Connect with us

Travel

FG Pays $850m Debt to European Airlines

Published

on

U.S dollar - Investors King

The Federal Government of Nigeria has cleared a backlog of debts amounting to $850 million owed to European airlines.

This development was announced by Samuela Isopi, the European Union Ambassador to Nigeria and the Economic Community of West African States (ECOWAS), during the 9th edition of the Nigeria – EU Business Forum held in Abuja on Tuesday.

Ambassador Isopi praised the Nigerian government for its decisive intervention in resolving the debt issue, which had long been a point of contention between Nigeria and European carriers.

The repayment is expected to foster better relations and trust between Nigeria and European airlines, potentially leading to enhanced air travel connectivity and economic cooperation.

In addition to addressing the debt, the Nigerian government has also removed foreign exchange restrictions on the importation of forty-three items.

This policy shift is seen as a step towards liberalizing the economy and making it more attractive for foreign investments.

The move has been lauded by various stakeholders as it is expected to ease business operations and improve the overall economic landscape of the country.

“Nigeria remains the EU’s largest trading partner in Africa, with trade relations amounting to approximately 35 billion Euros last year,” Isopi noted.

She also highlighted Nigeria’s status as the EU’s biggest foreign investor on the continent, with a stock estimated at 26 billion Euros, which constitutes one-third of Nigeria’s foreign direct investment.

Over 230 EU companies currently operate in Nigeria, providing substantial employment opportunities for the youth and women, thereby contributing to the nation’s economic growth.

Themed ‘Investing in Jobs and Sustainable Future,’ the forum was attended by prominent figures, including Myriam Ferran, the Director General at the EU; Atiku Bagudu, the Minister of Budget and National Planning; and Nura Rimi, the Permanent Secretary at the Ministry of Industry, Trade and Investment.

The event served as a platform for dialogue between the public and private sectors, underscoring the role of government in supporting businesses to achieve inclusive development.

The forum’s discussions centered on enhancing investment in Nigeria, fostering sustainable economic growth, and creating jobs.

The stakeholders emphasized the importance of robust economic policies and the need for continued collaboration between Nigeria and the EU to achieve shared economic objectives.

The repayment of the $850 million debt is expected to bolster Nigeria’s reputation as a reliable partner in international trade and finance, paving the way for future investments and stronger economic ties with European nations.

This development marks a significant milestone in Nigeria’s efforts to stabilize its economy and create a conducive environment for business growth and development.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Travel

Air Peace Denies Lagos-Abuja Fare Increase to ₦200,000 Amid Viral Reports

Published

on

Air Peace has denied plans to raise fares from Lagos to Abuja from N114,000 to N200,000 following a leaked viral report.

This report, published by numerous media outlets claimed that Air Peace would raise its one-way flight fare to ₦200,000 effective November 1, 2024.

This was confirmed by a senior airline staff member who wished to remain anonymous.

The source clarified that the memo was intended for private partners but was unintentionally leaked to the public.

“Our intention was for the memo to remain strictly within our network of private partners, but it unfortunately leaked.

“Indeed, the fare review will take effect from November 1, 2024,” Nairametrics quoted the anonymous source.

The memo reads in part, “This is to inform you that our domestic fares have been reviewed.

“The new fares are effective for flights from 1st November 2024. The previous fares remain available for flights up to 31st October 2024”.

However, a statement by the airline on Saturday, October 26, has laid the rumours to rest.

Refuting the viral claim, the airline said the report was false and not from the firm.

Air Peace emphasized that any adjustment regarding the firm’s pricing will be published via its verified handles and urged Nigerians to rely on these verified channels to avoid misinformation.

The statement read, “We would like to categorically state that this information is false and did not originate from Air Peace.

“We have not released any official statement regarding a fare increase as described, and any announcements regarding our pricing would only be made through our verified channels. We encourage our valued customers and clients to rely exclusively on these platforms for accurate updates and information on fares.”

Continue Reading

Travel

Kogi Govt Secures FG’s Approval For International Airport Project

Published

on

Omicron

Kogi State under the leadership of Governor Usman Ododo has secured the approval of the Federal Ministry of Aviation and Aerospace Development to construct an international airport in the Zariagi area of the state.

