Business

Airlines Begin Sale of Ticket for Abuja Flights

Published

8 years ago

April 7, 2017

Airlines Begin Sale of Ticket for Abuja Flights

Ahead of the April 19 date for re-opening of the Nnamdi Azikiwe International Airport, Abuja, domestic and international airlines have started selling tickets‎ to Abuja as a destination, preparatory to commencement of flight to the Federal Capital Territory (FCT).

The Minister of State, Aviation, Senator Hadi Sirika had expressed optimism that the ongoing work on the airport’s runway would be completed as scheduled. Specifically, the minister offered to resign if the airport was not re-opened on April 19.

Repair work on the Abuja airport runway project, according to the minister was already 60 percent completed and the contractors had given firm assurance that the April 19th deadline would be met.

This was said to have given the airlines the confidence that flight operations would resume at the airport as scheduled.

Since last week, there has been increasing demand from travellers for Abuja as a destination. In fact, bookings for the Federal Capital Territory, obtained by showed high demand for Abuja flights.

Spokesman of Dana Air, Kingsley Ezenwa said on Wednesday that the airline started selling ticket to Abujaafter the minister’s declaration that the airport would reopened as scheduled.

“We have started selling tickets for Abuja. We started receiving booking demands for Abuja and we have started selling; starting from April 20, a day after the reopening date. We are hoping that government would fulfil their promise and reopen the airport on 19th,” he said.

Checks revealed that some international airlines have also started selling tickets and have notified their Abuja staff currently on leave on their resumption date.

The president of foreign airlines association in Nigeria, Kingsley Nwokoma confirmed that foreign airlines have opened booking for tickets and cargo flights to Abuja have already been booked by some carriers.

“After the Minister of State, Aviation, Senator Sirika staked his job and seconded by the Minister of Information, Lai Mohammed, ‎some foreign airlines have started selling tickets to Abuja. Everyone believes that the ministers will keep to their words. Even cargo booking has started for Abuja airport. That one is easier because it is not as sensitive as passenger service. Let us see how it plays.

“In a civilised country, if they give you a date people will work with that date. But since the minister has put his job on the line, we are confident that flights will start in Abuja after next week,” Nwokoma said.

Meanwhile, some of the international airlines, especially the legacy airlines, have stopped selling ‎business class tickets in naira but sell to passenger who are willing to makethe paymentin dollars.

President of a major travel solution company, who confirmed this development on Wednesday, said: “I just learnt this afternoon that the airline (name withheld) ‎does not sell business class tickets in naira. If you want to pay in naira they will tell you there are no seats but if you wish to pay in dollars seats will be avaliable. They don’t want to face the rigour of collecting naira and struggling with how to change it. They need this money for their operations and they have huge revenue in naira they are yet to repatriate.”

Foreign airlines, especially European and US carriers had cancelled their operations to Abuja airport due to security concerns, despite that the federal government allayed their fears over security issues.

Although recently, ‎domestic airlines said there has been passenger surge from the Kaduna airport, which is alternative to Abuja airport, as load factor has been boosted.

However, a top travel agent said some foreign airlines have not opened their inventory to resume flights from Abuja airport.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Business

New Website Unveiled by FG for Pay-Later CNG Conversion to Cut Transport Costs

Published

3 days ago

October 10, 2024

Yetunde Olugbenga

The federal government has unveiled a website that offers a pay-later option for commercial and private car owners looking to convert their petrol-powered vehicles to Compressed Natural Gas (CNG).

This was in response to the incessant increase in transportation fares following the removal of the fuel subsidy.

According to the Presidential Compressed Natural Gas Initiative (PCNGi) the initiative will help ease transportation costs and encourage more transporters to embrace CNG.

In a post on X, the National Orientation Agency (NOA) revealed that this initiative ensures a hassle-free experience for CNG users through an easy online application and a quick approval process.

“Switching to Compressed Natural Gas (CNG) is now more accessible than ever. With flexible payment plans tailored to fit your budget, transitioning from petrol to CNG has never been smoother or more affordable. These payment options allow you to convert your vehicle now and pay later with affordable monthly installments at competitive rates.” NOA stated.

The installment payment option aims to achieve the federal government’s projection of a 30-40% fare reduction as more motorists adopt this initiative.

