Access Holdings Plc has appointed Bolaji Agbede as the acting group chief executive officer following the death of Herbert Wigwe. The appointment, subject to Central Bank of Nigeria's approval, aligns with the company's succession planning. Agbede, with nearly three decades of experience, previously served as the firm's most senior founding executive director in charge of business support. The announcement was made in a corporate filing on the Nigerian Exchange Group.

The presidency, through Garba Shehu, refutes claims by Gudaji Kazaure regarding a missing N89.09 trillion from stamp duty, asserting that the allegations are false. Shehu provides a detailed account of the stamp duty controversy, explaining the formation and dissolution of related committees, and counters Kazaure's accusations against the Central Bank of Nigeria and other government bodies. The article emphasizes the administration's efforts to address and rectify the issue, highlighting the legal and procedural steps taken to ensure transparency and accountability.

Hadi Sirika, the minister of aviation, emphasized the economic significance of Lagos, highlighting its financial institutions, industries, and cultural heritage. He announced the federal government's swift approval for a new airport in Lagos, citing the need to connect the city to Africa and the world. The new airport in Lekki is seen as a crucial infrastructure project to support Lagos' expanding economy and facilitate better connectivity.

Lagos State Governor Babajide Sanwo-Olu stated that the state has psychologically recovered from the destruction caused by the #EndSARS protests, although infrastructural recovery is still ongoing. The protests, which began in October 2020 as a youth-led movement against police brutality, were hijacked by hoodlums, leading to significant damage and loss of life. Sanwo-Olu highlighted ongoing efforts to rebuild infrastructure, including a major project to develop a 15-storey edifice for the Igbosere high court.

Atiku Abubakar, former vice-president and PDP presidential candidate, criticizes the Nigerian government's handling of the Nigerian National Petroleum Corporation's transformation, claiming it lacks transparency. He questions the scope and process of the privatization, expressing concerns that neither Nigerians nor the international community have seen clear details. President Muhammadu Buhari had earlier unveiled the NNPC Limited, stating it would enhance the oil industry's capacity and market relevance under new legal frameworks.

The Nigerian naira fell to N658 per dollar at the parallel market, representing a 6.13 percent depreciation from the previous week. Bureaux De Change operators attribute the decline to ongoing foreign exchange supply constraints. The Central Bank of Nigeria maintains that the parallel market does not reflect the true exchange rate, with official rates significantly lower. The CBN continues efforts to boost foreign exchange inflow.

Nigeria's airlines have significantly increased domestic flight fares due to rising aviation fuel costs and a foreign exchange crisis. Azman Air, Air Peace, Ibom Air, and Max Air have all raised their prices, with some routes seeing fares as high as N130,000. The Airline Operators Association of Nigeria highlighted the surge in fuel prices and the forex crisis as major challenges. The federal government, represented by the minister of aviation, Hadi Sirika, acknowledged the issues but indicated that immediate solutions are not available, although efforts are being made to address the fuel price hike through refinery revitalization.

Domestic airlines in Nigeria, including Ibom Air, are losing at least N4.3 billion annually due to restricted flight operations, primarily because of limited runway availability and other operational deficiencies. George Uriesi, COO of Ibom Air, highlighted these issues at the 26th annual League of Airport and Aviation Correspondents conference in Lagos, urging the government to improve airfield infrastructure and provide necessary landing systems. He also called for regulatory adherence to airport master plans and suggested establishing a local aircraft financing vehicle. Olusegun Koiki, chairman of the league, emphasized the need for urgent financial support for domestic operators.

Oil theft in Nigeria is significantly impacting the country's ability to supply gas to international buyers, particularly Portugal, which relies heavily on Nigerian liquefied natural gas (LNG). Osagie Okunbor, country chair of Shell companies in Nigeria and acting chairman of the Oil Producers Trade Section (OPTS), highlighted the issue during the 60th anniversary of OPTS. Portugal's government has expressed concerns about potential gas supply challenges this winter. Okunbor emphasized ongoing efforts with the Nigerian National Petroleum Company (NNPC) and other federal agencies to combat oil theft. He also noted the significance of the recently signed Nigerian-Moroccan Gas Pipeline, which aims to enhance gas supply to Europe.

The Federal Competition and Consumer Protection Commission (FCCPC) has directed telecom companies to stop providing services to digital lenders under investigation. FCCPC's CEO, Babatunde Irukera, announced the enforcement action in Lagos, targeting lenders like Soko Lending Limited for unethical practices. Payment service firms such as Flutterwave, OPay, Paystack, and Monify have also been ordered to cease transactions with these lenders. The FCCPC's actions aim to curb exploitative lending practices and enhance consumer protection.

