General News
Aviation Contributes $2.4tr to Global GDP, Supports 58m Jobs- Tyler

The aviation industry delivers enormous value to the global economy, contributing some $2.4 trillion to GDP, carrying over a third of world trade by value and supporting some 58 million jobs including aviation-related tourism.
Tony Tyler, director general and chief executive officer of the International Air Transport Association (IATA) made the remarks at the World Financial Symposium, Barcelona, Spain.
Tyler said that, historically, however, aviation has not had an equivalent level of success creating value for its equity investors.
Tyler highlighted four areas where industry stakeholders have opportunities to set a path toward long-term financial sustainability: Smarter Regulation; Rebalancing the Value Chain; Innovation; and Efficient Processes
According to the IATA DG, 2015 is a special year for the airline industry; seventy years ago, the leaders of 57 airlines came together in Havana, Cuba, to form IATA.
He said that the tag line for the Association’s 70th anniversary celebration is “Flying better. Together.” That reminds us of the fact that IATA was created to be a forum for industry collaboration and partnership, undertaking on a collective basis those activities that would be hugely expensive and inefficient for airlines to do individually. We would also be a vehicle to support the development of the standards and best practices necessary for the safe and efficient operation of the global air transport network.
Tyler said, “Aviation today is very different compared to when IATA was formed in April 1945. This year airlines will carry 3.5 billion passengers–or around 9.6 million each day—which is more than were carried in the entire year of 1945”.
He said over a third of global trade by value is transported through the skies; and aviation contributes some $2.4 trillion to global GDP.
And the industry has evolved into a job creation machine, supporting some 58 million jobs around the world when we include the benefits of aviation-related tourism.
“The vision to create value is being achieved. The connectivity provided by aviation enables globalized supply chains for agriculture and manufacturing. Thanks to aviation, you rarely are more than a 24-hour journey away from another population center on the globe. Additionally, we are a lifeline when disaster strikes. The earthquake in Nepal highlighted aviation’s vital role in helping to transport aid and rescue workers, as well as medical supplies and equipment, to those in need. Aviation also enriches the world in myriad non-monetary ways, reuniting friends and families, enabling journeys of discovery, and creating opportunities for greater cultural understanding.
“Aviation’s ability to make the world a richer, more connected place rests on three pillars: We must be safe, sustainable and profitable. Safety is the number one priority for everyone associated with aviation. By sharing our expertise and working together through global standards such as the IATA Operational Safety Audit, we have made it the safest form of long-distance transportation the world has ever known.
“Sustainability is our second pillar. It is our license to grow—and we have achieved remarkable progress over the decades in terms of reducing noise and emissions. The noise footprint of new aircraft is at least 15% smaller than that of the aircraft they replace and they provide fuel efficiencies that are at least 70% greater than jets produced in the 1960s. As an industry we are committed to further reducing aviation’s impact on the environment and have an aggressive target to achieve carbon neutral growth from 2020, with a 50% reduction in net CO2 emissions by 2050 compared to 2005.
“Profitability is our third pillar—and historically, it’s been our weakest— I’m sure you’ve heard the joke that the way to make a small fortune in the airline industry is to start with a large one. The good news is that after many years of hard work and restructuring, the situation is improving. For 2015, we expect an industry net profit of $29.3 billion on revenues of $727 billion, for a net profit margin of 4%. What this means is that the airline industry on average is finally earning its cost of capital.
“Let me take a moment to observe that no one needs to apologize for the fact that in 2015 this industry at long last is performing above its usual level of barely-breaking-even. If profitability is not a dirty word when Apple turns in a 23% profit margin than it should not be when airlines achieve an average 4% result.
“This result also needs to be put into perspective. Firstly, it is an average for the world, but there is a wide disparity among regions. More than half of the global profits are being made in North America. While the overall fortunes of the industry are improving, for many airlines the struggle to keep revenues ahead of costs is still a formidable challenge, as IATA Senior Economist Julie Perovic will examine in her presentation a bit later this morning.
“Furthermore, we must recognize that for any other industry, earning the cost of capital is the absolute minimum performance expected. And we will have to continue this performance for the foreseeable future in order to attract the $5 trillion of capital required to support the doubling of air travel expected over the next two decades”.
He said they are working alongside our members through the IATA Financial Committee and all of our industry committees on a critical agenda to ensure the future of this important industry by placing it on a firm financial footing. Four strategic themes guide our activities.
These are: Smarter Regulation; Rebalancing the Value Chain; Innovation; Efficient Processes and Smarter Regulation.
General News
MTN Graduates 20 Fellows, Expands Media Innovation Programme

MTN Nigeria, in partnership with Pan-Atlantic University (PAU), marked a significant milestone in advancing Africa’s media landscape with the graduation of 20 Fellows from the MTN Media Innovation Programme (MIP) Cohort 4 held at the Lagos Business School.

