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All but one as Ibom Air pulls out of planned strike by Nigerian airline operators

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Following the announcement by major airline operators in Nigeria that they would embark on strike from tomorrow, Monday, 9 May, Akwa Ibom state owned Ibom Air on Saturday said it will no longer take part in the industry plan to stop flights.

Ibom Air claimed the planned strike would affect revenues needed to service obligations to financiers and suppliers.

Major Airline operators on Friday threatened to shut down operations from Monday. The Airlines, which include Air Peace, Ibom Air (now pulling out), Max Air, Arik Air, United Nigeria Airlines Aero Contractors, Azman Air, Overland Airways, and Dana Air said they could no longer operate under current price regime with the continued rise in cost of jet fuel.

Ibom Air, which is one of the smaller members of the nine airline association, is the first to say it will not participate in grounding flights.

The airline, which is backed by Akwa Ibom state, said high jet fuel posed a threat but stopping operations would exacerbate the situation due to obligations and that customers have paid in advance for flights.

Nigeria’s aviation ministry said it was concerned about the difficulties and the spiraling air fares due to jet fuel cost but appealed to the airlines to consider the effects of a shutdown on travellers at home and abroad.

Although Nigeria is one of the largest oil producers in the world, it does not refine its crude locally. Thus, the ongoing war between Russia and Ukraine has affected the availability of refined crude for oil demand in the country. In the last two months, there has been scarcity and a hike in the price of other crude products like diesel, and petrol in Nigeria.

 

VenturesNow

Egypt to issues panda bond at the ‘right moment’ – Deputy Finance Minister Ahmed Kouchock

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Egypt’s Vice Minister of Finance for Fiscal Policies and Institutional Reform Ahmed Kouchouk has revealed that the North African country plans to issue its first panda bonds by the end of this fiscal year.

Kouchock made the revelation on Sunday at an event at the American University in Cairo, adding that the country is  ” just waiting for the right moment,” Kouchouk told

Egypt hinted in August that it has completed all necessary procedures to issue panda bonds in the Chinese market at an expected value of $500 million.

Panda bonds are bonds denominated in Chinese yuan but issued by foreign borrowers.

Earlier, local media quoted Finance Minister Mohamed Maait as saying the issuance was expected to be at $500 million.

The country is open to flexible terms of setting the value of the external financing within the framework of extending the debt tenor and the current average term of external debt of 12 years, Kouchouk pointed out.

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Nigerien President, Mohamed Bazoum wants employment quotas for African immigrants

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Niger’s President Mohamed Bazoum wants employment quotas for African immigrants tailored to job needs from European countries.

President Bazoum made the position in an interview with an Italian newspaper, La Repubblica. on Friday.

The president’s argument is that the quota will address European countries’ needs for its labour market and could help resolve the problem of illegal migration and human trafficking.

“In France, Spain, and Italy you have many jobs in sectors of employment where Africans can work,” Bazoum said.

“These numbers need to be established, country by country, and then the consulates entrusted with the responsibility of enforcing them.”

Surveys of African migrants in or heading toward Europe reveal that the majority were either employed or in school at the time of their departure. Yet, they felt despair over their economic prospects.

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