The Lagos state government has started compensating around 800 residents in Ogun affected by the rail mass transit red line project. The compensation process, involving tenants and property owners, was conducted by officials from the Ogun state land bureau and LAMATA's consultant, Global Impact and Environmental Service. Abimbola Akinajo, managing director of LAMATA, emphasized the project's significance for seamless development between Lagos and Ogun, with the red line rail project expected to enhance economic and mobility benefits, reducing travel time significantly. The project, currently under construction, aims to commence passenger operations in early 2023.

The Asset Management Corporation of Nigeria (AMCON) has reappointed Ado Sanusi as the managing director of Aero Contractors. Sanusi, who was previously reassigned to manage Nigerian Eagle (NGE) carrier, returns to Aero Contractors due to issues with securing the airline operator certificate for NGE. Aero Contractors has been under AMCON's receivership since 2016 and is undergoing restructuring. Sanusi expressed his commitment to repositioning the airline and acknowledged the efforts of his predecessor, Abdullahi Mahmood.

The Nigerian Ports Authority (NPA) has refuted allegations of operating secret offshore accounts, asserting that its two USD-denominated domiciliary accounts are officially sanctioned and safeguarded by the federal government. The NPA clarified that these accounts, approved by the Office of the Accountant General of the Federation, are managed transparently in compliance with government policies to prevent infractions and looting. The accounts, held in Zenith Bank and Fidelity Bank with Citibank N.A. as correspondent banks, are used for collecting service boats pilotage revenue. The NPA emphasized that the funds are protected by stringent safeguards, including daily sweeps into the Treasury Single Account (TSA) and oversight by multiple top management staff. The authority dismissed the allegations as false and malicious, reaffirming its commitment to transparency and accountability in revenue management.

The Federal Executive Council has approved N1.6 billion for medical equipment and furniture for the aviation medical centre at Nnamdi Azikiwe International Airport, Abuja. The approval was given during a meeting presided over by Vice-President Yemi Osinbajo. The project, part of a broader initiative to build medical centres in airports across Nigeria, is expected to be completed in six months with Tasodic Sodica Limited as the contractor.

The Federal Executive Council (FEC) approved N11.8 billion for the procurement of firefighting trucks and the establishment of aircraft maintenance centres in Katsina state and Abuja. The approval, announced by Minister of Aviation Hadi Sirika, aims to address issues with fire tenders and reduce dependency on foreign refurbishment. The project includes a fire truck maintenance centre in Katsina and a building for the maintenance centre, with plans to eventually assemble and manufacture such vehicles locally. Additionally, a 30-year business case was approved for an aircraft maintenance and overhaul facility in Nigeria.

Hadi Sirika, the minister of aviation, has confirmed that the demolition of structures occupied by aviation agencies at Lagos' Murtala Muhammed Airport will proceed as planned. The goal is to transform the airport into an aerotropolis, featuring modern facilities like shopping malls and car parks. Despite opposition from aviation unions, who have threatened strikes and protests, Sirika insists that the project is essential for Nigeria to deliver world-class air transport infrastructure.

The Ministry of Aviation prioritizes the safety and security of air passengers and cargoes, as emphasized by James Odaudu, special assistant to the minister of aviation. The suspension of Dana Air's licenses by the Nigerian Civil Aviation Authority (NCAA) was due to safety and financial concerns, with a regulatory audit pending. Aero Contractors also suspended scheduled passenger flights due to high operational costs but continues other services. Mathew Pwajok of the Nigerian Airspace Managing Agency highlighted the negative economic impact of these suspensions and the agency's efforts to enhance operational efficiency and safety.

The Central Bank of Nigeria (CBN) has disbursed ₦66.99 billion for 12 projects in the manufacturing and agricultural sectors under its real sector support facility (RSSF). Governor Godwin Emefiele announced that a total of 426 projects have received ₦2.10 trillion in funding. Additionally, ₦20.17 billion was allocated to 14 projects in healthcare, manufacturing, and services under the 100 for 100 policy on production and productivity (PPP). The healthcare sector received ₦4.00 billion for two projects, and the export facilitation initiative (EFI) funded non-oil export projects with ₦3.24 billion. Small-scale businesses also benefited from the tertiary institutions entrepreneurship scheme (TIES).

The Ethiopian government has ended the visa-on-arrival policy for Nigerian citizens, requiring them to obtain visas from the Ethiopian embassy in Abuja before traveling. This change follows Ethiopian Airlines' recent investment in Nigeria Air. The new policy does not affect passengers transiting overnight in Addis Ababa. Additionally, Nigerians and citizens from 42 other African countries must present yellow fever vaccination cards at Ethiopian borders. Ethiopian Airlines' traffic and sales manager clarified that Nigerians must now fill out an online visa-on-arrival requisition form prior to departure.

