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Africa’ll Need 22,000 Pilots in 20 Years – Boeing

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Aircraft manufacturing giant, Boeing, has predicted that Africa will need  about 22,000 new pilots and 24,000 new technicians by 2035.

In a statement on their website, Boeing added that a total of 1.5 million new pilots and 24,000 technicians would be in demand worldwide at the same period.

According to Boeing, the outlook represents a global requirement for about 31,000 new pilots, 35,000 new technicians and 40,000 cabin crew annually.

A breakdown of the figure region by region shows that Asia Pacific has the highest forecast with 248,000 pilots and 268,000 new technicians; Europe, 104,000 pilots and 118,000 new technicians; and North America, 112,000 pilots and 127,000 new technicians.

In addition, 51,000 pilots and 50,000 new technicians would be in demand in Latin America; 58,000 pilots and 66,000 technicians in the Middle East; and Russia, 22,000 pilots and 26,000 technicians by 2035.

The forecast was made at Boeing’s 2016 Pilot and Technician Outlook at EAA Air Venture Oshkosh.

The outlook is a respected industry study, which forecasts the 20 year demand for crews to support the world’s growing commercial airplane fleet. This year’s outlook focuses on cabin crew demand.

It shows a growth of 10.5 per cent for pilots over the 2015 outlook and 11.3 per cent for maintenance technicians.

The Vice-President, Boeing Flight Services, Sherry Carbary, said, “The pilot and technician outlook has become a resource for the industry to determine demand for successful airline operations. Cabin crew are an integral part of operating an airline.

“While Boeing does not train cabin crew like pilots and technicians, we believe the industry can use these numbers for planning purposes.”

Boeing forecast that between 2016 and 2035, the world’s commercial aviation industry would require approximately 617,000 new commercial airline pilots, 679,000 commercial airline maintenance technicians and 814,000 cabin crew

Boeing said that new pilot demand had been primarily driven by new airplane deliveries and fleet mix, while new technician demand was driven by fleet growth.

According to Boeing, the Asia-Pacific region comprises 40 per cent of the global need due to the growth in the single-aisle market, which is driven by low-cost carriers, while North America is the result of new markets opening in Cuba and Mexico and demand in Europe has increased as a response to a strong intra-European Union market.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Pantami Moves to Tackle $2.16bn Capital Flight from Telecoms Sector

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$2.16bn Leaves Telecommunications Sector Yearly

The Minister of Communications and Digital Economy, Isa Pantami, has put the total capital flight from the telecommunications sector at $2.16 billion per year.

A large part of the total amount comes from those renewing and purchasing software licenses, domain subscriptions and renewals, and cybersecurity.

The minister said to stem the trend, the ministry has developed a policy to promote local content in the sector.

In his speech at the digital day celebration, Pantami said the Indigenous Content Development and Adoption, under Pillar #8 of the National Digital Economy Policy and Strategy (2020 – 2030), would tackle the issue.

Pantami said, “As part of our efforts to promote indigenous content, we have developed a policy for promoting indigenous content in the telecom sector to complement similar efforts that focus on the information technology sector.

“This is important to stem the tide of capital flight, among other things. A report of the Association of Telecommunication Companies of Nigeria suggests that such capital flight in the telecom sector is as high as $2.16bn annually.

“A healthy digital economy requires a robust indigenous content policy to significantly reduce this.”

Pantami stated that there was an urgent need to promote and support the development of indigenous content in all sectors.

He explained that the Indigenous Content Development and Adoption pillar was addressing this for the digital economy.

This pillar aligns with Executive Orders 003 of May 2017 and 005 of February 2018, on ‘Support for Local Content Procurements by Ministries, Department and Agencies of the Federal Government of Nigeria,” he said.

Speaking on broadband, the minister said the Nigerian National Broadband Plan (2020-2025) was created to speed up the growth of broadband connectivity in Nigeria.

Pantami said, “The plan is designed to deliver data download speeds across Nigeria of a minimum 25Mbps in urban areas, and 10Mbps in rural areas, with effective coverage available to at least 90 per cent of the population by 2025.

“This will be at a price not more than N390 per 1GB of data (two per cent of median income or one per cent of minimum wage).

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Nigeria’s Fintech Startups Raised $122 Million in 2019

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Financial Technology Startups in Nigeria Raised $122 Million in 2019

Financial Technology (fintech) startups in Nigeria raised a combined $122 million in 2019, according to the Nigerian Stock Exchange (NSE).

Mr. Olumide Bolumole, the Divisional Head of Listings Business, NSE, disclosed this while speaking on the fintech industry and its growth in recent years.

“The Fintech industry in Nigeria continues to gain increasing popularity after taking the lead in Africa and attracting $122 million in funds in 2019.

“At the exchange, we recognise the opportunity to provide a platform where players in the Fintech landscape can have easier access to right-sized capital to fulfil their organisational objectives.

“The NSE is, therefore, committed to developing multiple solutions to address the needs of the Fintech community in Nigeria such as the provision of the NSE Growth Board.

“The exchange will also prioritise collaborations with organisations such as FinTechNGR to ensure solutions from this webinar are implemented for the benefit of the sector,” he said.

However, with just about 200 fintech companies in Nigeria, the sector is still young and just emerging with room for growth, considering the fact that most Nigerians are still unbanked.

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Fintech Companies Raised $554 Million in Investment Last Week

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Financial Technology Firms Raised $554 Million Investment Capital Last Week

Financial Technology (Fintech) companies raised a combined $554.17 million from investment rounds last week.

A data compiled by Finbold showed the top 25 fintech firms were led by Razorpay and Wealthsimple.

Razorpay, a payment platform, raised $100 million to account for 18.04 percent of the total amount raised during the week. This was followed by Wealthsimple’s $87 million.

Deepwatch came third with $53 million while NYDIG and M1 Finance came fourth and fifth with $50 million and $45 million, respectively.

Other noteable fintechs include Extend $40 million; FOSSA $30.55 million; +Simple $23.75 million; Finexio $23 million; and Sonrai Security $20 million.

On the other hand, Evolve Credit was the last among the 25 companies. It raised $0.025 million while Upside Saving raised the second least fund at $0.42 million. Also, they were the two firms that raised below $1 million in the week under review.

Oliver Scott, a Finbold editor, who spoke on funding in the fintech sector, said “Notably, venture capital is still the primary source of funding for fintech startups. However, new trends indicate a high level of private equity and debt financing. Additionally, more funding activity is concentrated around later funding rounds. The sector is also witnessing a rise in IPOs and acquisitions. Such trends are pointing to a maturing market.”

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