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Economy

Ambode Plans To Boost Economy Through Efficient Traffic Mgt

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EFCC: We did not raid Ambode’s residence
  • As UNICEF warns of food shortage, disease in Northeast Nigeria, others

The State Government has adopted advocacy, support and collaboration with stakeholders in an aim to stimulate the socio-economic development of the State, through ease public transportation.

The Acting Commissioner for Transportation, Prince Olanrewaju Elegushi indicated this on Thursday, while speaking as a Special Guest at the Second Edition of Lagos Traffic Radio Lecture Series with the theme, ‘Support System for Public Transportation: the Lagos State Perspective.’

Elegushi stated that while good transportation system is sine qua non to economic growth and development with special reference to the efficiency with which commuters move their goods and services from a location to another as obtainable in other parts of the world, public transportation in a complex city like Lagos, demands various strategies as has been adopted by Governor Akinwunmi Ambode, so as to ensure a very smooth flow of traffic as envisioned through the establishment of various State transportation and traffic Management Agencies.

The Acting Commissioner opined that the present Administration at inception, embarked on an on-the-spot assessment of roads across the State to enable Government fashion out maintenance strategies and construct new ones; and noted that the construction of bus terminals and ferry jetties, laybys, and other infrastructural renewal projects explains the concern of the State Government towards ensuring free flow of traffic, road safety and socio-economic development of the State.

Towards further re-energising the transportation sector, Elegushi stated that an integrated Public Transportation System will soon kick start with a N30 Billion Sinking Fund for the Bus Reform Project, the highlight of which is the provision, over a 3-year period, of 5,000 buses with carriage capacity of between 30-70 people that will be operated through franchise in multiples of 50, 100 and 200 buses.

Earlier in his address of welcome, the Honourable Commissioner for Information and Strategy, Mr. Steve Ayorinde who was represented by the Director, Information Production in the Ministry, Mr. Abiola Fagunwa said the Administration of Mr. Akinwunmi Ambode, has in the last two years opened up the State to a better and more efficient road network with the extensive constructions in the State.

He highlighted that the Administration is also fully committed to the welfare of its citizenry through enacting industry-friendly laws and implementation of inclusive policies that will enable public-private sectors initiatives to thrive.

He posited that part of the Ambode-led Administration’s investment towards supporting young entrepreneurs is the release of N25 Billion to the State Employment Trust Fund to support viable entrepreneur’s ideas and start-ups.

In the meantime, the UN Children’s Fund (UNICEF) warned on Friday that malnutrition, thirst and disease threatened lives of millions of children in Northeast Nigeria, Somalia, South Sudan and Yemen.

Mr Manuel Fontaine, UNICEF Director for Emergency Programmes, said in a statement issued in New York that continued humanitarian action was crucial in saving children’s lives.

Fontaine said the welcome announcement of an end to famine conditions in South Sudan this week should not distract attention from the fact that severe food insecurity continued to put the lives of millions of children at risk in the affected areas.

“There is no room for complacency. While famine has been reversed in South Sudan, the lives of millions of children are still hanging by a thread.

“The crisis is far from over and we must continue to scale up our response and insist on unconditional humanitarian access, otherwise the progress made could rapidly be undone,”  Fontaine said.

The UNICEF official said in all the three countries and part of Nigeria, the situation continued to be of the highest concern and the number of children at imminent risk of death remained alarming.

“In north-east Nigeria, Boko Haram violence continues to contribute to large-scale population displacement, limit market activity and restrict normal livelihoods.

“Around 5.2 million people remain severely food insecure, with 450,000 children expected to suffer from severe acute malnutrition this year.

“The start of the rainy season will further complicate the humanitarian response, with deteriorating road conditions and flooding making populations harder to reach, and raising the risk of water-borne diseases,” he said.

Beyond these, food, water and health crises are endangering hundreds of thousands of children across the Greater Horn of Africa, the Lake Chad Basin and the Sahel, he said.

In 2017, UNICEF is working with partners to provide therapeutic and life-saving food treatment to over 314,000 severely malnourished children in Nigeria, over 200,000 severely malnourished children in South Sudan, more than 200,000 severely malnourished children in Somalia, and 320,000 children in Yemen.

UNICEF is also restoring and equipping health facilities, developing medical and nutritional supply pipelines and providing clean and safe water to vulnerable children and families.

In Somalia, 1.8 million people had been reached with safe water, and in Nigeria over 2.6 million people will be reached with a basic supply of clean water this year, UNICEF said.

In Nigeria, Somalia, South Sudan and Yemen UNICEF requires 251 million dollars to provide children with food, water, health, education and protection services until the end of the year.

Economy

Nigeria Secures $600m Danish Shipping Seaport Infrastructure Investment

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Nigeria Secures $600m Danish Shipping Seaport Infrastructure Investment

President Bola Tinubu has secured a 600 million U.S. dollar Danish shipping and logistics company, A.P Moller-Maersk, investment for Nigeria’s seaport infrastructure.

