BusinessDay 21 Sep 2017

Thursday 21 September 2017
6 BUSINESS DAY
C002D5556
NEWS
Air passenger traffic rises 27% in Q2
2017 on back of economic recovery
… but down 25% compared with same period of 2016
IFEOMA OKEKE
Air passenger
traffic (domestic
and international)
for the three
months ending
June 2017 has increased by
27.06 percent over the first
three months of 2017, data
from the National Bureau of
Statistics (NBS) show.
The pick up in passenger
traffic further affirms to
marginal economic growth
recorded in the economy in
the first half of the year, and
indicates that the recovery
would be sustained.
However, the report
shows that passenger traffic
levels in the second
quarter (Q2) are still 25.88
percent lower than what
it was in the same period
of 2016, an indication that
economic activity in the
aviation sector is yet to
recover to the levels it was
before the country went
into recession.
The report indicates that
approximately 1.69 million
passengers passed through
Fuel scarcity averted as ULC suspends strike
JOSHUA BASSEY
A
nationwide fuel
scarcity has been
averted following
the suspension of
the strike called by the United
Labour Congress (ULC), currently
seeking registration
as the third labour centre in
Nigeria. Others already registered
are the Nigeria Labour
Congress (NLC) and Trade
Union Congress of Nigeria
(TUC).
ULC announced the suspension
of the strike Wednesday,
saying it was to allow for
continuation of negotiation
with the Federal Government
on the various demands
raised by labour.
The strike, which began
Monday with gradual shutting
down of oil depots across
the country, raised concerns
about petroleum products
scarcity, as some operators
of filling stations on Tuesday
feared they might run dry in
the absence of further supply.
Nigerian Union of Petroleum
and Natural Gas
Workers (NUPENG), which
ordered tanker drivers to
stop the lifting and supply
of petroleum products, is
an affiliate of ULC, a labour
centre yet to be registered by
the government.
By yesterday, some of
the filling stations visited in
Lagos said they were selling
their last stocks and stressed
the need for both labour and
the government to resolve
their differences in order to
avert another round of fuel
scarcity in an economy just
exiting recession.
Joe Ajaero, president
of ULC, in a statement announcing
the suspension of
the action, said the decision
was taken after a meeting
with the government delegation
led by Chris Ngige,
minister of labour and
employment, in Abuja on
Wednesday.
FG set to restore investors’ confidence in capital market
the country’s airports in
Q1 2017 and increased to
2.14 million passengers in
Q2 2017.
Similarly, aircraft movement
increased by 11.23
percent in Q2 over the first
quarter, but declined by
-20.40 percent when compared
with the same period
of last year.
The amount of cargo
and mail moved through
the nation’s airport was
also up by 1.39 percent, but
-7.72 percent lower than
the same period of 2016,
while mail was 28.57 percent
higher than Q1 of 2017,
but 1,070.9 percent higher
than second quarter of 2016
Murtala Muhammed Airport
(MMA) in Lagos, as
usual, recorded the most
activities during the quarter,
accounting for 40.7 percent
of domestic passengers, 74.8
percent of international passengers,
89 percent of cargo
movement and 96.7 percent
of mail movement. In terms
of economic output, the
air transport sector in the
Q2 increased marginally in
… inaugurates investment, securities tribunal
Federal Government
has reconstituted the
Investment and Securities
Tribunal (IST) as a
practical step towards restoring
investors’ confidence in the
capital market, and repositioning
it to contribute positively to
the country’s economy.
The Investment and Securities
Tribunal was dissolved in
compliance with the Federal
Government’s directive on dissolution
of Boards of Parastatals,
Agencies, Institutions and
Government owned Companies
conveyed in circular
Ref. No. SGF.19/S:18/XIX/964
dated October 16, 2015.
The reconstitution and inauguration
of the Investment and
Securities Tribunal (IST) is expected
to enhance its effectiveness
and efficiency in handling
the daily rising number of the
new cases in the Capital Market.
The reconstituted ten-man
Investment and Securities
Tribunal (IST), which has
Siaka Isaiah Idoko as the
chairman, was inaugurated
on Tuesday by the minister
real terms by 0.15 percent,
slightly down from the rate
recorded in the previous
quarter, when it recorded
1.53 percent growth.
Tayo Ojuri, an industry
expert/CEO, Aglo Limited,
an aviation support service
told BusinessDay that traffic
picked up during second
quarter of 2017 is because
Nigeria is gradually getting
out of recession.
“Aviation is usually the
first sector affected by recession
and will immediately
pick up when the economy
recovers. We just got out of
recession, so expectedly;
there should be an increase
in disposable income, which
will immediately cause an
increase in the number of
people travelling.”
“During the first quarter
of 2017, the president was
not around for most part of
the month and there was
no push in the economy,
as people were not certain
what the economy will be
like. Secondly, the budget,
as at that time was not being
implemented.”
... labour to begin negotiation with FG next week
“We can officially announce
the suspension of
our ongoing nation-wide
strike. The decision to suspend
the strike was taken
after the meeting with the
Federal Government delegation
led by the minister of
labour and employment in
Abuja earlier this morning
(yesterday).
“This is to allow current
negotiation with the Federal
Government continues
in a peaceful atmosphere
and to avoid the impending
hardship which a continuation
may have meant for
Nigerians.
“All affiliates and state
councils throughout are requested
to suspend action
until further notice. ULC
wishes to thank all that have
solidarised with us and those
that have shown willingness
to join us if the action had
continued despite not being
our affiliate,” Ajaero said.
of finance, Kemi Adeosun.
Other members are: Jude
I. Udunni, Nosa Osemwengie,
Abubakar A. Ahmad,
Albert L. Otesile, Emeka
Madubuike, Kasumi Garba
Kurfi, Edward O. Ajayi, Onyemaechi
E. M. Elujekor, and
Mamman Bukar Zargana.
Speaking at the inauguration,
Adeosun said the delay
in reconstituting the Tribunal
was to enable the Government
carefully overhaul the
system and ensure that credible,
competent and experienced
people are brought in
to effect the desired change.