Headlines news for the day

subsid FG’s y payment rises 10 times faster than oil prices
Crude oil prices have risen nearly 45 percent from January’s price of $54.77 per barrel to the current $80.12 as of Tuesday, but Nigeria’s petrol subsidy costs have risen 10 times faster at 488 percent, wiping out the gains of higher oil prices.
Eunisell Interlinked posts highest half-year profit on record
Eunisell Interlinked Plc, providers of power engineering and technology solutions, has reported its highest half-year profit on record since the company started publishing its financial results in 2012.
Instability in microfinance sector and the fight against poverty
In December 2020, the Nigeria Deposit Insurance Corporation announced the closure of forty-two (42) microfinance banks across the country. That would be earth-shaking anywhere else in the world but Nigeria
Rising maintenance cost drives Nigerian airlines to Ethiopia
Nigerian airlines are seeking cheaper locations to repair and maintain their aircraft as dollar scarcity persists, people with a deep understanding of Nigeria’s aviation sector say. BusinessDay’s aviation analyst on a trip to Addis Ababa, Ethiopia and has observedthat Ethiopian Airlines maintenance facility
Andela becomes unicorn on $200m Series E funding
Andela, a remote-only network for software engineering talent, has raised $200 million in Series E funding to invest in developing products that simplify global hiring and make software engineers’ lives easier.
Only 3 Nigerian States Can Survive With IGR -BudgIT
Lagos, Rivers, and Anambra are three out of thirty six states of the Federation that can meet their operating expense obligations with a combination of their internally generated revenue and value added tax, BudgIT report reveals
Nestle, Dangote Cement, others halt Nigeria’s stock market rout
Nigeria’s stock market on Wednesday September 29 saw its first gain this week, thanks to value counters like Nestle Nigeria Plc, Dangote Cement Plc, Northern Nigeria Flour Mills Plc and FBN Holdings Plc
1.38m Passengers Arrived Across All Nigerian Airports in Q2 2021 – NBS
In first quarter 2021, domestic passenger’s movement (arrival) across all airports was reported as 1,274,350, while departure stood at 1,247,797. These numbers are lower when compared with figures recorded in first quarter of 2020 at 1,595,810 (arrival) and 1,531,688 (departure).
Similarly, arrival in second quarter 2021 stood at 1,375,002 and departure at 1,381,696. These figures are higher when compared with same quarter of 2020 which was reported at 1,225,557 and 615,243 respectively.
On a year-on-year basis, arrival in second quarter 2021 recorded a growth rate of 12.19%, while growth rate of departure stood at 124.58%. Lower figures in Q2 2020 reflect the impact of Covid-19 pandemic in restricting movements domestically.
Consequently, for foreign movement statistics, arrival in Q1 2021 was 212,977. Passengers’ departure stood at 222,453 in the same quarter. Similarly, second quarter 2021 recorded 220,171 (arrival) and 232,501 (departure). These figures are lower when compared to first quarter 2020 when arrival was reported at 419,849 and departure of 448,273. Second quarter 2020 was reported at 3,699 (arrival) and 16,163 (departure).
However, growth rate of foreign movement of passengers in second quarter 2021 was 5,852.18% (arrival) and 1,338.48% (departure) showing better performance of the sector.

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