First Marina Trust (FMT) Limited has launched FMT Space, a savings and investment app aimed at promoting participation in the money market. The app, unveiled in Lagos, marks FMT's entry into the fintech sector, competing with over 200 existing fintech companies in Nigeria, including the central bank's eNaira. FMT Space offers investment opportunities in money markets and commercial papers, escrow services, and loans with a 5 percent interest rate. The app is designed with advanced security features to ensure safe transactions. FMT aims to attract younger investors and ensure secure, profitable investments. Key figures in the company emphasize the app's security and compliance with regulatory standards, highlighting its potential to transform Nigeria's financial landscape.

Aviation workers across Nigeria have launched a peaceful protest against a legislation that seeks to prevent trade unions in the sector from demonstrating. The protest, confirmed by Ben Nnabue, president of the National Union of Air Transport Employees (NUATE), is taking place in all airports nationwide. The union demands the removal of a clause in the act establishing aviation agencies, which restricts trade unions from striking. They have given the federal government a 14-day ultimatum to address their demands, failing which they will consider a strike that could potentially shut down airport operations. Despite the protests, airport activities remain unaffected, as confirmed by Hope-Ivbaze Faithful, acting general manager of corporate affairs at the Federal Airports Authority of Nigeria.

The International Air Transport Association (IATA) has praised the Nigerian government's release of $265 million to foreign airlines, which is expected to encourage continued service to the country. Kamil Alawadhi, IATA's regional vice-president for Africa and the Middle East, emphasized the importance of this move for maintaining connectivity and economic stability. The association will continue to engage with the Nigerian government to release the remaining $199 million of blocked funds. IATA also urged other African countries to follow Nigeria's example to avoid disrupting airline services.

Aviation stakeholders urge the Nigerian federal government to support local airlines in developing capacity for international trips. Experts highlight the inability of foreign airlines to repatriate funds and the recent suspension of Emirates Airlines' operations in Nigeria. Obiora Okonkwo of United Nigeria Airways and Sindy Foster of Avaero Capital emphasize the need for financial support and the passage of the 'fly Nigeria bill'. Tayo Ojuri of Aglow Aviation calls for building international partnerships to grow capacity. They also encourage Nigerian lawmakers to patronize local carriers for foreign trips.

The Kogi house of assembly has summoned BUA Group over a 50,000-hectare land acquired in 2012, for which it allegedly has not paid. The assembly's ad-hoc committee, led by Umar Tenimu, demands an explanation from BUA Group and threatens to revoke the certificate of occupancy if the company fails to pay and compensate the community. The issue was discussed at a public hearing in Lokoja, following a fire incident at the assembly complex. BUA Group has not responded to multiple letters, and a corporate communications official declined to comment. Concurrently, Kogi state is in a legal dispute with Dangote Industries Limited over the Obajana Cement Plant.

Nigeria, Ethiopia, and Malawi are withholding approximately $28 million in revenue from Kenya Airways, impacting the airline's cash flow. This issue is part of a larger controversy involving the repatriation of foreign airlines' revenue trapped in Nigeria, which has led to drastic measures by airlines like Emirates and British Airways. The International Air Transport Association reported that $1 billion is being withheld in 12 African countries, with Nigeria blocking the most. In response, the Central Bank of Nigeria released $265 million to airlines to settle outstanding ticket sales.

Zainab Ahmed, Nigeria's finance minister, urged the Nigeria Sovereign Investment Authority (NSIA) to increase investments in agriculture to bolster food security. Speaking at the commissioning of Pandagric Novum farm in Nasarawa state, she praised the NSIA's agricultural initiatives and highlighted the federal government's commitment to food security. The farm, supported by NSIA and Signature Agri Investments, is the largest maize farm in Nigeria. Ahmed commended the collaboration between NSIA and the private sector, emphasizing the untapped potential in Nigeria's economy. NSIA officials also called for more government support in infrastructure and utilities.

The aviation sector in Nigeria is grappling with severe challenges, including high jet fuel prices due to the Russia-Ukraine war and a foreign exchange scarcity that has led foreign airlines to take drastic measures. Susan Akporiaye, president of the National Association of Nigeria Travel Agencies (NANTA), discusses the impact on travel agencies, highlighting reduced travel budgets, cancellations, and low-profit margins. The Central Bank of Nigeria's partial release of funds has not alleviated the situation, leading to continued restrictions by airlines like British Airways. Additionally, diplomatic issues such as travel restrictions for Nigerians under 40 entering Dubai further complicate the sector. Akporiaye calls for government intervention to allow airlines to repatriate their funds to prevent exploitative fares and economic strain.

Afrinvest, a financial advisory firm, is planning international expansion to grow its assets under management (AUM). Managing Director Ike Chioke revealed that the company is in discussions with partners in Ghana, Kenya, and Mauritius, aiming to establish a Pan African digital investment bank within three years. Afrinvest's current AUM is around N200 billion, with aspirations to significantly increase this figure. The expansion plans are subject to regulatory approvals and ongoing discussions with multiple parties.

