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FG Begs Foreign Airlines to Use Kaduna Airport

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  • FG Begs Foreign Airlines to Use Kaduna Airport

The Federal Government on Monday announced that the Nnamdi Azikiwe International Airport, Abuja would be closed in the early hours of Wednesday.

It said that adequate preparations had been put in place to secure passengers who would be travelling from Kaduna to Abuja during the six weeks when the Abuja airport would be shut.

This was disclosed in Abuja during a ministerial press briefing by the Minister of Information and Culture, Lai Mohammed; Minister of Transportation, Rotimi Amaechi; Minister of State for Aviation, Hadi Sirika; and Inspector General of Police, Ibrahim Idris.

During the closure of the airport, the government said that Abuja flights would be diverted to Kaduna, but gave an assurance that adequate security would be provided by the Police and other security agencies for passengers.

The government also said it had pleaded with some foreign airlines to rescind their decisions not to fly to the Kaduna International Airport during the closure of the Abuja airport.

It listed Lufthansa German Airlines and Turkish Airlines among the international carriers that it was in talks with, adding that the Kaduna airport’s facilities had now met global best standards.

Sirika, who disclosed this in Abuja, stated that the NAIA runway reconstruction would gulp over N5bn, adding that this was why it was important for the concession of the facility as well as other major airports across the country in order to enhance their capacity to deliver excellent services.

The minister said Ethiopian Airline was the only foreign airline that had expressed its readiness to fly to the Kaduna airport so far, adding that “we expect more to operate to the airport.”

Sirika said, “So far, we have Ethiopian Airline, which not only has confirmed their coming, but they said they would be coming with a brand new airplane, the latest aircraft in the whole world, a Boeing 787.

“We are still talking with Lufthansa and Turkish Airline on their intent to come. We may conclude today and at the end of the day, we will know if they will or not.”

He added, “We have calibrated the landing systems in Kaduna airport. All the open items spotted by international airlines have been closed. We have a mobile control tower in Kaduna. We have a good runway there.

“The terminal building and very important personality lounge are almost ready. We have provided free buses and rail transport for passengers to and from Kaduna. We are good to go with regards to airport logistics.”

In a notice signed by the minister and obtained by our correspondent in Abuja, Sirika stated that President Muhammadu Buhari had approved the provision of complimentary bus and train services to passengers travelling to and from Kaduna.

He said, “This is to inform the general public that the Nnamdi Azikiwe International Airport, Abuja runway will be temporarily closed for operations between March 8 and April 19, 2017. The six weeks’ closure is part of our continuous efforts to guarantee the safety of passengers and aircraft.

“During the period, traffic would be diverted to the Kaduna International Airport and adequate provision for passengers’ facilitation has been put in place for ease of travelling. Please, note that details of international and domestic flight schedules by individual airlines and all relevant information regarding the closure can be found on the website: www.abujaairportclosure.info and some select print and electronic media.”

Sirika reiterated the Federal Government’s plan to give out all the airports through concession for efficiency, beginning with the Lagos, Abuja, Kano and Port Harcourt airports.

“We have already concluded the arrangement for the appointment of a transaction adviser that will commence work in a matter of weeks,” he added.

The Minister of Transportation, Mr. Rotimi Amaechi, told journalists in Abuja that the train services between Abuja and Kaduna would be rearranged to suit the flight schedules at the Kaduna airport.

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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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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