Connect with us

Business

No Plan to Reduce Nigerian Flights – Lufthansa

Published

on

Lufthansa
  • No Plan to Reduce Nigerian Flights

An international carrier, Lufthansa Airline, yesterday said it had no plan to reduce its flight operations in Nigeria.

The News Agency of Nigeria (NAN) reported that the airline’s Media Consultant, Mr. Hakeem Jimoh, made the disclosure to aviation correspondents in Lagos.

Two foreign airlines, Emirates and Kenya Airways , recently announced the suspension of their flights to the Nnamdi Azikiwe International Airport in Abuja.

While Emirates Airlines said it would stop flights to Abuja from October 22, Kenya Airways said its flights to the nation’s capital would be suspended from November 15.

Both airlines attributed the decision to the economic downturn in the country, foreign exchange challenges, and the shrinking passenger traffic.

Jimoh said Lufthansa Airline, which operates flights to Lagos, Abuja and Port Harcourt International Airports, would not be following a similar path for now.

“Yes, there has been challenges, particularly with the issue of forex, but I can tell you that Lufthansa has no plan for now to reduce flight operations in Nigeria,” he said.

Jimoh said Lufthansa had been operating in Nigeria for over 50 years, adding that the country was important to the airline’s operation, especially in West Africa.

The efforts of the current administration in the aviation sector have received a boost with the coming in of Airbus Group of France to set up an office in Nigeria.

The Ambassador of France in Nigeria, Mr. Denys Gauer who led a delegation of the Airbus Group to the office of the Minister of State for Aviation, Senator Hadi Sirika in Abuja yesterday, confirmed the coming in of the Airbus group to Nigeria.

Gauer informed the minister that the largest aircraft manufacturers and leasers in the world, the Airbus Group, have concluded plans to open an operational office in Nigeria as a mark of confidence in the government agenda for the aviation industry in Nigeria.

Similarly, the Vice President of the Airbus Group for Africa, Mr. Vincent Larnicol, informed the minister that Airbus Group had expanded upon its strong European roots to move forward on an international scale with fully-owned subsidiaries in more than 150 field service offices around the world.

According to him, “Airbus, in its desire to get closer to its customers, is also actively developing engineering, manufacturing and service capabilities in Europe, China, India, Russia, the Middle East, Singapore and the United States.”
This, he said, also informed the decision to establish its presence in Nigeria with the opening of an operational office.

Larnicol expressed the group’s interest in the federal government’s plan to concession major airports across the country, as well as the establishment of a national carrier, while also commending government’s plan to establish an aircraft leasing company in view of the inherent difficulties in acquiring new aircraft.

The Airbus Group also promised to collaborate, through its co-operation programme, with the Nigerian government in the establishment of an Aviation University to which the International Civil Aviation Organization (ICAO) is largely committed.

Sirika informed the ambassador and the Airbus delegation that the vision of the government for the aviation sector included repositioning domestic airlines to make them competitive and profitable, establishment of Maintenance, Repair and Overhaul (MRO) facilities and development of human capital for the anticipated expansion of the sector.

According to the minister, “The plan of the Preisdent Muhammadu Buhari government was to gradually reposition the Nigerian aviation industry in such a way that would turn the nation into a regional hub for air transportation, given the ICAO forecast of a quadruple growth for the nation’s air travel in the next ten years.”

He expressed Nigeria’s preparedness to collaborate with all genuine partners, insisting, however, that government decisions and actions would always be guided by the protection of the national interest.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Business

Shut Down Depots Selling Petrol Above Approved Price – Marketers

Published

on

Petrocam

Shut Down Depots Selling Petrol Above Approved Price – Marketers

The Federal Government should close down depots that are selling petrol above the approved price, oil marketers said on Thursday.

National President, Independent Petroleum Marketers Association of Nigeria, Sanusi Fari, said the sale of petrol above government approved price by depot owners would soon lead to a hike in the commodity’s pump price.

Fari told journalists in Abuja that the government through its agencies such as the Department of State Services and the Department of Petroleum Resources should curb the development to avoid crisis in the downstream oil sector.

He said some private depot owners were selling at N165 per litre to independent marketers, way above the government stipulated price of N148 per litre.

Fari said, “Our challenge is the inconsistency in the pricing of petrol. Up till a week ago, government was still insisting that the February price for petrol remained unchanged.

“And most of the private depot owners are selling above the government stipulated price. As at today ( February 25, 2021) private depot owners are selling at N165 per litre to independent marketers.”

He added, “In the last six years, only NNPC imports refined products into this country and these tank farms buy their products from NNPC under a controlled price.

“This has affected our businesses seriously because government is insisting that we sell at the rate of N165, which is not going to work.”

The IPMAN president said filling station owners buy the product at N165 per litre from the private depots and incur other expenses such as transportation, rent, etc.

“So government cannot expect us to sell less than what we buy,” he said.

Fari added, “This is why we are calling on government and agencies that are saddled with the responsibility to control petrol pricing to urgently clamp down on depots that are selling above the stipulated price.”

