The Nigerian Civil Aviation Authority, NCAA, has expressed its readiness to punish any airlines that delay tickets refund to the passengers.

The Director of Public Affairs and Consumer Protection, NCAA, Michael Achimugu, made this known in a statement on Tuesday in Abuja,.

He said tickets refund compliance regulations remain central to the NCAA’s consumer protection agenda.

According to him, the time had come for airlines to adhere strictly to the refund timelines as failure to comply will attract immediate sanctions under Part 19 of the regulations.

The director said Part 19 of the NCAA Regulations 2023 aimed to safeguard passenger rights.

Speaking on a specific case involving Air Peace, the director stated that the airline had exceeded the stipulated refund timeframe, compelling the NCAA to demand swift compliance.

Achimugu added that the incident has triggered the regulators to take decisive action against any form of non-compliance.

“Cash purchases must be refunded immediately, and by cash. Refunds for electronic payments, including mobile apps and internet banking, must occur within 14 days.

“Over the past year, the NCAA has worked with airlines to enhance passenger experience and resolve operational challenges.

”The Authority has maintained a balanced approach, fostering cooperation between operators and regulators to promote better service delivery.

“Most airlines have been responsive, and the relationship between operators and the NCAA has significantly improved, benefiting passengers across the board,” he said.

Achimugu, however, said that the era of leniency had ended with stricter enforcement measures now in place, adding that airlines that failed to meet the refund timelines outlined in the NCAA Regulations 2023 would face sanctions

The African Development Bank (AfDB) has provided key insights into how Nigeria and other African nations can address their growing debt burdens and foreign exchange challenges.

The Bank’s Vice-President for Economic Governance and Knowledge Management, Prof. Kevin Urama, told the News Agency of Nigeria (NAN) that strategic borrowing and political stability were critical for growth.

Speaking on Nigeria’s debt profile, Urama, the AfDB’s Chief Economist, said that public debt itself was not inherently problematic.

“Debt for growth is a known way of growing economies. However, the quality and structure of the debt are crucial factors in determining its long-term impact,’’ he said.

The professor raised concerns about the growing trend of short-term, high-cost commercial loans in African countries, which came with higher refinancing risks.

“The problem arises when countries borrow short-term loans and are unable to repay them before investments mature. This cycle forces countries to continuously refinance, often at unfavourable terms.

“It is therefore important for African governments to focus on borrowing longer-term loans with lower interest rates, underpinned by clear investment plans that can generate returns capable of repaying the debt.

“For Nigeria, the key question should not be whether the country is borrowing more, but rather how borrowed resources are being used.

“If borrowed funds are invested in infrastructure that drives growth both in the short and long term, it is a smart move,” he said.

On foreign exchange and trade, Urama pointed to Africa’s dependence on imports, specifically food, as a critical area for reform.

He acknowledged the ongoing disruption of global supply chains due to geopolitical tensions, including the war in Ukraine, which had affected wheat imports to Africa.

The professor, however, urged African countries to address their dependence on imports, especially when the continent was home to vast agricultural potential.

“Africa has no business importing wheat from Ukraine because we have 65 per cent of the remaining arable land in the world.

“We also have a vibrant, youthful population eager to engage in productive activities. Africa has the capacity to feed itself and the world.

“And this can be achieved through initiatives such as the AfDB’s AgriPreneur and Special Agro-Industrial Processing Zones (SAPZ) programmes which are crucial tools for unlocking the continent’s agricultural potential,’’ he said.

Urama cited Ethiopia’s success in becoming a wheat exporter within just four years of focused agricultural investment.

He said this was a demonstration that Africa could transition from food dependence to food self-sufficiency and even become a global exporter.

On the broader economic challenges facing Nigeria and other African countries, the professor reiterated the importance of political stability and sound macroeconomic policy management.

Urama pointed to Botswana as an example of how stable governance and good policy could reduce capital costs, increase foreign investment, and improve economic growth.

“When political stability and good governance are in place, the cost of capital decreases, and investments flow more freely,” he said.

According to the AfDB vice-president, Africa’s economic challenges are solvable through long-term strategies focused on stability, sound economic management, and a shift towards local production and value addition.

“By doing so, African countries can reduce their dependence on external financing, stabilise their currencies, and ultimately foster sustainable economic growth,’’ he said.

(NAN)

The Bank of Industry (BOI) says it has disbursed N22.89 billion out of the N75 billion manufacturing sector intervention fund to 29 manufacturers.

Its Managing Director, Dr Olasupo Olusi, made this known on Monday at the first BOI interactive session with the Organised Private Sector in Abuja, which was monitored virtually.

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Olusi said that out of the N75 billion manufacturing sector fund, other 20 projects valued at N6.3billion were at different stages of disbursement.

He said that the interactive session was a collaborative milestone, a reflection of shared vision to create a thriving industrial sector.

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According to him, it is also a critical step in driving Small and Medium Enterprises (SME) development through strategic partnerships.

“Recently, we signed a Memorandum of Understanding (MOU) with your esteemed associations.

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“This agreement underscores a simple truth that we cannot transform Nigeria’s industrial landscape alone.

“The journey to sustainable economic growth must be fueled by collaboration, innovation, and a shared resolve to address systemic challenges,” he said.

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The BOI MD said that under the signed agreement, the bank had already begun making strides through joint efforts on the Federal Government’s loans programme.

He said that the event, with the theme, “Driving SME Development through Strategic Partnerships” challenged everyone to reimagine how we work together.

Olusi said in practice, this meant shared responsibility as the bank’s role was not only to provide financing but also to support an enabling environment for businesses to thrive.

“This includes addressing infrastructure gaps, regulatory bottlenecks, and access to markets.

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“However, your expertise and insights are essential to inform these efforts.

“On collaborative innovation, we must work together to introduce technology, sustainability, and skills development as core pillars of SME growth.

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“We are concerned about your most pressing challenges, your operations, how we can further align our programmes with your needs and the innovative solutions we can pursue together to accelerate growth,” he said.

Olusi urged the organised private sector to keep in mind the six thematic areas of impact that BOI was focused on in line with President Bola Ahmed Tinubu’s renewed Hope Agenda.

He listed them to include MSME development, digital transformation, youth and skills development, climate and sustainability, gender inclusion and sectoral growth.

“These are not just BOI’s priorities; they are national imperatives and they require your active participation to succeed.

“The Bank of Industry stands as your partner in progress, ready to support at every step of the way as together we have the potential to transform Nigeria’s economic landscape,” he said.