Single window forex market promotes fairness, eliminates exploitation- Mazi Osita Okonkwo
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Mazi Osita Okonkwo, Chief Operating Officer, COO, United Nigeria Airlines
The new foreign exchange regime introduced by President Bola Ahmed Tinubu, PBAT, has been commended as a right step in the right direction as it will create an equal level playing ground for those desirous of procuring foreign exchange for their various businesses and even for personal uses.
United Nigeria Airlines, UNA, Chief Operating Officer, COO, Mazi Osita Okonkwo, gave the commendation on the sideline at the 27th edition of the international seminar organized by the League of Airport And Aviation Correspondents-Nigeria, LAAC-N, at the Providence Hotel, GRA, Ikeja, Lagos.
He expressed the optimism that if the policy is sustained and in accordance with the feedback therefrom, fine-tune especially as experience may dictate with the passage of time, the bankers’ bank would surely have mastery over the new forex regime and the nation’s economy will be better for it.
Okonkwo said the equal level playing ground being created will ultimately inspire a healthier national economy where distortions in the micro and macro economy would be extremely minimal if not eliminated.
Okonkwo also noted another sanity the single window has inspired thus, “Another benefit is the transparency so you can build in your costs transparently and everybody will see that”.
In terms of access to forex, Okonkwo said, “I think it’s becoming better and better. The cost is very volatile. But in terms of accessibility, yes, if you want and you can pay, I think you will have access to that. But you have to have the Naira. And Naira is a scarce commodity now”, he quipped.
On the recent incident of water predominant in the tank of an aircraft belonging to one of the domestic operators, Okonkwo advised the issue should not be over bloated as it was purely an error but has imposed a lot of responsibilities on both operators and the fuel suppliers.
He however urged all stakeholders in the distribution chain of aviation fuel to be twice careful by complying with all the recommendations in the standard operating procedures for fueling.
Okonkwo said, “What it simply means is that we should all be vigilant and all the pre-flight operations or activities must be done by operators, also by fuelers”.
He charged fellow operators that in the light of that incident, “they can’t assume that once the bowser comes up in the morning that everything is fine. You must do these things. And before the fuel enters your plane, you have to do the normal basic checks”, Okonkwo advised.
On the implication of the astronomical increase in the pump price of aviation fuel, Okonkwo volunteered, “The unfortunate thing in Nigeria is that we normally have spikes in costs rather than the normal gradual inflationary related costs. We wait until after a long time and then we have an adjustment which becomes very difficult to manage. But we are reacting to it”.
On what likely would be the ultimate effect on passengers, the UNA helmsman noted, “Obviously, there are some we will absorb directly. There are some we will pass to passengers by adjusting the fares. But, it’s not going to be immediate because we know that the gradual increase is not what people can easily absorb”.
NMDPRA CLAIMS TO TAKE CENTRE STAGE
The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, was created in August 2021 in line with the Petroleum Industry Act 2021 which provides a legal, governance, regulatory, and fiscal framework for the Nigerian Petroleum Industry as well as development of Host Communities.
NMDPRA CREED
NMDPRA claims its mandate is mainly to stimulate and create an enabling environment that drives sustainable development across Nigeria’s Midstream and Downstream value chain for all stakeholders.
The authority its objectives through effective regulatory oversight which accelerates and deepens the economic development while ensuring sufficient product distribution and supply at an equitable and fair price.
It commits to delivering impeccable world-class service to its stakeholders through – integrity, professionalism, accountability, and transparency, which are its ethos.
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