Connect with us

Economy

Nigerians Knock, Hail FG Over Completed Airport Terminal

Published

on

hadi-sirika
  • Nigerians Knock, Hail FG Over Completed Airport Terminal

Some Nigerians on Monday criticised the Federal Government for announcing that it had completed an “abandoned terminal” at the Nnamdi Azikiwe International Airport, Abuja, as they argued that the terminal in question was not abandoned, but was an ongoing project.

A number of other people, who commented on the issue, however commended the government for completing the project.

The Minister of State for Aviation, Hadi Sirika, tweeted that Terminal D at the NAIA, which, according to him, was abandoned many years ago, had been completed by the Federal Government.

Explaining some of the pictures through his Twitter handle, @hadisirika, the minister said, “This is not the new Abuja terminal. It is the abandoned terminal D, completed. The new terminal will, by the grace of God, be completed year end. Bear with us.”

After Sirika’s tweet, one of his followers, Tunji Iromini, told him that most completed projects in Nigeria wither away after a few years as a result of poor maintenance culture and asked what steps the government would adopt to avoid this pitfall at the just completed Terminal D.

The minister replied that the airport terminal would not be allowed to rot away, as it would be given out through concession.

Another Twitter user, with the name Pasra, accused the government of being in a haste to announce ongoing projects, instead of announcing its achievements in infrastructure development after the completion of certain projects.

“Why notify us when you are not done? Enough of all these ‘will’ and ‘if’. Get the job (done) and allow your work to speak for you. Busy people tell others about their work; productive people let their work speak for them. So get back to work, after all, that’s why you are paid,” she tweeted.

But Sirika countered the tweet, as he stated that the project in question had been completed by the Federal Government and was not the same as the expansive terminal being handled by a Chinese firm at the Abuja airport.

“This is a completed project ma, different from the other ‘Chinese’ contract. This was abandoned for years, please,” he said.

Still not satisfied with the minister’s explanation, another follower, Efosa Imasuen, asked Sirika to “show us any corresponding document where you re-awarded the abandoned contract.”

He added, “I doubt if the Chinese company handling the job would agree with this lie that the Abuja airport expansion project was at anytime abandoned by the CCECC (China Civil Engineering Construction Corporation).”

Responding, Sirika stated that Imasuen was mixing things up, as the terminal being constructed by the Chinese firm was still ongoing, adding that the Twitter user could apply to the Federal Ministry of Transportation for the documents.

The minister tweeted, “Sir, you are mixing the two. The ‘Chinese terminal’ is ongoing and will be ready before the year end. This is Terminal D. You can apply to the ministry and every document will be made available to you, in compliance with the Freedom of Information Act. I await your application, please,” the minister said.

Imasuen, however, insisted that the completed terminal was not abandoned, stating, “I trust you (Sirika) would know better in terms of the terminal you are completing. My concern here is you’re labelling an ongoing project as abandoned project. I am impressed this administration is continuing projects, but it can be done without dividing us further. Well done.”

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.

Continue Reading
Comments

Economy

Federal Government Set to Seal $3.8bn Brass Methanol Project Deal in May 2024

Published

on

Gas-Pipeline

The Federal Government of Nigeria is on the brink of achieving a significant milestone as it prepares to finalize the Gas Supply and Purchase Agreement (GSPA) for the $3.8 billion Brass Methanol Project.

The agreement to be signed in May 2024 marks a pivotal step in the country’s journey toward industrialization and self-sufficiency in methanol production.

The Brass Methanol Project, located in Bayelsa State, is a flagship industrial endeavor aimed at harnessing Nigeria’s abundant natural gas resources to produce methanol, a vital chemical used in various industrial processes.

With Nigeria currently reliant on imported methanol, this project holds immense promise for reducing dependency on foreign supplies and stimulating economic growth.

Upon completion, the Brass Methanol Project is expected to have a daily production capacity of 10,000 tonnes of methanol, positioning Nigeria as a major player in the global methanol market.

Furthermore, the project is projected to create up to 15,000 jobs during its construction phase, providing a significant boost to employment opportunities in the country.

The successful execution of the GSPA is essential to ensuring uninterrupted gas supply to the Brass Methanol Project.

