FAAN Reveals Only 3 of Nigeria's 22 Airports Are Profitable
Posted on Jul 09, 2024 | By Shola Akinyele
Transportation
2 min read
The Federal Airports Authority of Nigeria (FAAN) has disclosed that only three out of the 22 airports under its management are currently profitable. Speaking on Channels Television on Tuesday, FAAN Managing Director Olubunmi Kuku highlighted the financial challenges faced by the authority. Kuku explained that the remaining 19 airports are being cross-subsidized by the profits generated from the three profitable ones. She noted that this practice would likely extend to the new airports under development in various states across the north and south-west regions of Nigeria. “I started off by saying that we have 22 airports which we own and manage,” Kuku said. “We also have about six or seven airports that are either owned by state governments or private entities, which...
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Nigeria's GDP Growth Hits 2.98% in Q1 2024, Driven by Services Sector: NBS Report
Posted on Jun 04, 2024 | By Shola Akinyele
Transportation
1 min read
The latest report from the National Bureau of Statistics (NBS) reveals that Nigeria's Gross Domestic Product (GDP) experienced a 2.98% year-on-year growth in real terms during the first quarter of 2024. While this growth rate surpasses the 2.31% recorded in the first quarter of 2023, it falls short of the 3.46% growth seen in the fourth quarter of 2023. The standout performer contributing to this growth was the Services sector, which recorded a robust growth rate of 4.32%, significantly bolstering the aggregate GDP with a contribution of 58.04%. In contrast, the agriculture sector witnessed a modest growth of 0.18%, rebounding from a decline of -0.90% in the first quarter of 2023. Similarly, the industry sector demonstrated improvement with a growth rate of...
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