General News
Air Freight Volumes Hit Highest Level in 2 Years
As a result of the July upbeat performance in the global aviation industry, air freight volumes are at their highest level since mid-2011.
Capacity increased 3.4% versus July 2012, pushing load factor down to 43.3%. However, load factors have stabilized compared to earlier in 2013.
The International Air Transport Association (IATA) announced global air cargo traffic results for July showing a continuation of the modest improvement trend experienced in June.
Global freight tonne kilometers (FTKs) were up 1.2% in July year-on-year, slightly better than the 0.9% year-on-year increase recorded in June, as growth in Europe and the Middle East offset weakness in Asia.
“The growth is encouraging, particularly in Europe. However, it is premature to say that air cargo may be emerging from the doldrums of the past 18 months. The weakness in Asia-Pacific freight markets and the deteriorating political situation in parts of the Middle East give ample reason for continued caution,” said Tony Tyler, IATA’s Director General and CEO.
On regional performance, African airlines experienced a 4.9% contraction in July year-on-year. Despite a relatively supportive demand environment, reflected in the year-to-date FTK growth of 2.2%, airlines in the region continue to face intense competition for their product.
Airlines in Europe, the Middle East and Latin America contributed to the improved performance versus a year ago.
For instance, cargo demand fell 1.4% compared to July 2012, while capacity climbed 2.6%. Asia-Pacific airlines have seen air freight contract 2.1% through the first seven months of 2013, the largest decline among regions.
Business activity in China remains sluggish, with the Markit/HSBC Purchasing Managers Indices for manufacturing and export orders continuing to show softness.
Moreover, the weakness extends beyond China, with emerging Asia trade volumes shrinking almost 5% in the first half of the year.
European carriers experienced a 1.5% increase in FTKs in July, while capacity climbed 3.5%. July was the second consecutive month in which air freight demand increased, giving rise to cautious optimism.
Questions remain, however, regarding the Eurozone’s ability to sustain growth. Although the Eurozone’s 18 month recession ended in the second quarter, performance among countries varies widely, with Portugal, Germany and France leading the expansion and Italy, Spain and the Netherlands showing contraction. Through the first eight months of 2013, FTKs rose 0.2% year-over-year.
North American airlines had another month of weak demand for air freight in July. FTKs fell 1.1% compared to the year-ago period, contributing to a 1.7% contraction in the first seven months of 2013 versus last year.
Signals out of the US are mixed. July’s performance represented a decline compared to June, but month-on-month growth rates have been especially volatile and recent indicators suggest rising business confidence, in line with an improving economy.
Middle East airlines led all regions with a 14.4% rise in FTKs compared to July 2012. Capacity climbed 11.1%. Year-to-date demand was up 11.7%.
The Middle East was one of just two regions in which airlines saw demand growth exceed capacity growth.
Part of the rise in year-on-year growth rates in July is owing to the timing of Ramadan, which took place mostly in July 2013, while in 2012, most of the holiday occurred in August.
Ramadan typically gives a boost to air freight demand for Middle Eastern carriers, as air transport of perishable foods and gift parcels increases to/from the region.
Latin American carriers’ cargo traffic was up 3.1% in July compared to a year ago, with capacity up just 1.7%. This result was broadly in line with the region’s performance during the first seven months of the year, when FTKs rose 3.4%. Demand for certain Latin American exports has shown strong growth momentum over recent months, providing a solid foundation for expansion in air freight demand.
Central Securities Clearing System (CSCS) Plc has released its audited consolidated and separate financial statements for the year ended December 31, 2024, delivering a robust performance marked by double-digit growth in revenue and profitability.
Total revenue surged by 37 percent to N26.1 billion in 2024, up from N19 billion the previous year. Profit before tax also rose significantly, climbing 24 percent to N13.8 billion, compared to N11.2 billion in 2023.
The impressive results were largely driven by a 62 percent year-on-year increase in fee-based income, which rose to N11.9 billion from N7.3 billion, fuelled by heightened capital market activity. Ancillary services also contributed strongly, growing 27 percent from N8.1 billion in 2023 to N10.3 billion, buoyed by optimised service delivery and increased customer engagement.
CSCS maintained a strong balance sheet, with total assets rising 22 percent to N64.4 billion from N52.8 billion in the previous year. Key financial ratios also improved, with return on average equity at 30 percent, return on average assets at 20 percent, and earnings per share increasing to 239 kobo from 202 kobo in 2023.
Temi Popoola, chairman of the Board of CSCS, praised the performance amid a challenging economic climate.
“Despite the macroeconomic headwinds of 2024, we delivered strong results across key financial and operational indicators. Our strategy of consolidating our core offerings while expanding into new business areas enabled us to grow gross earnings by 37 percent, reaching N26.1 billion”.
Popoola added, “In light of this strong performance and our commitment to delivering long-term value to shareholders, the Board has proposed a dividend of N1.76 per share, amounting to a total payout of N8.8 billion.”
Haruna Jalo-Waziri, Managing Director and Chief Executive Officer of CSCS, emphasised the resilience and adaptability of CSCS’s business model. “Our 2024 performance highlights the sustainability of our revenue streams across both traditional and emerging segments.
