- Emerging Wealthy Nigerians Most Enterprising in Africa, Others – Report
Nigeria is the most entrepreneurial market across Asia, Africa and the Middle East when it comes to increasing wealth, a new research by Standard Chartered revealed on Wednesday.
The report found that Nigeria’s emerging affluent considered that effective wealth management held the key to greater social mobility.
More emerging affluent consumers in Nigeria planned to start a business to increase their wealth than in any other market, according to the new Standard Chartered study.
It stated, “The Emerging Affluent Study 2018 – ‘Climbing the prosperity ladder’ – examines the views of 11,000 emerging affluent consumers – individuals who are earning enough to save and invest – from 11 markets across Asia, Africa and the Middle East.
“In Nigeria, 41 per cent of emerging affluent consumers say that starting their own business is a strategy to meet their financial goals and increase their wealth; this compares to an average figure of just 27 per cent.
“It is the second most popular strategy to increase wealth among the emerging affluent in Nigeria behind investing in financial products (55 per cent); and ahead of career progression and salary increase, which sits in third place (33 per cent).”
The report said that the number one financial goal for Nigeria’s emerging affluent was saving towards their children’s education, with 14 per cent stating this.
“It is also the top savings priority across the markets in the study (16 per cent). For more than one in 10 (11 per cent), setting up a business is the top savings goal; this is higher than any other market – the average figure is just seven per cent,” it added.
According to the report, when it comes to meeting their financial goals, more than half (54 per cent) of the emerging affluent in Nigeria said they invested with a target and a strategy to achieve it.
It stated, “Despite this, when describing the financial products they used to meet their goals, the most basic savings approaches came out on top: 59 per cent use savings accounts. By comparison, less than one-fifth use fixed income investments (19 per cent), equity investments (13 per cent) and mutual funds (12 per cent).”
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.
The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.
IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.
The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.
Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.
Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.
IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.
However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.
He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.
Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.
Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.
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