Economy

Aviation: FEC endorses ratification of Nigeria, US agreement

The Federal Executive Council on Wednesday approved the ratification of bilateral air transport agreement between Nigeria and the US.

Information and Culture Minister, Lai Mohammed announced this to State House Correspondents while briefing them at the end of the 10th virtual cabinet meeting presided over by President Muhammadu Buhari.

Mohammed, who spoke on behalf of his Aviation counterpart, Hadi Sirika, said: “The Aviation Minister presented a memo today on the approval of ratification for the air transport agreement between the federal government of Nigeria and the United States of America.

“The Minister sought council’s approval for ratification of this air transport agreement between USA and Nigeria.

“You will recall that both the United States and Nigeria are parties to the Chicago convention on the 7, December 1994. Article 6 of the convention actually urge parties to sign air services agreement with member states to improve social, political and economic ties.”

He further said the ratified agreement will boost Nigeria’s quest to have its own airliner.

“The US has signed its own and Mr President and council graciously accepted today to also ratify this approval, so as of today as soon as  Mr President signed valid agreement of  Air transport service between Nigeria and the US with the attendant benefits for both countries, especially as Nigeria is working towards having its own full national airline, so we will now take advantage of this air services and transport by this bilateral agreement to strengthen economic, social and cultural ties between the two countries,” he said.

Also speaking, Minister of Trade, Industry and Investment, Niyi Adebayo announced that the council gave approval for the ratification of Nigeria’s Investment Promotion and Protection Agreements with Singapore and Morocco.

He said: “The Ministry of Industry, Trade and Investment presented a memo to Council today, seeking Council’s approval for Mr President to ratify the Investment Promotion and Protection Agreement, which we signed in 2016 between Nigeria and Singapore on the one hand, and Nigeria and the Kingdom of Morocco on the other hand.

“In 2016, the Attorney-General of the Federation came up with a new model of Investment Promotion and Protection Agreement and that year Nigeria signed based on that new model between Nigeria and Morocco, and Nigeria and Singapore.

“The whole idea was to grant more protection to Nigerian investors when they invest abroad and to give Nigeria more protection when other investors come into Nigeria.” 

Adebayo said the agreements will help protect Nigerians that invest abroad as well as foreign investors that are willing to do business in Nigeria.

“Basically, those were what we were in FEC for and the Council graciously approved that Mr President should ratify and the Attorney-General will present to Mr President for his ratification and the agreement will come into effect thereafter,” he said.

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