Key stakeholders, including the Nigerian National Petroleum Company Limited and the Nigerian Content Development & Monitoring Board, are working closely to finalize the agreement and pave the way for the project’s advancement.

Speaking on the significance of the project, Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized President Bola Tinubu’s keen interest in expediting the Brass Methanol Project.

Ekpo reaffirmed the government’s commitment to facilitating the project’s success and harnessing its potential to attract foreign direct investment and drive economic development.

The Brass Methanol Project represents a major stride toward achieving Nigeria’s industrialization goals and unlocking the full potential of its natural resources.

As the country prepares to seal the deal in May 2024, anticipation grows for the transformative impact that this landmark project will have on Nigeria’s economy and industrial landscape.

Continue Reading

Economy

IMF Report: Nigeria’s Inflation to Dip to 26.3% in 2024, Growth Expected at 3.3%

Published

on

IMF global - Investors King

Nigeria’s economic outlook for 2024 appears cautiously optimistic with projections indicating a potential decrease in the country’s inflation rate alongside moderate economic growth.

The IMF’s revised Global Economic Outlook for 2024 highlights key forecasts for Nigeria’s economic landscape and gave insights into both inflationary trends and GDP expansion.

According to the IMF report, Nigeria’s inflation rate is projected to decline to 26.3% by the end of 2024.

This projection aligns with expectations of a gradual easing of inflationary pressures within the country, although challenges such as fuel subsidy removal and exchange rate fluctuations continue to pose significant hurdles to price stability.

In tandem with the inflation forecast, the IMF also predicts a modest economic growth rate of 3.3% for Nigeria in 2024.

This growth projection reflects a cautious optimism regarding the country’s economic recovery and resilience in the face of various internal and external challenges.

Despite the ongoing efforts to stabilize the foreign exchange market and address macroeconomic imbalances, the IMF underscores the need for continued policy reforms and prudent fiscal management to sustain growth momentum.

The IMF report provides valuable insights into Nigeria’s economic trajectory, offering policymakers, investors, and stakeholders a comprehensive understanding of the country’s macroeconomic dynamics.

While the projected decline in inflation and modest growth outlook offer reasons for cautious optimism, it remains essential for Nigerian authorities to remain vigilant and proactive in addressing underlying structural vulnerabilities and promoting inclusive economic development.

As the country navigates through a challenging economic landscape, concerted efforts towards policy coordination, investment promotion, and structural reforms will be crucial in unlocking Nigeria’s full growth potential and fostering long-term prosperity.

Continue Reading

Economy

South Africa’s March Inflation Hits Two-Month Low Amid Economic Uncertainty

Published

on

South Africa's economy - Investors King

South Africa’s inflation rate declined to a two-month low, according to data released by Statistics South Africa.

Consumer prices rose by 5.3% year-on-year, down from 5.6% in February. While this decline may initially suggest a positive trend, analysts caution against premature optimism due to various economic factors at play.

The weakening of the South African rand against the dollar, coupled with drought conditions affecting staple crops like white corn and geopolitical tensions in the Middle East leading to rising oil prices, poses significant challenges.

These factors are expected to keep inflation relatively high and stubborn in the coming months, making policymakers hesitant to adjust borrowing costs.

Lesetja Kganyago, Governor of the South African Reserve Bank, reiterated the bank’s cautious stance on inflation pressures.

Despite the recent easing, inflation has consistently remained above the midpoint of the central bank’s target range of 3-6% since May 2021. Consequently, the bank has maintained the benchmark interest rate at 8.25% for nearly a year, aiming to anchor inflation expectations.

While some traders speculate on potential interest rate hikes, forward-rate agreements indicate a low likelihood of such a move at the upcoming monetary policy committee meeting.

The yield on 10-year bonds also saw a marginal decline following the release of the inflation data.

March’s inflation decline was mainly attributed to lower prices in miscellaneous goods and services, education, health, and housing and utilities.

However, core inflation, which excludes volatile food and energy costs, remained relatively steady at 4.9%.

Overall, South Africa’s inflation trajectory underscores the delicate balance between economic recovery and inflation containment amid ongoing global uncertainties.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending