Connect with us


IATA to Africa: Invest in Airport Infrastructure



  • IATA to Africa: Invest in Airport Infrastructure

The International Air Transport Association (IATA) has advised African governments to invest in airport infrastructure.

Such investment, IATA said, would ensure improvement in air safety.

Besides, focusing on airport infrastructure, the global airlines regulator also urged African governments to consider committing more resources to training of technical aviation personnel to boost the quality of industry expertise and education.

IATA said investment in human capital development was neccessary for the growth and development of air transportation in Africa.

Its Regional Vice President, Africa and Middle East, Muhammad Ali Albakri, made this known in an interview with The Nation at the weekend in Lagos.

He said air transport could grow in Africa, if governments plough revenues accruing from taxes and levies into expanding operational facilities to enable airline operate safely and profitably.

Albakri said the global body will continue to engageAfrican governments on ways to improve civil aviation regulation,promote safety and security as well as design measures that will stimulate the growth of air transportation.

The global airlines regulator, however, canvassed the sharing of security information among African countries to facilitate the movement of cargo and people across transnational borders.

He said connectivity within African countries still remains a major hurdle for many countries because of failure of African governments to liberalise their airspace.

Liberalising the African airspace, Albakri said, will make it easy for more carriers to fly into major capitals without bilateral restrictions.

Regrettably, Albakri said the Single African Sky Agreement reached by many countries many years was yet to take off, because some of them were yet to realise the benefits a liberalised airspace could bring to their economies.

He said though Nigeria has taken some steps to fix its aviator sector, a lot still needs to be done.

Albakri said: “Air transport in Nigeria supports more than 650,800 jobs, including tourism-related employment, and contributing $8.2 billion to the country‘s Gross Domestic Product (GDP).

“ Over the next 10 years, passenger volumes are forecast to grow more than seven per cent yearly, exceeding the global average by a healthy margin.

“For Nigeria, this means an additional 7.9 million passengers that will take to the sky every year, creating significant opportunity to accelerate economic growth, boost prosperity and support development.”

He said despite significant investment in Nigeria’s aviation sector, the country’s air transport infrastructure still ranks low among African states.

Albakri said though IATA recognises and supports the positive developments by Nigeria on infrastructure, it seeks continued adherence to international best practices and an optimal regulatory environment.

He said: “Now that the country is emerging from recession, aviation can unlock the enormous economic potential that exists within Nigeria. We encourage the government to continue to promote aviation for its role as a catalyst and economic enabler for the country, and to promote stronger connectivity within Nigeria and its neighbouring African countries.

“In addition, now is the time to continue to invest in modern and efficient infrastructure to accommodate the future traffic growth that will occur,” he said.

Albakri said unwarranted or excessive taxation on international air transport will continue to have negative impact on economic and social development.

This, he said, pushed IATA to join forces with industry partners in ensuring that airlines are subjected to fair and efficient taxation measures with respect to their operations, regardless of location.

He said: “IATA will continue to work with the industry to ensure that government authorities adhere to the International Civil Aviation Organisation (ICAO), the Organisation for Economic Cooperation and Development (OECD), and the United Nations taxation principles. In this regard, IATA is actively involved in a range of activities.

“We will ensure that new and existing taxation measures, be they direct or indirect, are fairly applied and adequately consider the economic and social ramifications.

“We will continue to push against measures that result in double taxation, mobilise against taxation measures that unjustly target the industry, where the resulting tax revenues are not reinvested in air transport related services and infrastructure. He also said IATA will continue to play leadership role in influencing airport and airspace planning and development projects worldwide to meet airline requirements for safety, efficiency and functionality.

The IATA chief, however, spared a thought for the multiple entry policy obtainable for African carriers into Nigeria, urging other African carriers to open their skies for accelerated development of the continent.

Albakri said: “We encourage other countries to embrace what Nigeria has done by removing all restrictions that serve as obstacle to opening Africa with the least requirements.

“What we need in Africa is air services to connect the entire continent so that there could be exchange of expertise, knowledge and commerce.”

He said air safety in Africa has improved tremendously with more carriers embracing the International Operations Safety Audit ( IOSA).

Albakri said: “Safety has improved for African carriers due to hard work and focus on international standards, practices and procedures.

“We will continue to urge African countries to focus on airport and airspace management infrastructure improve training documentation, engage in regulatory information sharing to drive safety culture.”

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

Continue Reading


Lagos State Government Set to Demolish $200 Million Landmark Beach Resort



Landmark Beach

The Lagos State Government has issued a demolition warning to the proprietor of the $200 million Landmark Beach Resort, a renowned tourist destination in the region.

The resort nestled along the picturesque coastline faces imminent destruction to make way for the construction of a 700-kilometer coastal road linking Lagos with Calabar.

Paul Onwuanibe, the 58-year-old owner of the Landmark Beach Resort, revealed that he received a notice in late March instructing him to vacate the premises within seven days to facilitate the impending demolition.

The resort, which spans a vast expanse of land and hosts over 80 businesses, is a hub of economic activity, sustaining over 4,000 jobs directly. Also, it contributes more than N2 billion in taxes annually.

The news of the resort’s potential demolition has sparked concerns among investors and stakeholders in the tourism sector. Onwuanibe expressed dismay at the government’s decision, highlighting the substantial investments made in developing the resort’s infrastructure.

He explained that the planned demolition would not only lead to significant financial losses but also jeopardize the livelihoods of thousands of employees and businesses associated with the resort.

The Landmark Beach Resort is a popular tourist destination, attracting approximately one million visitors annually, both local and international. Its unique amenities, including a mini-golf course, beach soccer field, and volleyball and basketball courts, make it a favorite among tourists seeking leisure and recreation.

The prospect of the resort’s demolition has triggered widespread panic among international and domestic investors associated with the Landmark Group. Many are now considering withdrawing their investments, citing concerns about the viability of the business without its flagship beach resort.

The Lagos State Government’s decision to proceed with the demolition is part of its broader plan to construct the Lagos-Calabar coastal highway, a 700-kilometer roadway connecting Lagos to Calabar.

The government had earlier announced its intention to remove all “illegal” constructions along the planned route of the highway, including the Landmark Beach Resort.

Continue Reading


Investors Petition EFCC as Over N3 Billion Trapped in Agrorite Investment Scheme



Agriculture - Investors King

Investors in one of Nigeria’s agritech crowdfunding platforms, Agrorite, have lodged a petition with the Economic and Financial Crimes Commission (EFCC) to recover more than N3 billion trapped in the company’s investment scheme.

Agrorite, which touted itself as a premier digital agricultural platform connecting smallholder farmers with finance and markets, is now at the center of a financial debacle.

The investment scheme operated by Agrorite attracted funding from eager investors who were promised returns on investments within a fixed timeframe.

However, the situation took a turn for the worse late last year when investors found themselves unable to access their funds as promised.

Despite repeated assurances from Agrorite’s founder and CEO, Toyosi Ayodele, the repayment deadlines were continually postponed until it became evident that the company had no intention of honoring its commitments.

The magnitude of the crisis became apparent as copies of the petition submitted to the EFCC revealed that investments totaling over N3 billion were trapped in Agrorite’s schemes.

Investors, including one individual who had invested N482 million in a Naira-denominated project and $100,000 in a dollar project, are now pinning their hopes on the EFCC to facilitate the recovery of their funds.

The dire consequences of the situation were tragically highlighted by the case of an elderly woman who had invested her entire pension benefit of N40 million in Agrorite.

Upon realizing that her savings might never be recovered, she collapsed and was rushed to the hospital, underscoring the devastating impact on individual investors’ lives.

Efforts to reach Agrorite’s CEO for comments proved futile, with reports indicating that he had been arrested by the EFCC in connection with the investment debacle.

While some staff members confirmed the CEO’s arrest, they claimed ignorance regarding the reasons behind the company’s inability to fulfill its financial obligations to investors.

According to them, the EFCC’s investigation revealed a severe lack of funds in Agrorite’s accounts, leading to the arrest of key management personnel.

As the EFCC intensifies its efforts to recover investors’ funds, Agrorite’s website,, has mysteriously disappeared from the web, further fueling suspicions of financial mismanagement within the company.

Continue Reading

Treasury Bills

Treasury Bills Yields Reach 17.67% Amidst Central Bank’s Tightening Policy



FG Borrows

The Treasury Bills yields rose to 17.67% amidst the Central Bank’s rigorous tightening of monetary policy.

This sharp surge in yields reflects the profound impact of the Central Bank’s efforts to rein in inflation and stabilize the foreign exchange market, though at the expense of investors and borrowers alike.

The surge in Treasury Bills yields from a modest 6.29% at the beginning of the year to 17.67% as of March 26, 2024 underscores the magnitude of the Central Bank’s tightening measures.

This unprecedented rise comes in tandem with a series of aggressive interest rate hikes with the monetary policy rate soaring by 600 basis points to 24.75% since the start of the year. Such a drastic increase in borrowing costs has sent shockwaves through the financial sector and prompted investors to reassess their portfolios and risk appetite.

Analysts attribute this surge in Treasury Bills yields to the Central Bank’s unwavering commitment to curbing inflation and stabilizing the foreign exchange market.

By raising interest rates and tightening monetary policy, the Central Bank aims to stem the tide of rising prices and restore confidence in the Nigerian economy.

However, these measures come with significant repercussions for investors and businesses, as borrowing costs escalate and investment returns diminish.

The Central Bank’s decision to issue a total of N1.64 trillion in Treasury Bills in the second quarter of 2024 further underscores its commitment to tightening liquidity and reducing inflationary pressures.

This substantial issuance of Treasury Bills is expected to absorb excess liquidity from the financial system, thereby exerting downward pressure on inflation and supporting the stability of the Nigerian currency.

While the Central Bank’s tightening policy may yield benefits in terms of price stability and exchange rate management, it poses challenges for investors and borrowers alike.

High borrowing costs and elevated Treasury Bills yields have the potential to dampen investment activity and constrain economic growth, particularly in sectors reliant on credit and financing.

As the Treasury Bills market grapples with soaring yields and heightened volatility, investors are advised to exercise caution and adopt a prudent approach to risk management.

In an environment characterized by uncertainty and policy tightening, navigating the financial markets requires a keen understanding of macroeconomic dynamics and a proactive strategy to mitigate potential risks.

Continue Reading