Connect with us

Business

Buhari Okays Dangote Fertiliser For Forex Earnings, Economic Growth

Published

on

President Muhammadu Buhari says the 2.5 billion dollar Dangote Fertiliser Plant in Ibeju Lekki, Lagos, will boost Nigeria’s foreign exchange earnings and accelerate economic growth.
The Tide’s source reports that Buhari stated this recently, while inaugurating the three million metric tonnes per annum urea production plant.
He said: “This fertiliser plant is further expected to enhance our administration’s drive towards achieving self-sufficiency in food production in the country.
“I commend the Chairman, Board and Management of Dangote Industries Ltd., for their business initiative in establishing this plant.
“It will reduce our dependence on importation of fertiliser, create jobs, increase the inflow of foreign exchange and accelerate economic growth.”
According to him, the establishment of the plant demonstrates the commitment of Dangote Industries Ltd. to the socio-economic development of the country and the well-being of Nigerians.
The President expressed optimism that the investment in the plant would replicate the group’s earlier experience in the cement sector where it had become a leading name in Nigeria and across the African continent.
“Dangote Industries Ltd. has created thousands of jobs across Nigeria. It is the second biggest employer of labour in this country after the Federal Government.
He continued that the nation also stood to gain extensively in forex earnings through excess production and exports from the plant.
“I am informed that you have already started exporting to other countries including the United States, India and Brazil.
“The coming on stream of the plant is creating huge opportunities in the area of job creation, trade, transport and logistics to earn significant wealth, reduce poverty and helping to secure the future of our nation,” he said.
President Buhari noted that the agricultural sector was a critical aspect of the economy and availability and affordability of fertiliser would lead to increased yields for farmers.
Noting that he was expecting a rise of new breeds of ‘agropreneurs’ who would take to farming and make the nation self-sufficient in food production, the President said “I want to assure all Nigerians that our government is focused on providing the enabling environment for the private sector to thrive.
“We will continue to improve on infrastructure, power and security and other initiatives that will drive investments in our economy.
“Furthermore, we are partnering with the private sector through a tax credit scheme for the rehabilitation of roads across Nigeria under the Executive Order Seven.
“We know good roads contribute to easy movement of goods and services across the nation thus reducing the cost of doing business and improving productivity.
“We are also rehabilitating our railway lines and building new ones to lessen the burden on our roads and create an effective modern transportation network.”
Also speaking, Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, lauded the Buhari-led administration for the support to end shortage of fertiliser in the country.
Emefiele noted that this had led to a significant increase of active fertiliser blending plants in Nigeria from seven in 2015 to 48 in 2022.
He said the import bill on fertiliser had not only dropped significantly, but the country was now earning forex through exportation of fertiliser.
Lagos State Governor, Mr Babajide Sanwo-Olu, said the Lekki Free Trade Zone was conceived by former Governor Bola Tinubu in 2003 to attract investments to the State.
He said the free trade zone today was host to Dangote Fertiliser Plant, which was the largest fertiliser plant in Africa and the second largest in the world.
The governor said there was also the 650,000BPD Dangote Refinery and Petrochemical Plant and the Lekki Deep Sea Port within the same axis, making it a prime investment destination.

Continue Reading

Business

NSIB, AAAU Sign MoU On Air Safety Training

Published

on

As part of efforts to curb mishaps in the aviation industry, the Nigerian Safety Investigation Bureau (NSIB) has signed a Memorandum of Understanding (MoU) with the African Aviation and Aerospace University (AAAU) to deepen training on preventing and reducing accidents in Nigeria’s air transport.
Director, Public Affairs and Consumer Protection of NBIS, Mrs Bimbo Olawumi Oladeji, in a statement, said NSIB granted AAAU access to its facilities to facilitate an efficient exchange of resources and expertise.
According to the statement, the Director-General/Chief Executive Officer of NSIB, Captain Alex Badeh, who spoke at the ceremony held at the NSIB Training School, noted that the MoU sets the stage for facility sharing, capacity building, and collaboration between the Bureau and AAAU.
“I am confident that this MoU will enhance the effectiveness of our collaboration and commitment to promoting safer skies and operational excellence in the aviation industry in Nigeria and beyond”, Badeh said.
Registrar of AAAU, represented by the Director of Physical Planning and Works, Engineer Masud Aliyu Yerima, was also quoted in the statement, saying, “The journey of AAAU’s establishment and progress would have faced considerable challenges without NSIB’s generous support”.
He commended Badeh for his exemplary leadership and steadfast dedication in propelling NSIB to greater heights, and affirmed AAAU’s readiness to engage in mutually beneficial endeavours with NSIB.
“This partnership marks a significant milestone in fostering a culture of safety and excellence within Nigeria’s aviation sector, and both NSIB and AAAU are poised to leverage this synergy for the benefit of the industry and the nation at large.
“The African Aviation and Aerospace University, AAAU, is the first Pan-African university dedicated to aviation, aerospace, and environmental science.
“Addressing two critical needs within the continent’s industry, AAAU tackles the research and development gap in Africa’s aviation and aerospace sector while simultaneously cultivating a skilled workforce to propel it forward”, the statement added.

