IATA forecasts global airline profits to reach $25.7bn in 2024

African airlines to suffer losses over economic challenges Business a.m The International Air Transport Association (IATA) has predicted that the global airline industry’s net profit will reach $25.7 billion in 2024, representing a 2.7 per cent net profit margin. This would be an improvement over 2023, which is expected to see a net profit of […]

Nigeria’s PMI dips as inflation weighs on business conditions

Onome Amuge Nigerian businesses continued to be negatively impacted by strong inflationary pressures, with the latest Purchasing Managers’ Index (PMI) showing declines in new orders and output as customers were either unwilling or unable to pay higher prices in November. The latest PMI report, released by Stanbic IBTC Bank, showed that the headline index fell […]

COP 28:NNPC eyes methane reduction with support from partners

Business a.m The Nigerian National Petroleum Company Limited (NNPC Ltd.) has pledged to collaborate with global partners in the effort to cut methane emissions from oil and gas operations. NNPC made the pledge while attending the UN Climate Change Conference, also known as COP28, in Dubai, United Arab Emirates. The conference was the site of […]

AFC,AfDB collaborate to drive $350m for African infrastructure

AfDB annual meeting opens May 22 in Sharm El-Sheikh Egypt

Onome Amuge Africa Finance Corporation (AFC), the leading infrastructure solutions provider on the continent, announced that it has signed a US$350 million long-term line of credit with the African Development Bank (AfDB). The agreement, which was signed during the ongoing 28th Conference of the Parties (COP 28), supports urgently needed financing for infrastructure projects to […]

Oil prices rally as Russia signals deeper output cut

Nigeria's effort to end oil theft fails to yield desired result 

Business a.m The global benchmark Brent crude oil price climbed above $78 per barrel on Tuesday,following Russia’s announcement that OPEC+ is prepared to deepen oil output cuts in the first quarter of 2023. Brent crude futures climbed 71 cents, or 0.9 per cent, to reach $78.74 a barrel, while U.S. West Texas Intermediate (WTI) crude […]

Spain dominates as key destination for Nigerian exports in Q3

Business a.m Spain has emerged as the leading destination for Nigerian exports, accounting for 12.31 per cent of total exports valued at N1.27 trillion, according to the foreign trade in goods statistics in the third quarter of 2023. The report published by the National Bureau of Statistics (NBS) also showed that India was the second-largest […]

COP 28:NNPC chief, Kyari advocates just energy transition for Africa

Business a.m     Mele Kyari, NNPC Ltd.’s group chief executive officer (GCEO), has highlighted the importance of a fair and differentiated transition for Africa towards a decarbonized future, noting that it is crucial to harness the continent’s resources for its current needs, while safeguarding the interests of future generations.  The GCEO of NNPC Ltd. […]

COP28 sets goal to boost clean energy, phase out fossil fuels

  ONOME AMUGE A raft of initiatives are emerging and getting launched at the ongoing U.N. climate summit, COP28, in Dubai aimed at boosting clean energy and reducing the world’s dependence on fossil fuels, details rolling out of the event show. One of the most widely supported initiatives is expected to lead to a cut […]

Nigeria’s tech ecosystem absent in $117.8bn global HPC market

  EMs, dev’g countries among top growth drivers 2018-2021 Morocco tops African countries fast deploying the infrastructure BEN EGUZOZIE  Nigeria’s tech ecosystem with its high level Africa topping smartphone user penetration is remarkably falling short in the global deployment of high performance computing (HPC) infrastructure, whose market worth will hit $117.8 billion by 2032, according […]