Travel

FG Pays $850m Debt to European Airlines

Published

3 months ago

July 4, 2024

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.

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Samed Olukoya

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.

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Travel

Many Nigerians Disappointed as FG Refuses to Subsidise Hiked Passport Fees

Published

1 week ago

September 28, 2024

Ugwoke Ogbodo

Nigerian International passport- Investors King

Many Nigerians have expressed their displeasure following the announcement by the Minister of Interior, Olubunmi Tunji-Ojo, on Friday that the Federal Government would not reduce nor subsidise the rate of purchasing the international passport in the country.

Justifying the recent increase in passport fees, he clarified that the rise was approximately 45%, attributing the fee adjustment to the exchange rate between the dollar and the naira.

As per the new structure, the cost of a 32-page passport booklet with a five-year validity increased from N35,000 to N50,000, while a 64-page passport booklet with a 10-year validity rose from N70,000 to N100,000.

Meanwhile, some Nigerians who had in August kicked against the new price when the Nigerian Immigration Service announced an upward review of the fees for Nigerian Standard Passports, said it was a ploy by the Federal Government to frustrate efforts by Nigerians to travel out of the country for greener pastures.

They expressed disappointment over the fee hike, accusing the government of making japa (migration) more expensive.

Speaking, a Nigerian, Fidelis Okoro noted that the Federal Government was expected to have subsidized the increment, adding that the Minister’s insistence on the hike fees is not welcome.

Another citizen, Agali, who shared his disappointment with the government in a chat with Investors King, said, “Now the government is increasing taxes and fees and fattening its IGR base on the detriment of poor masses. Even those who struggle to leave the country are not spared. I, for one had expected that the government should have subsidized passport fees but with this announcement by the minister, I am disappointed.”

But, the minister, while speaking at a media briefing in Abuja to mark his first year in office, explained the reason why the government could not subsidise passport fees for Nigerians.

He also clarified that the price increase did not affect the fees for Nigerians living abroad.

The minister explained that the increase in passport fees is a matter of cost-benefit analysis, especially when considering the exchange rate between the dollar and the naira, adding that if the government were to subsidise anything, he doesn’t think it should be passports.

“The increase is just from N35,000 to N50,000 — only about 45%. There has been no increase for Nigerians abroad,” he maintained.

He stressed that the government was not exploiting Nigerians but simply covering the cost of passport procurement.

Tunji-Ojo also revealed that Nigerians in the diaspora, particularly those in the United States, Canada, and the United Kingdom, would soon enjoy more seamless passport acquisition processes.

Travel

Ethiopian Celebrates Six Decades of Uninterrupted Services to Rome: A Milestone in Aviation Excellence

Published

2 weeks ago

September 20, 2024

Samed Olukoya

Ethiopian Airlines Group, Africa’s leading aviation group, proudly marks a historic milestone with 60 years of uninterrupted service to the captivating city of Rome, Italy.

The airline hosted a vibrant celebration in the Eternal City, attended by esteemed government officials from both Ethiopia and Italy, corporate guests, stakeholders as well as Ethiopian Airlines executives, to commemorate this diamond jubilee achievement.

The celebration underscored the airline’s unwavering commitment to its passengers and the significance of the Rome route in its global network.

The event showcased Ethiopian’s dedication to providing seamless travel experiences and strengthening its position as a key player in connecting Africa and Europe.

Mr. Mesfin Tasew, Group CEO of Ethiopian Airlines, stated: “We are incredibly proud to celebrate 60 years of uninterrupted service to Rome. This milestone is a testament to our unwavering dedication to connecting people and fostering economic growth between Africa and Europe.

We are grateful for the support of our valued customers and partners throughout these six decades.”

Ethiopian Airlines, with Rome as its inaugural Italian destination, expanded to Milan in 2011. The airline offers daily flights to both cities using modern aircraft for passenger comfort.

Starting December 1, 2024, Ethiopian will increase Rome flights to ten weekly, enhancing travel flexibility and connectivity. The airline serves over 24 European destinations and continues to grow, with Port Sudan and Dhaka soon joining its global network.

Travel

Ethiopian Airlines Expands African Reach with a New Port Sudan Service

Published

4 weeks ago

September 11, 2024

Samed Olukoya

Ethiopian Airlines is delighted to announce the launch of a daily flight service to Port Sudan, Sudan, commencing on October 15, 2024.

This strategic expansion further strengthens Ethiopian’s commitment to enhancing connectivity across the African continent and beyond, fostering regional socio-economic growth and facilitating trade and tourism.

The new route will provide seamless travel options for passengers traveling between Ethiopia and Sudan, as well as connecting travelers from across the vast Ethiopian Airlines network to this significant Red Sea port city.

The introduction of this service underscores Ethiopian’s dedication to serving the evolving needs of the African market and contributing to the continent’s economic development. By connecting Port Sudan to
its extensive global network, Ethiopian Airlines aims to unlock new opportunities for businesses, travelers, and communities, promoting cross-border collaboration and cultural exchange.

The inaugural flight, ET350, will depart from Addis Ababa at 11:00 and arrive in Port Sudan at 12:15. The return flight, ET 351, will leave Port Sudan at 14:15, arriving back in Addis Ababa at 17:30. Both flights will be operated by the state-of-the-art Boeing 737 Max aircraft, ensuring a comfortable and reliable journey.

“We are pleased to connect our Sudanese brothers and sisters from Port Sudan to Addis Ababa,
and to the rest of the world using our extensive global network,” says Mesfin Tasew, Group CEO of Ethiopian Airlines.

“By introducing daily flights to Port Sudan, we are bridging cultures and economies. This expansion is a testament to our unwavering dedication to serve our continent and its people, driving progress and prosperity through the skies.”

With the inclusion of Port Sudan, Ethiopian Airlines expands its network to 66 destinations within Africa. The inauguration of this new route emphasizes Ethiopian Airlines’ dedication to broadening its presence throughout Africa, while simultaneously enhancing connectivity for both business and leisure travelers.

Port Sudan, a city strategically situated along the Red Sea, acts as an essential center for commerce and economics in the region. This development offers a gateway to the diverse cultural
history and burgeoning economic prospects of Sudan.

Ethiopian Airlines invites passengers to experience the warmth and hospitality of its newest destination, Port Sudan. Book your journey today and be part of the growth story that is Ethiopian Airlines – the New Spirit of Africa.