Why I support interest-free bond
As controversy continues to trail Islamic banking bond sweeping through Nigeria, the former director general, Nigerian Civil Aviation Authority (NCAA), Dr Harokd Demuren has thrown his weight behind the banking system in view of its non-interest benefits.
Demuren who was speaking at the 2017 Nigerian Travel Smart second edition colloquium said there was nothing wrong in bringing the non-interest banking system into Nigeria that those opposing the system should equally introduce their own non-interest banking system.
According to Demuren the non-interest banking system should be supported by Nigerians so far it will crash the high interest rates of the banks in Nigeria.
This is just as the former NCAA Director-General said that by 2050, Africa would be the centre place for global aviation industry while Nigeria would by the centre of attraction.
He lamented how Ethiopian Airlines earns 30 per cent of its total ticket sales from Nigeria and yet, Nigeria was not benefiting from the earnings.
Demuren said for Nigeria to fully benefit from the continent’s attraction, Nigeria needed to invest in infrastructural development and develop human capacities.
Speaking on the occasion, Alhaji Mohammed Magashi, an aviation consultant stressed why Nigeria required a national carrier and not a flag carrier to fully participate in the global aviation industry. While explaining that the aviation industry was not competitive in terms of returns for investors, Magashi described it as an enabler for returns for other sectors around the world even as he emphasised that the defunct national carrier, Nigeria Airways collapsed because of political interference, which he said culminated with several air crashes. Noting that there was no airline around the world that had the numbers ofcrashes involving new aircraft like the former Nigeria Airways, Magashi declared:“There was no airline in the world that crashes new airplanes like Nigeria Airways. In aviation, accidents are always planed from the outset. 95 per cent of aviation accidents in Nigeria are caused by human errors.
“Since the demise of Nigeria Airways, there has not been any opportunity for young aircraft maintenance engineers to log maintenance hours and get type ratings because there are no operational hangars where heavy maintenance takes place.
“Also, poor manpower development and regulation is what is leading to air crashes today in Nigeria. This is a threat to our national security. Our government needs to spend on aviation for the sector to grow.”
He maintained that the re-establishment of a national carrier for Nigeria would lead to creation of leasing companies, the creation of maintenance hangars and reduce capital flights out of the country.