Nigeria Air’s launch delayed over missing certification, despite October announcements
Nigeria’s proposed national carrier, Nigeria Air, faces a potential delay in its launch due to the absence of an Airline Operator’s Certificate (AOC), according to the Airline Operators of Nigeria.
- Nigeria Air’s launch delayed over missing certification, despite October announcements
- FG considers selling stakes in state firms to boost funds and governance
- FG affirms support for airlines and bilateral agreements
- FG dissolves panel over controversial billboards
- Oil prices slip amid weak China data and US stockpile decline
Obiora Okonkwo, the organization’s spokesperson, indicated that the AOC process remains in its initial stage, suggesting the carrier might launch in October 2023 without the necessary certification.
Ethiopian Airlines’ CEO, Mesfin Tasew, expressed eagerness for Nigeria Air to commence operations by October, outlining aspirations for both local and international routes.
Nigeria Air has been mired in controversies and was unable to advance to the AOC’s second phase in June 2023, as noted by the Nigerian Civil Aviation Authority. Okonkwo stressed the importance of adhering to court orders and focusing on the industry’s pressing challenges.
Read also: Nigeria Air raised $250m, to begin operations in October say promoters
FG considers selling stakes in state firms to boost funds and governance
The Nigerian government is contemplating selling stakes in approximately 20 state-owned enterprises to raise funds and enhance management of these entities, as per a Bloomberg report.
Among these companies, the Nigerian National Petroleum Corporation is a potential candidate for stake sale.
Armstrong Takang, CEO at the Ministry of Finance Incorporated, shared that options like strategic sales and initial public offerings are being explored, with a goal to execute the plan within 18 months.
The emphasis is on value creation over control retention, indicating a shift towards better-performing entities. This move aligns with President Bola Tinubu’s economic reform strategy.
The government is in the process of engaging consultants to handle various transaction aspects.
FG affirms support for airlines and bilateral agreements
The Nigerian government, represented by the Ministry of Aviation and Aerospace, has assured its commitment to backing domestic airlines.
Emmanuel Meribole, the Permanent Secretary of the ministry, conveyed this message during an event celebrating the inauguration of direct flights between Nigeria and Antigua and Barbuda by Air Peace Airline.
The government’s dedication to policies ensuring Nigerian airlines’ advantages under Bilateral Air Services Agreements with other nations was highlighted. Meribole praised Air Peace for the milestone and noted its potential to strengthen commerce, trade, and tourism ties.
Antigua and Barbuda’s Prime Minister, Gatson Browne, expressed enthusiasm for enhanced economic collaboration and revealed plans for LIAT 2020, a new airline fostering air connectivity across the Caribbean, Africa, and America.
FG dissolves panel over controversial billboards
The Nigerian Federal Government has dissolved the Advertising Standards Panel (ASP) for its role in approving controversial billboards featuring the slogan ‘All Eyes on The Judiciary.’
Olalekan Fadolapo, Director-General of the Advertising Regulatory Council of Nigeria (ARCON), confirmed the dissolution, expressing concerns that the billboards were perceived as blackmailing the Presidential Election Petition Tribunal.
The ASP, responsible for ensuring advertisements adhere to legal standards and ethical codes, was found to have erred in approving the campaign due to its connection to a pending judicial matter.
The ARCON DG also announced the suspension of the Director and Deputy Director in charge of Regulations for investigation purposes. A committee will probe the “erroneous approval” and guideline breach.
Oil prices slip amid weak China data and US stockpile decline
Oil prices experienced a slight decline in early trading on Wednesday, extending losses following a 1 percent drop in the previous session.
Lingering concerns over China’s weak economic data, coupled with declining U.S. stockpiles, influenced the downward trend. Brent crude futures dipped by 21 cents to reach $84.68 a barrel, while U.S. West Texas Intermediate crude (WTI) fell by 20 cents to $80.79 a barrel.
China’s recent economic activity data for July, which fell short of expectations, has emerged as a significant market driver, raising doubts about China’s ability to achieve its growth target without additional fiscal stimulus.
While declining U.S. crude stocks indicated a tighter supply, analysts remain attentive to China’s economic trajectory and potential stimulus measures.
