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Airports Record Higher Passenger Movement in Q3 Quarter

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  • Airports Record Higher Passenger Movement in Q3 Quarter

The Consumer Directorate of the Nigerian Civil Aviation Authority (NCAA) has revealed that more Nigerians travelled in 2017 than in 2016, which was the peak of Nigeria’s economic recession.

Available records showed progressive increase in passenger movement both in the local and international travel with a total increase of about 12 percent during the period under study.

In the third quarter of 2017, about 2.2 million passengers passed through the nation’s airports both in domestic and international travel.

During this period, inbound domestic passengers were 1, 108, 907 on domestic travel, while there were 474, 745 in-bound international passengers and during the period also outbound domestic passengers were 1, 126, 980; while outbound international passengers were 500, 348.

The third quarter also recorded domestic flights of 13, 255 and international flights of 3, 664 and flight delays in the domestic routes were about 8, 173 and similar delays on international flights were 1, 076 with 96 flight cancellations on domestic routes and 38 on international routes.

Also, during the period, domestic airlines recorded 19 air returns, which are flights that returned to base due to technical problems, there were also nine air returns on international flights.

While international flights recorded 8, 660 missing luggage during the period, domestic airlines recorded 26 missing and while the former recovered 7, 070 luggage, domestic airlines recovered 23 luggage.

Compared to 2016, a source from NCAA said there was a total 12 percent increase in passenger movement in 2017 and projects that this may double before the end of the year and passenger movement peaks by December every year.

Director of Consumer Protection Directorate, Adamu Abdullahi said that indications showed that the International Air Transport Association (IATA) pointed out in its outlook for the year2017 that there have been obvious jump in the first and second quarters of the year.

“We have seen certain jump in passenger traffic in Nigeria. You know we faced recession in 2016, which started easing this year; so there is the general believe that we are out of recession. So we have seen improved traffic because even the airlines that reverted to the use of smaller aircraft are now reverting back to their original bigger aircraft sizes. And we have seen Emirates getting ready now to operate out of Abuja and their two flights, frequencies into Lagos daily, is also about to commence,” Abdulahi said.

During a recent meeting with Emirates country representative, Afzal Parambil, he expressed optimism that the airline would resume is Abuja flights and its second Lagos daily flights.

Also feelers from other international carriers like Turkish Airlines, British Airways, Ethiopia Airlines showed that since the beginning of this year, there has been progressive increase in the number of travellers that book flights with the aforementioned airlines.

The National Association of Nigerian Travel Agents (NANTA), Bankole Bernard who acknowledged that recession has eased in 2017 and noted that there is boost in passenger movement, but he added that despite the growth in passenger movement, there is yet discernible changes as occasioned by the end of recession.

“I haven’t seen changes and changes won’t happen so soon. That we are out of recession there are economic indices that show signs that we are out of recession, it does not mean that it will impact on the lives of the common man immediately. We have just crossed that border line that we are no longer in recession, now we are back on the part of growth, it does not mean that we have started growing, we are just on the part of growth. We were declining before, now the arrow has turned up,” Bernard said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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POS Terminal Deployment in Nigeria Hits 2.68 Million in March 2024

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The total Point of Sale (POS) terminals deployed across Nigeria have now reached 2.68 million as of March 2024.

According to data released by the Nigeria Inter-Bank Settlement System (NIBSS), this represents a Year-on-Year (YoY) growth rate of 47.36% and reflects the accelerating pace of digitalization within the nation’s financial sector.

The proliferation of POS terminals signals a fundamental shift towards cashless transactions, as businesses and consumers increasingly embrace the convenience and efficiency offered by digital payment solutions.

This surge in adoption highlights the growing reliance on technology to facilitate financial transactions, driving innovation and transforming the way commerce is conducted across various sectors of the economy.

Breaking down the figures, January 2024 saw a deployment of 2.47 million POS terminals, representing a significant YoY increase of 50.61% compared to the same period in 2023.

Similarly, February 2024 witnessed a surge in deployment with 2.58 million POS terminals, marking a YoY growth rate of 54.49% compared to February 2023.

While these numbers paint a picture of rapid expansion, a closer examination reveals that there are over a million registered POS terminals yet to be deployed or taken up by merchants.

In January 2024, the number of registered terminals reached 3.44 million, rising from 2.31 million in 2023. February and March continued this trend, with registered terminals reaching 3.6 million and 3.73 million respectively in 2024.

The increase in registered POS terminals underscores the potential for further expansion and utilization within Nigeria’s digital payment landscape.

As the number of terminals continues to grow, there is a clear indication of the country’s readiness to embrace cashless transactions on a broader scale, paving the way for increased financial inclusion and efficiency.

Industry stakeholders view this surge in POS terminal deployment as a positive step towards realizing Nigeria’s vision of becoming a digital economy powerhouse.

However, challenges such as infrastructure development, regulatory frameworks, and merchant adoption still need to be addressed to fully harness the potential of digital payments in driving economic growth and development.

