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Private jet ownership in Nigeria has grown by 650 per cent, from 20 jets in 2007 to over 150 jets in 2012. According to documents sighted in aviation agencies, the development means that wealthy Nigerians acquired, at least, 130 private jets with a sum of N1.02tn ($6.5bn) within the last five years. This put the private jets aviation market in Nigeria (the monetary value of all private jets in the country) at N1.18tn ($7.5bn), using $50m as the average cost of each brand new private jet. A private jet goes for between $40m and $65m, according to the websites of major private jets manufacturers, like Bombardier of Canada; GulfStream and Hawker Siddley of United States; and Embraer of Brazil. According to findings, the common brands of private jets in Nigeria are Gulfstream 450, 550 and 650; Bombardier Challenger 604, 605; Global Express; Embraer Legacy and Falcons; and Hawker Siddley 125-800 and 900XP. Top aviation officials told our correspondent on Friday

OVER 15 foreign countries have already signified interest to participate in this year’s edition of Lagos International Trade Fair, against 14 that took part last year. According to the chamber in a media statement signed by the Public Relations Manager of Lagos Chamber of Commerce and Industry (LCCI), organizers of the fair, Tope Oluwaleye, the Chamber has concluded plans for Business-to-Business (B2B) meetings between indigenous and foreign exhibitors seeking trade opportunities and partnerships at this year’s Lagos International Trade Fair, which runs from November 2nd to 11th at the Tafawa Balewa Square (TBS) in the heart of Lagos. This, he said, was in line with the theme of the 2012 Fair: “Promoting Trade for Sustainable Economic Transformation” and renewed drive by the government as well as sundry interest groups to showcase and promote potentials in the Nigerian economy. He explained: “LCCI decided to shift the venue of the fair, tagged ‘The Biggest and the Bes

The Federal Executive Council has approved a new visa policy for the country designed to boost tourism, attract foreign investment and create employment opportunities. Minister of Information Labaran Maku said this while briefing State House correspondents after the weekly Federal Executive Council meeting presided over by President Goodluck Jonathan at the State House, Abuja. Maku said the council’s approval was sequel to a memorandum presented by the Minister of Interior, Comrade Abba Moro, for the harmonisation of Nigeria’s new visa policy. Explaining the policy, Moro who was also at the briefing, said the new visa regime contained new innovations and elements that would promote Nigeria’s strategic interests. The minister said the new policy would facilitate easier provision of visa to foreign investors, strategic visitors and tourists. He said that the policy would al

Thailand is a well known business and leisure destination located in the prosperous region of South East Asia. The country conjures different meanings to different people. Among many Nigerians, Thailand is known for its parboiled rice for which the country spends $US700million every year in rice import to feed its 160 million people. It is also known as a popular route in the hard drug business. To some others especially in Europe, it is a leisure destination popular for its 'gogo bars', massage parlors and romantic beaches. No matter how you look at it, Thailand has grown to become one of the Asian Tigers, with well developed infrastructure, massive foreign direct investment and one of the lowest unemployment rates in the world.     Could it be said that the country was lucky? I dont think so! Could it then have been by dint of hard work, focussed leadership and a government determined to get its people out of poverty? It may not be eldorado yet but I see the country getting

Leading a large delegation of Nigerians to the US ExIm Bank's 2012 Conference, Vice President Namadi Sambo says investment in Nigeria's non-oil sector is the next big thing after the exponential success in information technology as he spoke during the session on Global Competitiveness through Exports in Washington, USA. He stated that 'there is room for improvement in our economic relations if the US could encourage their private companies to partner with Nigerian private sector, particularly in the area of power generation, transmission and distribution'. Sambo further revealed that the federal government had built 10 thermal plants that would be managed by the General Electric of the USA,  the Mambila hydro project, the construction of 200 dams to enhance power generation and agriculture, as well as facilities for solar energy. He also said that institutions that would protect investment in the country, such as the National Electricity Regulatory Commission (NERC

The Office of the Coordinating Minister of the Economy recently released a breakdown of Potential Benefits from Budget 2012 and the SURE Program. Below in tangible terms are some of the significant allocations that have been made to essential sectors of the economy, both in the 2012 budget as well as the recently-launched Subsidy Reinvestment and Empowerment Programme (SURE-P). This programme is a 3—4 year programme designed to mitigate the immediate impact of the removal of fuel subsidy and accelerate economic growth through investments in critically-needed infrastructure. It is noteworthy that, while the 2012 budget allocated the best possible amounts to these critical projects, additional resources are allocated to the same projects in the SURE programme to ensure that they are completed at faster rates than envisioned in the 2012 budget. Some of the projects and allocations are as follows: Works N11bn is allocated to the Abuja-Lokoja road in the 2012 Budget, with an