Business

Air Sierra Leone Opens Lagos-Freetown Direct Flight Route

Published

5 months ago

January 23, 2025

After a 15-year hiatus, Air Sierra Leone marked a historic milestone on Wednesday by successfully launching its inaugural direct flight from Freetown to Lagos. This monumental achievement signals a new era of connectivity, progress, and hope for Sierra Leone and its national carrier.

Speaking at the launch event, Air Sierra Leone’s Chief Executive Officer, Emmanuel Iza, described the occasion as a “rebirth of a national icon.” He stated, “This day is more than just the launch of an airline; it is the rebirth of a national symbol. After 15 years, the Sierra Leonean flag soars once again, embodying hope, progress, and resilience.”

Founded with the vision of connecting Sierra Leone to the world, Air Sierra Leone aims to inspire pride in the nation’s heritage and create transformative opportunities for its people. The inaugural flight, which landed at Murtala Muhammed International Airport in Lagos, represents the beginning of this ambitious journey.

Iza expressed gratitude to the Air Sierra Leone team, government officials, aviation authorities, and partners for their unwavering support in making the airline’s comeback a reality. He assured that the airline is committed to offering world-class service that reflects the warmth and hospitality of Sierra Leone, serving as an ambassador of the nation’s culture, values, and aspirations.

“Air Sierra Leone is poised to grow, connect, and inspire. Together, we will soar higher and achieve greater heights,” Iza said. “This milestone celebrates our resilience and ambition as a nation.”

Air Sierra Leone’s General Manager, Edgard Lacle, also highlighted the operational details and strategic goals of the airline. He revealed that XEJET is supplying three Embraer 145 aircraft, each with a capacity of 50 passengers, to Air Sierra Leone. The inaugural flight carried 36 passengers, indicating a promising start.

The airline will operate flights three times a week—on Mondays, Wednesdays, and Fridays—between Freetown and Lagos. This route has recently become more competitive, with a Nigerian airline also offering twice-weekly flights between the two cities.

Discussing the market’s potential, Lacle emphasized the strong trade ties between Sierra Leone and Nigeria, along with tourism and family connections, as key drivers of passenger demand. “Trade is the primary driver, followed by tourism and family connections. Many Nigerians have longstanding ties with Sierra Leone, including intermarriages,” Lacle explained.

To align with market dynamics, the airline strategically chose the Embraer 145, a smaller aircraft optimized for passenger movement and operational efficiency. “This aircraft is perfectly suited to our market. It ensures optimal load factors while matching passenger movement,” Lacle added, expressing optimism about Air Sierra Leone’s future.

As Sierra Leone’s national carrier takes flight again, it aims to strengthen trade, foster cultural exchange, and reconnect communities, solidifying its position as a key player in West Africa’s aviation industry.

Business

Lagos Pushes Urban Agriculture Agenda, Sensitises Key Stakeholders

Published

1 day ago

June 23, 2025

Eko plus

The Lagos State Government, through the State Agricultural Development Authority (LSADA), has called for the adoption of integrated urban farming solutions to address food insecurity and promote sustainable food systems across the state.

This call was made during a one-day Stakeholders’ Workshop on Urban Agriculture held at the Fresh Food Hub, Idi-Oro, Mushin. The workshop aimed to sensitise Heads of Agriculture Units from the 57 Local Government and Local Council Development Areas (LCDAs), as well as environmental health officers, on the strategic importance of urban agriculture.

Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya—represented by Dr. Rasheed Macaulay, Director of Veterinary Services—stressed the urgency of promoting urban agricultural land use and increasing grassroots awareness. She said that cascading this knowledge with the right education and technical support was vital for building a sustainable food future.

“Integrating agriculture into urban landscapes reduces reliance on external food sources, cuts down transportation costs, and improves access to fresh, nutritious produce,” Olusanya said. “The Lagos State Government, through the Ministry of Agriculture and Food Systems and its agencies, is fully committed to this vision. We are developing enabling policies, strengthening extension services, supporting innovation, and partnering with local councils to scale up urban farming across the state.”

She also noted that urban agriculture must evolve from small pilot schemes to being embedded in schools, homes, markets, and faith-based institutions.

LSADA Programme Manager, Mr. Alade Aliru, highlighted the benefits of cultivating food close to where it is consumed. He explained that this approach reduces the environmental impact of food transportation while fostering greener, healthier cities.

“This workshop is designed to engage stakeholders on the opportunities and practical strategies for implementing urban agriculture in their local communities,” Aliru said. “From backyard gardens to vertical farms and container planting, urban agriculture is becoming a key part of our evolving food ecosystem.”

Also speaking at the event, the Permanent Secretary of the Ministry, Emmanuel Fatai Audu—represented by Director of Fisheries, Mr. Daisi Agarrey—emphasized that rapid urbanisation has placed immense pressure on land and food systems. He described urban farming as a strategic response.

“Urban agriculture is no longer a choice—it is a necessity,” Audu stated. “It’s not just about growing food; it’s about building healthier communities, greener environments, and resilient livelihoods.”