Adekunle Oloyede, the area controller of the TinCan Island Command of the Nigeria Customs Service, revealed that four clearing agents forged his signature to clear imported vehicles. The agents, who attempted to clear four trucks and some cars, were arrested and are set to be prosecuted despite being granted administrative bail. Oloyede emphasized the command's efforts to strengthen risk management and mitigate fraud. He also reported a significant increase in export activities and revenue collection for the first half of 2022.

Nigerian governors have recommended raising VAT to 15 percent and offering retirement packages to public workers over 50 to avert an economic crisis. They also suggested implementing the Stephen Oronsaye Report, eliminating petrol subsidies, reducing government expenditure, and centralizing tax collection. The governors advised halting foreign trips by MDAs to conserve foreign exchange and proposed new tax measures, including a federal income tax and state sales taxes. They emphasized improving crude oil and gas production and expediting the completion of the Dangote Refinery to reduce future foreign exchange outflows.

Bayo Adeola, a Nigerian author and founder of Comprehensive Project Management Services Limited, emphasizes the importance of documenting Nigeria's history to preserve its values and aid national development. At the launch of his new book, 'the life and times of Imran: a family in the history of a nation', Adeola argues that writing history is crucial for teaching it and solving current problems. He also highlights the role of documented history in preserving cultures amid globalization, noting that stronger cultures are more likely to survive.

President Muhammadu Buhari has requested the Nigerian Senate to confirm the reappointment of four nominees as non-executive directors of the Central Bank of Nigeria (CBN). The nominees are Mike Obadan, Justitia Nnabuko, Ummu Jalingo, and Adeola Adetunji. The request, dated July 21, was read by Senate President Ahmad Lawan. The Senate committee on banking, insurance, and other financial institutions will screen the nominees. If confirmed, they will serve another term at the apex bank.

A majority of Twitter users voted for Elon Musk to step down as CEO in a poll he conducted. Musk, who acquired Twitter for $44 billion in April 2022, has faced criticism for his radical policies, including mass layoffs and a new verification policy. Despite his claim of promoting free speech, his tenure has been controversial.

The federal government has opened the Second Niger Bridge for 30 days to ease traffic in the south-east during the festive season. The bridge, inaugurated by Minister of Works and Housing Babatunde Fashola, aims to alleviate traffic congestion and reduce poverty caused by gridlock on the old First Niger Bridge. The bridge will be open from December 15, 2022, to January 15, 2023, and will then close for further construction. President Muhammadu Buhari's administration is credited for completing the project, which was funded through various sources including repatriated funds.

Governor Douye Diri of Bayelsa presented a N385.2 billion budget for 2023, focusing on rebuilding infrastructure damaged by floods. The budget, titled 'budget of sustainable growth and reconstruction,' allocates significant funds to the ministries of works, infrastructure, education, and agriculture. It also includes provisions for flood management and the establishment of a special directorate for flood and erosion control. The budget was crafted with input from stakeholders and aims to continue building new infrastructure and restoring damaged ones. Speaker Abraham Ngobere praised the governor's efforts and ongoing projects.

The Nigerian National Petroleum Company Limited has assured Nigerians of a steady petrol supply, with 1.9 billion litres in stock, following a meeting with the Department of State Services and other stakeholders. The DSS issued a 48-hour ultimatum to resolve the petrol distribution crisis, which NNPC's group chief executive officer Mele Kyari responded to by confirming over 30 days' sufficiency of petrol. Stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Major Oil Marketers Association of Nigeria, and others, agreed to work together to clear petrol queues nationwide within 48 hours. Challenges such as foreign exchange were discussed, with commitments to 24-hour depot operations and retail outlet sales to alleviate the queues.

Aero Contractors, Nigeria's oldest airline, announced it will resume scheduled services from December 5, 2022, after a nearly five-month suspension due to financial difficulties. The company's CEO, Ado Sanusi, stated that the airline has met regulatory requirements and received approval from the Nigeria Civil Aviation Authorities. With new CFO Charles Grant and a new management team, Aero Contractors will operate Boeing 737 and Dash 8 (Q-400) aircraft to ten destinations. The resumption aims to provide affordable transportation and stabilize the market, especially during the Christmas season. The airline has taken steps to avoid past mistakes and has the support of the Asset Management Corporation of Nigeria for sustained services.

Stakeholders at the Freedom in Nigeria Conference 2022 urged the federal government to address challenges hindering entrepreneurship development, including policy bottlenecks, power supply issues, and access to funding. They emphasized the potential of MSMEs to transform the economy if provided with a conducive environment and proper infrastructure. The conference, organized by Ominira Initiative with support from Initiative for African Trade and Prosperity and Atlas Network, aimed to brainstorm solutions and present recommendations to the government for policy formulation.

