The Nation Newspaper

Tag: Experts

  • Experts advocate passage of Right to Food Bill

     

    President,  Farm and Infrastructure Foundation, Prof Gbolagade Ayoola, has urged the National Assembly to pass the Right to Food Bill.

    Speaking as a panelist at a two-day summit, tagged: “Feeding futures Africa”, organised by the Human and Environmental Development Agenda in Lagos, Ayoola urged the Senate to pass the Bill without delay as it recognises  the right of every Nigerian to access food.

    He added that the bill, if passed, will take care of almost 80 per cent of the concerns surrounding food security.

    He said because the government only saw food as human need or as something provided to favour the citizens,  “they failed to respect the right of citizens by putting in place policies that promote food security.”

    Ayoola pointed out that in advanced nations, the situation was different.

    He said this implied that about three-quarters of its population (about 150 million people) suffer from acute adult malnutrition, child stunting, child wasting and child mortality, all linked to food insecurity of the country.

    He added that some countries have adopted the concept of food as a right or passed a right to food bill as the basis for implementing food policies.

    “Civilised nations have elevated food from a mere human need to fundamental human right.  In advanced countries, governments recognised that a child is entitled to be well fed and that it is mandatory for the government to ensure that it is done,” he added.

    The Head, Influencing and Public Engagement, OXFAM, Dr Saratu Abiola, observed that only three per cent of Nigeria’s budget was dedicated to agriculture whereas the Malabo Treaty, which Nigeria is a signatory to, stipulated 10 per cent.

    She said, “Looking closely at the budget, only one per cent is for irrigation and it is said that in Nigeria, there is one extension worker to 10,000 farmers.

    “Two per cent of the agriculture budget is dedicated to extension workers, two per cent to access to quality seeds and inputs, while a whopping 35 per cent is dedicated to payment of salaries.

    “What this means is that the thing that makes agriculture work for the smallholder farmers who constitute 80 per cent of the sector, is not getting the attention it needs. We are not acting like agriculture is important and there is no improvement in the quality of agriculture.”

    HEDA Resource Centre Executive Secretary, Mr. Sulaimon Arigbabu, said the summit was organised in collaboration with the National Orientation Agency, Voices for Food Security, OXFAM and other stakeholders to inspire, facilitate, enable and support 500 young entrepreneurs to join the agriculture revolution.

    He noted that youths and women  were taking advantage of opportunities in agriculture with results.

    He said: “This is even more instructive in view of this year’s theme of the International Youths Day, which is ‘Safe Spaces for Youth’. Agriculture definitely provides safe spaces for young people to make impact and create wealth.”

    The two-day event featured discussions on policy bottlenecks that hinder the full participation of women and young people in agriculture and agribusiness, climate change and challenges, ease of doing business for those who seek to add value, and the right to food.

  • Experts to African govts: restore degraded landscape

    African governments must  restore degraded landscapes to hasten green and inclusive growth on the continent, experts have said.

    They spoke at the global landscapes forum in Nairobi, Kenya.

    The international experts, policymakers and campaigners stated that reclaiming Africa’s degraded landscapes dovetails with the continent’s quest to achieve sustainable development and enhance its resilience in the face of climate change.

    “Urgent and concerted action must be taken to halt land degradation in Africa that has been worsened by population growth, urbanisation and climate change,” said Robert Nasi, the director-general of Centre for International Forestry Research (CIFOR).

    More than 1,000 delegates, including Africa’s environment ministers, scientists, industry leaders and grassroots campaigners, attended the two-day Nairobi forum to explore new ways to restore degraded landscapes in a continent on the cusp of industrial take off.

    The high-level forum, which was organised by CIFOR and the UN Environment Programme (UNEP), resolved to galvanise attention to the alarming rate of landscapes degradation in Africa estimated at 50,000 hectares yearly.

    Nasi said policy and legislative reforms coupled with public awareness is key to stimulate investments in land reclamation across sub-Saharan Africa.

    “We must incentivise key stakeholders like industry and farmers’ groups to be part of landscapes restoration drive in order to address poverty, hunger, lack of clean drinking water and energy deficit in this continent,” Nasi said.

    Africa is the epicentre of landscapes degradation that could undermine the continent’s ability to sustain economic growth, stability and peace.