The workshop forms part of Lagos State’s broader commitment to sustainable development and environmental resilience through innovative agricultural practices.

Business

Sanwo-Olu Gets EU Nod for €410m ‘Omi Eko’ Urban Water Initiative

Published

3 weeks ago

May 31, 2025

Eko plus

Lagos State Governor, Babajide Sanwo-Olu, on Thursday hosted the European Union (EU) Ambassador to Nigeria and ECOWAS, Mr. Gautier Mignot, for a high-level meeting focused on strengthening Lagos-EU cooperation and multilateral business relations.

The meeting, held at the State House in Marina, centred around the landmark ‘Omi Eko’ initiative — a transformative project aimed at upgrading Lagos’ inland waterways into a world-class transportation system.

Estimated at €410 million, the ‘Omi Eko’ project is being co-financed through public-private partnerships involving the EU, French Development Agency (AFD), European Investment Bank (EIB), and the Lagos State Government. All partners will jointly oversee its execution.

Governor Sanwo-Olu expressed satisfaction with the project’s progress following the completion of feasibility studies and confirmed that construction is slated to begin next month.

“With the ‘Omi Eko’ project, we are poised to expand our transportation infrastructure and provide residents with faster, more efficient travel options. This initiative includes the construction of new terminals, deployment of high-capacity electric boats, and enhanced safety systems on our waterways,” Sanwo-Olu stated.

“This is a legacy project that aligns with our vision of an integrated and sustainable urban mobility network. We aim to begin implementation promptly and make visible progress within our administration’s tenure.”

Sanwo-Olu endorses LASU/PSSDC diploma

The Governor added that the project would unlock the economic potential of Lagos’ aquatic resources, boost tourism, attract foreign investment, and create jobs. He urged all stakeholders to ensure the timely release of funds and expedite the procurement of construction materials.

Sanwo-Olu also lauded the EU-owned Infrastructure Development Bank’s plans to enter Nigeria’s financial ecosystem, describing it as a welcome development that would further stimulate economic growth.

Ambassador Mignot, leading the EU delegation from Abuja, confirmed the EU’s full commitment to the project. “We bring good news from the EIB and AFD — we are ready to sign the necessary agreements to launch the €410 million ‘Omi Eko’ project. A formal groundbreaking ceremony is scheduled for the end of June,” he announced.

He praised Lagos State’s dedication to its EU partnership, noting that a significant share of European economic activity in Nigeria is concentrated in Lagos. Mignot also revealed plans to strengthen economic ties through a revitalized European Chamber of Commerce and more strategic investment partnerships, especially in the tech sector, where German agency GIZ is already active.

Business

Lagos’ GDP Soars to $259B, Becomes Africa’s 2nd Largest City Economy

Published

3 months ago

March 12, 2025

Eko plus

Lagos State has solidified its status as one of Africa’s top economic powerhouses, with its Gross Domestic Product (GDP) reaching an impressive $259 billion based on Purchasing Power Parity (PPP). This milestone places Lagos as the second-largest city economy on the continent, following Cairo, Egypt.

The announcement was made during the official launch of the Lagos Economic Development Update (LEDU) 2025 on Wednesday. According to the report, Lagos State’s GDP stood at $259.75 billion in 2023, reinforcing its role as Nigeria’s commercial and financial hub.

Lagos Economic Growth in 2024

Lagos recorded significant economic growth in the first half of 2024, expanding to ₦27.38 trillion, up from ₦19.65 trillion in 2023. This strong performance underscores the state’s resilience amid economic reforms and ongoing infrastructure development.

Despite this expansion, Lagos’ tax-to-GDP ratio remains low at 2.3%, highlighting the need for improved revenue generation strategies.

Key Lagos 2025 Budget Projections

Looking ahead, Lagos State is poised for further economic expansion in 2025, with the following key projections:

GDP Growth: Expected to increase from ₦54.77 trillion in 2024 to ₦66.47 trillion in 2025, with real GDP growth estimated between 5.02% and 6.49%.
Sectoral Growth: The services sector will continue leading growth, supported by agriculture and industrial production. Stability in fuel prices and exchange rates is expected to enhance economic performance.
Inflation Forecast: Headline inflation is projected at 34.2%, while food inflation may rise slightly to 34.9%.
Revenue Projections: The Lagos State Government aims to generate ₦2.79 trillion in revenue for 2025, emphasizing fiscal discipline and revenue diversification.

Investment & Business Opportunities in Lagos

As Nigeria’s largest economy, Lagos remains a prime destination for investors, particularly in infrastructure, technology, real estate, and manufacturing. However, challenges such as inflation, forex volatility, and infrastructure gaps must be addressed to ensure long-term growth.

Sanwo-Olu Grants Approval for Construction of First Bank’s New Headquarters

Upcoming Changes: Nigeria’s GDP Rebasing

The National Bureau of Statistics (NBS) is set to rebase Nigeria’s GDP in 2025, shifting the base year from 2010 to 2019. This update will enhance economic measurement by incorporating: