Nigeria Grounded from US Skies: Category One Status Lost

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Headlines

Nigeria Grounded from US Skies: Category One Status Lost - Nigeria has lost its Category One status with the US Federal Aviation Administration (USFAA), effectively grounding Nigerian airlines from direct flights to the United States. This setback is due to the failure of Nigerian carriers to operate direct flights to the US for two years. While the de-listing doesn't reflect safety concerns, it presents a significant hurdle for Nigerian airlines seeking to expand their operations. The Nigerian Civil Aviation Authority (NCAA) is working to address the necessary requirements for re-certification. This development impacts both Nigerian airlines and travelers, as direct flights to the US offer convenience and shorter travel times. It remains to be seen how quickly Nigeria can regain its Category One status and resume direct flights to the United States.

Experts Cautious as FG Seeks to Increase Ways and Means Advances - The Nigerian government's plan to increase its reliance on Ways and Means advances from the Central Bank of Nigeria (CBN) has sparked concerns among economists. They warn that this move could exacerbate inflation, weaken the naira, and increase the country's debt burden. While the government argues that the additional funds will boost the economy, experts caution that excessive borrowing could have negative consequences. They advise exploring alternative revenue sources and implementing measures to stimulate growth and productivity. The Federal Government already owes a significant amount to the CBN, exceeding the legal limit for such advances. Experts warn that further reliance on Ways and Means could lead to financial instability.

Capital Market Town Hall Meeting Set for October 7th - ThinkBusiness Africa and the African Business Convention are hosting a special town hall meeting on 7^th of October, 2024 to discuss the future of Nigeria's capital market. The event will feature a keynote address by Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC). Discussions at the conference will explore the challenges and opportunities facing the Nigerian capital market and discuss potential solutions.

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