    The World Resources Institute reckon that two thirds of Africa’s land mass are degraded while 2.8 million hectares of the continent’s forests have been cleared to pave way for farming or human settlement.

    Erik Solheim, the Executive Director of UNEP, said multilateral institutions have rallied behind rehabilitation of Africa’s degraded ecosystems as means to counter climate change, poverty and biodiversity loss.

  • Experts urge politicians, religious bodies, groups to adopt renewable energy for empowerment

    Worried by the need to address the consequences of climate change across the country, politicians, corporate organisations, religious bodies, trade groups, among others, have been urged to incorporate the distribution of renewable energy solution devices in their various efforts at empowering individuals and small scale business enterprises.

    The Country Director, NexGen Energy, Mrs. Ezinne Ibe, made the appeal while explaining to journalists the importance of embracing renewable sources of power, which she described as the future of power solution.

    According to Ibe, developing countries and advanced economies of the world have already embraced alternative solutions to addressing their power needs and as a good way of eradicating the negative health and environmental hazards associated with the use of fossil fuels.

    She noted that using renewable energy is not as expensive as many people think, aside the health and environmental friendliness of renewable energy. Her organisation, in collaboration with international partners, has provided energy solutions and devices that could be used to empower barbers, hair stylists, tailors, artisans and other small scale entrepreneurs with minimal energy requirements.

    Commending the government for the efforts at opening the doors for alternative power sources through the private sector, Ibe stated that there is still room for improvement.

     

  • Experts warn against killing rodents with poison

    Experts have warned that rodents such as rats which eat poison could contaminate other food items in the home thereby making them dangerous for human consumption.

    Making this statement was Dr. Mutiu Oladele-Bukola of the Institute of Agricultural Research and Training (IAR&T), in an interview with The Nation.

    He said, “As rats move from one place to the other, they carry these poisons in their mouth and even their body; they contaminate food and water meant for other animals and man.”

    According to him, the dead mouse could decompose at an obscure corner and start smelling, thus making the environment uncomfortable for living, while becoming a breeding place for infection.

    “This is very dangerous to both animals and human because if such contaminated foods are consumed, they can cause ill-health or even death of the consumer,” he warned.

    Oladele-Bukola stressed that the use of traps was a good means of getting rid of rats.

    He added, “Traps are devices used for catching rats alive or dead; the process is facilitated by the use of baits such as peanuts, butter and cheese.

    “However, the effectiveness of any rat bait depends on the environment and the habit of the rats in question.

    “Rats are scavengers and the most effective bait is food. Instead of using rat poison at home and on the farm, metal rat trap boxes or rat gum, containing smoked fish or meat as baits, can be used.

     

    “The traps should be placed at strategic locations within the house to catch the mice alive or dead.

    “This can prevent the rats from dying around and messing up the environment,” he said.

    However, Bukola warned that dead rats must not be thrown around the surroundings of the house, adding that they should be buried so as to prevent the emission of foul smell and the transmission of diseases.

    “We should make sure that our environment is cleared of bushes and refuse; buildings should also be fenced round with wire netting so as to make them rat-proof,” he concluded.

  • Experts seek end to EU ban on Nigerian produce

    Founding President, Mycotoxicology Society of Nigeria, Prof. Dele Fapohunda, has urged the Federal Government to address the ban placed on some Nigerian produce by the European Union (EU).

    The EU in June, 2015 suspended Nigerian food items like beans, sesame seeds, melon seeds, Dry fish, meat, and peanut chips, among others, from entering Europe till June 2016. However, the ban has been further extended to June 2019 following the country’s inability to meet the prescribed food safety standards by the EU.

    According to the European Food Safety Authority, the rejected beans were found to contain between 0.03mg per kg to 4.6mg/kg of dichlorvos pesticide. The acceptable maximum residue limit is 0.01mg/kg.The excess chemical in the produce are said to be harmful to health.

    Fapohunda, who is the dean, School of Basic and Applied Sciences, Babcock University, Ilishan, Ogun State,  said it was imperative for the government to resolve the issue before the deadline given by the EU to correct the anomaly.

    His words: “2019 is the one of great expectations for Nigeria and the European countries. The second leg of the back to back ban on the export of dried beans from Nigeria will be due for a review. It will be recalled that a one year ban was slammed on Nigeria for repeatedly sending beans that were laden with a pesticide called dichlorvos at levels alarmingly higher than the EU and global limits. Not comfortable with any sign of progress aimed at addressing the contaminant issue, Nigeria received a second and heavier penalty of three years that will now terminate in 2019.”

