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Emirate Airline to suspend flight to Nigeria from September

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Dubai based airline, Emirate, on Thursday said it will halt flights to Nigeria from September 1.

The airline said West African country has failed to repatriate millions of dollars of its funds.

Emirate in a statement on Thursday, said it took the “difficult decision” in order to limit further losses, citing circumstances “beyond our control.”

“Emirates has tried every avenue to address our ongoing challenges in repatriating funds from Nigeria, and have made considerable efforts to initiate dialogue with the relevant authorities for their urgent intervention to help find a viable solution,” the airline said adding that “Regrettably there has been no progress.”

Lagos-based aviation expert, Sindy Foster said “Emirates are not alone in this issue. All the foreign airlines are in similar predicaments.”

She also added that the issue of trapped revenues is “a recurring problem” building up since 2016 when several airlines pulled out of Nigeria over a similar issue.

The hike in fuel price affects Nigeria’s economy immensely as Nigeria’s epileptic power situation means they are all run on fuel for operations. Industries like aviationtelecom operators have all lamented over the situation and have disrupted business operations.

Emirates said, passengers affected by the planned suspension of flights to Nigeria will be assisted in making alternative travel arrangements.

 

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Niger Republic to stop oil exportation to Mali if…

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Diplomatic issues surrounding the West African country, Mali, are yet to be over as one of its neighbours, Niger has temporarily stopped issuing authorizations for oil products to it.

Niger insisted that it would not supply to Mali if the products are meant for the United Nations peacekeeping mission there.

The government of Niger in a statement said it would also revoke authorisations that had already been issued, but did not specify any reasons for the suspension.

Until the last military incursion in Mali, the two countries have enjoined cordial relations. They share a border of 828 km (520 m) in length that runs from the tripoint with Burkina Faso in the west to the tripoint with Algeria in the east.

According to national statistics, Mali mainly imports oil products from Ivory Coast and Senegal via Togo.

While reacting to the development, Mali’s industry and commerce minister, Mohamed Ould Mahmoud, told journalists the impact of Niger’s move would be minimal.

“This could have an impact on regions in the north…but even their imports from Algeria are more important,” Mahmoud said.

In the bid to boost national stocks amid a global rise in fuel prices caused by the war in Ukraine, Nigerien government banned refined fuel exports in June.

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Nigeria’s central bank raises lending rate to 15.50% to counter inflation. Smart move?

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Amidst the continued inflation rate in Nigeria, the country’s central bank hiked its main lending rate by 150 basis points to 15.50%.

Nigeria’s apex bank made the position on Tuesday.  The rate is at the highest level yet and more than forecast, forging ahead with efforts to rein in inflation and ease pressure on the currency.

According to the latest report by Nigeria’s official data source, the National Bureau of Statistics (NBS), the country’s inflation rose for a seventh straight month in August to 20.52% from 19.64% in July.

The rise in the interest rate is the third in a row. That according to analysts means the central bank has delivered a total 400 basis-point increase this year, it’s most hawkish in a single cycle.

The central bank governor, Godwin Emefele said in a news conference “the MPC noted that a tight policy stance would help consolidate the impact of the last two policy rate hikes, which is already reflected in the slowing growth rate of the money supply.

“It also felt that an aggressive rate hike would slow capital outflows and likely attract capital inflows and appreciate the naira currency,” Emefiele added.

Like in other African countries, the ongoing war in Ukraine to a large degree has compounded Nigeria’s economic woes, hiking prices of imported food and inputs for fertilizers, as well as increasing oil price volatility and uncertainty around capital flows, but more disturbing on its monetary life is the industrial scale of oil theft which has greatly disrupt the country’s access to foreign exchange.

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