Airlines to remit ticket proceeds

Airlines operating in the country are now required to remit the net proceeds of their international ticket sales on a monthly of fortnightly basis.
This is a new directive given to airlines operating in the country by the Central Bank of Nigeria.
The remittance will however be subject to the prescribed documentation requirements relevant to the period in question.
According to the directive, the relevant documents include the airlines author’s certificate and tax clearance certificate issued by the Federal Inland Revenue department.
The directive which was signed by the director of exchange, Central Bank of Nigeria, Mr. Victor Odozi is seen by market watchers as means of making airlines operating in the country to repatriate the proceeds of International Airlines Ticket Sales which they have hitherto left in their foreign bases.
Investment climate not conducive for NIDB
The Nigerian Industrial Development Bank (NIDB) undertook 14 new projects valued at N34,990,000 last year.
This low investment trend was attributed by official sources as the bank to the prevailing investment climate in 1986. The source said that last year was not conducive to investment.
The climate the sources said became gloomier after the coming into effect of SFEM and a good number of prospective investors had to shelve their investment.
The source told The Republic that the 14 new projects were spread over fourteen states in the federation and over six industrial sub-sectors.
The sources said that the bank continued with its emphasis on the production of industrial inputs in order to reduce the industrial sector’s import dependence and enhance linkages.
The source further said that twenty new projects were added last year to the 11 projects in the bank’s development pipeline.
According to our sources, six of these projects were developed and sent for full appraisal in the head office while six were put in abeyance for structural and other considerations.
The sources further said that at the end of 1986, 19 of such development projects remained in the banks pipeline.
The source said that in view of the prevailing economic situation promotional efforts of the NIDB were focused on local resource based projects within the preferred sectors especially agro allied and mineral based projects.
Efforts in assisting promoters to identify and develop bankable projects continued during the year and such assistance was extended to existing companies with potentials for expansion as well as for expansion as well as forward/backward integration, the source said.