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Nigeria Airport Authority FAAN launches reviewed service charter

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The Federal Airports Authority of Nigeria (FAAN) on Wednesday in Lagos reviewed and launched its service charter.

The Managing Director of the Authority, who was represented by the Authority’s Director of Engineering Services, Engineer Nurudeen Daura stated that FAAN is a customer-centric organization and is totally committed to delivering quality services to her esteemed customers.

He described the service charter as a service level agreement that ensures that standards are upheld and sustained, whilst providing an opportunity to customers to report any service failure within the value chain.

Appreciating the Servicom office both at the Presidential and organizational level for a job well done, he charged all stakeholders to make at studying, imbibing and implementing the areas pertaining to their respective responsibilities.

The event climaxed with the presentation/launching of the charter by the Head of the Presidential Servicom Office, Mrs. Nnenna Akaji Emele, paid glowing tributes to the dedication and commitment of the FAAN Servicom team towards ensuring a successful completion of the task.

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She enjoined other agencies to emulate FAAN and deliver their Charters too, as required by the provisions of the law setting up Servicom.

Meanwhile, the Airport Authority also has air and the general public that with effect from today 14th December 2017, the Authority will embark on a palliative repair work on the Runway of Akanu Ibiam International Airport, Enugu.

The first phase of the repair work will commence on the 14th to 21st December 2017, while the second phase will be from 27th December 2017 to 4th January 2018.

There will be skeletal operations at the airport while the work is ongoing as the Runway will open for operations from 0700 hours local time till 1500 hours local time on the proposed dates. This is to enable the contractor ample day-light working hours in order to obtain stable and even Runway surface, while also completing the work within the stipulated time frame.

In line with Standards and Practices, the Authority has requested the Nigerian Airspace Management Agency (NAMA) to issue a Notice To (NOTAM) in this regard.

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Nigeria: CBN monetary policy rate remains at 14%.

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The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday left the Monetary Policy Rate unchanged at 14 per cent.

The CBN Governor, Mr Godwin Emefiele, announced the decision of the committee at the end of a two-day meeting held at the apex bank’s headquarters in Abuja.



He explained that all the eleven members of the committee that attended the meeting agreed to maintain the current monetary policy stance.

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He said apart from the MPR which was retained at 14 per cent, the committee also retained the Cash Reserves Ratio at 22.5 per cent.

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Also retained are the Liquidity Ratio which was left at 30 per cent; and the Asymmetric Window which was left at +200 and -500 basis points around the MPR.

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China’s Economic downslide threat results to Oil price fall.

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Oil prices fell on Tuesday over signs that an economic slowdown in China, the world’s second-largest economy and oil consumer, was spreading, stoking concerns over future fuel demand.

The gloomy economic news has pulled down financial markets across Asia, including crude oil futures.

International Brent oil futures were at 62.26 dollars per barrel at 0736 GMT, down 48 cents, or 0.8 per cent from their previous close.



US West Texas Intermediate crude futures were at 53.43 dollars per barrel, down 0.7 per cent, or 37 cents.

China’s state planner on Tuesday warned that the downward pressure on the economy will affect China’s job market as falling factory orders point to a further drop in activity in coming months and more job shedding.

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On Monday, China reported its lowest annual economic growth since 1990.

China’s oil imports have so far defied the economic slowdown, hitting a record above 10 million barrels per day in late 2018, but many analysts believe the country to be at peak energy growth, with its thirst set to wane as the slowdown bites.

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In a sign of spreading economic weakness, South Korea’s export-oriented economy slowed to a six-year low growth rate of 2.7 per cent in 2018, official data showed on Tuesday.

This came after the International Monetary Fund on Monday trimmed its 2019 global growth forecast to 3.5 per cent, down from 3.7 per cent in last October’s outlook.

There is a high correlation between economic growth and oil demand growth.

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