This was made known in a statement on Friday by the State Commissioner for Information and Communications, Kingsley Fanwo.

Fanwo revealed that the approval for the Kogi State International Airport which is a top priority for Governor Ododo’s government was confirmed through a letter dated October 9, 2024.

He noted that besides the potential to boost the state’s economy, the project will tackle unemployment in the state with the creation of jobs and will also push the state to the global scene.

The statement revealed that the governor expressed thanks to President Bola Tinubu and the aviation minister for approving the project which has the capacity to develop the state.

He disclosed that the aviation team sent to inspect the location of the project were satisfied. They also approved the state government’s plan regarding the project.

The Commissioner stated, “The Ododo Administration has considered it a top priority for Kogi State to have an International Airport and join the league of the aviation hub. The strategic location of the state is no doubt, an invaluable advantage in harnessing the aviation service market as the centre of the nation.

“The project will not only boost the economy of the State, it will also create jobs and bring the potential of the state to the global scene.

“The Governor is determined to hire the best hands in the industry to make the project a huge success. As you are aware, aviation is an industry of trust and standards.

“We thank President Bola Ahmed Tinubu, GCFR and the Aviation Minister for the historic approval that will help to further develop Kogi State. We want to also say that the Airport will also have capacity for Cargo as that is one of our key focuses in the project.”

“Zariagi is a very strategic community that already boasts of an airstrip. The team from the Ministry of Aviation and Aerospace Development was satisfied with the location and the plans of the Kogi State Government on the project.”

In related news, the Kogi State government on Monday, October 7 announced an immediate salary increase for civil servants in the state.

According to the governor, the new wage of N72,500 aims to help civil servants in Kogi cope with the economic hardship in the country and support families in the state.

The Governor also announced a one-year suspension of the Pay-As-You-Earn (PAYE) tax.

Continue Reading

Travel

CNG Vehicle Explosion in Edo State Leaves Multiple Injured, Properties Damaged

Published

on

Compressed Natural Gas (CNG) converted vehicle has exploded, causing multiple injuries and destruction of properties within the vicinity of the incident.

The incident was reported to have occurred at one of the CNG stations, NIPCO CNG station, located at Eyean, Auchi Road, Edo State.

It was reported that many sustained injuries and vehicles within the vicinity of the incident were damaged. But, as of this report, no death was recorded.

The explosion reportedly occurred during the refueling of the station wagon’s CNG cylinder vehicle.

It could be recalled that the growing use of CNG in Nigeria emerged as a cost-saving measure in response to rising petroleum prices. However, following this incident, concerns about the human safety of converted CNG vehicles have been raised.

Many netizens questioned the safety of individuals converting their vehicles to CNG.

One X user, @Otunbakush1 stated, “I will keep saying it, if u like abuse me, as long as the vehicle Manufacturers didn’t attach the CNG features to the vehicle pls and pls don’t convert ur car, that’s a moving bomb, this happened at Edo state this morning, CNG converted vehicle exploded.”

In response to the incident, the Presidential Compressed Natural Gas Initiative (PCNGI) via their X platform, clarified that the vehicle involved in the incident was illegally converted to CNG, leading to its explosion during gas refueling.

“The Presidential CNG Initiative notes the unfortunate incident that involved an illegally modified vehicle at a NIPCO CNG Station at Ikpoba Hill in Benin City on Wednesday, October 16, 2024.

“The PCNGI commiserate with those injured in this avoidable incident, and thankful that no lives were lost. The PCNGI also note that safe handling of all hydrocarbon is critical to their safe use. A close examination of the cylinder in question in Benin City shows it was welded and modified and not an approved for use for CNG. The police, regulatory authorities and management of NIPCO are undertaking a painstaking investigation of the incident and we are coordinating with them,” PCNGI started.

The PCNGI emphasised the importance of ethical compliance with safety regulations and urged the public to patronise only CNG-accredited conversion centres to avert further tragic occurrences.

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending