- Be Active Economic Players, Minister Advises Nigerians
The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, has advised young Nigerians to play an active role in the quest to transform the economy of the country.
He stressed the importance of economic diversification and urged people to get involved in genuine business that could make Nigeria a producer not a consumer nation.
He made the remarks at the maiden economic summit of the Redeemed Christian Church of God’s Men’s Fellowship Region 19.
Enelamah pointed out that there was a need for Nigerians to become major players and not spectators in the country’s dream beyond oil, a statement said on Wednesday.
While presenting a paper titled ‘The Nigerian Dream Beyond Oil’, Enelamah outlined the various plans and programmes of the Federal Government to move from dependence on oil to include stabilisation of the macro-economic environment, achieving agriculture and food security, ensuring energy sufficiency in power as well as improving transportation infrastructure and driving industrialisation with a focus on the Small and Medium Enterprises.
He sought the support and understanding of the people on government’s efforts to revamp the economy, adding that Nigerians should take keener interest in governance through active participation.
The Special Assistant to the General Overseer (Missions), Brown Oyitso, said, “If Nigeria is to look beyond oil, we need to deliberately do some things differently such as focus on agriculture, local manufacturing, fiscal diversification and knowledge-based economy.”
The Regional RMF Coordinator, Amos Emovon, was quoted as saying that the recent economic recession resulting from the glut in the oil sector presented huge risks as well as significant opportunities for Nigeria’s economic renaissance.
He said the conference was meant to make participants understand the times and receive direction on what to do.
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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