    He urged the government to take significant steps to tackle issues involved as serious gaps remain and require urgent action.

    According to him, there must be a comprehensive system to ensure regulatory compliance to protect consumers from food safety hazards.

    These include surveillance, education, monitoring and regulating use of pesticides in agro exports preparation.

    He observed: “The zero reject initiative is laudable effort but one hopes that all factors that could contribute to the presence of contaminants in agricultural produce will have been taken care of. The storage time and delay at point of exit, vis-a-vis the  extant viability of such crops are a few non-regulated factors that may account for possible failure in achieving delivery of wholesome crop.

    The present interventions will be test- run over time before ascertaining that Nigeria has complied and now ready to be trusted with her exports.

    It will be a disaster if, after all the resources in time , funds and effort over the last three  years, Nigeria still finds herself unqualified for clean bill of health. It is hoped that at the point of review of the penalty next year, Nigeria will be eligible once more to embrace international agricultural trade, particularly dried beans.”

    He called on the government to make sustained commitment across all sectors to strengthen services essential to help all stakeholders contribute to controlling the threat posed by herbicides and pesticides.

    Since then many interventions involving the Federal Ministry of agriculture, Bill and Melinda Gates Foundation, the EU, UNIDO and other partners have come on board to see to the enhancement of the quality of exported crops, all in an attempt to attain a fair intercontinental trade.

  • Experts say tech education way to sustainable growth

    Experts have said to move with the trend of globalisation, Nigeria needs to build technical minds that will influence national development.

    They also called for a review of the curriculum at every level of education to match economic realities, saying the present one was not preparing students for the digital age.

    They spoke at a public lecture organised by Pinnacle Leadership and Entrepreneurial Academy Nigeria in celebration of the 60th birthday of its Chairman, Mr Gbola Sokoya.

    The event which featured a panel of discussion was held at the Nigerian Institute of International Affairs (NIIA), Victoria Island.

    A professor of Management and Associate  Dean for Graduate and Executive  Education  at Middle Tennessee  State University, U.S, Sesan Kim Sokoya  who spoke on the theme: “Sustainable national development in a globalized economy: Modest prescriptions,” said on many educational metrics in the world, Nigeria is missing the mark.  He said the core curriculum at every level should focus on developing skills for a global workforce with emphasis on not just knowing but the ability to do.  This he noted would require a shift in the pedagogical approach in transferring knowledge.

    “We need to train students for the digital economy. This goes beyond having computers in classrooms. This does not mean they will all become engineers or software producers. The digital space and the corresponding speed means that we will need people that will think critically, plan better and coordinate with strong leadership skills. The world needs people like that,” he said.

    One of the discussants and Chief Executive Officer of Benin Electricity Distribution PLC, Mrs Olufunke Osibodu said the larger population (aged 35 and below) represented 62 percent of the Nigeria’s population  was  not represented in the economy.

    “In the power sector, we train graduates and what I find there is terrible. Part of the problem is that we do not know the statistics; neither do we know the extent of the damage.

    “Only 29 per cent have seen classrooms in Nigeria. This tells us how the future is. The new age is the tech age. We need to start changing ourselves to that new age that can take us forward.  It is possible if we apply the right type of education.  Our present type of education is definitely out of the reality”.

    Also, the Chief Executive Officer of Swift Think Limited, Mr Ayoola Jolayemi, explained that the youth are not well informed despite being born in the information age.

    “Children of today were born when technology is already rapt.  This means the critical mass can actually change the economy. The very foundation which will help them grow their root strongly is missing and that is because our education system in Nigeria is currently founded on things that are currently obsolete. They are completely of no relevance to the current economy realities of our country.

    “I conducted a competency test for 3,000 Engineering students in UNILAG with a very fundamental Engineering design having visited three universities and saw the obsolete curriculum being used. Out of the 3,000, only seven students passed the test.  At that point, it was clear that we are in crisis situation.  This cuts across all learning fields.  For globalization to occur, we cannot have a disparity in knowledge base” he said.

  • Experts advise aspiring lawyers on capacity building

    Prominent legal practitioners have charged law students to shun materialism and build competence for career enhancement.

