- NDE Partners Firm on Tricycle Assemblage Plant
The National Directorate of Employment has entered into a partnership with the Simba Group for the establishment of a tricycle assemblage plant in Nigeria.
According to the NDE, its interest is to establish partnerships with manufacturers and other corporate organisations to create jobs for Nigerians.
Speaking during the unveiling of Simba Group’s locally assembled TVS Deluxe tricycle in Abuja, the Director of Procurement, NDE, Mr. Adegbite Adebayo, stated that aside helping the firm to showcase its works as a viable means of creating jobs, the partnership would be extended to the local manufacturing of some of Simba Group’s products.
“All over the world, the fulcrum of employment generation is always when products are manufactured locally. Yes, this partnership is at the stage of assembling, but over time, it will create opportunity for manufacturing and technology transfer,” he said.
Adebayo noted that the manufacturing of engines and other components were potential areas that shrewd entrepreneurs could take advantage of, adding that the NDE was considering other areas of partnerships for the purpose of engaging a greater number of unemployed persons in Nigeria.
“From assemblage, we can go into manufacturing and this will lead to more jobs for our citizens,” he said.
The Abuja Branch Manager, Simba Group, Mr. Ravil Bajaj, said the firm would establish a tricycle assemblage plant in Nigeria next year.
He explained that the firm had commenced talks with the Federal Ministry of Industry, Trade and Investment to facilitate the production process for the vehicles.
“We are actually working very seriously to set up our assemblage plant next year so that we can have more Nigerians empowered through the factory. That is the next phase. We are already having discussions with some state governments and we are getting lots of interest,” he explained.
On the newly unveiled product, Bajaj stated that the TVS was manufactured with adequate protection from behind against possible hit by vehicles, adding that it was more secure to protect passengers.
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.
The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.
IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.
The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.
Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.
Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.
IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.
However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.
He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.
Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.
Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.
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