The Nigerian National Petroleum Corporation, the country’s sole importer of patrol, recently stated that it never hiked the cost of petrol to depots.

It also enjoined the depot owners to sell the product at the approved rate and called on the DPR to enforce the stipulated price across the depots.

Continue Reading

Business

Nigeria Will Benefit Less From African Trade Deal – NESG

Published

on

Institute of Chartered Shipbrokers

Nigeria Will Benefit Less From African Trade Deal – NESG

Nigeria and other resource-based countries will benefit less from the African Continental Free Trade Area than economies that are more diversified, the Nigerian Economic Summit Group has said.

The NESG, a private sector-led think-tank, said in its 2021 Macroeconomic Outlook that Nigeria could reap more gains through export diversification away from crude oil.

It said trade in Africa remained dominated by raw materials and less processed products, adding that on average, minerals and agriculture accounted for 44 per cent and 16 per cent of intra-African trade respectively between 2007 and 2017.

The NESG said, “Evidence has shown that African economies that are more diversified and have improved transport infrastructure, would benefit more from the trade pact than others that are resource-based and agricultural dependent.

“Putting this in context, South Africa currently accounts for 40 per cent of intra-African manufacturing imports. On the other hand, resource-based countries, such as, Algeria, Egypt and Nigeria – which collectively account for approximately 50 per cent of Africa’s GDP – contribute only 11 per cent to intra-African trade.”

“Another bone of contention is the issue of ‘rules of origin’, which constitutes a significant risk factor. This implies that protectionism practices by some countries could constitute a setback for the establishment of the ambitious single market for Africa. But there are several reasons to be optimistic,” it added.

The group said the World Bank estimates revealed that the AfCFTA would promote manufacturing exports over natural resources, agricultural and services exports, and that manufacturing exports would account for one-third of the projected total exports of $2.5tn by 2035.

It said, “Nigeria could reap more gains through export diversification away from crude oil, as manufacturing exports currently account for an average of nine per cent of the country’s total exports.

“This suggests that efforts should be directed at strengthening domestic value chains, particularly the agro-allied industrial base.

“To achieve this, there is a need to attract private capital, most especially, FDI, that would allow for knowledge and technological transfers.”

According to the NESG, for Nigeria to maximally benefit from the trade deal, there is an urgent need to also address transport infrastructure bottlenecks and provide improved logistics.

It said, “Finding a lasting solution to the Apapa gridlock by creating similar ports in other regions of the country, so as to ensure speedy clearance of consignments needs to be prioritised.

“Nigeria also needs to set standards for locally-made goods to enhance their attractiveness in the regional market.

“The Nigerian government as a matter of urgency needs to operate an efficient and corruption-free land border system, so as to guide against the importation of low-cost sub-standard products into the country.

“It is only when these and many more reforms are implemented that Nigeria can begin to reap the benefits of the trade deal.”

The group noted that owing to the outbreak of COVID-19, the implementation of the AfCFTA was postponed from July 1, 2020 to January 1, 2021.

It said, “The key goal of the free trade pact is to expand the volume of intra-African trade, which stood at 16 per cent in 2018 .“Till date, 36 countries, including Nigeria, have ratified the agreement. The trade deal is expected to create a single market with a combined GDP of $2.5tn and total population or market size of 1.2 billion.”

Continue Reading

Business

NAHCO Recalls Suspended GMD/CEO, Mrs Adetokunbo A. Fagbemi

Published

on

NAHCO Recalls Suspended GMD/CEO, Mrs Adetokunbo A. Fagbemi | investorsking.com

Mrs. Adetokunbo A. Fagbemi Resumes Work With NAHCO

The Board of Directors of Nigerian Aviation Handling Company Plc (NAHCO) has recalled Mrs. Adetokunbo A. Fagbemi, the Group Managing Director and Chief Executive Officer, who was suspended over Management’s failure to diligently secure the delivery of a purchased equipment from vendor within the contracted period and Management’s inability to provide satisfactory/acceptable reason for the unreasonable long delay.

Mrs. Fagbemi was suspended by the Board at a meeting held on 27th of January 2021 in line with the Board’s earlier decision that if a certified bill of lading for the equipment was not received by 2nd February 2021, the GMD/CEO shall proceed on suspension with half pay until receipt of acceptable evidence of equipment shipment from the manufacturer.

Since Mrs. Fagbemi commenced her suspension on February 3rd, 2021, Mr. Olumuyiwa A. Olumekun, the Group Executive Director, Corporate Services, has been acting as the GMD/CEO, according to a statement put out by the company.

It said “the Board is however pleased to inform the investing public and the Exchange that on, Tuesday, February 24, 2021, a satisfactory evidence of departure and arrival dates of the equipment has been received by the board from the equipment manufacturer.

“Consequently, the Board at its emergency meeting today, February 24, 2021, has recalled the Group Managing Director/Chief Executive Officer, Mrs. Adetokunbo A. Fagbemi from the suspension and she has resumed work.”

Continue Reading

Trending