    They made the charge in Lagos last week during a capacity building programme for final year law students of the University of Lagos.

    The event was organised by Stephen Legal, a firm that provides informative legal insights and seeks to inspire young lawyers to find the right legal balance through reliable information.

    Principal Partner, M. J. Onigbanjo & Co, Moyosore Onigbanjo (SAN) advised young lawyers to avoid ‘money madness’ if they must build a career that will stand the test of time.

    “Your dedication to work is more important than any monetary enablement,” he said.

    Onigbanjo urged the students to set goals that will fuel their passion for the legal profession.

    “Talent is not good enough; goals must be added to enhance talent. No matter how hard it is, develop a passion for the rule of law, because your passion is the compass that drives you towards making choices that suit your preferences,” he added.

    Convener and founder, Stephen Legal, Stephen Azubuike, said the idea behind the programme is to keep law students informed on a number of vital issues as they aim to come into the society in pursuit of their career goals and objectives.

    Azubuike explained: “While acquiring sound academic background remains important, it is also necessary to build capacity in non-academic aspects, hence, as part of our mentoring objectives at Stephen Legal, we seek to volunteer a yearly informative session for Final Year Law Students of various Faculties of Law in Nigeria at different intervals.

    “In a society of limited job opportunities and highly competitive legal industry, gaining an extra edge by way of capacity building is extremely important.”

    Head of Legal, Sterling Bank Plc, Justina Lewa urged lawyers to find an area of specialty for effective work delivery.

    “Know your strength and identify your weakness, focus and work on your strength,” Lewa said.

    According her, the Nigerian Law School curriculum is outdated, hence law students should not focus on their school curriculum alone.

    “Be independent minded. Legal research and basic I.T. skills are key in carving a niche in the legal profession,” she added.

  • Art is the way forward, experts say

    Experts have converged on The Wheatbaker Hotel, Ikoyi, Lagos to discuss the rising commercial values of art and how to explore its opportunities. The seminar titled: Art as an alternative investment, was organised by Omenka Gallery in collaboration with FROT Foundation, Chinyere Elizabeth Okoroafor reports.  

    EXPERTS have met in Lagos to discuss the rising value of Nigerian art at international auctions.

    A speaker, Oliver Enwonwu, said research had shown that art is an attractive investment for portfolio diversification, adding that it has a low correlation with other financial assets.

    Other discussants included the Director and Head of Modern & Contemporary African Art at Sotheby’s London, Hannah O’ Leary; founder, OmoobaYemisi Adedoyin Shyllon Art Foundation, Prince Yemisi Shyllon; Managing Director/Chief Executive Officer, Zenith Capital Limited, Jubril Enakele; and Director, Foundation for Contemporary & Modern Visual Arts, Mr. Jess Castellote.

    In her keynote address, O’ Leary expressed delight at the growing value of art as well as the increase in the major outlets for sale of art on the continent.

    “We are seeing more art fairs, art museums and galleries on the continent, which is a good thing,” she said.

    She described Sotheby as a commercial auction house that drives  the value of art as well as showcasing international Nigerian bestsellers, such as El Anatsui, whose work Paths to the Okro Farm sold for $1,445,000 at Sotheby’s New York; Njideka Akunyili Crosby, whose painting Bush Babies sold for $3,375,000 at Sotheby’s New York; Yinka Shonibare’s work Crash Willy, which sold for $290,149 at Sotheby’s London and a painting by the iconic artist Ben Enwonwu titled: Africa Dances, which sold at Sotheby’s London for $264,568.

    Comparing the Western art market to that of Africa, Enakele observed that Africa still remains a virgin terrain.

    In his presentation Nigerian art financing: Overview, challenges and opportunities, he noted that the global art market was worth $63 billion with a 12 percent yearly increase.

    “The share of the US in this market, he added, is 42 percent, while those of the UK and Asia are 18 and 23 percent. Meanwhile, Africa’s share in this huge market is below 0.0 percent,” he said.

    According to Enakele, the prevailing conditions in the art industry might not be appealing to lending institutions. But, he saw these apparent gaps in the ‘art ecosystem’ as ‘opportunities for new players: noting that Nigeria’s art market is growing and it’s a matter of time before supporting infrastructure is in place.