The Abuja-Kaduna train services in Nigeria are set to resume on Monday, December 5, 2022, according to Fidet Okhiria, managing director of the Nigeria Railway Corporation. Passengers are advised to update their mobile booking apps starting December 3 to book rides successfully. The resumption includes two train rides from Abuja to Kaduna and vice versa. The federal government assures safety, and new ticketing requirements include providing a phone number and national identification number for security checks.

The Federal Executive Council, led by President Muhammadu Buhari, approved an additional N14 billion for the Kano western bypass road project, raising the budget to N36.89 billion. The augmentation covers VAT increases and additional construction such as a flyover and hydraulic facilities. The project, contracted to Dantata and Sawo Construction Company, was inherited from previous administrations. The Ministry of Works and Housing, with Minister Babatunde Fashola, also redirected funds from a trailer park project to the main carriageway due to litigation.

President Muhammadu Buhari initiated the Kolmani Integrated Development Project (KIPRO) at the Kolmani field site, marking a significant milestone in oil and gas exploration outside the Niger Delta Basin. The project, which spans oil prospecting licences OPL 809 and 810, includes an oil refinery, gas processing plant, power plant, and fertiliser plant. The discovery by NNPC and partners confirms a substantial commercial deposit of hydrocarbons, ending a long history of unsuccessful exploration in the region.

The Central Bank of Nigeria (CBN) announced that President Muhammadu Buhari will unveil the newly redesigned naira notes on November 23, 2022, instead of the previously scheduled date of December 15. CBN Governor Godwin Emefiele emphasized that the deadline for the old notes to lose their legal tender status remains January 31, 2023. Emefiele addressed concerns about the ability of rural residents to deposit their old notes, stating that the CBN has made adequate provisions through an extensive agency banking network.

Air transport unions in Nigeria, including NUATE, ATSSSAN, and ANAP, have demanded the Ministry of Aviation to halt plans to demolish buildings housing aviation sector agencies at Murtala Muhammed Airport, Lagos, for an aerotropolis project. The unions, at a news conference in Lagos, threatened to strike and hold public demonstrations if the demolition proceeds. They also urged the Federal Executive Council to suspend further approvals on aviation roadmap projects for a forensic audit, alleging wasteful spending and lack of delivery on projects. The unions called for support from the NLC, TUC, and civil society to protect national assets and the aviation industry.

The Federal Airport Authority of Nigeria (FAAN) has reopened the domestic runway (18L/36R) at Murtala Muhammed Airport in Lagos for 24-hour flight operations after a four-month closure for the installation of a new lighting system. The closure, which began in July 2022, was initially planned to last 90 days but faced delays. The Airline Operators of Nigeria (AON) had raised concerns about the financial impact of the closure on domestic airlines, citing increased fuel costs and operational burdens.

Vehicle importation in Nigeria has significantly dropped due to forex scarcity, corruption at ports, and unfavorable government policies. The National Bureau of Statistics reported a 51.2% decline in used car imports in the first half of 2022 compared to the same period in 2021. Stakeholders blame the reduction on the unstable forex market, high customs tariffs, and the implementation of the Vehicle Identification Number (VIN) policy. The decline has led to reduced port activities and increased vehicle prices, negatively impacting various sectors and employment.

Dana Air will resume flight operations on November 9, 2022, after a four-month suspension by the Nigerian Civil Aviation Authority (NCAA) due to regulatory infractions. The airline has successfully completed an NCAA audit and restructured its management. Ememobong Ettete, the chief operating officer, emphasized the company's commitment to safety and customer satisfaction. The airline has extended the validity of unused tickets and will offer competitive fares and free tickets for a limited period. The NCAA's audit process was praised for its thoroughness and professionalism.

Aviation workers at Murtala Muhammed Airport, Lagos, under the Air Transport Services Senior Staff Association of Nigeria, protested the termination of over 30 members by Bi-Courtney Aviation Services Limited, causing flight disruptions. The union had previously issued an ultimatum demanding the reversal of the sackings and payment of entitlements. Ben Nnabue of the National Union of Air Transport Employees criticized the lack of due process in the layoffs. The Federal Airport Authority of Nigeria has not commented on the situation.

The Nigeria National Petroleum Company Limited, Akwa Ibom government, and Solutions Hub Limited have signed an agreement to establish a deepwater logistics shore base in Akwa Ibom state. The NNPC will own 30 percent, Akwa Ibom 20 percent, and Ibom Solutions Hub 50 percent of the project, which aims to provide offshore construction and logistics services to Nigeria's eastern region and the West and Central African region. The logistics base will be located in a 40sq km area in Ibaka, Mbo LGA, within a designated Free Trade Zone. Governor Udom Emmanuel and NNPC officials, including Mele Kyari and Margery Chuba-Okadigbo, expressed positive sentiments about the project's potential impact on the economy and the oil and gas industry.