By: Corlins Walter

Continue Reading

Business

Naira Rebound, Air Peace’s Expansion Deepens International Route Competition 

Published

on

he commencement of flights operations on the London route by an indegenous Carrier, Air Peace Airline, and the recovery of the local currency have sparked fresh competition on international routes.
Air Peace, Nigeria’s outstanding indigenous airline, may face a prolonged market battle with many foreign airlines with decades of experience in the industry following its entrance on the Nigeria-London route.
Some of the industry’s experts say the airline required support from the government and a strategic approach to stay competitive.
Analysts have also stated that the strategic move has garnered high praise from stakeholders in the aviation sector, considering that Nigerians were paying exorbitant prices to travel from Nigeria to London, but that sustaining this momentum will require more than just offering low prices.
On March 31, 2024, the 11-year-old airline made a bold statement with its inaugural flight, using a Boeing 777 aircraft, offering a capacity of 274 seats and carrying 260 passengers from Lagos to London.
It sold its tickets for N1.2m, a price way lower than the rates offered by most foreign airline operators plying the same route.
Just two weeks after entering the market, Air Peace’s Chief Executive Officer, Allen Onyema, complained on Arise TV that foreign airlines were undercutting prices in an attempt to push Air Peace out of the market.
Onyema said, “We are aware that there are devilish conspiracies. All of a sudden, airlines are pricing below the cost. One airline is advertising $100  and the other $350. If you peel up your entire aircraft and carry people on the wings, it is not even enough to buy fuel.
“Why are they doing that? Their government is supporting them because Nigeria has been a cash cow for everybody. The idea is to take Air Peace out, and the moment they succeed in taking Air Peace out, Nigerians will pay 20 times over. It would happen, God forbid, if they were able to take Air Peace out”.
It was gathered that an economy ticket for a flight scheduled for April 29, 2024, from Lagos to London costs about N679,375 on Ethiopian Airlines, an operator with 75 years of experience.
Air Peace priced the same ticket at N1,090,750. The difference is that on Air Peace, it will be a 6-hour non-stop flight, while on Ethiopian Airlines, it will take 16 hours with one stopover.
Last Friday, Ethiopian Airlines reduced the price of its London ticket by 0.77 per cent to N1,628,660 from  N1,641,249 two weeks ago.
In the same period, Air France’s price dropped to N1,687,824, nearly halving from last month’s N2,482,138.
On March 4, 2024, Lufthansa offered the Lagos-London route for N1,966,165. Qatar Airways provided the same ticket for N2,016,824, and KLM priced it at N2,448,740.
This continuous decline in air ticket prices was also driven by the strengthening of the naira against the US dollar and the payments of airlines’ trapped funds by the Central Bank of Nigeria.
Minister of Aviation and Aerospace Development, Festus Keyamo, had confirmed that the Federal Government, through the CBN, had cleared all the trapped funds (foreign exchange backlogs) to the tune of about $160m.
Beyond the ongoing price war, the Air Peace Chairman had also lamented the challenges with ground handling and space allocation at the London Gatwick Airport, adding that no airline has faced such obstacles before.
He noted, “On the inaugural flight out of London, 24 hours before departure, the management of Gatwick Airport moved us to another checking area instead of the designated one.
“The area they provided had a malfunctioning carousel, forcing us to manually transport luggage 50 meters away, causing delays”.

Continue Reading

Business

PH Airport Users Lament Down Turn In Flight Operations 

Published

on

Users and business operators at the Port Harcourt International Airport, Omagwa, have decried the downward trend in flight operations at the airport.
Some of the users and operators told The Tide that flight operations at the airport, rather than go upward, have steadily been irregular, and diminishing steadily.
A regular air passenger of the airport, Simeon Echeonwu, in a chat with The Tide, said many airlines, both domestic and international operators, that usually operate at the Port Harcourt airport, have stopped operations, whereas others that are still operating are no longer very stable as before.
Echeonwu noted that airlines such as Aero Contractors, United Nigeria, and Green Africa airlines, now operate about one flight, twice a week, unlike before that they flew every day on Lagos and Abuja to Port Harcourt.
Also speaking, former Chairman of the FAAN Accredited Car Hires Association, Clifford Wahunoro, lamented that the down turn in Operations has affected the business of car hires.
“If you have noticed, I have not been regular at the airport for some time now, because business is no longer flowing at the airport as before. I will not fold my hands and be sitting down doing nothing, so I have to look for other things, so I come when I think there will be something.
“You can see that between 12noon and 1pm, after that segment of flights, when you have few flights arrival, many people will close for the day, and when you wait till evening, flight like Dana may come very late at night, and sometimes, it will not arrive, and by that time, many people will not like to book for commercial vehicle”, he said.
Meanwhile, a travel agent, who wished to be anoyimous, decried the rate at which the airport is going down in terms of flights operations, noting that Port Harcourt airport ought to be competing with the other major airports like Lagos and Abuja.
He queried if such was a calculated attempt to bring the airport to its kneel in terms of flight operations, while other major airports have steady flow of flight operations both for domestic and international.
TheTide observed a continuous distortions in flight movement at the airport. Some of the airlines, like Max air, which many passengers patronize, have completely stopped operations, and no new airline has been added.
Apart from the Air Peace Airline that has maintained some level of stability in operations, other few operators have been involved in either steady rescheduling of flights, cancellation and regular delay, resulting in poor and unpredictable flight movement, which affects or determine other businesses in the airport.

By: Corlins Walter

Continue Reading

Trending