Business
That Bilateral Air Services Agreement With Israel
In spite of the rising volume of trade between Nigeria and Israel and the large number of Nigerians performing the yearly Christian pilgrimage to Israel, there is no direct air link between the two countries.
As a result of this, “spiritual visits’ to the Holy Land and business trips have been tortuous and rigorous due to the absence of direct flights between Nigeria and Israel.
This is because anyone travelling to Israel from Nigeria has to make a compulsory stopover in countries like Turkey, France, Germany, Cyprus and Ethiopia before proceeding on the journey
Statistics from Israel’s Ministry of Tourism, however, indicate that Nigeria has the highest number of pilgrims coming to Israel after the U.S.
Observers, therefore, believe that the signing of Bilateral Air Services Agreement (BASA) with Israel in Jerusalem on October 28, 2013 would redress the trend.
The Acting Minister of Foreign Affairs, Prof. Viola Onwuliri, who signed the agreement on behalf of Nigeria, said that the agreement would deepen bilateral ties between the two countries and boost their economies.
“The agreement will augur well for movement of persons, pilgrims, businessmen, academics, the civil society and students. Many of our people also come here to benefit from the technology of Israel,’’ she said.
Onwuliri said that the agreement would also make a tremendous impact on trade and investment, agriculture, construction, tourism, security and capacity building.
Mr Zeev Elkin, who signed on behalf of the State of Israel, noted that the visit of President Goodluck Jonathan, who was in Israel when the agreement was signed, provided a great opportunity for the signing of the agreement.
The Minister of Aviation, Ms Stella Oduah, said that the BASA agreement would be exploited to enhance the performance of the aviation sector. She said that the aviation sector was already targeting the operation of daily flights to Israel.
On his part, Mr John Kennedy Okpara, the Executive Secretary, Nigerian Christian Pilgrims Commission, said that the agreement could reduce the number of hours which pilgrims spent on flights, as well as cut costs.
Mr Ike Willie-Nwobu, the Executive Director, Nigeria-Israel Chamber of Commerce (NICC), said that the BASA agreement with Israel would remove some barriers hindering trade between the two countries.
He stressed that Nigerian entrepreneurs had not been able to fully utilise the investment opportunities in Israel because of the rigours of travelling through connect flights.
“Anyone travelling to Israel from Nigeria has compulsory stopovers in countries like Turkey, France, Germany and Ethiopia before proceeding on the journey.
“This has been a major disincentive to Nigerian entrepreneurs seeking business ties with their Israeli counterparts,” he said.
Willie-Nwobu said that the agreement would open new frontiers for investment opportunities in various sectors of the economy.
“There will be opportunities for airlines that are interested in flying through major air routes in Nigeria and Israel.
“It will also create a crash in the price of flight tickets which is currently between N400,000 and N450, 000. It will shorten business transactions and reduce restrictions on export of goods,” he said.
Mr Jude Arinze, Executive Secretary of NICC, said that the BASA agreement would definitely boost trade between the two countries.
He said that the value of Nigeria’s exports to Israel had increased from N2.7 billion in 2012 to N4.5 billion in 2013.
While Israel’s import from Nigeria, however, declined from N14.6 billion in 2012 to N9.3 billion in 2013 and the current trade deficit between the two countries was N12.5 billion.
Apart from economic interests and pilgrimage binding Nigeria and Israel together, the two countries share common stance in global peace and fight against terrorism.
Israel’s President Shimon Peres, who met Jonathan during the 2013 pilgrimage to Israel when the BASA deal was signed, said that both countries were facing the menace of terrorism.
Peres said that Nigeria and Israel had been steadfast partners in efforts to combat radical religious terror groups such as al-Qaida, Hezbollah and Boko Haram.
“With Nigeria at our side on the front against terror, we remain determined as ever to combat the spread of darkness. The future can be saved by making peace; it is in Israel’s interest to live in peace with our neighbours. Peace, in itself, may be the greatest benefit to the two of us — Israel and Palestine.
“Terrorists all over the world are united in their attempt to destroy hope and unity; those of us who seek peace and freedom must be united in order to defend our common front,’’ Peres said.
On his part, Jonathan acknowledged the unrelenting efforts of the Israeli president to bring about a peaceful solution to the protracted Israeli-Palestinian conflict.
He said that Nigeria welcomed the commitment to peace talks by both sides and the recent release of a number of Palestinian prisoners by Israel. We urge that the momentum for negotiations and eventual resolution of the crisis be sustained,’’ he said.
Jonathan noted that with the burgeoning peace between Israel and her neighbouring countries, more Nigerians would be encouraged to visit the State of Israel.
He said that the number of Nigerians visiting Israel annually was ever increasing, stressing that not less than 30,000 Nigerians visited Israel in 2012.
Jonathan also said that about 50 Israeli companies were actively operating in Nigeria, either directly or through joint ventures.
He listed the areas of Israeli involvement in Nigeria as agriculture, construction, communications, infrastructure, water management and resources, education and health.
Stakeholders urge the Federal Government to improve Nigeria’s economic relations with the State of Israel, while aiding the fulfilment of the BASA agreement with the Middle East country.
Okoronkwo for News Agency of Nigeria (NAN).
