Category: Economy - Page 7 - African News Today

Ibom Air – 58 flights Cancelled as Airline Laments Over Fuel Hike

2Jul

By Osaretin BalogbanNo Comments

Aviation, Economy, Nigeria, Petroleum, Transportation

Ibom Air – 58 flights Cancelled as Airline Laments Over Fuel Hike

Ibom Air cancelled 58 scheduled flights over scarcity of aviation kerosene. The hike and scarcity of aviation kerosene, which is commonly known as jet A1 had resulted in 58 flights been canceled out of over 1000 flights recorded as at the month of June 2022. The airport is currently managed and owned by the government of Akwa Ibom state. The airport operates seven aircraft with 10 more said to be added by may 2023. See Also: JET-A1, Others May Push Flight Above N100,000 – Domestic Airlines But according to reliable sources, it has been said that out of the 7 acclaimed operational aircrafts only two are actually functional. According to the company’s records, only a total of 965 flights were successfully operated, with 199 flights delayed and 234 flights rescheduled due to o...

World Bank To Fund $900 Million Development Projects In East Congo

10Jun

By Chukwuebuka FestusNo Comments

African Development, Congo, Economy, News, Women Empowerment

World Bank To Fund $900 Million Development Projects In East Congo

The World Bank and Congo have signed two funding conventions of$900 million to boost female entrepreneurship and access to water and electricity in the east and west of the country, the Bank said in a statement. The projects will focus on Congo's central west Kasai province and eastern regions. Read Also: 20 Million Farmers In Africa To Benefit From $1.5 billion Emergency Food Facility "These operations supplement a portfolio of operations focused on reinforcing human capital and protecting the poorest households - including women - against socio-economic hazards," World Bank Congo Director said in a statement dated Tuesday but seen by Reuters on Wednesday. The deal was clinched at the end of a two-day visit to Congo by the World Bank's strategy and operations director for...

Coca Cola Inaugurates Its ‘Mega’ Factory In Ethiopia

5Jun

By Chukwuebuka FestusNo Comments

African Development, Economy, Ethiopia, News

Coca Cola Inaugurates Its ‘Mega’ Factory In Ethiopia

Coca Cola has inaugurated its new 'mega factory' in Sebta City in Ethiopia. The $100 million factory, located 25 km from the capital, Addis Ababa, is equipped with state of the art machinery and will create 30,000 job opportunities. Senior government officials were in attendance at the inauguration "Coca-Cola is 60-years-old and plays an irreplaceable role as a factory in Ethiopia. Today, the establishment of this factory in this city is a testament to the development activities in Ethiopia," said Melaku Alebel, Ethiopian minister of Industry. The factory has a daily production potential of 70,000 racks of 24 bottles. This level will bring the group's total manufacturing capacity in the country to 100 million cases per year and will make the country a strongh...

Eat Cassava If Wheat Is Expensive, President Museveni Tells Ugandans

23May

By Chukwuebuka FestusNo Comments

Agriculture, Cost of Living, Economy, News, Uganda

Eat Cassava If Wheat Is Expensive, President Museveni Tells Ugandans

Ugandan President Yoweri Museveni says his government will not intervene in the current economic situation amid a rising cost of living. Prices of petroleum products, imported raw materials and food have been rising in recent months, a crisis being experienced globally following the war in Ukraine. In a televised national address on Sunday night, Mr Museveni said that government subsidies or removal of import taxes would collapse the economy. There would be a haemorrhage of dollars from the national reserves for the purchase of those expensive products, he added. Read Also: Peter Obi Warns That Nigerians Now Spend 100% Of Salary On Food Mr Museveni said Uganda will need to frugally use the imported items it can afford. He advised citizens to substitute expensive whea...

Ronaldinho Visits Tunisia To Promote Tourism

22May

By Chukwuebuka FestusNo Comments

African Development, Economy, News, Tunisia

Ronaldinho Visits Tunisia To Promote Tourism

Former Brazilian football icon, Ronaldinho is currently in the North African country of Tunisia where he is promoting the country’s tourism. The former Barcelona midfield maestro who arrived the country on Thursday, is on a mission with the Tunisian Tourism office to promote the country’s rich attractions which was a main stay of its income accounting for 10% of the GDP before the Coronavirus pandemic. With the visit and promotions, the Brazilian football legend has become the new face of the Tunisian tourism campaign. The former player toured the streets of the town of Sidi Bou Said in the eastern part of the North African country. He was accompanied by local rapper Karim Gharbi who had invited him. Read Also: Buhari says Nigerian Health Workers Culpable for Medical Tou...