MTN
The ceremony celebrated excellence, resilience and forward-thinking storytelling, while also announcing the programme’s expansion into a Pan-African edition beginning next year.
The six-month programme, known for its rigorous coursework, demanding schedule and strong emphasis on critical thinking, included an international study visit to South Africa that broadened participants’ understanding of media innovation across the continent.
The graduation event acknowledged the Fellows’ commitment to completing the intensive journey while strengthening their capacity to influence the future of African media.
Dr. Ikechukwu Obiaya, Dean of the School of Media and Communications, PAU, commended the Fellows for their persistence throughout the programme. “In some moments, it was pretty grueling for some of you, but you made it. You are here, and I congratulate you,” he said.
“He encouraged them to see the graduation as a new beginning, adding, “We have so much to do, and each one of us is best positioned now to make that transformation.”
Tobe Okigbo, Chief Corporate Services and Sustainability Officer, MTN Nigeria, congratulated the cohort on successfully completing the six-month programme and reaffirmed MTN’s long-term vision for the initiative.
He said, “Congratulations on completing this journey. You are joining a network of professionals who are committed to elevating the media landscape in Nigeria and beyond.
“The future of this programme depends on your impact. This cohort represents the outcome we envisioned when the journey began. Today, the programme is not only thriving but also expanding.”
He further announced that the Pan-African edition of the programme will be launched in 2026, providing media professionals across the continent with the same level of immersive training and unique exposure experienced by the Fellows.
A key highlight of the event was MTN Nigeria’s presentation of ₦2.5 million in cash prizes to Fellows whose projects demonstrated exceptional innovation, depth of research and alignment with the programme’s ethos of impactful storytelling. The awards were presented by Chineze Gbenga-Oluwatoye, General Manager, Corporate Affairs, MTN Nigeria, and Odunayo Sanya, Executive Director, MTN Foundation.
Vanessa Ukamaka Richard Bassey, Head of Programmes, Sparkling 92.3 FM, Calabar, emerged as the top winner, receiving ₦1 million for the MTN Foundation Chairman Award for Innovative Reportage and another ₦1 million for the MTN Chairman’s Prize for Innovation. Sharing her experience, she said, “It’s been a training ground. It has opened me up to new things and made me more confident. There’s something about knowledge and information and exposure to your mind and to your esteem. After today, I know there’s nothing to be afraid of.”
Abolaji Adebayo received ₦500,000 for the MIP Cohort 4 Best Report, recognised for its clarity, depth and relevance to national discourse.
Several Fellows shared how the programme has reshaped their careers. Adekeye Ayobami of Abamimigo FM described the programme as arriving at the perfect moment, aligning with his recent career elevation.
Ubani Amarachi of Channels TV highlighted the value of the South Africa trip, noting that it transformed her approach to telling African stories and reinforced her belief that graduation marks the beginning of greater responsibility and impact.
The graduation of the MIP Cohort 4 Fellows, coupled with the announcement of the Pan-African edition, reinforces MTN Nigeria’s long-standing commitment to strengthening the media ecosystem through education, exposure and innovation.
The partnership between MTN Nigeria and Pan-Atlantic University continues to serve as a catalyst for developing media professionals equipped to shape narratives, advance societal progress and drive meaningful change across Africa.
General News
FirstCap Acts as Joint Issuing House on Veritasi Homes & Properties Plc’s ₦30 Billion Bond Programme

FirstCap Limited, a premier investment banking business and a wholly owned subsidiary of FirstHoldCo Plc, acted as Joint Issuing House and Placing Agent on the Veritasi Homes & Properties Plc’s Series 1 Bond of ₦10 billion under its ₦30 billion Bond Programme duly registered with the Securities and Exchange Commission (SEC).