    Oliver, who spoke on A brief history of art in Nigeria, educated possible collectors on the history of Nigerian art for a better understanding of the Nigerian art.

    The impact of the late renowned Ben Enwonwu and the spectacular performances of artists at international auctions only indicate a more promising future for the local art scene. He said: “The future is indeed bright for Nigerian artists,’’ adding that this was the right time for investment.

    Reflecting on the historical journey of art from the pre-colonial traditional art till date, he identified the Nok terracotta heads of 500 BC, 12th to 15th century life-size Ife heads and masks, 15th century Benin bronze sculptures and the relatively recent 19th century wood carvings as some of the major treasures of Nigeria.

    Nonetheless, his exposé on the Modern and Contemporary Art were concise enough as a crash course for any aspiring collector of Nigerian art. However, it was a contribution to educate the local art public rather on the potentials of quality art.

    In his presentation titled: Legal implications of collecting art, Prince Shyllon, one of Africa’s top art collectors,said that there are a lot of statutory provisions, which have not been tested by Nigerian local laws. The first, he said, is the Hague Convention of 1954, which was followed up by the 1970 UNESCO Convention in Paris, which focused on the ‘Protection of Cultural Properties’. According to him, the latter convention sought ‘to fortify the protection and transfer of ownership of cultural properties and illegal exports,’ adding that these conventions fell short of expectations and this necessitated the 1995 UNIDROIT convention, which was convened to fortify and tackle its defects.

    On the protection of the illegal export of art works, Shyllon disclosed that the ‘issue is extensively covered by the provisions of the 1977 National Commission for Museums and Monuments Act of Nigeria as amended by the 2004 laws of the Federation of Nigeria 2004.’

    “Section 21 of the act makes provision for the buying and selling of antiquities. The operative word “antiquities” is interpreted in the Section 32 of the act as works of archaeological interest or relic of human settlement or craft of indigenous origin as well as ‘any of such objects made or fashioned before  1918 or any artistic work of historical or scientific interest or has been used at any time in the performance of any traditional ceremony,” he said.

    He, therefore, decried the abuse of the provisions of the act by the agents of the NCMM, who insist that every exporter of art works from Nigeria must present clearance certificate on any piece whether modern or contemporary.

    Perhaps, more pertinent to the artists in the audience is the Nigerian Copyright Act Cap 28 of the Federal Republic of Nigeria 2004, which ostensibly protects all original artistic works. “The law however behooves on artists the responsibility to register a notification of their right with the Nigeria Copyright Commission,” he said.

    But, Spanish-born Castellotedescribed art as more valuable than money, saying great investors make a lot of money. Great collectors create a lot of collections…There are things that are more valuable than money. Art is one of them.”

    Castellote’s presentation, titled: The making of a collector: Guiding Principles and collecting strategies offered consolatory words to those venturing into art collecting.

    According to him, a great collector has to be passionate. An ignorant collector cannot put up a great collection. He added that a collector must be informed enough to understand why it is important to part with so much of his hard-earned money to acquire an artist’s work.  In addition, he must be thorough, prudent, organised as well as adhere to much of the safeguards laid down by Enakele in his presentation. These include education and research, legal services, acquaintance with secondary markets as well as storage and insurance of artworks.

  • Art is the way forward, experts say

    Experts have converged on The Wheatbaker Hotel, Ikoyi, Lagos to discuss the rising commercial values of art and how to explore its opportunities. The seminar titled: Art as an alternative investment, was organised by Omenka Gallery in collaboration with FROT Foundation, Chinyere Elizabeth Okoroafor reports.  

    EXPERTS have met in Lagos to discuss the rising value of Nigerian art at international auctions.

    A speaker, Oliver Enwonwu, said research had shown that art is an attractive investment for portfolio diversification, adding that it has a low correlation with other financial assets.

    Other discussants included the Director and Head of Modern & Contemporary African Art at Sotheby’s London, Hannah O’ Leary; founder, OmoobaYemisi Adedoyin Shyllon Art Foundation, Prince Yemisi Shyllon; Managing Director/Chief Executive Officer, Zenith Capital Limited, Jubril Enakele; and Director, Foundation for Contemporary & Modern Visual Arts, Mr. Jess Castellote.

    In her keynote address, O’ Leary expressed delight at the growing value of art as well as the increase in the major outlets for sale of art on the continent.

