Tue. Jul 26th, 2022

BUSINESS NEWS.

The World Bank says it is set to disburse a total of thirty billion dollars to fund existing and new projects in Nigeria and other countries as part of a global response to combat the ongoing food security crisis.

According to the bank, it is working with countries ona twelve billion dollars new projects fund for the next fifteen months while the projects are expected to support agriculture, social protection to cushion the effects of higher food prices, water and irrigation projects.

AIRLINES:

Domestic airlines under the aegis of the Airline Operators of Nigeria, says that rising operational costs occasioned by aviation fuel price hikes, foreign exchange shortage, among others, may push the base economy flight ticket to one hundred thousand Naira.

The Spokesperson of Local airlines and Chairman, United Airlines, Prof. Obiora Okonkwo, who made the disclosure in an interview with newsmen in Abuja, said local operators were being compelled to source foreign exchange from the parallel market at high rates due to lack of adequate supply from the Central Bank of Nigeria.

BAKERS:

Bakers across the country have decried the impact of rising price of flour and other production inputs even as they find it difficult to pass the rising cost to the final consumers whose purchasing power has been hit by steep inflation and naira depreciation.

The bakers submitted that except production costs reduces quickly and the economy improves, the bakery industry faces a survival threat.

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