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Lagos Donates Land To German Firm Investing $75m In Lagos

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Lagos State Governor, Mr. Akinwunmi Ambode on Thursday demonstrated his commitment to attract foreign investors into the State by approving land for the establishment of a training centre in Lagos where architects, civil engineers and craftsmen will be trained on modern trends and technologies in the construction sector.

Governor Ambode, who gave the approval when he received a delegation from The Knauf Group, which is a German firm currently establishing a $75miilion building/construction tools manufacturing factory in Lagos, said the approval for the land became imperative in view of the need to encourage investors to continue to invest in Lagos.

The Knauf Group is one of the world’s leading manufacturers of modern insulation materials, dry lining systems, plasters and accessories, thermal insulation composite systems, paints, floor screed, floor systems, and construction equipment and tools.

The delegation was led by a member of the Management Committee of the firm, Isabel Knauf and Consular General of German Embassy in Lagos, Mr. Ingo Herbert.

Governor Ambode, who recalled the last time Herbert visited the Lagos House about eleven months ago, said his administration has remained focused to the promise of upholding judicial and security sector reforms, as well as creating a friendly environment for investment to thrive.

He said the massive investment by The Knauf Group in Lagos was a pointer to the fact that investors were still willing to invest in Nigeria despite the economic recession, and that the country will come out of the economic doldrums even stronger.

“I must commend the German government and The Knauf Group for showing something important to all Nigerians that beyond the economic recession, their total believe in our economy is unshaken because it is not enough for any investor to come into an area where they have never invested before and months after, the parameters for investment are not really looking good, but you stuck in there and beyond the fact that you have gone to procure land, you also have an established office within the last eleven months and you are already pumping in money into what you want to do.

“This is a great pointer to the fact that you believe in the Lagos economy and also believe in the future of Nigeria and I like to encourage other investors to emulate what your firm and government is doing in Lagos and as they show interest, we will not hesitate to give them the necessary support,” the Governor said.

Governor Ambode said The Knauf Group specifically deserved to be commended for not just investing in Nigeria, but also bringing the German vocational expertise on an area of construction that was hitherto not in existence in Nigeria into Lagos.

Besides, the Governor said he was excited about the fact that the firm was not just establishing a factory here in Lagos, but also a training centre where Nigerians will be trained, adding that he would stop at nothing to encourage investors such as The Knauf Group.

Earlier, Isabel Knauf said the team was at the Lagos House to brief Governor Ambode on the progress made so far since the project started in September 2015.

She said the firm has 23 training centres all over the world training about 14,000 people annually, and that they would like to build the same training centre in Lagos where architects, civil engineers and craftsmen would be trained on how to technically install their products.

She said upon completion of the factory, the firm would create 25,000 direct employment, adding that the training centre will cost about two million Euros to establish, while at least 800 Nigerians will be trained annually in the first phase.

Knauf, however, solicited the support of the State Government in land space for the training centre and permit issues, a request which was instantly granted by the Governor.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Government

FG Has Paid Fuel marketers N74B in Seven Months — NMDPRA

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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Wednesday disclosed that the federal government has paid oil marketers N74 billion as bridging claims in last seven months..

The agency said it was reacting to claims by the Independent Petroleum Marketers Association Nigeria (IPMAN), Suleja branch, that continuing fuel scarcity was caused by non-payment of bridging claims.

The agency said it paid N71.2 billion bridging claims and another N2.7 billion freight differentials to the marketers as of June 6.

In May, IPMAN said the government owed its members half a trillion naira being the cost of transporting petrol across the country.

However, at the time NMDPRA had claimed to have paid oil marketers bridging claims of about N59 billion in five months.

In recent months, fuel scarcity has worsened in Abuja and several other cities across the country.

Marketers had listed the high cost of buying petrol at the depots and the high cost of diesel to truck them as the major factors responsible for the recent queue.

On Monday, the government announced that the nation’s capital petroleum deliveries were up nearly 100 per cent after the government offered additional N10 freight reimbursements to marketers.

The statement by the NMDPRA reads: “The attention of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has been drawn to allegations made by the Independent Petroleum Marketers Association Nigeria (IPMAN Suleja Branch) on product scarcity as a result of non-payment of bridging claims.

“The authority chief executive of the NMDPRA, at a meeting held on 17th May 2022 with IPMAN bridging payment was discussed extensively and the processes were explained and agreed upon by IPMAN.

