VenturesNow

After 11 months of repairs, Nigeria reopens Lagos airport runway

Published

10 months ago

February 18, 2024

After nearly 11 months of repairs, the 3.9-kilometre Runway 18R/36L of the Murtala Muhammed International Airport in Lagos has reopened, according to the Federal Airports Authority of Nigeria (FAAN).

FAAN declared in March 2023 that the international runway 18R/36L of the Lagos airport will be temporarily closed. It was apparently intended for the repair to take eight weeks.

The shutdown had taken longer than anticipated, disrupting airline timetables and air traffic. Forcing operation to be switched to the shorter runway (18L/36R), which is intended only for domestic flights, was being used by both local and foreign carriers during the repairs.

Prior to this, the Nigerian Airspace had announced in a Notice to Airmen that the runway would open. However, inspectors from the Nigerian Civil Aviation Authority, the regulating body, prevented aircraft from accessing the runway due to an unannounced last-minute closure.

But now that Links 2 and 3 of the taxiway are up and running, foreign airlines have another runway in addition to the domestic 18L/36R runway.

The runway -18R/36L is 3,900 metres (12,794 feet), and its width is 60 metres (197 feet). It was ceremoniously reopened and welcomed to use by Kenya Airways, signifying the runway’s restoration to operation. On Saturday, just after 11 a.m., Qatar Airways also touched down on the runway.

Nigeria’s aviation industry has been in the spotlight lately, particularly with approximately $2.5 billion of foreign exchange backlog in sectors such as manufacturing, aviation, and petroleum being fully paid. Although the Central Bank has pledged to clear the backlog, investors are gravely concerned about Nigeria’s FX backlog, which is estimated to be worth $7 billion, as the naira continues to fall due to shortages of foreign currency.

VenturesNow

IMF, Egypt reach agreement for fourth review of Egypt’s $1.2 billion loan request

Published

10 hours ago

December 26, 2024

Ifeoluwa Dada

Egypt and the International Monetary Fund (IMF) have reached a staff-level agreement over the fourth review of the Extended Fund Facility arrangement, which might lead to a $1.2 billion payout under the program.

In March, Egypt, struggling with rising inflation and cash shortages, consented to the $8 billion, 46-month facility. Its economic problems were made worse by a precipitous drop in Suez Canal revenue over the last year due to regional tensions.

Over the next two years, Egypt’s government has committed to raising its tax-to-revenue ratio by 2% of GDP, according to the IMF, emphasising removing exemptions rather than raising taxes.

According to a statement from the IMF, this would allow it to expand social expenditure to support vulnerable populations.

“While the authorities’ plans to streamline and simplify the tax system are commendable, further reforms will be needed to enhance domestic revenue mobilization efforts,” the statement said.

According to the IMF statement, Egypt had also committed to maintaining its commitment to a flexible currency rate and to taking more urgent action to guarantee that the private sector became the primary driver of development.

The IMF’s executive board still has to accept the fourth review’s staff-level agreement.

VenturesNow

Libya’s eastern govt accepts petrol subsidy elimination

Published

10 hours ago

December 26, 2024

Ifeoluwa Dada

In a recent statement, the eastern government of Libya claimed it had reached a consensus on a plan to eliminate gasoline subsidies and would draft a mechanism to carry out the accord.

Additional information on the idea was not released by the administration led by Osama Hamad, a challenger to the internationally acknowledged Tripoli-based government.

However, it is uncertain if Hamad’s government would be able to carry out the plan in the divided nation.

According to the Global Petrol Prices online tracker, a litre of gasoline costs just 0.150 Libyan dinars ($0.03) in OPEC member Libya, making it the second-cheapest in the world.

Following an uprising against former ruler Muammar Gaddafi in 2011, smuggling networks have thrived in the ensuing political unrest and armed fighting. In 2014, conflicting eastern and western governments separated the nation.

A World Bank analysis estimates that the annual value of fuel smuggling from Libya is at least $5 billion.

In a meeting with Mari Barrasi, the deputy governor of the Central Bank of Libya (CBL), located in Tripoli, and four members of the bank’s board of directors, Hamad in Benghazi supported the idea of removing subsidies.

The CBL’s Benghazi branch offices served as the venue for the conference.

The eastern parliament appointed Hamad in 2023 to succeed Abdulhamid Dbeibah, who had been put in position in 2021 under a U.N.-backed procedure that the parliament said had lost its legitimacy.

Dbeibah, who is located in Tripoli, stated in January that he will conduct a public poll on the topic of eliminating gasoline subsidies, but he hasn’t done anything about it since.

According to CBL figures, gasoline subsidies cost 12.8 billion Libyan dinars between January and November of this year. 4.8 Libyan dinars to $1 is the official exchange rate.