This investment is to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.

Chairman of A.P Moller-Maersk, Mr Robert Uggla, disclosed this during a meeting with Tinubu on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia, on Sunday.

Tinubu noted that this investment would complement the administration’s ongoing one billion dollars investment in seaport reconstruction across the eastern and western seaports of Nigeria.

The President added that it would further support the country’s port modernisation efforts and port process automation through his administration’s implementation of the national single window project.

The window is aimed at enhancing trade facilitation, easing import/export flow, reducing corruption at the ports, while improving the efficiency and transparency of port processes in Nigeria.

“We appreciate your business and the contribution you have made and continue to make to our country’s economy over time. We do not take our partners for granted.

”A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere.

“More investment opportunities are available, and my government has worked on various reforms to encourage investments. We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships,” he said.

The President assured Maersk of his administration’s commitment to collaborating and creating an enabling environment for businesses to thrive in the country.

He cited Maersk’s previous partnership in the development of the Ogun State container terminal as a testament to fruitful partnerships with the reputable logistics company.

Highlighting Maersk’s longstanding engagement in Africa’s most populous nation and his belief in the future of Nigeria, Uggla said his company had made significant investments of over two billion dollars in Nigerian ports and other activities.

He emphasised the potential for Nigerian ports to accommodate larger container ships and stressed the need for expanding port infrastructure to meet this demand, while reducing the cost of logistics.

‘’We have seen a significant opportunity for Nigeria to cater for larger container ships. Historically, most of the West African coasts are already served by smaller ships. Currently, we see an opportunity to deploy larger ships to Nigeria.

“To achieve this, we need to expand the port infrastructure, especially in Lagos, where we need a bigger hub for logistics services. The growth potential is hard to quantify.

‘’We believe in Nigeria, and we will invest 600 million dollars in existing facilities and make the ports accommodating for bigger ships.

‘’In my humble view, given that Nigeria is the most populous country in Africa, Nigeria should have the best and biggest port and we are very eager to invest.

“We will continue that dialogue with the relevant Nigerian authorities to explore further investment opportunities,’’ Uggla said.

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Economy

NRC Flags-off 2024 Annual Capital Procurement Process, With 524 Bidders

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NRC Flags-off 2024 Annual Capital Procurement Process, With 524 Bidders

The Nigerian Railway Corporation (NRC) flagged off Thursday, its annual Capital procurement process for 2024 at the National Headquarters in Ebute Metta, Lagos.

The Maritime First learnt that the significance of this exercise was to ensure transparency in the selections of the most competent bidders among the 524 documents that bidder.

The Managing Director/ Chief Executive Officer, Engr. Fidet Okhitia was represented, by Dr. Monsurat Omotayo flagged off the exercise. 

In her remarks, she promised it would be a transparent exercise, even as she identified some of the challenges before they arrived at the present state of the exercise.

She however noted that placing two Adverts, on the nation’s national daily was not planned for initially.

According to the Director of Procurement, NRC, 524 companies bid across the three categories, as published in the National newspapers.

The Categories were: 

*Works, comprising renovations, growth, and repairs of locomotives, coaches and rolling storks.

*Services, covering business concerns bordering on insurance, and alternative revenue generation.

Goods, which touches on supplies of lubricants, diesel (AGO), spare parts, and track materials.

Amongst the audience were professional evaluators, and representatives of the Federal Ministry of Transport, Chartered Institute of Purchasing and Management Supplies. 

Others were Non-governmental organizations like the Civil liberty, Professional bodies, Outside observers, and the members of the Fourth Estate.

Engr. Fidet Okhiria

Participants were made to register their details at the entry point. While, the Health Safety and Environment (HSE) was also on ground to ensure adequate care, and to nip in the bud, any health challenges.

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Economy

Naira Loses 6% Against Dollar At Official Market

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Naira Loses 6% Against Dollar At Official Market

The Naira on Monday slightly depreciated at the official market, trading at N1,234.49 to the dollar.

Data from the official trading platform of the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N64.50.

This represents a 5.51 per cent loss when compared to the previous trading date on Friday, April 19, when it exchanged at N1,169.99 to a dollar.

However, the total daily turnover increased to 110.17 million dollars on Monday, up from 86.68 million dollars recorded on Friday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,295.00 and N1,051.00 against the dollar.

CBN Governor, Yemi Cardoso, on Saturday, April 20, 2024, said the apex bank was doing everything possible to achieve a stable exchange rate.

He said the apex bank was also working to ensure that the exchange rate found its adequate price discovery level.

Cardoso said that CBN’s foreign exchange reforms were paying off and had made the naira the best-performing currency globally.

He spoke at a press conference during the annual meeting of the International Monetary Fund (IMF) and World Bank Group.

He predicted ups and downs but assured the global economic community that the Naira would steadily gain against foreign currencies.

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