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Passenger Demand Growth Slows, As Brussels Attacks Disrupt Traffic

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The International Air Transport Association (IATA) announced global passenger traffic data for April showing that demand (measured in total revenue passenger kilometers or RPKs) rose by 4.6%–the slowest pace since January 2015.

April capacity (available seat kilometers or ASKs) increased by 4.9%, and load factor slipped 0.3 percentage points to 79.1%.

The disruptive impact of the Brussels Airport attack weighed on the April figures. IATA estimates that, absent the impact of the attacks, demand growth would have been around 5%.

“The disruptive impacts of the Brussels terror attacks will likely be short-lived. There are some longer-term clouds over the pace of demand growth. The stimulus from lower oil prices appears to be tapering off. And the global economic situation is subdued. Demand is still growing, but we may be shifting down a gear,” said Tony Tyler, IATA’s Director General and CEO.

International Passenger Markets
April international passenger demand rose 4.8% compared to April 2015, the slowest pace in two years. Airlines in all regions recorded growth, led by the Middle East region.

Total capacity climbed 5.6%, causing load factor to slip 0.6 percentage points to 77.8%.

Asia-Pacific airlines’ April traffic increased 6.4% compared to the year-ago period. Slower economic growth in many of the region’s economies has been at least partly offset by an increase in direct airport connections that has helped to stimulate demand. Capacity rose 6.8% and load factor dipped 0.3 percentage points to 77.3%.             

European carriers saw demand rise just 1.8% in April, which was well down on the 6.0% growth recorded in March.

This reflects the impact of the Brussels terror attacks, which closed the airport for nearly two weeks.

Capacity climbed 2.4% and load factor slipped 0.5% percentage points to 80.2%, which still was the highest among the regions.

Middle Eastern carriers posted a 12.7% traffic increase in April, the only region to see a double-digit percentage increase in demand.

Capacity growth of 14.8% outstripped this rise, however, which caused load factor to fall 1.4 percentage points to 75.6%.

North American airlines’ traffic rose 1.1% compared to April a year ago, the smallest increase among regions. Capacity climbed 0.9%, causing a 0.1 percentage point rise in load factor to 78.3%. While the recent downward slide in international traffic growth paused in April, traffic levels remain below July 2015 on a seasonally-adjusted basis.

Latin American airlines experienced a 3.1% rise in April demand compared to the same month last year. Capacity increased by 2.9% and load factor edged up 0.1 percentage points to 77.7%. The upward trend in international traffic growth that characterized 2015 has paused even as the downward trend in domestic traffic for the region’s carriers has accelerated.

African airlines’ traffic climbed 9.9% in April. Capacity rose 11.1%, with the result that load factor slipped 0.7 percentage points to 66.3%, lowest among regions. The continued turnaround of the carriers coincides with expansion of long-haul networks by the region’s airlines.

Domestic Passenger Markets
Demand for domestic travel climbed 4.1% in April compared to April 2015, while capacity increased 3.8%, causing load factor to rise 0.3 percentage points to 81.4%.

All markets reported demand increases with the exception of Brazil, which showed a 12.1% decline, reflecting the country’s ongoing economic recession and political turmoil. 

China’s airlines recorded 9.5% domestic traffic growth, a strong rebound from the 3.3% increase recorded in March. Fears about slowing economic growth in the country have eased somewhat and increased growth in frequencies is helping stimulate demand.

India’s domestic traffic soared 21.8%, marking the 20th month of double-digit traffic growth and the 13th consecutive month it has led the domestic markets.

Growth is being propelled by the comparatively strong economic backdrop as well as by substantial increases in service frequencies.

 


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Banks Close 2m Accounts over BVN, NIN, Others

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Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).

Banks Close 2m Accounts over BVN, NIN, Others

This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.

A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.

However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.

Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.

According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.

 

Credit: Vanguard

 

 


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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth

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Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.

This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.

Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.

With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.

According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”

“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.

Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.

The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.

Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.


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234Finance Moves to Boost Economic Progress in South East

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In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”

The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.

During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.

This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.

The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.

Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.

Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.

Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.

The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.


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