Emirates Airline has suspended its flight operations to Nigeria due to the inability to repatriate $85 million in trapped funds. Despite promises from the Central Bank of Nigeria to release funds, no allocation has been made, leading to the suspension effective from October 29, 2022. The airline has engaged with the Nigerian government and proposed solutions, but without timely fund repatriation, it cannot sustain operations. The Nigerian aviation minister, Hadi Sirika, stated that Nigeria will not yield to threats from foreign airlines.

Bola Ahmed Tinubu, the All Progressives Congress presidential candidate, outlined his economic policies in his 'Renewed Hope 2023' manifesto, focusing on optimizing foreign exchange to strengthen the naira, reducing reliance on foreign loans, and phasing out fuel subsidies. He emphasized the need for a single exchange rate regime, prudent foreign borrowing linked to revenue-generating projects, and the deregulation of the downstream petroleum sector to improve infrastructure and public welfare.

Babajide Sanwo-Olu, Governor of Lagos, received federal approval to build the $2.5 billion Badagry deep seaport, expected to create 250,000 jobs and enhance government revenue. The project will be funded through a public-private partnership and operate under a build-operate-transfer concession. Additionally, Sanwo-Olu signed MoUs with Siemens Energy Limited and GIZ for an energy training center, and with Del York International Group for a Lagos film city, aiming to bolster Lagos as a hub of entertainment and commerce.

The Lagos state government plans to construct a new airport on the Lekki-Epe axis, with the project expected to begin in 2023. The airport will be built on 3,500 hectares of land and is designed to serve a minimum of five million people annually. The initiative, which has received federal approval, will involve public-private partnerships and is currently in the strategy, funding, and market placement study phase.

President Muhammadu Buhari asserts that the Central Bank of Nigeria's recent interest rate hike will protect the economy from global uncertainties by curbing inflation. The adjustment, which raised the monetary policy rate from 14% to 15.5%, is part of a series of measures aimed at economic stability. Buhari highlights the administration's success in exiting two economic recessions and improving transparency in the oil and gas sector through the Petroleum Industry Act. He also emphasizes the importance of non-oil exports and the agricultural sector in enhancing foreign exchange earnings and job creation. The administration aims to address economic challenges such as debt burden, inflation, and unemployment through robust fiscal and monetary policies.

The Nigerian federal government has expressed concern over Nigerians traveling to Ethiopia on tourist visas and overstaying, engaging in unwholesome activities. This behavior has led to Ethiopia suspending its visa-on-arrival policy for all non-resident foreigners due to security concerns and political tensions. The new policy requires travelers to obtain visas from the Ethiopian embassy in Abuja or through an electronic visa system. The Nigerian government urges its citizens to comply with the new regulations to avoid complications.

The Nigerian National Petroleum Company (NNPC) Limited reported a deduction of N525.71 billion for petrol subsidies in August 2022, marking the eighth consecutive month without remittance to the Federation Account Allocation Committee (FAAC). Analysis revealed that NNPC has spent N2.565 trillion on subsidies since the start of the year. The federal government plans to cease subsidy payments by June next year, with a projected expenditure of N4 trillion for 2022. The ongoing subsidy payments have significantly impacted Nigeria's revenue, sparking controversy and criticism.

Emirates and United Airlines have signed a codeshare agreement to expand their destinations in the US and UAE. The deal, announced at Dulles International Airport, allows customers to book connecting flights on a single ticket, enhancing convenience. Starting November, Emirates customers can connect to nearly 200 cities in the Americas via United flights. United will also launch a direct flight between New York/Newark and Dubai in March 2023. The partnership aims to improve customer experience and strengthen economic and cultural ties between the two countries.

Stakeholders at the 2022 Project Management Institute Africa conference in Lagos emphasized the need for adopting new technologies and soft skills to enhance project management outcomes in Africa. Samuel Pownall from PwC highlighted the strategic alignment of projects with organizational goals through technology and soft skills, while Taopheek Babayeju of iCentra Consulting underscored the sector's significant contribution to GDP and national development. The article calls for government attention to the project management sector, especially in infrastructure-related decisions.

Africa World Airlines (AWA), a Ghanaian airline, has announced the suspension of its flights to Liberia and Sierra Leone starting September 15, 2022, due to rising operational costs driven by increased jet fuel prices. The airline's chief operating officer, Kwasi Oteng, stated that the decision is part of a broader review of their domestic and regional operations to ensure business sustainability. Customers with bookings on the affected routes are advised to contact their booking agents for assistance. AWA expressed gratitude to stakeholders who supported their operations in the two countries.

