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RwandAir Pledges Commitment to Nigerian Market

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Despite economic recession and attendant effect on both local and international air travel business, Country Manager of RwandAir, Ibiyemi Odusi, in this interview said the Kigali-based airline is expanding its services as a mark of dedication to the Nigerian market. Excerpts:

With the recession in Nigeria, how has it been with RwandAir operating in the country?
RwandAir has been in the country for about five years. And for us, it has been interesting, if I have to reflect on the whole of five years. We all know that Nigeria is a major market in Africa; it is one of our cash cows at RwandAir.

How do you mean?
It is one of the most profitable routes for the company; the Lagos or Nigerian route and it has been interesting. We all know that there is recession in the country. But we believe in Nigeria and know that the economy will rebound. Despite the recession, we are still much interested in Nigerian market and know that things will get better with time.

Has there been changes in the passenger traffic accrue to the airline lately?
There has been a decline in traffic in the aviation industry as a whole. It is not a RwandAir thing. But it is understandable and due to the present situation of the country, which we are all hopeful to overcome with time.

What measure are you taking against the general drop in traffic?
For us, we have decided to dwell more on our core values as an airline, so that the challenges do not impact on us negatively. Despite that, we make sure that our on-time performance is key; we don’t cancel flights. We are very interested in operating in this market and not making unnecessary dying minutes changes.

Our safety is very important and we hold it in high esteem. Our customer service and retention are held in high loyalty to ensure that customers give us repeat patronage. Remember that it is all about the customers. If you don’t make them happy, they don’t come back to you. Integrity and Corporate Social Responsibility (CSR) are also key to us. We are continuing with this to still associate with the Nigerian market that people may know that we are still very much here.

One recalls that the new Airbus 330-200 came into Nigeria last September, with the plan to bring in another in November? Why has the second not been delivered?
The second Airbus actually came in about a week ago. We now have the Airbus330-300. Both are part of our expansion plans. We received it with a lot of awareness through the Social Media.

These two aircraft by quarter one of 2017, will be deployed to serve major upcoming market. Places like Mumbai in India, London-Gatwick in Europe, Gwangzhou in China, Kuala-lumpur in Malaysia, New York, Lilongwe, Harare,Conakry and Bamako, Mali and so on. Kotonu and Abidjan-route have actually started this year. They were part of the new routes we have been promoting this year. We also have more expansions plan for the coming year.

The A330-200 currently runs on the Lagos-Kigali route, Mombasa and Dubai. The A330-300 has been coming to Lagos too, serving the Kigali and Dubai market. So, we are expanding and have no plans to withdraw whatsoever. We will always tailor the needs of the market to suite the need of the present realities in any country we found ourselves.

There are claims by some foreign airlines that they have not been able to repatriate their funds. What is it like in RwandAir?
Repatriation of funds is ongoing for all airlines in the country. It is been managed presently by the International Air Transport Association (IATA) (on behalf of all the airlines, including us) and the Central Bank of Nigeria (CBN).

Where do you see RwandAir taking Nigerian air travellers in the nearest future?
We are going to consolidate on the routes we already have and make them better. There are plans to go deeper into Asia, Middle East, more African countries and the plans to go into major cities in Europe as well. But because we don’t have some permits yet. There are big time plans for expansion, especially in the first quarter of 2017.

What drives RwandAir at a time most notable African carriers are groaning?
I must give it to the government of Rwanda. The airline is supported by a robust governance system. The government of Rwanda is investing 100 per cent in us and the government is very interested to see the RwandAir carrier become the giant of Africa. We are almost there.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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