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Ports Concession: Private Sector To Invest $3.7bn



Nigeria to begin production of military, paramilitary uniforms by January 2023 – ICRC

The Infrastructure Concession Regulatory Commission (ICRC), said the concession of three ports by the Federal Executive Council (FEC) would attract an investment of $3.7 billion, from the private sector.

The Director-General, of ICRC, Micheal Ohiani said this in a statement signed by Mr Ifeanyi Nwoko, Acting Head, of Media and Publicity, ICRC, in Abuja on Friday.

Ohiani said FEC approved the renovation of the Burutu Port and the establishment of a Deep Sea Port in Delta state under Public Private Partnership (PPP).

He said others included the development of Ondo Port and the development of the Snake Island Terminal in Lagos.

Ohiani said FEC also approved the commencement of the Park and Pay initiative in some parts of the Federal Capital Territory (FCT) and the rehabilitation of Police Quarters in Ikeja, Lagos.

He said FEC also approved the concession of the Nnamdi Azikiwe International Cargo Airport, Abuja; the Malam Aminu Kano International Airport, Kano as well as the Expatriate Employment Levy.

Ohiani said the approvals were given following the issuance of Full Business Case (FBC) Certificates of compliance by ICRC.

According to him, the approvals demonstrate the commitment of the Federal Government to infrastructure development in Nigeria.

The director-general said the eight approved concessions were the highest approval given by FEC in a single sitting.

Ohiani said that the latest approvals brought the total number of concession projects that have gotten the consent of the FEC in 2023 to 30.

According to the director-general, the Burutu Port in Delta State was approved for a concession period of 40 years and at a total cost of 1.28 billion dollars.

Nigeria to begin production of military, paramilitary uniforms by January 2023 – ICRC

He said it would be executed in three phases by the concessionaire, Akewa Colmar Terminals Limited.

“The project is intended to boost the utilisation of the inland waterways.

“This will be done by ensuring that the evacuation of solid minerals and agricultural produce is undertaken at economic costs on inland waterways to the proposed Burutu Deep Seaport for export”, he said

Ohiani said the establishment of the port would transform Delta State by boosting commercial and industrial activities; enhancing the state’s competitiveness; and creating employment opportunities.

“The project is expected to generate 125 billion dollars in 40 years”, he said.

He said the Ondo Multi-Purpose Deep Seaport at Erunna/Ogboti is to be executed in two phases.

“The first phase is at the cost of 1.14 billion dollars while the second phase will cost 317 million dollars”, he said.

Ohiani said FEC approved China Railway Eryuan Engineering Group Co., Ltd as the concessionaire.

“The port which will have an Industrial City with a Free Trade Zone status, will boost commercial and industrial activities, enhance the state’s competitiveness, and create employment opportunities”, he said.

He said the total expected revenue is 59.03 billion dollars within a concession period of 50 years.

Ohiani said the Snake Island Terminal was a multipurpose port facility located within the Snake Island Integrated Free Zone (SIIFZ) and operating within the limits of Apapa and Tin Can Ports.

He said the project was approved at 974.19 million dollars for a 45-year term, with Messrs Nigerdock and SIIFZ as the concessionaire.

Ohiani said the approval would bring about the expansion of port infrastructure, improve revenue to the government through surging cargo volumes and reduce the burden on roads.

“It will also provide quality job opportunities for Nigerians and reduce cargo diversion to neighbouring countries. Total revenue to the government is 5.23 billion dollars”

He said the on-street park and pay services had received approval to be deployed in some parts of the FCT, with multiple operators/concessionaires to handle different zones.

“Zone A (Wuse II and Utako) has NAJEC Limited as the concessionaire. The N475 million concession is for a 10-year period with expected revenue put at N11.875 billion.

“Zone B (Maitama and Garki 1) has Messrs. Automaten Technik Bauman Nig. Ltd (ATB) as the concessionaire. It is a N433.3 million concession for a 10-year term and an expected revenue of N15.05 billion”, he said.

Ohiani said the Expatriate Employment Levy (EEL)project seeks to boost the revenue generation of the country through the imposition of levies on companies that employ expatriates.

“It aims to discourage employers from hiring expatriates for jobs that could easily be done by Nigerians. The project will employ a robust ICT System for the collection of EEL”, he said.

He said the project was approved at 95 million dollars with Messrs Air Wave Ltd as a concessionaire and estimated revenue of 13.4 billion dollars.

Ohiani said the Nnamdi Azikiwe International Cargo Airport Abuja (NAIA) concession would be executed at 86 million dollars, operated for a 20-year concession.

He said the project would be executed by Corporacion America Mota Engil Consortium, at 86.427 million dollars with total expected revenue put at 1.76 billion dollars.

Ohiani said the concession for Kano International Airport was approved for 17.48 million dollars, to be executed by Corporacion America Mota Engil Consortium for a 30-year term and projected revenue of 596 million dollars.

For the Comprehensive Redevelopment of the Police Quarters, Ikeja, Lagos, he said the project seeks to replace the existing dilapidated physical structures at the current site.

“FEC’s approval for this project was for a cost of N7.4 billion, a lease of 50 years, and an expected revenue of N16.7 billion”, he said.

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Children’s Day: London Academy Business School Celebrates Nigerian Children



...Reiterates commitment to provide high-quality education to Nigerian Child***
Dr. Larry, the Director of London Academy Business School (LABS), joined other Nigerian leaders from other industries to celebrate children on children's Day. In his words, Dr. Larry stated that children remind us of the future.
While speaking to reporters, he emphasized the aura of love that children create in the homes and throughout society, Also that "the joy and happiness from children are amazing, sufficient enough to drive energy for nation building."