    “We are seeing more art fairs, art museums and galleries on the continent, which is a good thing,” she said.

    She described Sotheby as a commercial auction house that drives  the value of art as well as showcasing international Nigerian bestsellers, such as El Anatsui, whose work Paths to the Okro Farm sold for $1,445,000 at Sotheby’s New York; Njideka Akunyili Crosby, whose painting Bush Babies sold for $3,375,000 at Sotheby’s New York; Yinka Shonibare’s work Crash Willy, which sold for $290,149 at Sotheby’s London and a painting by the iconic artist Ben Enwonwu titled: Africa Dances, which sold at Sotheby’s London for $264,568.

    Comparing the Western art market to that of Africa, Enakele observed that Africa still remains a virgin terrain.

    In his presentation Nigerian art financing: Overview, challenges and opportunities, he noted that the global art market was worth $63 billion with a 12 percent yearly increase.

    “The share of the US in this market, he added, is 42 percent, while those of the UK and Asia are 18 and 23 percent. Meanwhile, Africa’s share in this huge market is below 0.0 percent,” he said.

    According to Enakele, the prevailing conditions in the art industry might not be appealing to lending institutions. But, he saw these apparent gaps in the ‘art ecosystem’ as ‘opportunities for new players: noting that Nigeria’s art market is growing and it’s a matter of time before supporting infrastructure is in place.

    Oliver, who spoke on A brief history of art in Nigeria, educated possible collectors on the history of Nigerian art for a better understanding of the Nigerian art.

    The impact of the late renowned Ben Enwonwu and the spectacular performances of artists at international auctions only indicate a more promising future for the local art scene. He said: “The future is indeed bright for Nigerian artists,’’ adding that this was the right time for investment.

    Reflecting on the historical journey of art from the pre-colonial traditional art till date, he identified the Nok terracotta heads of 500 BC, 12th to 15th century life-size Ife heads and masks, 15th century Benin bronze sculptures and the relatively recent 19th century wood carvings as some of the major treasures of Nigeria.

    Nonetheless, his exposé on the Modern and Contemporary Art were concise enough as a crash course for any aspiring collector of Nigerian art. However, it was a contribution to educate the local art public rather on the potentials of quality art.

    In his presentation titled: Legal implications of collecting art, Prince Shyllon, one of Africa’s top art collectors,said that there are a lot of statutory provisions, which have not been tested by Nigerian local laws. The first, he said, is the Hague Convention of 1954, which was followed up by the 1970 UNESCO Convention in Paris, which focused on the ‘Protection of Cultural Properties’. According to him, the latter convention sought ‘to fortify the protection and transfer of ownership of cultural properties and illegal exports,’ adding that these conventions fell short of expectations and this necessitated the 1995 UNIDROIT convention, which was convened to fortify and tackle its defects.

    On the protection of the illegal export of art works, Shyllon disclosed that the ‘issue is extensively covered by the provisions of the 1977 National Commission for Museums and Monuments Act of Nigeria as amended by the 2004 laws of the Federation of Nigeria 2004.’

    “Section 21 of the act makes provision for the buying and selling of antiquities. The operative word “antiquities” is interpreted in the Section 32 of the act as works of archaeological interest or relic of human settlement or craft of indigenous origin as well as ‘any of such objects made or fashioned before  1918 or any artistic work of historical or scientific interest or has been used at any time in the performance of any traditional ceremony,” he said.

    He, therefore, decried the abuse of the provisions of the act by the agents of the NCMM, who insist that every exporter of art works from Nigeria must present clearance certificate on any piece whether modern or contemporary.

    Perhaps, more pertinent to the artists in the audience is the Nigerian Copyright Act Cap 28 of the Federal Republic of Nigeria 2004, which ostensibly protects all original artistic works. “The law however behooves on artists the responsibility to register a notification of their right with the Nigeria Copyright Commission,” he said.

    But, Spanish-born Castellotedescribed art as more valuable than money, saying great investors make a lot of money. Great collectors create a lot of collections…There are things that are more valuable than money. Art is one of them.”

    Castellote’s presentation, titled: The making of a collector: Guiding Principles and collecting strategies offered consolatory words to those venturing into art collecting.

