FINANCE - 19 JUN 2020

Daily Briefing: Domestic flight resumption date postponed

Daily Briefing: Domestic flight resumption date postponed
Daily Briefing via Stears

Domestic flight resumption date postponed

The Nigerian Civil Aviation Authority (NCAA), says the 21st of June, is no longer a feasible date for domestic flights resumption. A new date wasn’t announced, but the agency had earlier said that six out of Nigeria's 23 active domestic airlines passed the requirements to resume commercial flight operations. Requirements include flight crew wearing PPEs, airlines disinfecting planes with approved reagents, and loading only 70% of passenger capacity.


Oil & Gas

Over $2bn needed to replace Kaduna refinery pipeline

The Nigerian National Petroleum Corporation (NNPC) stated that over $2 billion is required to replace the pipeline that supplies crude oil to the Kaduna refinery. The refinery was shut down in 2018 due to difficulties in getting crude oil. The current pipeline that provides oil supplies extends from Warri to Kaduna, but is over 30 years old and has been vandalised on many occasions. 


Macro Economy

China to  forgive African debt

The President of China, Xi Jinping has announced China’s intention to forgive loans to some African countries. The debt forgiveness would on interest-free loans due to mature at the end of 2020. China is also looking to offer some debt-servicing relief. Nigeria owes China about $3.2b and over $60million (5%) of our debt servicing in 2019, was for interest payments to China, which makes this a welcome development for Nigeria.


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