The Federal Authorities has urged Nigerian airline operators—comparable to Air Peace, Africa World Airways, and others—to grab the chance offered by Uganda Airways’ newly launched intra-African air cargo hall, which connects Nigeria to markets in East and Southern Africa.
The decision was made by the Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, MFR, throughout an interview on MoneyLine with Nancy on African Impartial Tv (AIT) on Tuesday.
“Organised personal sector negotiated a flat charge for air cargo with Ugandan airways, which is a government-owned airline… to concretize this, an exporter who used to pay $1000 to ship items by cargo is now paying $260. So, that may be a 75% drop in costs.
“So, between 50 and 75% discount of prices, that is the operationalization of the AfCFTA. It is a marketing campaign promise fulfilled by President Bola Tinubu, prioritizing intra-African commerce. We then topped it up yesterday, launching a market intelligence device with the UNDP that charts the course of the place Nigerian items are in demand in Southern and Japanese Africa,” she mentioned.
She additional introduced the launch of a market intelligence device developed in collaboration with the United Nations Improvement Programme (UNDP), which maps demand for Nigerian items throughout East and Southern African nations. In keeping with her, the initiative is designed to supply sensible help to the personal sector.
“Competitors works,” Oduwole emphasised. “We’ve invited the Ethiopian Ambassador to Nigeria as a result of we’re asking, ‘Ethiopian Airways, the place are you? AirPeace, the place are you? Africa World Airways, the place are you?’ Uganda Airways has taken the first-mover benefit, and we want different African carriers to step up. That is how intra-African commerce will develop.”
Overseas change, macroeconomic stability attracting new traders
The Minister additional mentioned that Nigeria’s improved international change regime and rising macroeconomic stability are serving to to draw new traders into the nation—reversing the earlier pattern of mass exits by firms.
“To be trustworthy, that tide has stemmed,” she mentioned. “That was because of many issues globally, together with from COVID, firms have been readjusting their provide chains and their manufacturing capabilities. We’re seeing a lot much less of that now. The truth is, we’re seeing traders coming in each in current multinationals and newer ones making an attempt to come back in as nicely.”
Commenting on the present administration’s financial reforms, she highlighted optimistic indicators which are reinforcing investor confidence.
“I’m not fearful about that as a result of you’ll be able to see the Fitch rankings, the notion on the market, the NNPC reforms, the Funding and Securities Act, the Tax Reforms Invoice, and so many alerts to the personal sector,” she mentioned.
Dr. Oduwole emphasised that President Bola Tinubu has been intentional about attracting international direct funding via his worldwide engagements.
“Mr President has raised $50.8 billion as of December 2024 and is monitoring that, ensuring that it is available in. NIPC is engaged on that additionally. The personal sector is bullish concerning the Nigerian financial system. So, issues are going nicely,” she famous.
Addressing issues about main company exits, she clarified that many have been shareholder choices fairly than full enterprise withdrawals.
“You’re speaking about massive exists, however a few of them, it’s not as if these companies are… to exit. When some shareholders are exiting, others are taking on the house and injecting extra investments,” she defined.
What it’s best to know
The brand new cargo hall, developed in partnership with Uganda Airways and facilitated by the UNDP in collaboration with the Federal Ministry of Business, Commerce and Funding (FMITI), marks a serious milestone in operationalizing the African Continental Free Commerce Space (AfCFTA).
The route was the results of intensive technical discussions geared toward resolving long-standing logistics challenges confronted by Nigerian exporters.
Via coordinated help from authorities companies and the Organised Non-public Sector (OPS), the initiative is about to supply Nigerian companies with cost-effective entry to new markets within the area.
In keeping with the UNDP, the Nigeria–East/Southern Africa air cargo hall is a blueprint for rethinking commerce logistics throughout Africa.
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