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Afreximbank, U.S. Eximbank Sign $500m MoU for Revival African Airlines, Others

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The African Export-Import Bank (Afreximbank) and U.S. Eximbank have signed $500m Memorandum of Understanding (MoU) to boost trade and investment, especially to help revive and strengthen African airlines through re-fleeting.

Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank said this in an interview with the News Agency of Nigeria (NAN) on the sidelines of the ongoing U.

S.
-Africa Leaders’ Summit.

Oramah said through the renewed partnership, the two banks would support trade and economic integration in Africa by helping to support other technical supports and facilitate strategic investments in healthcare.

He said that the MoU would also facilitate power and transportation infrastructure, including rail and road projects, as well as investments in renewable energy projects.

“We will use our platform and relationship to promote the creation of regional supply chains by through supporting transportation, rail and road infrastructure, healthcare, renewable energy.

“We also support diaspora engagements, especially the creative industry, which is something we have as a priority and the U.S. government also has as a priority.

“We expect that this engagement we have had will promote the work we are doing to support the African Continental Free Trade Agreement (AFCFTA).

“It will make it possible for us to support industries to bring in heavy equipment and capital goods needed to create manufacturing capacity.

“It will also enable us to have access to the kind of infrastructure goods that are required to create capacities for production on the continent,’’ he said.

He described the U.S. market as the largest in the world, saying that by improving relations and creating the opportunities for trade, Africa could have access to help pull billions of people out of poverty, as it did Asia.

“U.S. is the country largest pool of capital.

“By creating the environment to attract this capital, we are going to be able to support the kind of investments that will enable us do value addition in our continent, especially solid minerals and agriculture products.

“It will help us to push ahead as a trade destination hub for venturing in the U.S, given the fracturing of global supply chain that we are beginning to witness. Africa has a large diaspora in the U.S.,’’ he said.

Oramah said it was a good thing that President Joe Biden administration had issued an executive order to strengthen African diaspora engagement.

He said that diaspora sources of foreign direct investment, marginal remittances, and skills were also market for us, noting that the banks would  fully leverage the benefits of a large pool of African diaspora here.

“Just as the Jews have done, just as the Indians have done; we are the only ones who have not used our diaspora in a way that it is a win-win for both parties,’’ the president said.

Speaking on the benefits of the MoU to Nigeria, Oramah said Nigeria has a large market because of its huge population, noting that the youth population in Nigeria alone is a huge source of labour that could promote production for the U.S. market.

“The U.S. and Nigerian markets are not far apart. Nigeria can be a good destination for the U.S. and that can boost economy and create jobs, create technology transfer and support capacity building.

“Nigeria is the largest source of diaspora in the U.S. So, with this engagement, we are able to leverage the pool of the diaspora we have in the U.S and we are also going to attract more capital for the U.S. into Nigeria.’’

According to him, Nigeria stands the opportunity of gaining so much from the  African Continental Free Trade Agreement.

“So, Nigeria can be industrial base that will attract manufacturing investments from the U.S. apart from also being a potential market for our goods

“We see AFCFTA it as a source of foreign direct investment, and diaspora remittances.

“Moreover, AFCFTA is a source of skills and also to help us use raw materials efficiently, in terms of adding value, and building strong manufacturing capacity which is what we are fight for.”

NAN reports that Oramah  Ms Reta  Lewis, President and Chair of the Board of Directors, U.S. Exim Bank, signed the MoU on behalf of the two banks. (NAN)

Aviation

Reps Angry over Faulty Presidential Air Fleet

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By Ubong Ukpong, Abuja

The House of Representatives on Wednesday, expressed deep anger over faulty air crafts in the Presidential air fleet, just as it summoned the National Security Adviser, (NSA), Nuhu Ribadu, for investigation.

The House in plenary, during a heated debate on the motion, reiterated that billions of naira was budgeted to maintain the presidential Air Fleet.

The motion, which was moved by Hon Satomi Ahmed was followed by a heated debate by members who were divided over the issue.

Recall that the Vice President Kashim Shettima was on Sunday forced to cancel his trip to the United States where he was scheduled to represent President Bola Tinubu at the 2024 US-Africa Business Summit, due to a fault with his aircraft.

Moving a motion of urgent public importance, Satomi who is Chairman House Committee on National Security and Intelligence, and represents Jere Federal Constituency, Borno State, noted that in April, President Bola Tinubu was embarrassingly, forced to fly in a chartered plane from Netherlands to the Kingdom of Saudi Arabia to attend the World Economic Forum.

He noted that Vice President Kashim Shettima similarly used a chartered jet recently as presidential jets were undergoing repairs.

