News
FG unveils 150 million-litre jet fuel depot
By Francesca Hangeior
The Minister of Aviation and Aerospace Development, Festus Keyamo, has unveiled the Joint User Hydrant Installation 2 (JUHI-2) with a storage capacity of 150 million litres of Jet A1 fuel.
The facility is described as the largest airside jet fuel depot in Nigeria, having the capability of delivering a minimum of 150 million litres of ATK supplies monthly to airlines, implying that it can deliver 20 per cent of the current nation’s annual sales volume in a month.
The depot is a collaborative project by a consortium of companies, including Eterna Plc, Masters Energy Oil & Gas, Techno Oil & Gas, Rahamaniyya Oil & Gas, Ibafon Oil, Quest Oil Group, and First Deep Water Limited.
Speaking during the commissioning ceremony held at the JUHI-2 ventures limited premises, Ikeja in Lagos on Thursday, Keyamo lauded the project, saying it has brought Nigeria global relevance and recognition.
He noted that the facility would help curb the issue of flight delays and flight cancellations which most times had been a result of a lack of Jet A1 fuel.
According to the minister, the depot was strategically well positioned as it is close to both the local and international airports, which is an international requirement.
He said, “This facility is strategic and supportive to the aviation ecosystem in Nigeria. We normally experience a lot of flight cancellations, and flight delays and in some cases, it is attributed to lack of Jet A1 fuel.
“It is also an international requirement. You have just made us globally relevant because it requires that this kind of facility should not be far away from all major airports in the world.
“It is also a requirement for hajj operations. Before any airport is approved for hajj operations, they ensure that such facilities are very close to the airport. In so many ways this is a global requirement and I thank you sincerely from the bottom of my heart for this massive infrastructural investment to support the aviation ecosystem in Nigeria.”
Disclosing the recent feats in the aviation sector, the minister said Nigeria has been removed from the watchlist of non-compliant countries, having scaled 75.5 per cent in aircraft financing from 70.5 per cent.
He stated that airlines in Nigeria can now access aircraft on dry leases all over the world.
In her address, the Chairman of JUHI-2 Limited, Patience Dappa, explained that the facility will strengthen the nation’s energy security and provide a reliable and robust jet fuel supply chain.
Dappa, a legal practitioner, stated that the depot would ensure rapid response times and faster refuelling processes, reducing delays and improving overall flight scheduling, to enhance the competitiveness of airports and airlines, positioning Nigeria as a regional leader in aviation.
She said, “This facility is equipped with state-of-the-art filtration systems, a jet fuel discharge system capable of loading four bowsers simultaneously, a modern laboratory, and cutting-edge fire prevention measures. It is a strategic asset, designed to provide a steady, reliable supply of jet fuel to Murtala Muhammed International Airport, MMA1, MMA2, and nearby airbases.
“In building JUHI-2, we are not only enhancing infrastructure; we are laying the foundation for Nigeria’s continued growth in aviation. This facility will serve airlines, cargo carriers, private jet operators, and other aviation stakeholders, ensuring world-class fuel service and maximising operational efficiency. In essence, we are not just fueling planes; we are fueling the future of aviation in Nigeria.
“Beyond its operational significance, JUHI-2 will generate numerous benefits for Nigeria. It will create direct and indirect employment opportunities, contributing to a reduction in unemployment within the region. It will also stimulate economic growth by boosting related industries such as transportation, logistics, and maintenance services. This facility will play a pivotal role in the development of the airport area and its surrounding communities.”
The Managing Director/Chief Executive Officer of Eterna Oil Plc, Abiola Lawal, said JUHI-2 is equipped with cutting-edge technology that guarantees the highest standards of operational efficiency.
Lukman added that JUHI-2 can take delivery of four bridgers/aviation fuel trucks at a time which is the first of its kind in Nigeria today.
By Kayode Sanni-Arewa
Looking for the latest Naira to Euro exchange rate today? Whether you’re conducting business, making investments, or planning a trip to Europe, staying updated on the exchange rate is crucial. This article provides up-to-date information on the black market, Central Bank of Nigeria (CBN), and online exchange platforms to help you make informed decisions. What is 1 Euro to Naira Today in Black Market and CBN? With the fluctuating nature of the Naira against foreign currencies like the Euro, many Nigerians are keen to know the most recent rates. The Naira to Euro exchange rate in both the black market and CBN offers different values based on market dynamics and economic policies
Current Exchange Rates for 1 Euro to Naira Today Naira to Euro Black Market Exchange Rate (Parallel Market) Buying Rate: ₦1,862 Selling Rate: ₦1,865 1 Euro to Naira Today (CBN Official Rates) Buying Rate: ₦1,790 Selling Rate: ₦1,795 Other Exchange Rates Today: Dollar and Pounds to Naira Dollar to Naira (Black Market Rates) Buying Rate: ₦1,705 Selling Rate: ₦1,710 Pounds to Naira (CBN Rates) Buying Rate: ₦2,205 Selling Rate: ₦2,210 Online Platforms for Naira to Euro Exchange Rates: Geegpay and Grey In addition to the black market and CBN rates, online platforms like Geegpay and Grey offer convenient options for currency exchange. These platforms provide competitive rates and are popular alternatives to both black market and CBN channels.
