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Lagos Woos Investors to Lekki FTZ

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  • Lagos Woos Investors to Lekki FTZ

The Lagos State Government has reassured investors of its unflinching commitment toward providing adequate security and infrastructure for investors in the Lekki Free Trade Zone.

The Lagos State Governor, Akinwunmi Ambode, made the pledge recently at the foundation laying ceremony of the $20m Longrich Research Institute Factory at the Lekki Free Trade Zone, Lagos.

The governor, who was represented by the Commissioner for Commerce and Industry and Cooperatives, Mrs. Olayinka Oladunjoye, said the state government was highly elated by the investment of the company.

He said, “We appreciate you for choosing Nigeria and Lagos in particular as the first country in Africa to set up your factory. We will give you maximum support for everything you need to succeed.”

While applauding the long-standing relationship which China has with Lagos and the huge investment the country has made in the state over the years, Ambode assured stakeholders at the event of the government’s support in the area of infrastructure such as good roads and standard railway in order to facilitate better trade and commerce in the state.

According to him, Lagos is the fifth largest economic hub in Africa and the state government aspires to be the third in no distance time.

Ambode thanked the investors for seeing the vision the state government had for the Lekki Free Trade Zone.

Earlier, the Managing Director, Longrich International, Africa, Mr. Alex Jia, said that the company would build over 400,000 square metres of production factory in Lekki FTZ.

This, according to him, will enhance production of health care, cosmetics products and detergents.

Jia said this would provide a comprehensive supply chain and production guarantee service and customer clearance support in Nigeria and the whole of Africa market.

He disclosed that the first batch of investment of $20m from Longrich would be used to build production factory, offices, warehouse and accommodation.

According to Jia, the investment will generate employment for young people in the country, adding that by the year 2030, Longrich will build another five to 10 manufacturing plants in some major overseas markets.

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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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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Ethiopian Airlines Sustain Profitability Despite COVID-19

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Despite COVID-19, Ethiopian Airlines Stay Afloat

Africa’s largest airline, Ethiopian Airlines, manages to stay afloat during the peak of COVID-19 pandemic, Tewolde Gebre-Mariam, the airline CEO, stated.

The Chief Executive Officer said “We may not be as profitable as we expected but we registered some profit. The first half of the year was good and the cargo business has also done very well.”

While the airline is expected to be down by almost $1 billion in ticket sales in the current year ending July 7, it generated enough revenue from the transportation of goods to finance monthly fixed payments between $120 million to $150 million for loans, aircraft leases, salaries and rentals.

According to Gebre-Mariam, the airline is still flying about 40 charter repatriations per week despite other flights completely grounded.

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