Festus Keyamo, minister of Aviation and Aerospace Development, has revealed plans by the Federal Government to establish an aircraft manufacturing firm in Nigeria.

The facility is a collaboration between XeJet and indigenous banks, aiming to transform Nigeria into a regional hub for aviation services.

Keyamo announced this during the launch of XeJet’s Maintenance, Repair and Overhaul, MRO, facility and flight support centre in Abuja.

He noted that the move aligned with the government’s vision to support local operators and boost the nation’s aviation industry.

Keyamo said: “Since we came to office, we’ve been focused on attracting MRO facilities to our aviation ecosystem, just as they exist in other parts of the world.

“We’ve searched far and wide for investors, but now we see that what we were looking for elsewhere is right here at home. This collaboration between an indigenous operator and local banks is a dream come true.”

Emphasising the project’s significance, the minister noted the inclusion of additional facilities, such as a training centre, which he described as “a huge achievement.”

Keyamo added: “This development will not only serve Nigeria but will attract users from across the West African sub-region. That’s the dream—to make this facility a regional centre for excellence.”

Godman Akinlabi, Leadership coach has launched the Godman Akinlabi Enterprise Development Fund to bridge capital access gap for entrepreneurs.

This initiative followed a recent report by the International Trade Centre (ITC) that the vast majority of Nigerian SMEs remain underfunded, with only 15 percent able to access formal credit.

Akinlabi who unveiled the fund in commemoration of his 50th birthday celebration in Lagos, stated that the fund, initially endowed with N50 million would financially empower faith-based entrepreneurs, drive innovation, and champion sustainable business practices.

He disclosed further that the fund was a realisation of a long-held vision to raise leaders who will build profitable enterprises, transform industries, and inspire tangible change.

“I believe true leadership is not just about personal success but about creating platforms for others to thrive. This Fund is that platform: a vehicle to empower courageous, faith-driven entrepreneurs to break barriers, innovate boldly, and redefine the future of business,” he added.

The fund will offer seed capital ranging from N250,000 to N2,000,000 for small and early-stage businesses, as well as growth capital of up to N5,000,000 for enterprises with proven potential. Beneficiaries will also receive mentorship and strategic guidance to ensure they are well-equipped to navigate business growth.

“By equipping individuals with resources, mentorship, and opportunities, we are not only creating economic prosperity but also fostering a legacy of leadership and positive impact that will reverberate across generations,” he reckoned.

Also held on the sidelines of the launch of the fund was an exclusive leadership lecture featuring renowned thought leader, Leke Alder.

Akinlabi remarked that the lecture underscores the importance of visionary leadership, ethical governance, and strategic innovation in creating a sustainable and prosperous future.

Nigerian Exchange Ltd. (NGX) All-Share Index and Market Capitalisation appreciated by 1.80 per cent each, to close the week at 105,451.06 and N64.303 trillion respectively.

Theses are against 103,586.33 and 63.166 trillion posted last week.

Consequently, equity investors gained a total of N1.137 trillion for the week under review.

Similarly, all other indices finished higher with the exception of NGX Insurance, NGX AFR Bank Value, NGX AFR Div Yield, NGX MERI Value, NGX Consumer Goods, NGX Oil and Gas.

Also, NGX Industrial Goods which depreciated by 6.91, 0.08, 1.11, 0.17, 0.34, 0.34 and 0.26 per cent respectively, while the NGX ASeM closed flat.

Meanwhile, a total turnover of 4.698 billion shares worth N85.043 billion in 72,562 deals was traded this week by investors on the floor of the Exchange.

This was in contrast to a total of 2.618 billion shares valued at N69.742 billion that exchanged hands last week in 47,953 deals.

The Financial Services Industry measured by volume led the activity chart with 3.470 billion shares valued at N40.791 billion traded in 34,364 deals: thus contributing 73.86 and

47.97 per cent to the total equity turnover volume and value respectively.

The Services industry followed with 407.032 million shares worth N2.226 billion in 4,996 deals.

Third place was the ICT Industry, with a turnover of 237.680 million shares worth N3.628 billion in 5,280 deals.

Trading in top three equities namely, Wema Bank Plc, FBN Holdings Plc and Universal Insurance Plc, measured by volume accounted for 1.679 billion shares worth N20.838 billion in 4,922 deals.

These contributed 35.74 per cent and 24.50 per cent to the total equity turnover in volume and value respectively.

Also, 51 equities appreciated in price during the week, lower than 82 equities in the previous week.

Thirty-nine equities depreciated in price higher than 18 in the previous week, while 62 equities remained unchanged, higher than 52 recorded in the previous week.

Multiverse Mining and Exploration Plc led 50 other advanced equities on the gainers’ table by 53.42 per cent to close at N12.35 per share.

Sunu Assurances also led the 38 other declined equities on losers’ table by 36.52 per cent to close at N7.30 per share.

Looking ahead, analysts at Cowry Asset Management Ltd., predicted bullish momentum at the equity market to persist in the coming week.

The analysts said this would be supported by anticipation of fourth quarter 2024 unaudited financial results and preparations for the dividend earning season.

They noted that positive sentiment is likely to prevail as stocks continue to reach new historical highs, bolstered by favourable market valuations and outlooks.

“Nonetheless, we advise investors to focus on fundamentally sound stocks to maximise returns amidst the ongoing rally,” the analysts said. (NAN)

Culled from NAN