Latest News from Nigeria

News Wires

AllAfrica News: Nigeria
All Africa, All the Time.
BBC News - Africa
BBC News - Africa
Inter Press ServiceInter Press Service
News and Views from the Global South
  • Legacy airlines are facing new competitors on transatlantic routes

    EVEN for a global industry like aviation, Primera Air’s business model seems remarkably cosmopolitan. The Icelandic-owned budget airline is headquartered in Latvia, but mainly operates low-cost flights from Denmark and Sweden to sunny places in the Mediterranean. This summer, it will begin long-haul flights from Britain and France to America. The company bears more than a passing resemblance to Norwegian Air Shuttle, another nominally Scandinavian airline with global aspirations. More than two-thirds of Norwegian’s capacity by passenger-km now bypasses its home country, and the rapid growth of its long-haul operations are proving to be a serious challenge for legacy carriers such as British Airways. And its tentacles are spreading around the world. This autumn, the carrier will begin operating domestic Argentinian flights, 12,000km away from its home base.

    Low-cost airlines are not new. Ryanair, founded in the 1980s, has grown to become...Continue reading

  • The French government experiments with venture capitalism

    Don’t be coy, carp about the food

    AS A boy, Antoine Hubert used to catch butterflies. These days, the agro-engineer has eyes only for meal worms. In a demonstration factory near Dole in eastern France, he shows how trayfuls of plump, half-grown worms are fed, left to grow in a darkened dormitory, and then—after two months—slaughtered and cleaned with a blast of steam. A machine divides the resulting mush into oil and protein powder.

    Around 70% of a worm is protein, making it ideal for animal feed. Demand is soaring, notably at fish and shrimp farms. Mr Hubert predicts aquaculture businesses will need 70m tons of feed annually in ten years’ time, up from 40m now. The global market for animal feed, he reckons, is already worth €500bn ($610bn).

    Ynsect, his firm, thus expects to grow once it opens a new factory this year. He dreams of annual output exceeding 1m tonnes, hinting at a hunger for scale often left unsatisfied in a French entrepreneur: local...Continue reading

  • The World Bank’s “ease of doing business” report faces tricky questions

    HOW many days does it take to correct a misleading newspaper interview? Four, in the case of Paul Romer, the World Bank’s chief economist. On January 12th a surprising article in the Wall Street Journal alleged that one of the bank’s signature reports—on the ease of doing business around the world—may have been tainted by the political motivations of bank staff. The story was based on an interview with Mr Romer, who pointed out that Chile’s ranking in the yearly report had dropped sharply during the presidency of Michelle Bachelet, a left-leaning politician who took office for the second time in 2014. Chile sank so heavily not because doing business had become harder, but because the bank had repeatedly changed its method of assessment.

    That method mostly entails answering measurable questions, such as how many days does it take to start a business, register a property or file taxes. The answers determine a country’s score (known as its “distance to...Continue reading

  • Why driverless cars may mean jams tomorrow

    THE most distractingly unrealistic feature of most science fiction—by some margin—is how the great soaring cities of the future never seem to struggle with traffic. Whatever dystopias lie ahead, futurists seem confident we can sort out congestion. If hope that technology will fix traffic springs eternal, history suggests something different. Transport innovation, from railways to cars, reshaped cities and drove economic advance. But it also brought crowded commutes. Now, as tech firms and carmakers aim to roll out fleets of driverless cars, it is worth asking: might this time be different? Alas, artificial intelligence (AI) is unlikely to succeed where steel rails and internal-combustion engines failed.

    More’s the pity. In America alone, traffic congestion brings economic losses estimated in the hundreds of billions of dollars each year. Such costs will rise unless existing transport systems receive badly needed investment. For example, fixing New York’s beleaguered, overcrowded subway will...Continue reading

  • Our Big Mac index shows fundamentals now matter more in currency markets

    IT IS usually considered quaint to predict foreign-exchange movements by reference to whether currencies are dear or cheap. Metrics such as The Economist’s Big Mac index, a lighthearted guide to exchange rates, hint at how far currency values are out of whack. But they are often driven further out of kilter by capital flows, by fear and greed, by the interventions of policymakers, and so on.

    Since our last look at the index in July, cheap currencies have narrowed the valuation gap against the dollar—almost completely in case of the Canadian dollar (see chart). Fundamentals, such as fair value, seem (at last) to have greater sway in the foreign-exchange market.

    The index is based on the idea of purchasing-power parity, which says exchange rates should move towards the level that would make the price of a basket of goods the same in different countries. Our basket contains only one item, but it is found in around 120 countries: a Big Mac hamburger. If the local cost of...Continue reading

What's Up In Nigeria?

.