“We continue to diversify into new areas and leverage technology to enhance scale and capacity in line with our strategic objectives. Amidst economic challenges, we grew operating income by 44 percent to N22.2 billion, while maintaining a cost-to-income ratio of 47 percent, reflecting our focus on operational efficiency.”
National Information Technology Development Agency (NITDA) has signed a Memorandum of Understanding (MoU) with SecDojo, SAS, a France-based cybersecurity training company, during the GITEX Africa 2025 event in Marrakech, Morocco.
L-R: Director General of NITDA, Kashifu Inuwa CCIE, and Chief Executive Officer of SecDojo, Mr. Younes Benzagmout at the signing ceremony, which took place during GITEX Africa 2025 in Marrakech, Morocco.
This collaboration aims to bolster Nigeria’s cybersecurity framework through targeted capacity-building initiatives.
The partnership will focus on establishing a Cybersecurity Academy, delivering advanced training programs, developing customized curricula, and fostering research and professional exchange.
NITDA’s Director General, Kashifu Inuwa, emphasized the importance of investing in human capital to drive Nigeria’s digital transformation and address the global shortage of cybersecurity professionals.
He highlighted Nigeria’s youthful population as a key asset in filling this talent gap.
Inuwa also advocated for integrating digital literacy and cybersecurity training into Nigeria’s formal education system, calling for collaboration between technology stakeholders and the Federal Ministry of Education.
He stressed the need for systemic integration of digital skills into academic curricula to prepare for the future.
SecDojo’s CEO, Younes Benzagmout, expressed enthusiasm for the partnership and reaffirmed the company’s commitment to supporting Nigeria’s cybersecurity professionals.
This collaboration marks a significant step toward securing Nigeria’s digital economy and enhancing its global competitiveness.
Recently, MBA Students of the Sloan Business School, Massachusetts Institute of Technology (MIT) visited MTN Nigeria’s office in Ikoyi, Lagos, for an interactive session on digital innovation and transformation.
The visit, a part of an academic exploration, provided the students with an opportunity to engage with executives within the ecosystem of the leading tech company, such as its Chief Digital Officer, A’isha Mumuni, and Chief Corporate Services and Sustainability Officer, Tobe Okigbo. who shared insights into the evolving digital landscape in Africa and beyond.
During her presentation, Mumuni emphasised: “The digital economy in Nigeria is evolving rapidly, but we must also acknowledge the hurdles, such as financial inclusion, language barriers in digital assistants, and internet penetration that we need to overcome to ensure that no one is left behind.”
One of the key topics discussed was financial inclusion, a critical issue in Nigeria where a significant portion of the population remains unbanked.
“We are still a largely cash-based economy. About 55% of Nigerians do not have access to financial services. The informal sector thrives on cash transactions, but as we’ve seen globally, access to different financial tools is key to economic growth,” Mumuni explained.
The students also engaged in discussions on the role of artificial intelligence (AI) in bridging the digital divide. A major concern raised was the limitation of AI-powered virtual assistants in understanding and responding to indigenous African languages.
Mumuni encouraged the postgraduates to think critically about Africa’s digital future and to consider how technological innovation could drive social and economic progress on the continent.
The visit provided MIT students with first-hand exposure to Africa’s digital transformation and potential areas of collaboration in bridging the digital divide.
This was the second courtesy visit to MTN’s headquarters from an educational institution in the past week. On March 12, 2024, 65 postgraduate students of the Pan-Atlantic University (PAU), visited three of the company’s locations in Ikoyi.
Recently, MBA Students of the Sloan Business School, Massachusetts Institute of Technology (MIT) visited MTN Nigeria’s office in Ikoyi, Lagos, for an interactive session on digital innovation and transformation.
The visit, a part of an academic exploration, provided the students with an opportunity to engage with executives within the ecosystem of the leading tech company, such as its Chief Digital Officer, A’isha Mumuni, and Chief Corporate Services and Sustainability Officer, Tobe Okigbo. who shared insights into the evolving digital landscape in Africa and beyond.
During her presentation, Mumuni emphasised: “The digital economy in Nigeria is evolving rapidly, but we must also acknowledge the hurdles, such as financial inclusion, language barriers in digital assistants, and internet penetration that we need to overcome to ensure that no one is left behind.”
One of the key topics discussed was financial inclusion, a critical issue in Nigeria where a significant portion of the population remains unbanked.
“We are still a largely cash-based economy. About 55% of Nigerians do not have access to financial services. The informal sector thrives on cash transactions, but as we’ve seen globally, access to different financial tools is key to economic growth,” Mumuni explained.
The students also engaged in discussions on the role of artificial intelligence (AI) in bridging the digital divide. A major concern raised was the limitation of AI-powered virtual assistants in understanding and responding to indigenous African languages.
Mumuni encouraged the postgraduates to think critically about Africa’s digital future and to consider how technological innovation could drive social and economic progress on the continent.
The visit provided MIT students with first-hand exposure to Africa’s digital transformation and potential areas of collaboration in bridging the digital divide.
This was the second courtesy visit to MTN’s headquarters from an educational institution in the past week. On March 12, 2024, 65 postgraduate students of the Pan-Atlantic University (PAU), visited three of the company’s locations in Ikoyi.
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