VenturesNow

Foreign airlines reject new terminal in Nigeria’s Lagos airport, Authorities might force move

Published

3 years ago

June 3, 2022

Foreign airlines operating in Nigeria have rejected offers by the Federal Airports Authority of Nigeria (FAAN) to relocate their operations into a newly built terminal at the Murtala Muhammed International Airport, Lagos.

The Managing Director of FAAN, Captain Rabiu Yadudu, told journalists that the agency might be forced to relocate operations of foreign carriers to the place at the appropriate time.

It is believed that the small size of the new terminal’s aprons, makes it difficult for the foreign carriers’ large jets to be parked there.

“It is unfortunate that some of them (foreign airlines) said they will not move, but we are not ready to compel them to move. We’ll just keep quiet. You cannot be a FAAN client and dictate to us. When the time comes, they must all move. Those that refuse to move want to paint us in a bad light that we don’t have a good terminal, which is not true.” Yadudu said,

Mr. Yagudu also revealed that the agency is not swift to compel the foreign carriers to move at the moment for the purpose of a smooth transition of operations to the new terminal.

“You have to do an operational transfer before you can move. We decided to start moving in phases.”

“We didn’t want everyone to move at the same time. If you remember, when Terminal 5 opened in London, it took others about six months because of some teething challenges. It is only here that people complain. There is nowhere in the world that you have a perfect system. No airport operates in isolation from its environment. The aviation industry keeps evolving when the challenges happen and are tackled immediately.”

Foreign carriers including British Airways, Emirates Airlines, Air France, KLM, and Lufthansa are yet to relocate their operations to the terminal.

The terminal was launched by President Buhari in March, estimated to be worth over $100 million, and is one of the five airports – Lagos, Abuja, Port Harcourt, Kano, and Enugu – that benefited from the 2013 loan deal between Nigeria and China for the building of four new terminals. Port Harcourt and Abuja terminals had been opened since 2018.

Click to comment

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

18 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”