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NNPC, CBN, Others Assure Nigerian Exonomy’s Swift Recovery

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Critical stakeholders of Nigeria’s economy, including the Nigerian National Petroleum Company Limited (NNPC) and the Central Bank of Nigeria (CBN), came together in Abuja to declare that the ailing economy is on the path to revitalization.
This assurance was conveyed during a crucial interactive session between the joint committees of the National Assembly on Finance and key ministers and executives.
During the session at the national assembly, the Group Executive Officer of NNPC, Mela Kyari,  presented positive indicators in the Energy and Gas sector, stating that Nigeria is set to become a net exporter of petroleum by December this year.
He stated that the upcoming production of the Port Harcourt Refinery, followed by the Warri refinery a few months later, and the Kaduna refinery by December, will contribute to this achievement.
Kyari expressed confidence that oil production levels will reach two million barrels per day in the near future, thanks to ongoing efforts.
“We acknowledge the critical role of NNPC and the oil and gas industry in revitalising our economy. We are taking practical steps to achieve this goal.
“Through President Buhari’s initiatives and our intensified focus on production activities, we have already witnessed growth in oil and gas production.
“As the minister mentioned, we are on track to reach the target of two million barrels per day. Furthermore, by the end of this year, Nigeria will be a net exporter of petroleum products”, Kyari said.
Deputy Governor of the CBN (Economic Policy), Muhammad Sani Abdullahi, assured that the challenges of rising inflation, foreign exchange rate fluctuations, and food inflation would soon begin to show a downward trend.
He cited emerging indicators as evidence of the impending improvement.
Minister of Budget and National Planning, Atiku Bagudu, on his part, emphasised that the implementation of the 2024 budget is already underway.
He also noted ongoing negotiations with labour leaders regarding the minimum wage, with the aim of avoiding further disruptions to the economy.
Responding to the stakeholders’ presentations, Chairman of the Committee, Senator Sani Musa, urged Nigerians to remain resilient, assuring them that the government is tirelessly working to stabilise the economy.
“As representatives of the people, the National Assembly is deeply concerned about economic growth and how our policies can be effective in supporting Nigerians”, Senator Musa stated.
He continued that “We understand the challenges our economy has faced in the past, and we acknowledge that it will take time for significant changes to occur.
“However, we believe that with perseverance and united support for President Buhari, we can overcome these challenges and emerge stronger.
“The indicators show that our economy is on the right track, although it may take time for inflation to decrease. We urge Nigerians to remain patient and optimistic”.
The joint session with the stakeholders provided a platform for open dialogue and showcased the collective commitment towards restoring the nation’s economy.
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Minister Constitutes Tech Committee On Aviation Ties With Angola

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Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has constituted a technical committee to work with the Angolan Embassy on deepening aviation ties with Nigeria.
Special Assistant on Media and Communications to the Minister, Mr. Tunde Moshood, in a statement, said the committee would oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
This development is coming after Keyamo received the Angolan Ambassador to Nigeria, Jose Bamoquina Zau, and his Deputy, Nelson Paulo Kafikiri, in Abuja.
The statement revealed that the Angola’s Minister of Transport, Dr. Ricardo Viegas de Abreu, was keen to build a synergy between both nations and was eager to tap into the wealth of experience of Nigeria’s aviation leadership.
According to the statement, “The visit is aimed at strengthening aviation ties between Nigeria and Angola, particularly as Angola embarks on a new era for its aviation industry.
“The Angolan delegation brought positive updates on the progress of Angola’s aviation sector, specifically highlighting the recent overhaul of its airport infrastructure.
Ambassador Zau informed Keyamo that the new airport, set to serve as a strategic hub for the region, will be officially inaugurated in one month’s time.
In delivering a message from the Angolan Minister of Transport, Ricardo de Abreu, the Ambassador conveyed the Minister’s warm greetings and underscored Angola’s eagerness to foster collaboration with Nigeria.
He expressed interest in exploring a bilateral air services agreement and other mutually beneficial opportunities within the aviation sector.
Ambassador Zau also extended an official invitation from Minister Ricardo de Abreu for Keyamo to attend the grand opening of Angola’s new airport next month.
He emphasised that both nations stand to gain from deeper cooperation, particularly in aviation business and infrastructure development.
In response, the aviation Minister expressed appreciation for the visit and congratulated the Angolan government on its impressive strides in aviation infrastructure.
He affirmed his commitment to attend the upcoming event and signalled Nigeria’s readiness to work closely with Angola to enhance air connectivity and explore new business opportunities.
“To ensure seamless coordination ahead of the event, the Aviation Minister has constituted a technical committee to work with the Angolan Embassy’s team.
“The committee will oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
“The meeting underscores the continued commitment of both nations to expand their aviation sectors and work towards a prosperous and mutually beneficial relationship”, Moshood stated.

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NIWA Wants Deeper Private Investment In Blue Economy

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The National Inland Waterways Authority (NIWA) has called for deeper private sector participation in the blue economy initiative to harness greater benefits from it, for national development.
The Authority also commenced moves to improve security across the nation’s Waterways, in a bid to attract private investment into the Blue economy.
Managing Director of NIWA, Mr. Bola Oyebamiji, who disclosed this to newsmen during the tour of Wari and Onithsa area offices, said NIWA is determined to revamp the nation’s economy by consolidating on Public/Private Partnerships (PPP) initiatives.
“This initiative is part of our deliberate plans to open up new opportunities to maximise full economic potentials of the nation’s waterways.
“The PPP is the way to go but we need people or investors, who have genuine intentions and purposes to enable us align with President Bola Tinubu’s Renewed Hope Agenda for economic recovery”, he said.
The agency’s boss tasked the staff to live up to expectation by working harder in revenue generation that could open rooms to better their welfare.
He warned the staff against indolence and laxity since he was committed to staff welfare and revenue generation
According to him, there is need for the staff to be disciplined and committed by rededicating themselves to the growth and development of the Authority.

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Discount Airfares: Qatar Airways, Access Bank Extend To Dec

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The Qatar Airlines, in its efforts to further ease financial burden of air passengers, has extended its discount partnership deal with Access Bank till December 2024.
Access Bank customers, who book their flights online using Qatar Airways’ website in this deal, enjoy up to 12 percent discount on both business and economy classses.
The Bank’s customers, using the promo code “ACCESS”, can book flights to any destination in the world and travel.
Qarta Airline, in a statement through the Vice President–Africa, Hendrick du Preez, stated that the partnership reiterates the Airways’ commitment to streamline travel within and across African markets by delivering first-rate services and offerings to passengers.
“As we are in the summer season and passengers tend to want to travel to spend time with loved ones, our priority at Qatar Airways remains broadening opportunities to travel for our passengers in the African market.
“Although Africa stands as the most underserved market, we strongly believe in the power of partnerships like these in transforming travel within the continent.
“We are proud to partner with respected pan-African financial institutions like Access Bank to provide innovative incentives for passengers and customers”, he stated.
This is coming on the heels of Qatar Airways’ recent expansion of routes across the African continent along with increased flight frequencies in various locations.
Also in the release, Access Bank’s Executive Director for Corporate and Investment Banking, Iyabo Soji-Okusanya, expressed enthusiasm about the partnership.
“Our team is delighted to collaborate with Qatar Airways to bring exceptional travel benefits to our valued customers. This offering aligns with our commitment to enhancing the overall experience for those who choose Access Bank and continue to do so every year.
“By providing exclusive discounts on Qatar Airways flights, we aim to make travel more accessible and enjoyable for our customers”, Soji-Okusanya said.

Corlins Walter

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