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Business News

Nigerian tourism sector to generate N3.63 billion in 2018

Good times are here for the Nigerian domestic tourism.

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Good times are here for the Nigerian domestic tourism, as the sector is expected to contribute about N3.63 billion to Nigeria’s Gross Domestic Product (GDP) in 2018, according to an hospitality report released by Jumia Travels, which reviewed the performance of the sector in 2017 and provided insights into 2018.

The report provided insight on the two main components of domestic travel (leisure and business travel). The leisure travel grew at 2.7%, contributing about N1.98 billion to domestic earnings in 2017, while business travel component grew at 2.8% and contributed N1.92 billion to domestic earnings in 2017.

Meanwhile, the travel and tourism sector contributed 1.9% as a direct contribution to Nigeria’s total GDP (estimated at $1.118 trillion), which is N2.3 billion in 2017. The sector’s contribution to the GDP is expected to increase by over 3% in 2018.

Job creation

The sector’s contribution is also expected to affect the labour market. Tourism is expected to reduce unemployment rate, as the sector is expected to generate a total of 3.4 million jobs, which is an increase of 3.4% from 2017.

The sector also created 1.2 million direct jobs in 2017 (1.8% of total employment) which showed 1.6% growth, compared to 651,000 jobs in 2016. The creation of direct job by the sector is expected to grow by 4.7% in 2018 to 1.3 million jobs.

Tourists

Also, international arrivals in Nigeria is expected to grow by 1.5%, which means 1.067 million foreigners are expected in 2018. Having recorded a low arrival of foreign tourists in 2016 (due to security issues); Nigeria played host to 1.065 million tourists in 2017, generating over N278 billion revenue in the process.

Tourism expert and founder of Akwaaba Travel Market, Ikechi Uko, said one of the challenges plaguing the sector, as identified in the report, is insufficient flights. He said:

“the number of flight pairs in Nigeria is very low. Lagos and Abuja are already saturated because almost all airlines want to fly there. As such, we need more flights to cut across the country because the travel industry cannot grow without a functional air transport network.”

Also, according to the Chairman/CEO Of Air Peace, Allen Onyeme:

“The travel and hospitality sector is key to the growth of any economy. The benefits of this all-important sector will, however, remain elusive without having a stakeholder tasked with the responsibility of creating the right atmosphere for building the right kinds of infrastructure and ensuring that this is done in a sustainable manner. No stakeholder can perform this role better than the government.”

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Tech News

Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million

Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.

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Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack

Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).

The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006

The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.

Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.

The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.

The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.

According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.

What you should know

  • NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
  • Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
  • Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
  • More people are currently bidding their tweets on the platform.

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-colored trading app known for allowing local-based Nigerians to invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, Nairametrics’s most recent research observed Chaka. ng offers the lowest exchange rate charge of N480 to 1$, other Nigerian-based stock trading apps that include Trove and Risevest currently offer their clients N491.68 and N486 to $1 respectively.

In addition, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

Consequently, a lot of Nigerians are flocking the New York Stock Exchange (NYSE) on the account it has about 2,800 companies listed, while the NASDAQ has about 3,300 stocks listed. This gives Nigerian investors numerous options where they can invest their money. It is also why the US economy attracts billions of dollars in portfolio investments annually.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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