The Association of Nigeria Licensed Customs Agents (ANLCA) has requested the management of Lekki Deep Seaport to establish a freight forwarders' village for its members, similar to other modern automated ports. Kayode Farinto, acting national president of ANLCA, emphasized the need for a temporary office for agents to conduct their documentation. The association also called for full automation of port activities to prevent any government agency from hindering the process. Daniel Odibe, head of regulatory and procurement at the port, confirmed the port's full automation and its expected completion in September 2022. The port, concessioned for 45 years, will feature multiple berths and an electronic call-up system for trucking. Lagos Governor Babajide Sanwo-Olu announced that the seaport would begin commercial operations in 2023.

Emirates Airlines will resume flight operations to Lagos starting September 11, 2022, following the Nigerian government's release of $265 million to foreign airlines to settle outstanding ticket sales. The suspension, which began on August 18, was due to the airline's inability to repatriate earnings in foreign exchange from Nigeria. The International Air Transportation Association had expressed concern over the trapped funds, which increased from $450 million in May to $464 million in July. The Nigerian government cited a forex exchange crisis as the reason for the delay in meeting obligations.

A Nigerian traveller, Elvi, has threatened to sue the Federal Airports Authority of Nigeria (FAAN) after a harrowing experience on the escalators at Murtala Muhammed International Airport in Lagos. Elvi recounted how she and her family were injured due to the malfunctioning escalator, which led to a pile-up of people. Despite previous maintenance claims, the escalator's safety was questioned. Elvi criticized the slow response of airport officials and the negligence of immigration officers. FAAN has responded, asking Elvi to contact them via direct message on Twitter.

Air Peace has increased its excess baggage fee to N1,000 per kilogram for domestic flights starting September 1, 2022. The new baggage allowance is 15kg for economy class and 30kg for business class, a reduction from the previous 20kg and 40kg, respectively. The excess baggage charge has doubled from N500 per kg to N1,000 per kg. The airline's management did not immediately respond to requests for comments.

The Aviation Safety Round Table Initiative (ART) has urged the Nigerian federal government to adhere to the bilateral air services agreement (BASA) to address the issue of $464 million in trapped foreign airline revenue. Olumide Ohunayo, ART's assistant secretary-general, emphasized the need for the government to allow the repatriation of these funds to maintain Nigeria's investment-friendly image. The situation has led to Emirates Airlines suspending its operations in Nigeria, highlighting the broader negative impact on the aviation sector and the country's international reputation.

Foreign airlines' funds withheld in Nigeria increased to $464 million in July, up from $450 million in May, according to the International Air Transportation Association (IATA). IATA expressed disappointment with Nigeria's stance on fund repatriation, warning of reduced air connectivity and economic harm. Emirates Airlines announced the suspension of its flight operations to Nigeria starting September 1, 2022, due to the inability to repatriate $85 million in revenue. Nigeria's forex exchange crisis and the depreciating naira are cited as reasons for the government's inability to release the funds.

BudgIT, a civic-tech organization, has raised concerns about Nigeria's fiscal performance and growing subsidy payments, highlighting an alarming debt service-to-revenue ratio. The organization criticizes the federal government's indiscriminate borrowing and calls for reforms to improve financial management, reduce oil theft, and boost independent revenues. The text underscores the worsening economic conditions and the need for immediate action to prevent a fiscal crisis.

Air Peace will suspend flights to Johannesburg from August 22, 2022, to October 8, 2022, due to delays in South African visa issuance, a forex crunch, and rising aviation fuel costs. The airline has informed the South African high commission in Lagos about the visa issues affecting passenger loads and hopes to resume operations by October 8, 2022. Affected passengers can reschedule or request refunds. Nigeria's aviation sector is grappling with fuel price hikes and forex scarcity, impacting airline operations and costs.

The National Emergency Management Agency (NEMA) has resumed its air ambulance service after completing all regulatory requirements. An inaugural return flight was conducted, transporting Sadiya Umar Farouq, the minister of humanitarian affairs, and Mustapha Habib Ahmed, the director-general of NEMA, from Abuja to Jigawa state. The air ambulance service, initially introduced in 2015, aims to provide quick transportation for patients with emergency health conditions.

The Nigerian Civil Aviation Authority is conducting economic and financial audits on eight domestic airlines to assess their financial health and ensure safety standards are maintained. Musa Nuhu, the director-general, emphasized the importance of preventing financial issues from becoming safety crises. Dana Air's operations were suspended due to grave concerns, while Aero Contractors voluntarily suspended services. The remaining airlines include Air Peace, Arik Air, Max Air, Green Africa, United Nigeria, Overland, Azman Air, and Ibom Air. The industry faces challenges such as foreign exchange scarcity and high fuel prices.

