Nigeria’s aviation industry has been losing about N21 billion monthly since the outbreak of COVID-19 in the country, an official has said.
The Minister of Aviation, Hadi Sirika, disclosed this at the daily Presidential Task Force on COVID-19 briefing on Wednesday.
He said the huge loss is associated with lack of activities at the sector whose income solely depends on flight operations.
“In civil aviation, we are in a very difficult moment like everyone else. All of these things started because someone travelled and unfortunately came back home with it (ailment) and the consequence is what we have been going through.
“We are the worst-hit than any other sector. Based on the trend of events before COVID-19, the total loss is about N21 billion approximately plus about N3 billion tangentially and this is divided in this form: N7 billion for aviation agencies which they lose in a month, N10 billion for airline and N4 billion for ground handling, catering and others and the tangential N3 billion,” he said.
The COVID-19 pandemic has taken a toll on all sectors of the economy.
The Nigerian government had on March 23 shut all international airports in the country for an initial period of one month. Local airports were also shut days later. Following the one month completion, the airport closure was extended by two weeks.
An additional four weeks extension was announced on Wednesday afternoon.
The move was part of efforts to contain the spread of the virus which has affected over three million people worldwide and killed over 270,000.
However, the government said emergency and essential flights could be operated from any of the airports within the period.
The minister said statistics from the International Airline Transport Association (IATA) on COVID-19’s economic impact on Nigeria has revealed a revenue loss of $994 million.
“Also the figures from the International Airline Transport Association (AITA) Economics gave economic impact in Africa’s largest aviation market and that for Nigeria; airline revenue loss is $994 million. In terms of employment at risk in Nigeria, it is 125,370 and loss of contribution to the GDP is $885 million.
IMF Outlines Three Reforms Needed to Boost Nigeria’s Economic Growth
The International Monetary Fund (IMF) has asked the Nigerian government to implement a minimum of three reforms to boost the country’s economy.
Abebe Selassie, IMF director of African department, spoke on Thursday at a virtual briefing on economic outlook for Sub-Saharan Africa.
Nigeria exited recession with a 0.11 percent growth in the fourth of 2020.
IMF had projected growth of 2.5 percent for Nigeria in 2021 from 1.5 percent announced in January.
The Washington-based institution also forecast a growth of 3.4 percent for the Sub-Saharan Africa region in 2021, up 0.2 percent from the previous forecast.
Selassie said reforms are needed in the area of fiscal space and energy sector to boost growth in the economy.
“In the case of Nigeria, ensuring that the country enjoys its tremendous potential requires reforms in three areas in our view,” he said.
“First and foremost, more fiscal space needs to be created through domestic revenue mobilisation, investments in health, education, and infrastructure which Nigeria expressly needs.
“Second, good reform in the energy sector is going to be paramount. Cost of doing business is very high on account of the inefficiencies of the energy sector, power supply, cost of highly inefficient and hurtful use of generators in the country can hinder power supply. Getting policies to make sure that Nigeria resolves this case once and for all is also paramount.
“Third, macroeconomic policy calibration, involving the foreign exchange market will be really important.”
FirstBank Hosts Webinar to Sensitise Individuals, Businesses on Staying Protected in Information Age
First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider has announced a webinar to sensitise individuals and businesses with useful information on being protected in today’s digital age.
The virtual event is scheduled to hold by noon on Friday, 16 April 2021 with “Staying Protected Amidst the Pandemic Chaos” being the topic to be discussed at the event. Registration is ongoing for the event via the link https://firstbanknigeria.zoom.us/webinar/register/WN_PUnqA7enTMG8o0OfOaWxlg
Today’s world, largely referred to as the digital age has been influenced by information technology which has optimised the way we carry out our individual and business activities.
However, the current age has been marred by illicit activities like identity theft, internet fraud amongst many others which poses a risk to the safety of individuals and businesses. Attending the webinar will have participants knowledgeably equipped with vital information that will ensure they make informed decisions, thereby promoting their safety whilst staying protected against possible risks and malicious attacks.
Tope Aladenusi, Chief Strategy Officer & Cyber Risk Services Leader, Deloitte West Africa; Confidence Staveley, Cyber Security Evangelist/ Founder, Cybersafe Foundation and Harrison Nnaji, Chief Information Security Officer, FirstBank will lead the discussion at the event.
Speaking on the planned Webinar, Dr. Adesola Adeduntan, CEO of FirstBank Group noted that “the world as a global village is associated with not just benefits but also risks of cyberattack and for individuals, businesses and governments to make the best out of the digital and online opportunities, they need to be deliberate in protecting themselves against cybersecurity threats”.
He further noted that, “in today’s digital age, which the pandemic has accelerated the embrace, cyberattacks are occurring at an alarming rate across the world. As such, no individual, business or government entity with digital and online presence is immune to cyberattacks; and the financial, physical and legal implications of an attack can be significantly upsetting.’’
In concluding, he enjoined everyone to participate in the forthcoming webinar as it is a viable opportunity to stay informed whilst being abreast with current trends that are pivotal to promoting safety in today’s world that is driven by information technology”.
DPR Declares BUA, 31 Other Refinery Licences Invalid
Thirty-two refinery project licences issued to private investors in the country have become invalid in the past three years, according to the Department of Petroleum Resources.
The DPR said on Monday that the number of valid refinery project licences stood at 23 as of March 2021, down from 44 in April 2018.
An analysis of the agency’s new list of valid refinery project licences and that of April 2018 showed that 32 licences had become invalid while 11 new licences were granted between May 2018 and March 2021.
As of April 2018, there were 38 proposed modular refineries with capacity ranging from 5,000 barrels per stream day to 30,000bpsd, and six conventional plants with a total capacity of 1.35 million bpsd.
The DPR had said then that 20 of the licences were active, adding that 24 of the licence holders were still sourcing funds, although most of the licences had expired as of April 2018.
The agency’s updated list showed that the construction of four modular refineries, with a total capacity of 23,000bpsd, had been completed.
The refinery projects whose licences were declared invalid by the agency include BUA Refinery & Petrochemicals (Akwa Ibom); Dee Jones (Cross River); Energia Limited (Delta State); Southfield Petrochemical & Refinery Ltd (Edo); Starex Petroleum Refinery (Onne Oil & Gas Free Trade Zone); RG Shinjin Petrochemicals (Delta); Don Mac (Edo), and Platinum Hydrocarbon Resources (Delta).
Others are Mondonat Nigeria Ltd (Delta); Ikwe-Onna Refinery (Akwa Ibom); Shepha Petroleum & Petrochemicals Company (Delta); JIL-Amber (Port Harcourt Refinery); Gazingstock Petroleum Company (Delta); Petrolex Oil & Gas Limited (Ogun); Eghudu Refinery (Edo); Ibafon Refinery FZE (Calabar FTZ, Cross River); and Kainji Resources (Imo).
Among them are Eko Petrochem & Refining Company (Lagos); Hi Rev Oil (Akwa Ibom); Epic Refinery & Petrochemical Industries (Bayelsa); Masters Energy Oil & Gas (Rivers); Cross Country Oil & Gas (Imo); Grifon Energy (Ondo); Sifax Oil & Gas Company (Lagos); and Capital Oil & Gas Industries (Lagos);
Others are All Grace Energy (Rivers); Green Energy International (Rivers); Fresh Energy Limited (Bayelsa); Chyzob Oil & Gas (Abia); Aiteo Energy Resources Limited (Delta); Associated Worldwide Company (Akwa Ibom); and Amakpe International Refinery (Akwa Ibom).