86FB Accuses Flutterwave Of Freezing Its Funds Maliciously

30Apr

By Chinedu IbeakanmaNo Comments

Economy, News, Nigeria

86FB Accuses Flutterwave Of Freezing Its Funds Maliciously

Investment platform, 86FB, has pointed accusing fingers at Fintech company, Flutterwave, for its inability to run efficiently and pay up its investors. The platform which claims to focus on football and collaborates with William Hill, a global online gambling company based in London, England, to integrate probability and statistics, disclosed in a statement that its funds have been maliciously frozen by Flutterwave. It added that this had made it impossible for it to pay up its investors. Noting that it would not succumb to unreasonable acts, the platform called on investors to join it in enforcing Flutterwave to release its funds. What 86FB is sayingThe platform, in a statement to investors, noted, “A series of things have happened recently that make us unable to operate nor...

Ethiopians Storm Russian Embassy To Enlist For War

20Apr

By Chukwuebuka FestusNo Comments

Economy, Ethiopia, News, Security, Violence, Youths

Ethiopians Storm Russian Embassy To Enlist For War

Dozens of young Ethiopians continue to gather at the Russian embassy in the capital, Addis Ababa, on Tuesday following rumours of soldiers being recruited to fight in the war in Ukraine. But the embassy’s spokeswoman, Maria Chernukhina, said no recruitment was being carried out in Ethiopia. She said the crowd was showing solidarity with Russia. "We have a lot of visitors to the embassy in order to express support for Russia," she told the BBC. "Some of them are telling us they are willing to help in any way they can. But we are not a recruitment agency," Ms Chernukhina added. Read Also: Drunk Soldiers Kill 15 in DR Congo Many of the Ethiopians at the embassy were seen carrying their personal documents. A young man waiting at the entrance told the BBC that he's loo...

‘Sole Legal Tender is Cedi’ Ghana Bans Spending in Foreign Currencies

11Apr

By Guest ContributorNo Comments

African Development, Economy, Ghana, News, Trade

‘Sole Legal Tender is Cedi’ Ghana Bans Spending in Foreign Currencies

The Ghanaian government has banned spending and transaction of businesses in foreign currencies in the country. The Central Bank of Ghana, which disclosed this in a statement Thursday, warned citizens and companies to stop transacting business, pricing goods and services and advertising in foreign currencies. According to the country’s apex bank, it is illegal for individuals, companies, institutions, and others to engage in foreign exchange business without an appropriate licence from the regulator. Dr. Ernest Addison Governor Bank of Ghana “Engaging in foreign exchange business without a licence issued by Bank of Ghana; or pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without written authorisation from Bank of G...

ASUU To FG: You Are Slave Merchants to IMF

21Feb

By Chinedu IbeakanmaNo Comments

Economy, Education, Finance, News, Nigeria

ASUU To FG: You Are Slave Merchants to IMF

Academic Staff Union of Universities (ASUU) has described the federal government of Nigeria and the President Muhammadu Buhari-led administration as slave merchants. The union said the federal government led by Buhari only listens and implements destructive policy recommendations of the International Monetary Fund (IMF) and World Bank against the interest of the citizens. The union maintained that the government treats lecturers like slaves because of poor policies formulated and implemented in the education sector. ASUU Chairman at the University of Ibadan, Professor Ayo Akinwole made these disclosures in a statement made available to DAILY POST in Ibadan on Sunday. The Academic Staff Union of Universities (ASUU) had last week commenced a one-month warning strike. ...

Naira slides ahead of Yuletide, exchange for 570/dollar

15Dec

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria, Trade

Naira slides ahead of Yuletide, exchange for 570/dollar

The naira continued its downward trend as the dollar was sold for N570 in the parallel market on Tuesday. Operators, who spoke to our correspondent, said the dollar was bought and sold for N567 and N570 respectively on Tuesday, compared to N550 and N555 three weeks earlier. Some Bureau de Change Operators attributed the further fall in the value of the naira to an increase in the demand for the greenback. Read Also: Power Generation Drops By 1,119.6MW, Sector’s Growth Falls By 45% The British pound sterling was also bought and sold for N740 and N745. The CBN had in July this year stopped foreign exchange sales to the licensed BDCs, leaving the operators to source for their forex on their own. Prior to the stoppage of the forex sales, the CBN was supplying $10,000 to e...