In addition to the distribution of 2,000 CNG-powered tricycles among youths in the transportation sector across Nigeria, the pay-later option is intended to encourage more people to adopt CNG, thereby providing affordable mobility options.

Business

Nigerians Fear Increase in Fake Products as NAFDAC Officials Commence Indefinite Nationwide Strike

Published

5 days ago

October 8, 2024

Ugwoke Ogbodo

There are indications that fake producers of consumables and other items across the country may have a field day following an industrial action embarked upon by workers of the National Agency for Food and Drug Administration and Control (NAFDAC).

Investors King gathered that the nationwide strike which started on Monday is indefinite and nationwide.

The decision of the staff of the agency to down tools followed the expiration of a 14-day ultimatum issued to their management.

The decision to shun work was confirmed after a congress of NAFDAC staff convened on Friday, October 4, 2024 over unresolved issues.

The striking workers, under the directive of the Senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASCGOC) have been instructed to withdraw all services and vacate offices.

They were also ordered to remove personal belongings as the strike began.

The demands of the staff include a review and re-evaluation of the 2024 promotion examination results, which currently reflect a pass rate of just 35%.

The union is pushing for a minimum benchmark of 80% for this year and future exams. Another key demand is the settlement of salary arrears for employees hired in 2022 among others

In a statement signed by Secretary of the Association, Ejor Michael, the union accused NAFDAC management of ignoring their grievances, calling the inaction insufferable.

The staff have vowed to continue the strike until all demands outlined in their communiqué are met.

NAFDAC, which plays a critical role in regulating Nigeria’s food, drug, and pharmaceutical industries, is expected to face significant operational disruptions as a result of the industrial action.

Before now, there had been public outcry over the increase in fake products as Nigerians called out the agency and tasked it to be more proactive.

They expressed fear that there is a tendency that manufacturers of fake products would have ample opportunities to saturate the markets with dangerous products as those who would tackle them are now on strike.

Business

27.75% Interest Rate Painful but Necessary – CBN Gov Cardoso

Published

5 days ago

October 7, 2024

Bassey Marshall

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has described the recent increase in the Monetary Policy Rate (MPR) to 27.25% as a painful but necessary move.

Cardoso made this known in Lagos, during his address to members of the Harvard Club of Nigeria on the topic: “Leadership in Challenging Times: Restoring Credibility, Building Trust, and Containing Inflation”.

Investors King reported that on September 24, 2024, the apex bank announced another increase in its Monetary Policy Rate (MPR) from 26.75 percent to 27.25%

The decision was reached during the Monetary Policy Committee (MPC) meeting chaired by the CBN Governor.

However, while delivering his speech in Lagos, the CBN boss sympathized with borrowers highlighting the pain the new interest rate will heap on them.

According to Cardoso, the bank’s decision to raise the interest rate was a bold move to reduce excess money in circulation and control inflation effectively.

He emphasized the need for Nigeria to look beyond short-term comfort and strive to secure long-term stability.

Cardoso reaffirmed the CBN’s commitment to rebuilding public trust in the institution.

He said, “Our decision to raise the Monetary Policy Rate (MPR) to 27.25% was a bold move. Higher interest rates, while painful for borrowers, are necessary to curb excess money in circulation and control inflation.

“Leadership is about making hard choices to secure long-term stability over short-term comfort in moments like these

“Leading through challenging times means avoiding the temptation to take on too many initiatives. The Central Bank must focus on its core mandate—price stability. It is easy to become distracted by various political and economic pressures, but as a leader, one must prioritise.”

“Trust is the currency of central banking. If the public loses trust in the institution, the efficacy of its policies diminishes.

“Our decision to implement the Electronic Foreign Exchange Matching System (EFEMS) is rooted in this understanding.

“By enhancing transparency and providing more accurate oversight of forex transactions, we send a strong signal that the CBN is serious about fair and efficient markets.”

Meanwhile, The Manufacturers Association of Nigeria (MAN) had criticized the interest rate hike by the Central Bank of Nigeria (CBN).

The Director General of MAN, Mr. Segun Ajayi-Kadir, made the association’s position known in a statement titled ‘Reaction of MAN on the Report of MPC Meeting on September 23-24, 2024’.

MAN noted that with the higher interest rate, the cost of production will increase.

According to him, the impact of the increase goes beyond the manufacturers, it will stifle investment opportunities.