As Nigeria moves towards a cashless future, collaboration between the public and private sectors will be crucial in overcoming these challenges and ensuring that the benefits of digitalization are accessible to all segments of society.

With the continued expansion of POS terminal deployment, Nigeria is poised to emerge as a leader in digital payments innovation, transforming the way transactions are conducted and driving economic progress in the process.

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President Tinubu Appoints Nigeria’s Renowned Banker, Jim Ovia as Chairman of Nigerian Education Loan Fund

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President Bola Tinubu has approved the appointment of the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, as the Chairman of the Board of the Nigerian Education Loan Fund (NELFUND).

This was announced in a State House Press Release by the Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale on April 26, 2024.

According to the statement, ‘‘the President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds and of ensuring that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.’’

Jim Ovia, CFR, is the Founder and Chairman of Zenith Bank Plc, one of Africa’s largest banks with over $21.4 billion in assets and shareholders’ funds of over US$2.4 billion as at December 2023.  Zenith Bank is a global brand listed on the London Stock Exchange and the Nigerian Stock Exchange.

In addition to major operations in Nigeria and other West African countries, the Bank has sizeable operations in London and Dubai.

Jim Ovia is the Founder and Chancellor of James Hope University, Lekki, Lagos which was recently approved by the National Universities Commission (NUC) to offer postgraduate degrees in business courses.

James Hope University commenced activities in September 2023.

Through his philanthropy – the Jim Ovia Foundation – he has shown the importance he accords good education.  In support of the Nigerian youth, Jim Ovia Foundation offers scholarships to indigent students through the Mankind United to Support Total Education (MUSTE) initiative.

Most of the beneficiaries of Jim Ovia Foundation scholarship are now accountants, business administrators, lawyers, engineers, doctors etc.

He is the author of “Africa Rise and Shine”, published by ForbesBooks. The book which encapsulates Zenith Bank’s meteoric rise, details the secrets of success in doing business in Africa. He is an alumnus of the Harvard Business School (OPM), University of Louisiana (MBA), and Southern University, Louisiana, (B.Sc. Business Administration). Jim Ovia is a member of the World Economic Forum (WEF) Community of Chairpersons, and a champion of the Forum’s EDISON Alliance.

In recognition of Jim Ovia’s contributions to the economic development of Nigeria, in 2022, the Federal Government of Nigeria honoured him with Commander of the Federal Republic, CFR. Also, in May 2022, Jim Ovia was conferred with the National Productivity Order of Merit (NPOM) Award by the Federal Government of Nigeria.

Earlier, he has been conferred with the national awards of Member of the Order of the Federal Republic, MFR, and Commander of the Order of the Niger, CON, in 2000 and 2011, respectively, as a testament to his visionary leadership and contributions to Nigeria’s financial services sector.

The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

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NNPC and ARPHL Collaborate to Expand Port Harcourt Refinery to 310,000bpd

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The Nigerian National Petroleum Company Limited (NNPC) has joined forces with the African Refinery Port Harcourt Limited (ARPHL) to expand the Port Harcourt Refinery.

The collaboration entails ARPHL’s subscription of a 15% equity stake in the Port Harcourt Refining Company, a move aimed at augmenting the refinery’s daily production capacity from 210,000 barrels per day (bpd) to 310,000bpd.

The agreement, finalized at a signing ceremony held at the NNPC Towers in Abuja, underscores the commitment of both parties to bolstering Nigeria’s downstream oil and gas sector.

Managing Director of African Refinery Port Harcourt Limited, Omotayo Adebajo, and NNPC’s Executive Vice-President, Downstream, Adedapo Segun, sealed the deal, marking a pivotal moment in the nation’s quest for energy self-sufficiency.

According to statements released by NNPC and ARPHL, the subscription agreement represents a crucial step towards expanding Nigeria’s refining capacity and addressing the nation’s persistent reliance on imported petroleum products.

The proposed increment of 100,000bpd in the Port Harcourt Refinery’s capacity is poised to significantly reduce Nigeria’s dependence on imported fuel, fostering economic resilience and energy security.

Speaking on the collaboration, NNPC’s Executive Vice-President highlighted the strategic significance of co-locating the proposed additional refining capacity with the existing facilities at the Port Harcourt Refinery complex.

The move not only optimizes existing infrastructure but also underscores NNPC’s commitment to modernizing and revitalizing Nigeria’s refining sector.

In a similar vein, Tola Ayo-Adeyemi, Group Executive Director, Legal and Regulatory Compliance at African Refinery Group, emphasized the transformative impact of the collaboration on Nigeria’s energy landscape.

He highlighted the ARPHL refinery project’s position as the largest private refinery in Nigeria’s South-South and South-East geopolitical regions, underscoring its pivotal role in driving regional development and economic growth.

The groundbreaking ceremony for the ARPHL refinery project, scheduled for later this year, symbolizes a significant milestone in Nigeria’s journey towards energy independence.

With construction slated to commence in 2025 and commercial operations targeted for 2027, the project represents a beacon of hope for Nigeria’s refining sector, promising to deliver over 30 million liters of various petroleum products daily upon completion.

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