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Ghana, Britain Sign £20m Trade Deal

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  • Ghana, Britain Sign £20m Trade Deal

Ghana and Britain on Tuesday signed a £20 million (22 million euros, $26 million) trade and investment agreement to create jobs and promote economic development in the west African nation, the Ghanaian presidency said.

The presidency said a Memorandum of Understanding, which represents Britain’s new working programme in its former colony, has been tailored along President Akufo-Addo’s vision of a “Ghana Beyond Aid”.

Britain’s Minister of State for Africa Harriet Baldwin who signed on behalf of her government said the programme would focus on four key areas.

“It will focus on some of the policy suggestions to make it easier to do business in Ghana, and on promoting of opportunities for inward investment into Ghana,” she said.

The agreement would also ensure more value-added activities for Ghana exports as well as develop infrastructure that will attract new investments into the country.

Baldwin said the programme will attract at least £15 million investments into Ghana, creating an estimated 15,000 new jobs.

Ghana Trade and Industry Minister Alan Kwadwo Kyerematen said he hoped the deal would lead to improved trade relations with Britain.

“I therefore see this as a game changer, a turning point in opening a new chapter in UK-Ghana relations. (I am) glad to note that this jobs and economic transformation programme is, indeed, signaling this transition to focus on trade and investment,” he said.

The agreement comes as British Prime Minister Thesera May began a tour of South Africa, Nigeria and Kenya as part of a campaign to promote Britain’s global ambitions after it leaves the European Union next year.

“By 2022, I want the UK to be the G7’s number one investor in Africa, with Britain’s private sector companies taking the lead,” May told business leaders in Cape Town, South Africa on Tuesday.

(AFP)

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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Domestic Airlines Increase Fares Ahead of Flight Resumption

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Domestic Airlines Raise Ticket Fares Ahead of Flight Resumption

The nation’s airline companies raised ticket fares to compensate for lack of bailout from the Federal Government and about 100 percent increase in service charges.

Last month, the Federal Government directed all domestic airlines to begin flight operations on July 8th following the March 30th suspension of all operations.

However, checks by our correspondent showed that domestic airlines have increased fares on all classes of tickets from Lagos to Abuja.

For a Dana Air flight from Lagos to Abuja, Economy Discount tickets are sold for N30,000 for a one-way ticket while the Economy Flexible ticket goes for N70,500.

Similarly, Air Peace Economy-Flexi Domestic Plan ticket goes for N33,001 for a one-way flight from Lagos to Abuja. The company sold its business class ticket for N80,000.

While potential passengers of Azman Air would need to part with N33,000 for an economy ticket from Lagos-Abuja. For a business class ticket, the company charges N60,000.

Arik Air, however, charges the lowest for economy plan. Passengers are required to pay just N29,189 for economy tickets and N71,532 for business tickets for a one-way trip from Lagos to Abuja.

Allen Onyema, the Chief Executive Officer, Air Peace, who was present at the simulation exercise conducted two weeks ago, had called for a bailout to help the sector protect jobs.

He said “Palliatives, bailout, rollout, intervention funds or whatever we call it is necessary. All over the world, the government is giving palliatives, bailout funds to their airlines.

“Even the strongest of airlines all over the world asked for this. What bothers us more in Air Peace is the retention of the workforce.

“COVID-19 has brought about immense loss of jobs worldwide. We must begin to think of ways of curbing the losses in Nigeria.”

However, it doesn’t seem like the Federal Government that is presently battling possible recession is willing to bail out airlines whose services are mainly required by high net worth individuals.  This further highlighted why the service charges on flight tickets were raised by 100 percent.

The average cost of one way air flight from Lagos to Abuja was between N15,000 to N40,000 before the lockdown.

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IATA Says Nigerian Airlines Loses $2.09bn in April and June

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Airlines in Nigeria Loses $2.09 Billion in April and June

The International Air Transport Association (IATA) has estimated that Nigerian airlines lost about $2.09 billion in the month of April and June due to COVID-19 lockdown.

In its report titled ‘Quarantine measures threaten aviation restart in Africa and the Middle East,’ IATA stated that the aviation sector in Africa and the Middle East was the worst-hit.

According to the report, the aviation sector in the two regions provides over 8.6 million direct and indirect jobs.

While the report did not provide data for the month of May, it stated that the number of Nigerian passengers declined by 4.7 million in April and 5.32 million in June when compared with the same period of 2019.

Similarly, the report said 125,400 jobs were at risk in April and 139,500 jobs were at risk in the month of June.

Muhammad Albakri, the Regional Vice President for Africa and the Middle East, IATA, said governments in Africa and the Middle East must devise alternative methods to the current quarantine measures in place, saying the two regions have the highest number of government-imposed quarantine measures on arriving passengers.

He said, “It is critical that AME governments implement alternatives to quarantine measures. AME has the highest number of countries in the world with government-imposed quarantine measures on arriving passengers.

“The region is effectively in complete lockdown with the travel and tourism sector shuttered. This is detrimental in a region where 8.6 million people depend on aviation for their livelihoods.”

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Oando Partners Oilserv to Build Ajaokuta-Kaduna Portion of AKK Project

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Oando, Oilserv to Construct Ajaokuta-Kaduna Portion of AKK Project

Oando Plc has partnered Oilserve Limited to construct a 303.4km linear pipeline system for the Ajaokuta to Kaduna portion of the $2.8 billion, 40 inch by 614km Ajaokuta-Kaduna-Kano Gas Pipeline Project, the AKK Pipeline.

According to a statement released by Oando through the Nigerian Stock Exchange, the construction of the AKK Pipeline Project approved in 2018 has commenced on Tuesday, June 30, 2020.

The statement reads “Oando PLC (referred to as “Oando” or the “the Company”), is pleased to announce to the Company’s attendance as a consortium partner at the flag-off ceremony for the construction of the $2.8billion, 40 inch by 614km Ajaokuta-Kaduna-Kano Gas Pipeline Project (the “AKK Pipeline”), by the President of the Federal Republic of Nigeria, Muhammadu Buhari GCFR on Tuesday, June 30, 2020.

“The AKK Pipeline Project, championed by two consortia comprising select indigenous and international companies commenced in 2013 with the announcement for tenders by the Nigerian National Petroleum Corporation (NNPC). In April 2018, the Company announced that following an extensive due diligence and bid process, the Oilserv-Oando PLC consortium was awarded the Engineering, Procurement, and Construction (EPC) mandate for segment 1, accounting for 40” by 303.4km linear pipeline system for the Ajaokuta to Kaduna portion of the AKK Pipeline Project by the NNPC.”

Speaking on the project, Jubril Adewale Tinubu, the Group Chief Executive, Oando PLC, said: “As a proudly Nigerian company, focused on driving indigenous participation we have always been proponents of public private partnership in accelerating the actualization of the nation’s goals.

“We have aspired to play an integral role in the building out of the National Gas Infrastructure and Pipeline Grid, as evidenced by our efforts in 2009, post the Nigerian Gas Masterplan when we participated in the unrealized Calabar- Ajaokuta- Abuja-Kano (CAAK) line.

“We have developed strategic partnerships with both private sector players and the NNPC in bringing sustainable solutions to spur the development of the country via our numerous gas development and distribution projects. We commend the NNPC for spearheading projects that will soften the headwinds occasioned by the global COVID-19 pandemic.

“We are proud to be active participants in driving the country’s industrialization and actualization of the Gas Master Plan which will undoubtedly create employment opportunities and ultimately generate as well as enhance value for the nation.”

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