Okojevoh The 21st century led to an increase in what we call lifestyle diseases like diabetes, hypertension, obesity, and kidney failure. Some of it has to do with choices we made, coming after the 80s and 90s with SAP and economic deprivation, we now had a better economy in the 21st century, and because of that, we could not afford certain things that were once out of our reach, like soft drinks, which used to be taken on Sundays or special occasions. Such drinks became staples taken after almost every meal instead of water, and sugar-infused fruit drinks…
Last Thursday, Technext hosted the second edition of the Convo in Lagos. With the theme “Maximizing for geometric growth”, the event featured a fireside chat with Olu Akanmu, the president and co-CEO of Opay and Kehinde Ogundare, the country manager for Zoho in Nigeria. The event had in attendance over 70 startup founders, top company executives, and stakeholders in the Nigerian tech ecosystem. Both speakers, Olu Akanmu and Kehinde Ogundare shared valuable insights from years of leading businesses and maximising resources to grow and scale exponentially. Technext Convo was designed to be an exclusive event for key stakeholders in select…
Sunil Mittal, Chairman, Bharti Airtel, on Monday, said it has so far invested $4 billion into the Nigerian economy since the company began operations in the country. Mr Mittal disclosed this while speaking to State House Correspondents after he met with President Bola Tinubu on Monday. “We are already investing about $400 million a year in Nigeria, which has been going on for the last many years, and that will continue. That is business as usual. We have invested just under $4 billion since the time we came into Nigeria,” he said. He further disclosed that the company is willing…
The Manufacturers Association of Nigeria says the country’s shortage of electricity supply has been identified as a hindrance to the profitability of manufacturers with an annual economic loss valued at about N10.1tn, about two per cent share of the country’s Gross Domestic Product. MAN noted that the unfavourable situation has positioned the country among the worst countries to do business with a rank of 171 out of 190. The manufacturers made the claim in a statement in which it reacted to the assenting of the Electricity Bill by President Bola Tinubu. According to MAN, the current power supply is inadequate…
Jed Eromosele “Where do we find the next 50 million clients?” Wondering who’s asking this question? Well, every member of Nigeria’s Payment Ecosystem. From old banks with roots dating back to before independence to newer fintechs springing up with desires to make a difference and some money. And really, they have good reasons to ask these questions. Payment systems around the world are evolving fast and the industry players in Nigeria can tell that they need to step up their game. Everyone needs to innovate, get better and provide improved and more conducive payment ecosystems and platforms. They need to…