Dr. Larry also advocated for effective child protection policies and implementation, urging all critical stakeholders, including parents, teachers, and the government, to protect and celebrate children.
  To ensure that high-quality education is available to children in Nigeria, London Academy Business School has established a Lagos Study Centre with state of the art facility and modern technology with plans to expand across all cities in Nigeria.

Dr. Jones-Esan, who has big plans to change the face of education in Nigeria, has also urged the government and private stakeholders to work with him and his team of professionals to change the face of education in Nigeria. He claims that many children have big potentials but can't realise them because they're not in school.
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Tinubu To Adopt Price Control Mechanism For Agro Products



… Vows to Defend Nigeria From Terror, Criminality – Tinubu***

President Bola Tinubu says he will take steps to ensure price control for agricultural products.

Tinubu said this in his inaugural address on Monday in Abuja.

According to him, rural income shall be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products.

He said that agricultural hubs would be created throughout the nation to increase production and engage in value-added processes.

“The livestock sector will be introduced to best modern practices and steps taken to minimise the perennial conflict over land and water resources in the sector.

“Through these actions, food shall be made more abundant yet less costly. Farmers shall earn more while the average Nigerian pays less,” he said.

On foreign policy, Tinubu said that the crisis in Sudan and the turn from democracy by several nations in “our immediate neighbourhood were of pressing concern”.

He said that his primary foreign policy objective would be the peace and stability of the West African continent.

“We shall work with ECOWAS, the AU, and willing partners in the international community to end extant conflicts and to resolve new ones.

“As we contain threats to peace, we shall also retool our foreign policy to more actively lead the regional and continental quest for collective prosperity, ” he said.

The President called on all Nigerians, irrespective of political affiliations, to support his government in his bid to take Nigeria to greater heights.

“Our administration will govern on your behalf but never rule over you.

“We shall consult and dialogue with, but never dictate. We shall reach out to all but never put down a single person for holding views contrary to our own.

“We are here to further mend and heal this nation not tear and injure it,” he said.

In the meantime, President, Bola Tinubu, has promised to defend Nigeria from terror and all forms of criminality threatening the peace and stability of the country and the sub-region.

Tinubu said this in his inaugural address after he was sworn in as the 16th democratically elected president of Nigeria on Monday in Abuja.

He said that security shall be the top priority of his administration, saying that neither prosperity nor justice could prevail amidst insecurity and violence.

“To effectively tackle this menace, we shall reform both our security Doctrine and its Architecture.

“We shall invest more in our security personnel, and this means more than an increase in number.

“We shall provide, better training, equipment, pay and firepower,” he said.

Tinubu said his mission was to improve the lives of Nigerians in a manner that nurtured humanity, encourage compassion toward one another, and duly rewards collective effort to resolve the social ills that sought to divide the nation.

“Our constitution and laws give us a nation on paper, saying we must work harder at bringing these noble documents to life by strengthening the bonds of economic collaboration, social cohesion, and cultural understanding,” he said.

He called for the development of a shared sense of fairness and equity, adding that the South must not only seek good for itself but must understand that its interests were served when good come to the North.

“The North must see the South likewise.

“Whether from the winding creeks of the Niger Delta, the vastness of the northern savannah, the boardrooms of Lagos, the bustling capital of Abuja, or the busy markets of Onitsha, you are all my people.

“As your president, I shall serve with prejudice toward none but compassion and amity towards all.

“In the coming days and weeks, my team will publicly detail key aspects of our programme,” he said.

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Fuel Subsidy Removal: Don Predicts Reduction In Fuel Price



Prof. AbdulGafar Ijaiya of the Department of Economics, University of Ilorin, has expressed optimism at President Bola Tinubu’s inaugural remarks on the removal of fuel subsidies, saying this may reduce prices at the long run.

Ijaiya, who spoke on Monday in Ilorin, observed that with commitment from the Federal Government in revamping existing refineries alongside Dangote refineries, will increase the availability of petroleum products.

The expert who however explained that though such effect may not be felt immediately, noted that the present pump price is about N200, depending on filling stations across the country.

He questioned if the present fuel price at about N200 was as a result of the subsidy removal, adding that if it is not, then fuel may likely increase with about 50 per cent rate after the removal.

“But the thing is that very soon, what has gone wrong with the refineries will be corrected and Dangote refineries will commence by July/August,” he said.

Ijaiya, who teaches in the Faculty of Social Sciences of the university, pointed out that in the beginning there might be an increase in the prices of foods and services.

He however asserted that in a society like Nigeria where people are used to hike in prices, it would not mean much to the citizens.

“By Economics principle, we have adjusted our expenditure profile consumption to particular items. We have moved from consuming luxury and unnecessary items to necessary items.

“This means people go for what is necessary and do away with those that are not,” he said.

Ijaiya affirmed that in the long run, the fuel pump price will adjust downward and there would be more supply of the products.

He further added that when there are more supply of a particular product in the market, it will automatically reduce the price.

“If we have enough supply, with time and there are no other man-made distortion that has to do with our behaviour, I see us buying it between N80 and N100 per litre,” he predicted.

The economist also foresee filling station advertising and competing for sales, saying it will be good for the nation.

He, however, cautioned that “we are in an uncertain world”, but maintained that fuel subsidy removal would be good for the country eventually as only a minority are benefiting from it.

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