Geegpay Exchange Rates EUR (€): Buying at ₦1,798.03, Selling at ₦1,800.55 GBP (£): Buying at ₦2,120, Selling at ₦2,127 USD ($): Buying at ₦1,675, Selling at ₦1,680 Grey Exchange Rates for EUR to NGN EUR (€): Buying at ₦1,845.03, Selling at ₦1,850 GBP (£): Buying at ₦2,102, Selling at ₦2,205 USD ($): Buying at ₦1,670, Selling at ₦1,675 Understanding the Naira to Euro Black Market Exchange Rate What is the Black Market? The black market is an unofficial exchange market where currency rates are determined by demand and supply without government regulation. It operates outside the control of the CBN, and often, exchange rates are higher here due to the scarcity of foreign currencies like the Euro.
Why Do People Use the Black Market for Naira to Euro Exchange? Better Rates: Black market rates are typically more favorable compared to the official CBN rates. Accessibility: It’s easier for individuals and businesses to access foreign currencies through the black market, as CBN restrictions often limit the amount of foreign currency available. FAQs on Naira to Euro Exchange Rate 1. Why is there a difference between the CBN and Black Market rates? The black market operates based on supply and demand, while the CBN controls the official rate to maintain currency stability. Due to currency scarcity, black market rates are often higher.
2. Can I exchange Euros at the CBN rate? In most cases, the CBN exchange rate is reserved for specific transactions like government-approved imports or remittances. Many individuals and businesses resort to black market rates for quick and accessible foreign exchange.
3. Why is the black market exchange rate higher? The black market rate is driven by the demand for foreign currency. As supply decreases, the value of the Euro against the Naira rises, causing higher parallel market rates. 4. Is it safe to use online exchange platforms like Geegpay and Grey? Yes, online platforms such as Geegpay and Grey offer secure and regulated options for exchanging currency. However, it’s important to use trusted and licensed platforms.
5. Will the Naira continue to fall against the Euro? The future of the Naira to Euro exchange rate depends on several factors, including government policies, global oil prices, and economic stability. Without intervention, depreciation could continue. 6. How often do exchange rates change? Exchange rates fluctuate daily due to various factors such as foreign currency reserves, local economic policies, and global market conditions.
Why It’s Important to Stay Updated on Naira to Euro Exchange Rates Understanding the Naira to Euro exchange rate today, whether from the black market, CBN, or online platforms, is essential for making informed decisions. Whether you’re exchanging currency for business, travel, or investment, knowing the current rates can help you plan your finances better.
Historical Trends in Naira to Euro Exchange Rates In October 2023, the black market rate for the Euro stood at around ₦1,500 per Euro. Over the past year, the Naira’s depreciation against the Euro has accelerated, reflecting the economic pressures Nigeria faces, including inflation and foreign currency shortages
Black market Dollar to Naira exchange rate today May 2, 2024: GBP, EUR to Naira Dollar to Naira Exchange Rate at Black Market (Aboki FX) July 13, 2024: USD to NGN CBN Rate 100 dollars to Naira black market today, April 4, 2024 Dollar To Naira 7th August 2024: See Black Market Aboki FX Rate Dollar to Naira Black Market Exchange Rate – October 5, 2024 Latest Update
By Francesca Hangeior
Fast rising Nigerian comedienne Amadou Elizabeth Aminata, Popularly known as Jarvis has opened up on her recent health challenges after she was diagnosed with a tumor inside mouth.
Speaking in a viral video, Jarvis said that she is expected to undergo surgery in the coming weeks and the tumor has made it difficult for her to speak hence the reason why she took a break from her AI content.
She added that samples from the tumor has already been sent for histology and she is awaiting the diagnosis before she would undergo the surgery.
She said, “I was told that I have a tumor inside my mouth, which was very uncomfortable. I initially thought it was a toothache, but the doctor said it was a tumor in my jawline.
“The doctor recently took a sample from it to take for histology before they will know which type of tumor it is and book me for the main surgery. I am told that the results are already out, and I am praying it’s not something that will be very bad.”
SEE Naira to Euro Exchange Rate Today – Black Market, CBN Rates | October 18, 2024
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