    According to him, a great collector has to be passionate. An ignorant collector cannot put up a great collection. He added that a collector must be informed enough to understand why it is important to part with so much of his hard-earned money to acquire an artist’s work.  In addition, he must be thorough, prudent, organised as well as adhere to much of the safeguards laid down by Enakele in his presentation. These include education and research, legal services, acquaintance with secondary markets as well as storage and insurance of artworks.

  • Why aviation investment is poor, by experts

    Table 02
    Table 02

    Interest rates and lack of choice for credit facilities are some of the obstacles militating against investments in  aviation, some experts have said.

    According to Accident Investigation Bureau (AIB) Chief Executive Officer/Commissioner Akin Olateru; Council, International Civil Aviation Organisation (ICAO) President Bernard Aliu and Airline Operators of Nigeria (AON) Executive Chairman Captain Nogie Meggison said unless the obstacles were removed, investments in the sector would be slow.

    They spoke with The Nation in Lagos.

    According to Olateru, Nigeria’s poor credit rating, due to air accidents, prevent international financiers that can give long- term credit facility at single digit interest rates to those who wish to invest in the country’s airline business.

    Besides poor credit rating, Olateru, an aircraft engineer, said financial insitutions, whether local or international, were reluctant to grant huge loans to airlines because they lacked corporate governance structures.

    He said the environment, which appeared volatile, was also a disincentive to getting funds.

    He asid: “You have to look at the  environment. Who gives airline finance in air transportation business? Will the bank support you with finance.

    “We are at  such a disadvantage but I believe that we are on the right track and, over time, we will surmount all these problems.”

    Aliu said financial institutions were not funding or investing in aviation infrastructure in many African countries, including Nigeria, because of the risks of insufficient institutional, legal and regulatory enabling frameworks.

    The leader of the global aviation regulator said these factors were the major drawbacks militating against investments in airports across Africa.

    Aliu said countries with limited access to investment finances must ensure that critical airport infrastructure needs are included in the priority list of international public finance and assistance for development projects.

    According to Aliu, no financial investor in airport infrastructure is willing to commit funds, where there is policy somersault associated with regime change.

    He said global investors were seeking stable policy, regulatory and enabling environment where there is respect for agreements on airport infrastructure funding and the tenure of such projects for the investor to recoup his money.

    Aliu said: “No investor or financial institution wants to project their proposed returns based on eventuality, only to see those goal posts being moved by a government half way through a project after they have made their financial commitment.”

    He said until issues on uncertainties about investment in aviation infrastructure were resolved, African countries have to work out models that were sustainable  in closing the gap in airport facilities.

    His said: “The priority is for airport operators, in coordination with states, to clearly demonstrate where financing is required.This can be accomplished through gap-analyses of forecast demand, future capacity need and current infrastructure deficiencies.”

    He called on African countries to look beyond cost-recovery measures in the management of airports terminals by considering other ways of enhancing revenue  other than flights.

    The ICAO chief said revenue raised via passenger charges and taxes are often significantly outweighed by what a state will lose out in terms of more broad-based economic growth as a result of the dampened demand for air travel and air cargo shipments, which these charges lead to.

    Aliu said: “It is, therefore, important to complement aeronautical charges with a variety of non-aeronautical revenue.”

    He said many financial institutions have stopped investing in the sector because of frequent  government policies.

    This, he said, had become a disincentive to many investments in airport infrastructure and loss by a few investors who dared.

    Meggison said the poor performance of many domestic carriers discouraged financial insitutions from putting money into the sector.

    He said until there was review of multiple charges by various aeronautical agencies, the operating environment will remain stifling to push away investors.

    He said unless the government recognises the pivotal role aviation plays as a catalyst of economic growth, it must design policies that will make the sector attractive to investors.

    “Airline operators  have been screaming and complaining about the same issue over the years culminating  in  over 27 airlines going under in the past 25 years.

    “Stakeholders in the sector have consistently pointed out that with the huge capital outlay required for aviation investments and the attendant low returns, financial institutions must adopt a long term, single digit interest rate facility to  support the industry,”Aliu added.

    An airline chief, who spoke on condition  of anonymity, said the  interest regime of banks made it difficult for  airlines to either  borrow money, acquire or lease aircraft.

    He said: “The interest rate regime in Nigeria is not good for aviation. Take the over 20 per cent interest, you can’t do any business with that. So, we need to do something about it.”