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Nigeria Set to Lose 300 Millionaires in 2023, Becoming Second Biggest Wealth Exodus in Africa

The 2023 edition of the Henley Private Wealth Migration Report predicts the departure of 300 dollar millionaires from Nigeria

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the Sovereign Wealth Funds (SWFs)

In a disheartening revelation for Nigeria’s economy, the 2023 edition of the Henley Private Wealth Migration Report predicts the departure of 300 dollar millionaires from the country this year, marking a significant increase from the 200 recorded in 2022.

This surge in millionaire emigration places Nigeria as the second-largest loser of wealthy individuals on the African continent, trailing behind South Africa, which is expected to witness an outflow of 500 millionaires.

The report focuses specifically on high-net-worth individuals (HNWIs) who have relocated and reside in their new country for more than six months each year. Shedding light on global wea

lth and investment migration trends, the report reveals that the United Arab Emirates (UAE) is projected to welcome approximately 4,500 millionaires in 2023, a figure significantly higher than the pre-pandemic average of 1,000 HNWIs per year.

While the exodus of millionaires from Nigeria and other countries serves as an indicator of economic health, Andrew Amoils, head of Research at New World Wealth, highlights that nations consistently attracting affluent families through migration tend to possess robust economies, low crime rates, and attractive business prospects.

China takes the lead in global millionaire outflows, with an estimated 13,500 leaving the country, followed by India with 6,500. The United Kingdom and Russia secure third and fourth positions, respectively, with 3,200 and 3,000 millionaires leaving their shores.

Regarding Nigeria’s plight, Investors King previously reported a 30% decline in the number of dollar millionaires within the country over the past decade, largely attributed to the depreciation of the Nigerian naira and other economic challenges.

The complexity of foreign exchange policies and currency depreciation have adversely affected the wealth of affluent Nigerians, as most of their businesses operate within the country and their wealth is denominated in naira.

Temitope Omosuyi, investment strategy manager at Afrinvest Limited, emphasizes that the recent global economic challenges have particularly impacted non-globally competitive companies, especially those not operating in the technology sector.

Nigeria has experienced two economic recessions in the past seven years, leading to a decrease in foreign inflows and creating liquidity challenges in the foreign exchange market. The subsequent depreciation of the naira against the dollar further exacerbates the situation, with the official exchange rate dropping to 448 naira per dollar from 157 naira per dollar in 2012. On the parallel market, the naira fell to 740 per dollar from 159 per dollar.

These economic circumstances have also contributed to Nigeria’s soaring inflation rate, which reached 22.22% in April 2023, the highest in 17 years, compared to 12% in December 2012, according to the National Bureau of Statistics.

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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Paystack and Africa World Airlines Team Up to Enhance Passenger Experience

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Paystack, a leading financial technology company specializing in payment processing services, has announced a strategic partnership with Africa World Airlines (AWA), a prominent regional carrier operating in West Africa.

This collaboration unveiled through a joint statement by Jonathan Appiah, the Head of Commercial at Africa World Airlines, and Shola Akinlade, the Co-founder and CEO of Paystack, heralds a new era of convenience and efficiency for air travelers within the region.

The partnership aims to streamline the flight booking and payment process, offering passengers an array of seamless payment options tailored to their preferences.

With the integration of Paystack’s advanced payment gateway, passengers flying with Africa World Airlines can now enjoy hassle-free transactions, enhancing the overall travel experience.

Jonathan Appiah expressed excitement about the partnership, emphasizing AWA’s commitment to providing its customers with exceptional service.

He highlighted that the collaboration with Paystack allows AWA passengers in Ghana, Nigeria, and beyond to benefit from diverse payment methods, including card, mobile money, Apple Pay, bank transfers, USSD, PayAttitude, and QR codes.

“We are thrilled to partner with Paystack to offer our passengers a more convenient and streamlined booking and payment experience,” said Appiah. “At AWA, we are constantly seeking ways to enhance the overall travel experience for our customers, and we believe that this partnership with Paystack will significantly contribute to achieving that goal.”

Shola Akinlade, echoing similar sentiments, expressed Paystack’s enthusiasm for the collaboration, highlighting the company’s dedication to making the booking process accessible and inclusive for travelers across the region.

