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Business News

Coronavirus: Airline Operators of Nigeria demand restrictions on travellers

The Airline Operators of Nigeria has demanded that the Federal Government restrict entry into Nigeria, limiting it to Lagos and Abuja.

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Coronavirus: Airline Operators of Nigeria demand restrictions on travellers

The Airline Operators of Nigeria has demanded that the Federal Government restrict entry into Nigeria, limiting it to Lagos and Abuja. The group stated that Nigeria is the only country that hasn’t taken decisive measures to battle coronavirus.

The group said the restriction should include Nigerians and foreigners coming from countries with about 100 cases of coronavirus. Speaking on behalf of Airline Operators of Nigeria, the Chairman, Capt. Nogie Meggison, said Nigeria had been holding back in taking restricted measures like other countries.

Nigeria records second case of the new novel coronavirus, COVID-19

Coronavirus

Nairametrics reported that the leaders of the United States, Canada, France, China, Uganda, Ghana, Chad and other countries had announced travel ban and placed restrictions on entry into their countries, limiting it to just few countries.

Just as the aforementioned countries did, Meggison said the Federal  Government should put Nigerians first.

[READ MORE: Coronavirus forcing UK cinemas to shut down , as Nigerian counterparts record revenue loss)

“We can say for sure that if the situation escalates in Nigeria, other countries of the world would not hesitate to stop us from flying into their countries.

“We would like to appeal to the government to stand tall by putting Nigeria first at this time and take immediate action by restricting travel into Nigeria.”

He said this would enable effective deployment of critical medical support staff and utilisation of thermal scanners by the Port Health Services.

FG still ignoring travel ban calls: Despite demand that the Nigerian government should closed the border and place travel ban on flights from countries with high cases of coronavirus, FG said the time isn’t right for such directive.

JUST IN: Second case of Covid-19 now tests negative

Osagie Ehanire, Health Minister, Nigeria

Despite the spread of coronavirus forcing other world leaders to impose a travel ban on travellers coming in or going out their countries or limiting entry access, the Nigerian government said it has no plan to take such decision, thereby, opening Nigeria’s airspace to flights from countries with reported cases of coronavirus outbreak.

READ ALSO: Covid-19: Ghana restricts flights into country but Nigeria ignores measure

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The decision of the Federal Government was revealed by the Minister of Health, Osagie Ehanire while providing updates on the coronavirus in Nigeria. According to him, measures were in place to prevent the outbreak of coronavirus in Nigeria, but a travel ban is not one of the immediate methods being considered.

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Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Consumer Goods

Sell-off of shares by investors extend Flourmillers loss on NSE to N25 billion

Nigerian Flour millers on NSE suffer a decline as wary investors offload shares.

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Bloody February: Sell off of shares by investors extend Flourmillers loss on NSE to N25 billion

The sell-off of shares on the Nigerian Stock Exchange has triggered an N24.9 billion loss in the market capitalization of Flour Millers since the beginning of February, as wary investors offload.

It is important to note that the Nigerian Equity Market has been on the downward trend since the beginning of February, as wary investors sell off stakes in companies as the yields in the money market become attractive.

The results of this move led to a decline in the shares of companies listed on the Nigerian Stock Exchange, including a decline in the shares of Flour millers listed on the bourse.

A review of the performance of the stocks of these Flour millers on NSE revealed that the market capitalization of FLOUR MILLS, HONYFLOUR, and Northern Nigeria Flour Mills from the open of trade on February 1 till the close of trading activities on February 24 has declined from N154 billion to N129 billion.

How they have all performed

FlourMills has declined from N142.3 billion to N118.3 billion. However, the market cap of Honeywell Flour Mills has also declined, albeit marginally from N10.31 billion to N9.91 billion, while that of NNFM has declined from N1.72 billion to N1.25 billion. When added up, the three millers have lost N24.85 billion in market capitalization.

However, Flour Mills, the largest miller on NSE lost the most with N23.98 billion, as a percentage of market capitalization. Flour Mills is down by 16.85%.

Market activity

At the end of trading activities on the floor of the Nigerian Stock Exchange, the shares of Flour Mills declined by 6.9% to close at N28.85 per share, as investors sell off 5,029,161 ordinary shares of the company worth N143,009,264.10.

Shares of Honeywell at the close of trading activities today declined by 1.6%, while shares of Northern Nigeria Flour Mills remained unchanged at N7.02 per share.

The Consumer good index to which the Flour millers belong has fallen by 6.1% year since the beginning of February, compared to the Nigerian Stock Exchange All Share Index -5.17%.

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Business News

FG says Finance Bill 2020 will check inflation

The Finance Minister has stated that the reduction of import duties on vehicles will subsequently reduce transport fares and food prices.

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Power: Mambilla Power Project not prioritised by Ministry of Power for 2021 Budget - Finance Minister

The Federal Government has said that the Finance Bill 2020 was designed to reduce import duties on some commodities, including vehicles, thereby checking inflation.

This is as the Bill was part of measures to make transportation affordable, thereby reducing the cost of foodstuff across the country.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the Minister of Finance, Budget and National Planning, Zainab Ahmed, while answering questions from State House correspondents in Abuja on Wednesday.

Ahmed explained that her Ministry advocated and got approval for a reduction in the import duties charged on vehicles precisely to check inflation trends.

READ: FG to withdraw $150 million from sovereign wealth fund, to borrow $6.9 billion

What the Minister for Finance is saying

The Minister expressed concerns over the inflation rate in the country, saying inflation was high at 16.7% and still inching up gradually over the last couple of months.

Ahmed said, “When you look at the components that constitute inflation in our country, the largest contributor is food inflation and … if you decouple it, the largest contributor to food inflation is the cost of transport.

“We now look at how do we reduce the cost of transport because we can’t give every Nigerian money to pay for their transportation fares. We figured that one of the good ways to do it is to increase the acquisition of mass transit vehicles and to reduce the acquisition cost of vehicles and tractors that are used for productive purposes like agriculture.”

READ: Nigeria to receive first tranche of World Bank’s $3 billion loan soon

She expressed optimism that the reduction of the import duties on vehicles, when fully operational, would boost mass transit activities and subsequently reduce transport fares and food prices.

She said, “So the reason why we reduce those duties is to reduce the cost of transportation.

”So, once this implementation takes full effect, we are hoping that we’ll be able to see more tractors coming into the country, more mass transit buses coming to the country, reducing the cost of transportation as a result, and also having an impact on food prices.

What you should know

  • It can be recalled that as part of its bid to introduce tax incentives in the face of the economic downturn caused by the coronavirus pandemic, the Federal Government in November 2020, through the signed Finance Bill 2020, proposed the slash of import duties for tractors, buses and other motor vehicles from 35% to 10% and 0% to further help cushion the socio-economic conditions in the country.
  • The Minister for Finance, Budget and National Planning had explained that the need to reduce food inflation figures through one of the causative factors of high production cost, which is transportation, inspired the bill.

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