He expressed love for the President and Vice president insisting that such incident was a national embarrassment despite billions of naira budgeted yearly to maintain the air fleets.

In his contribution, member representing Balanga/Billiri Federal Constituency, Gombe State, Ali Isah while supporting the call for investigation of the state of the presidential aircrafts, said the development should offer President Tinubu opportunity to travel by road to enable him understand the state of road infrastructure across the country.

He said, “I think this will afford our President and other leaders the opportunity to travel by road and appreciate the state of our roads.

“This happens all the time in some countries of the world.”

However the proposal did not sit well with Deputy Speaker, Benjamin Kalu who presided over Wednesday’s plenary.

“Are you saying Mr President, the number one leader should travel around by road?,” he asked rhetorically amid support from All Progressives Congress lawmakers.

 Supporting Isah’s position, the Minority Leader of the House, Kingsley Chinda argued that “In Britain, the Prime Minister flies British Airways. I don’t see anything wrong with a public officer using commercial transportation.”

Chinda  also said that  bringing the motion to the floor of the House was not necessary as it is the duty of the relevant committee to go ahead with the investigation without necessarily bringing it on the floor of the House .

Chinda further advocated the resuscitation of a national career as a way out of the embarrassment.

The Deputy Speaker however, said it was indeed not necessary to bring the motion  before the whole House as it was within the duty of the relevant committee to investigate the incidence of it deems it fit he therefore called that the motion be stepped down

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Aviation

Passengers Stranded as NLC Locks Down Abuja Airport

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By Idris Umar Feta Abuja

Many air travellers were left stranded following the closure of the Nnamdi Azikiwe International Airport, Abuja, by officials of the Nigeria Labour Congress (NLC) on Thursday.

A combined team of NLC and Trade Union Congress (TUC) blocked both the entry and exit ways of the Nnamdi Azikiwe International Airport.

The protest was part of the series of actions that the two labour unions say they would zero in on Imo, following the attack on the NLC president, Joe Ajaero.

The NLC and TUC had on Tuesday, declared a nationwide strike, which will commence on Tuesday, November 14, due to the face-off with the Imo State Government.

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Soludo Names Airport After  Achebe

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Anambra State Governor, Professor Charles Soludo has renamed the state’s International Passenger and Cargo Airport after the late Chinua Achebe, a novelist, to immortalise him for making an indelible mark on the history of human civilisation.

Achebe a native of Ogidi in Idemili North Local Government Area of the state, died on March 21, 2013, at age 82, in Boston, Massachusetts.

Soludo said this on Sunday in Awka at the Independence Day parade, to mark Nigeria’s 63rd anniversary, describing Achebe as an example of Africa’s unsung hero.

“Achebe, a Nigerian novelist, poet, and critic, gave the African literature an identity and a voice and he rightly reconstructed and refined the identify of the people,” he said.

The governor said that Achebe was not just an Anambra hero nor a Nigerian hero, but an African and global hero and yet largely unsung at home.

He said that henceforth, the state shall be deliberate in fishing out and celebrating its largely unsung heroes as motivation to children and youths.

“Unfortunately, some people wrongly think of legacies in terms of brick and mortar. Legacy is about impact on human life and human civilisation.

“Achebe was not a president or governor or military. He did not build bridges or roads or airports but he will outlive most presidents, governors and ministers in our minds.

“Achebe rejected Nigeria’s national honours twice in protest against what he perceived as injustice to his home state Anambra. Today, Anambra will finally honour him.

“After wide consultations, there is a broad consensus that no one is more deserving to be named after the first airport in Anambra than Anambra’s all-time greatest literary gift to the world, Chinua Achebe.

“Consequently, we will rename the Anambra International Cargo and Passenger Airport, Umueri, to Chinua Achebe International Airport, Umueri.

“Yes, it has to be an international airport, and we hope to work with the Federal Government to give full effect to its international status,” he said.

Soludo urged Nigerians to be intentional about making the project Nigeria work and believe in the potential greatness of the country.

“We have muddled through the past 63 years with squandered opportunities and yet with the promise of potential greatness

“No country or nation is a perfect. Every nation continues to struggle in its match to a more perfect union. The path to stability, growth and sustainability will be challenging as there are no quick fixes.

“But all of us must collectively think and work Nigeria out of the current challenges. We have no other country but Nigeria, and we must make it to work for everyone, “he said.

The governor said his administration was founded on the true progressive agenda and would continue to create the enabling environment for residents to thrive and survive.

The police, paramilitary organisations and students from different schools took part in the parade. (NAN)

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