“We are excited to partner with Africa World Airlines to provide passengers with a convenient and reliable payment experience,” stated Akinlade. “By offering a variety of payment options, we aim to make the booking process more accessible and inclusive for travelers across the region.”

The joint efforts of Paystack and Africa World Airlines signify a commitment to innovation and customer-centric solutions in the aviation industry. As air travel continues to evolve, partnerships like these pave the way for enhanced passenger experiences and greater convenience in the skies of Africa.

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Air Peace Flight Makes Emergency Landing Due to False Fire Warning

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Passengers aboard Air Peace Flight APK7193 experienced a tense moment as the aircraft made an emergency landing at Murtala Muhammed Airport in Lagos following a false fire warning in the cockpit.

The incident, which occurred on Thursday during the flight from Port Harcourt, highlighted the swift response and safety protocols implemented by the flight crew amidst the alarming situation.

With 243 passengers and 12 crew members on board, the flight’s pilots noticed a fire warning indicator in the cockpit, prompting immediate action.

Acting swiftly, the pilots executed all necessary safety measures and initiated an emergency landing procedure.

At 4:45 pm, the aircraft safely touched down on Runway 18L at the Lagos airport, averting a potential crisis.

Upon landing, fire fighting personnel stationed at the airport observed smoke emanating from the engines, prompting the pilots to shut down the engines as a precautionary measure.

However, it was later confirmed that the observed smoke was unrelated to any fire event, reassuring passengers and crew of their safety.

Air Peace promptly issued a statement addressing the incident, titled “Notification of false fire alarm on Port Harcourt-Lagos flight.”

The airline clarified that the fire warning indicator noticed in the cockpit was indeed a false alarm.

The statement emphasized the airline’s commitment to safety and reassured the flying public that all necessary precautions were taken to ensure the well-being of passengers and crew.

“We want to reassure the flying public that safety remains our utmost priority, and we are unwavering in our commitment to it,” the statement read.

Despite the momentary panic caused by the false fire warning, the swift and coordinated response of the flight crew, coupled with adherence to safety protocols, ensured a safe and uneventful landing for all passengers and crew members.

The incident serves as a testament to the importance of rigorous safety procedures and the critical role played by well-trained aviation professionals in ensuring passenger safety.

As investigations into the cause of the false fire warning are likely underway, Air Peace’s response underscores the airline’s dedication to transparency and accountability in addressing safety-related incidents.

Passengers and industry stakeholders alike can take solace in the airline’s commitment to maintaining the highest standards of safety and operational excellence.

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Saudi Arabia Breaks 70-Year Alcohol Ban, Opening Shop for Diplomats

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Saudi Arabia has announced the opening of an alcohol shop in Riyadh, breaking a 70-year-long prohibition on the sale of alcoholic beverages in the kingdom.

This decision marks a significant shift in the conservative nation’s stance on alcohol consumption.

The alcohol shop, set to be located in Riyadh’s Diplomatic Quarter, will exclusively serve non-Muslim expatriates, particularly diplomatic staff.

This is the first time since 1952 that alcohol will be legally available for purchase in the kingdom.

The initiative aims to provide a legal avenue for diplomats who have previously relied on importing alcohol in sealed diplomatic pouches.

The decision comes as part of the Saudi government’s efforts to address the issue of illicit alcohol trade within the country.

By offering a legal means to access alcohol, authorities hope to mitigate the risks associated with underground alcohol markets.

However, the shop’s operations will be subject to strict regulations. Only diplomatic staff with prior registration and government clearance will be allowed to purchase alcohol.

Also, patrons must be over 21 years old and adhere to a prescribed code of conduct while inside the shop.

The introduction of the alcohol shop is a part of broader societal reforms under Saudi Arabia’s Vision 2030 initiative, aimed at modernizing and diversifying the kingdom’s economy.

While the move represents a significant departure from traditional norms, it aligns with the government’s broader agenda of liberalizing certain aspects of Saudi society.

While the alcohol shop signifies a progressive step forward, it’s important to note that the sale and consumption of alcohol remain strictly prohibited for Saudi citizens under Islamic law.

Violators of these laws are subject to severe penalties, including fines, and imprisonment.

Overall, the opening of the alcohol shop marks a historic moment in Saudi Arabia’s social and economic landscape, signaling a willingness to adapt to changing global norms while navigating the complexities of religious and cultural traditions.

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