António Guterres, the UN Secretary-General, criticized oil and gas companies for making excessive profits amid the energy crisis caused by the Russia-Ukraine war, calling the profits 'immoral.' He urged governments to tax these profits to support vulnerable populations. Guterres highlighted the severe impact of the war on global food, energy, and finance, exacerbating economic inequality and threatening global stability. He emphasized the need for collective action to address these challenges and support those most affected.

The Nigerian federal government has confirmed the procurement of 10 vehicles worth N1.14 billion for the Niger Republic. Finance Minister Zainab Ahmed stated that this is part of Nigeria's policy to assist neighboring countries. The procurement, approved by President Muhammadu Buhari, aims to enhance the security capacities of neighboring nations. The contract for the vehicles was awarded to IFO Kaura Motors Nig. Limited, with the funds approved on February 22, 2022.

Standard Chartered Bank will suspend international transactions on its naira visa debit card starting August 1, 2022. The bank's head of deposits, debit cards, and mortgages announced the change, stating that the $1,000 monthly international spend limit on the bank's credit card and the limits on foreign currency debit cards will remain unchanged.

Nigerian airlines have raised domestic flight fares due to increased aviation fuel costs and a foreign exchange crisis. Fares have risen to at least N80,000, with Azman Air and Air Peace adjusting their prices accordingly. The Airline Operators Association of Nigeria highlighted the surge in fuel prices during a meeting with the Minister of Aviation, Hadi Sirika, who acknowledged the challenges but noted that the issues were beyond immediate control. The government is attempting to address the fuel price hike through refinery revitalization and the anticipated operation of the Dangote refinery.

The federal government clarified that the $35 million withdrawn from Nigeria's excess crude accounts (ECA) was used as an advance payment for acquiring offshore patrol vessels to enhance maritime security. This move follows Nigeria's exit from the International Maritime Bureau's Piracy List and zero piracy incidents in the first half of 2022. The ECA, established in 2004 to stabilize the economy, has faced controversies and corruption allegations. Finance Minister Zainab Ahmed stated that state governors were aware of the withdrawals, which were made in consultation with the National Economic Council due to oil market volatility.

Russia and Ukraine have signed separate agreements with Turkey and the United Nations to resume grain exports from Ukraine's Black Sea ports, which have been blocked since Russia's invasion. The deal aims to alleviate the global food crisis by enabling Ukraine to export 22 million tons of grain and other agricultural products. The agreements were signed by Russian Defence Minister Sergei Shoigu and Ukrainian Infrastructure Minister Oleksandr Kubrakov, with UN Secretary-General Antonio Guterres and Turkish Defence Minister Hulusi Akar. The initiative, known as the 'Black Sea Initiative,' will allow significant volumes of commercial food exports from three Ukrainian ports and help stabilize global food prices.

The Transmission Company of Nigeria (TCN) reported a national power grid collapse at 11 am on Wednesday, marking the seventh occurrence in 2022. The collapse, caused by a sudden drop in system frequency, led to a 457MW generation loss and widespread blackouts. TCN's general manager, Ndidi Mbah, stated that grid restoration was nearly complete by 11 pm the same day. The incident was triggered by the tripping of a generating unit due to 'exhaust over temperature,' which affected other grid-connected units. TCN assured the public of ongoing efforts to enhance power supply reliability and prevent future collapses.

The Nigerian Civil Aviation Authority (NCAA) has indefinitely suspended Dana Air's air transport licence and air operator certificate due to multiple operational infractions and financial instability. The airline was found to have operated flights with unlicensed and overaged captains, violated maintenance regulations, and manipulated rostering systems. Financial audits revealed significant liquidity issues, negative equity, and reliance on debt, raising concerns about the airline's ability to meet its obligations and ensure safe operations. The NCAA's decision underscores a toxic corporate safety culture within Dana Air.

TotalEnergies has commenced oil production from the Ikike field in Nigeria, in partnership with the Nigerian National Petroleum Corporation (NNPC). The project, located 20 kilometers off the coast, aims to deliver peak production of 50,000 barrels of oil equivalent per day by the end of 2022. The initiative focuses on low-cost and low-emission oil projects, leveraging existing facilities to minimize costs and greenhouse gas emissions. The development follows the recent unveiling of the Nigerian National Petroleum Company Limited (NNPC) by President Muhammadu Buhari.

BudgIT, a civic-tech organization, has raised concerns about Nigeria's fiscal performance and growing subsidy payments, highlighting an alarming debt service-to-revenue ratio. The organization criticizes the federal government's borrowing practices and calls for reforms to address fiscal challenges, including reducing indiscriminate borrowing, curbing oil theft, and improving revenue remittance by MDAs and GOEs. The text underscores the worsening economic conditions and the need for urgent fiscal reforms to prevent a crisis.