UAE vs Nigeria- A Game of Poker (Emirates is now a fall guy)
Back in the day, some professionals were quoted as saying to their bosses that you better transfer me to Dubai, Mumbai, Shanghai or its bye bye. Dubai has become endeared to many a traveler ever since. Therefore, when the FGN announced the suspension of flights by Emirates, it was a shock to most Nigerians. Dubai is one of the favorite spots of Nigerian travelers both as a final or transit destination. Dubai international airport is the world’s busiest international airport, hosting more than 86mn passengers in 2019.
Earlier this month, hopes were raised that the misunderstanding between the Nigerian government and Emirates had been resolved and that Lagos and Abuja flights to Dubai were to resume on June 23, 2021. There were expressions of joy by all. Those hopes were quickly dashed when Emirates announced that flights to and from Nigeria are to remain suspended indefinitely. The details of how a bilateral service agreement got complicated by covid protocols are contained in the story inside this edition.
How can Fintechs Serve as Growth Catalysts?
For developing economies, emerging from the fallout of the coronavirus pandemic will require more than the traditional signposts of economic growth and development. It will also involve the leapfrogging factor that technology introduces. FinTechs are the new kids on the block and the disruptor of the financial industry. The growing competition for market share among the banks and Fintechs may force unusual mergers which the country stands to benefit.
In this edition of the FDC monthly publication, the FDC Think-Tank analyzes these issues and their implications on businesses and the economy at large.
Enjoy your read!