Chijioke Okoronkwo
Kolomoni Microfinance Bank has awarded grants to five female entrepreneurs to boost their businesses as part of its commitment to promoting women in business.
The initiative, organized to mark International Women’s Day, was themed “Accelerate Her Growth.”
According to the bank, the decision to support women was inspired by World Bank data, which shows that 41 percent of Nigeria’s micro-businesses are owned by women.
Delivering the keynote address, business strategist, Ebun Akinwale, emphasized that entrepreneurship requires resilience, creativity, and passion.
She illustrated this by recounting her own business challenges and highlighting the critical role passion plays in overcoming obstacles.
The event underscored Kolomoni’s mission to empower women and support small businesses in Nigeria.
Other speakers at the occasion were Odunayo Oyebolu, a seasoned entrepreneur; Victori Ajiboye, a marketing strategist with global experience; and Simi Ojumu, a finance expert.
The beneficiaries said the financial support was a validation of their hard work and a boost of confidence towards scaling through in their businesses.
The winners were selected after sharing their entrepreneurial journeys and presenting business proposals for financial assistance from the bank.
The 8th edition of the Nigeria Small and Medium Enterprises (SMEs) Summit and Awards (Nigeria SMEAwards) is set to take place in Lagos for the first time in its history, marking a significant milestone for this prestigious event.
Endorsed by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the annual awards celebrate the entrepreneurial spirit driving Nigeria’s economy.
The visionary convener of NigeriaSMEAwards 2025, Adedayo Olalekan, said, “Governors from Zamfara, Sokoto, Ebonyi, Borno, Enugu, Ekiti, Benue, and Kaduna States have all implemented transformative initiatives that have greatly benefitted local enterprises.
“Their contributions will serve as a beacon of inspiration for the nation.”
Speaking at a recent press conference in Lagos, Olalekan emphasised that the event would introduce a fresh and unique approach, moving away from tradition.
“Despite economic challenges, Nigerians continue to show an unwavering commitment to progress”, he said.
He noted that the awards will not only honor outstanding individuals, but also recognise the critical role state governments play in nurturing vibrant SMEs.
“State governments have been instrumental in fostering a supportive environment for SMEs, which in turn benefits both the awardees and the larger economy.
“With major banks like Providus, Access, and First Banks competing for top honors, the 8th NigeriaSMEAwards promises to be a night of celebration, recognising exceptional contributions to Nigeria’s SME landscape”, Olalekan added.
Amid global challenges such as inflation, geopolitical instability, and the ongoing conflict in Ukraine, Nigerians continue to show remarkable resilience.
Their efforts, according to reports, have contributed to job creation, economic growth, and overall prosperity, with SMEs at the forefront of this success.
This year’s awards will recognise governors who have made significant strides in advancing the SME sector within their states.
Small and Medium Enterprises (SMEs) consultants in Rivers State have called on entrepreneurs to be focused and avoid distractions.
The experts, who were speaking on the recent developments about the change of leadership in the state, said entrepreneurs need to put more efforts in their businesses in order to break even in the present situation in Rivers State.
Speaking in a chat with The Tide, an international SMEs consultant, Amb. Larry Goodwill Ajiola, said the political moves is capable of distracting SMEs who are not grounded in their businesses, adding that “the serious minded business men and women would utilise the opportunity to increase their revenues”.
Amb Ajiola, who is the President and Chief Executive Officer (CEO) of Rumuomasi Co-operative and Credit Society Limited, Port Harcourt, said, “Rugged entrepreneurs look out for business opportunities in situations around them, whether good or bad”.
He reiterated that the loan facility given to 3,000 SMEs in the state revived and expanded businesses, adding that the empowered businesses should continue to push, no matter the situation.
“credit is a powerful tool for achieving financial security.
“We can only keep imagin the economic value that the over 3,000 MSMEs would add to the positive economic dynamics of Rivers State and the Local Government Areas in terms of Gross Domestic Prooduct (GDP), increased tax returns, employment creation, income distribution, and production of goods and services”, he said.
Another SMEs Expert, a business consultant and SMEs trainer, Mr. Chisom Sam-Orji, in his advice, noted that every SME in the state should realize that change is the only constant thing.
He said SMEs should also know that “tough times never last, but tough people do”, adding the need for every entrepreneur to stay focused on creating value and remain resilient.
“This is not the time to be distracted by every noise around your space, but to maximize every time you have to focus on the essentials and keep creating value.
“For some people, it may just be the time to diversify, create new products and services to serve a new or existing market. But this must be based on the facts available to you via research and market surveys”, he said.
The SMEs expert also said the present time in the life of an entrepreneur is a time to cut off unnecessary excesses that surround one’s business.
“Those extra costs that may hamper your growth in this season and beyond, and focus on just essentials.
“SMEs should find certain leverages that are available to aid their business growth. This could be in form of grants, knowledge, and other leverage tools.
“Collaboration is one big way to grow in this season. Finding ways to collaborate with like minds instead of competing could enable a product or service gain advantage in the market and beyond.
“They should also find ways to sustain and grow their customer relationship as this is key to sustaining business flow. They must seek new and efficient ways to serve their customers and gain their loyalty”, he stated.
He further called on every entrepreneur to keep building capacity and never take their eyes off their visions, adding the need to muster every courage it takes to keep building and moving forward.
Lilian Peters