- As established MRO will save nation $90million
PRESIDENT Muhammadu Buhari early this morning Government’s foray into three Key economic sectors, Agriculture & Transport, Manufacturing and Processing as well as Power and Gas have yielded significant prospects for investments and Job creation to the tune of US$ 22.5 billion and will create no fewer than 500,000 jobs by 2020
This is just as the President said that stated that the country is set to save $90 million annually on aircraft maintenance with the establishment of a Maintenance Repair and Overhaul (MRO) facility in Lagos.
President Buhari who made this known in his Democracy Day speech
said government conducted Focus Labs in three key sectors which have yielded the above figures but stated that the investment generation initiatives are expected to increase capital inflow by way of foreign direct investment (FDI),
He said, “Recently, Government conducted Focus Labs in three key sectors of the Economy namely, Agriculture & Transport, Manufacturing and Processing as well as Power and Gas. These have yielded significant prospects for investments and Job creation to the tune of US$ 22.5 billion with a potential for creating more than 500,000 jobs by 2020. These investment generation initiatives are expected to increase capital inflows in the form of foreign direct investment. There is a high prospect that the cumulative investments from this first phase of the Labs will hit US$39.2 billion by 2025.”
“Under agriculture, Nigeria continues to pursue a strategic food security programme built around self-sufficiency and minimization of import dependency. As a result, rice importation from other countries has been cut down by 90% which has a direct impact on foreign reserves.”
On the milestone MRO establishment, president Buhari reiterated that capital flight will be a thing of the past and further said the administration was looking at improving airport infrastructure and navigational facilities further.
Aero Contractors on January 4, 2018 completed its first C-Check on a Boring 737-500 5N-BLG and rolled out the aircraft on January 12, 2018 changing the narrative as it regards maintenance of aircraft in the country.
President Buhari in his speech said, “A new Maintenance Repair and Overhaul facility with capacity for aircraft C-checks and other comprehensive levels of maintenance was established in Lagos. This would save the country an estimated $90m annually.”
He went on, “As a result of strict regulatory and compliance policies, Nigeria retained her Federal Aviation Administration (FAA) Category 1 status, after a routine international audit.”
“The Transportation Sector continues to undergo a series of reforms in order to sustain the international best practices and ensure safety and security. The nation’s major airports have witnessed reconstruction of runways, installation of navigational equipment and new international terminals due for commissioning in Abuja, Lagos, Kano and Enugu. Bilateral Air Services Agreements between Nigeria and the Governments of other countries will significantly open up new flight routes.”