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FG Refurbishes Lagos International Airport Terminal

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  • FG Refurbishes Lagos International Airport Terminal

The Federal Government through its agency, the Federal Airports Authority of Nigeria, has commenced the refurbishment of the Murtala Muhammed International Airport, Lagos.

The development is coming after Vice-President Yemi Osinbajo visited the airport some weeks ago as acting president and complained about the state of its facilities.

FAAN, however, said prior to the Vice President’s visit, there were plans to prepare the airport for certification by the International Civil Aviation Organisation before the end of the year.

ICAO has set May as the deadline for the Murtala Muhammed International Airport, Lagos, to be ready for the certification while the Nnamdi Azikiwe International Airport, Abuja is expected to be ready for the same process in December.

The two airports were chosen due to their volumes of traffic in the country, both of which have the largest air passenger traffic in Africa.

In what FAAN described as quick fix, there have been improvements at the terminal with signage at every point, directing passengers and other visitors to their destinations.

Our correspondent also observed that the cooling system had been upgraded and waiting areas created for passengers at both arrival and departure halls outside the terminal, which had helped to reduce the number of people in the halls.

According to the FAAN’s Deputy General Manager, Operations, Victoria Shina-Aba, there are plans to also install screening machines that will screen items and put an end to manual checking of luggage, which many passengers have complained about.

She said the travelators, escalators, some conveyor belts that were out of use and the check-in counters would be fixed and that with time, FAAN would carry out total refurbishment of the terminal including flooring of relevant areas.

Some passengers, who spoke with our correspondent on Friday, however, said there were still a lot more to be done.

“Security should be improved upon too. I don’t know if it is within the purview of FAAN but these security agents who solicit for money from travellers at will should be checked; it is an embarrassment to our country. The extortion is too much, especially for those travelling out of the country for the first time,” a traveller who identified himself as Bolaji said.

Another traveller said the quick fix should start from outside the terminal, adding that the signage with the MMIA inscription should be electrified.

“These little details matter a lot and say a lot about the country for those visiting for the first time. At least if the government is going to open a new terminal going by the construction that is ongoing, the old one should be maintained,” he said.

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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