The Bond Programme is designed to support the development of Project Oyster Towers, located within Eko Atlantic City. Proceeds from the Series 1 Bond issuance are expected to be applied towards the construction of 30 luxury residential units, forming part of an 82-unit residential development comprising one-bedroom, two-bedroom, and three-bedroom apartments.
Veritasi Homes & Properties Plc is an indigenous real estate development company with operations across Lagos State and the Federal Capital Territory, Abuja, and a growing track record in the delivery of residential real estate projects in Nigeria.
Commenting on the transaction, Ukandu E. Ukandu, Managing Director/Chief Executive Officer of FirstCap Limited, stated:
“We are proud to partner with Veritasi Homes & Properties Plc on this important transaction. The establishment of the ₦30 billion Bond Programme reflects our commitment to mobilising capital for the real estate sector, which remains a key driver of Nigeria’s economic growth. Project Oyster Towers exemplifies the future of luxury and sustainable living in Nigeria, and this transaction reinforces FirstCap’s role as a trusted advisor in major corporate finance initiatives.”
FirstCap’s involvement in the Bond Programme further reinforces our dedication to supporting the growth of the Nigeria’s real estate sector. The successful execution of this transaction highlights the depth of expertise within our capital markets team and our role in supporting issuers in accessing long-term funding solutions aligned with their strategic objectives.
By continuing to connect capital providers with high-impact infrastructure projects such as Project Oyster Towers, we remain committed to driving economic development and delivering long-term value for all stakeholders, Ukandu added.
General News
NITDA DG Calls for Innovation-Led Economic Rebirth @ Kano Startup Weekend

Kashifu Inuwa, the Director General of the National Information Technology Development Agency (NITDA), has called for a fundamental shift in Kano State’s economic strategy, urging stakeholders to embrace innovation, technology and collaboration as the drivers of growth in the 21st century.

Speaking at the Kano Startup Weekend, Inuwa acknowledge Kano’s long-standing reputation as the commercial nerve centre of Northern Nigeria and the wider Sahelian region, noting that its history of trade, enterprise and human capital provides a solid foundation for future growth.
He emphasised that while these strengths powered Kano’s success for centuries, the modern economy now offers even greater opportunities through innovation and technology.
He described innovation as the process of transforming ideas into impactful solutions through commercialization, stressing that when ideas are effectively deployed, they create value, solve societal challenges and generate sustainable economic growth. He noted that Kano’s large market, strategic location and vibrant entrepreneurial culture place it in a strong position to take advantage of innovation-driven opportunities.
According to him, “Innovation is the process of taking an idea from inception to impact. Invention on its own is a cost centre, but when you commercialise an idea, when you turn it into a product or service that solves a real problem and creates value, that is when you begin to drive economic growth and inclusion.”
He noted that the state hosts numerous degree-awarding institutions across federal, state and private ownership, providing a strong base for human capital development. However, he expressed concern that these institutions often operate in isolation from industry, with research outputs rarely translating into commercial or industrial applications.
He explained that innovation does not happen in silos and stressed the need for a strong, interconnected ecosystem that brings together academia, industry, startups, entrepreneurs and government.
According to him, universities should conduct research informed by industry needs, industries should leverage research to improve productivity and competitiveness, and startups should serve as the bridge that converts ideas into market-ready solutions.
He further encouraged entrepreneurs to leverage technology to build businesses that can grow beyond local markets, explaining that innovation-driven enterprises have the power to scale rapidly, create jobs and position Kano competitively at both national and global levels. According to him, digital platforms and emerging technologies now make it easier for startups to reach wider markets and develop solutions that were previously unimaginable.
“You can start your business here in Kano, but your thinking must be global from day one. Technology has removed barriers. With the right skills and platforms, a startup in Kano can build solutions that serve not just Nigeria, but the world,” he noted.
Highlighting NITDA’s ongoing interventions, the Director General outlined the Agency’s commitment to building national innovation capacity through targeted human capital development programmes. He cited the Digital Literacy for All (DL4ALL) initiative, which aims to equip Nigerians across all segments of society with essential digital skills, and the 3 Million Technical Talents (3MTT) programme, designed to produce a pipeline of globally competitive technical professionals in areas such as software development, data analysis and emerging technologies.
He said, “Through DL4ALL, we are ensuring that Nigerians at all levels have the basic digital skills needed to participate in the digital economy, while 3MTT is deliberately building a pipeline of globally competitive technical talents who can drive innovation, create jobs and attract investment.”
He explained that these programmes are key pillars of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises skills development, innovation, job creation and inclusive economic growth as pathways to national prosperity. According to him, empowering Nigerians with digital and technical skills is essential for building a resilient economy capable of competing in the global digital landscape.
“President Tinubu’s Renewed Hope Agenda is about investing in people, empowering them with relevant skills and creating opportunities for inclusive growth. At NITDA, we are using digital skills and innovation as tools to translate that vision into real economic impact for Nigerians,” he said.
Inuwa urged all stakeholders in Kano to work together to build a functional innovation ecosystem that can unlock the state’s vast potential. He expressed confidence that with the right mindset, strong collaboration and sustained investment in digital skills and innovation, Kano can reclaim its historic leadership role and emerge as a major innovation and entrepreneurship hub in Nigeria and beyond.
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