“He assured IPMAN of NMDPRA’s willingness to continue making payments of outstanding claims to promote seamless operations.

“Pursuant to the meeting, the NMDPRA went ahead to make an additional payment of N10 billion in June and sought for an upward review of the freight rate which was approved by President Muhammadu Buhari and is currently being implemented.

“The Authority wishes to reiterate that bridging payment is an ongoing process which is carried out after due verification exercise by the Authority and Marketers.

“So far, the Authority paid N71,233,712,991 bridging claims and another N2,736,179,950.84 freight differentials to the Marketers as at 6th June 2022.

“A breakdown of payment made to Marketers is as follows: Major Marketers (MOMAN) received N9,958,777,487.24, IPMAN members were paid N42,301,923,616.96, NNPC Retails N6,661,459,118.61 while DAPPMAN members were paid N12,303,195,651.57, these translate to a total of N73,969,892,941.84.

“It is disheartening that despite these payments and increase of N10 bridging cost, which was approved by President Muhammadu Buhari two weeks ago, IPMAN could turn around to accuse the NMDPRA of insensitivity,” the statement said.

It said NMDPRA remains committed to ensuring a safe, efficient, and effective conduct of midstream and downstream petroleum operations.

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Nigeria-Cameroon Link Bridge up for Inauguration this June – Fashola

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The Minister of Works and Housing, Babatunde Fashola (SAN), has stated that the Nigeria-Cameroon link bridge will be inaugurated this June.

Speaking at the 16th inter-ministerial meeting of the group in Abuja, Fashola who doubles as the Chairman of the five regional ministerial steering committees, explained that the largely funded bridge by the African Development Bank (AfDB) is completed and in hopes that ECOWAS would deliver support for the inauguration.

“We have completed a new link bridge that links Nigeria to Cameroon, and it was funded largely by the AfDB and we are hoping that the ECOWAS commission will give us the necessary support to ensure the formal opening of that bridge sometime in the month of June,” he said.

The commitment to the piece of infrastructure, according to the minister, is to transform the road network into a first-class six-lane motorway, emphasizing that while speed is important, quality must not be lost.

“We’re trying to deliver a better life for five countries and over 40 million people who use that corridor, almost on a daily basis.

“The future is bright, this is an important investment for the people of Africa to achieve the objective of the Africa Union (AU) to create a trans-African highway,” he stated.

Lydie Ehouman, AfDB’s Chief Transport Economist and Project Task Manager, also spoke at the event, stating that the bank had been able to acquire an additional €3.5 million for the road project.

Investors King gathered that the total sum available for the initial financing of the project’s strategic research has increased to $41 million.

“The agreement for the on-lending of this additional grant by the bank to ECOWAS is currently being finalised. Thus, in addition to its substantial contribution of $25 million, the bank will have mobilised €12.63 million in the form of a grant from the European Union.

“This brings the total amount available for the financing of this highly strategic study to the equivalent of about US$ 41 million,” she stated.

She did, however, point out that specialists in member countries’ claims of delays were untrue, because the arrangement was that labor should persist while any differences were aired and rectified.

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UNDP, DPGA to Promote Global Digital Goods 

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digital

The United Nations Development Programme (UNDP), Digital Public Goods Alliance (DPGA), the government of Norway, and Sierra Leone have agreed to promote inclusive digital public infrastructure in countries across the world.  

On Wednesday, Investors King gathered that world leaders, development organisations and philanthropic funders are set to invest in a “large-scale technology sharing, funding, and commitment to supporting the international cooperation agenda.”

In its published statement, UNDP stated that the agreement is to improve governance frameworks, which are critical to building a resilient future for countries. 

At the event, global leaders committed their efforts to funding and the implementation of digital public infrastructure through a newly established Digital Public Goods Charter (DPG), which serves as a framework to increase international cooperation on this plan.

With its DPG Charter, co-led by the DPGA and the Digital Impact Alliance (DIAL), the UNDP outlines a clear vision for a coordinated global approach to building a safe, trusted, and inclusive digital public infrastructure using DPGs. 

“Doing so can enable countries – regardless of income levels – to transform services and service delivery for people and communities everywhere,” the statement read. 

The DPG Charter, and the commitments made by global leaders, are especially relevant given the devastating socio-economic impacts of the COVID-19 pandemic and mounting climate disruption. 

These challenges, compounded with the unprecedented food, energy, and financial crisis added by the war in Ukraine, are creating an urgent need for global action. 

Digital Public Goods are open-source solutions used to build digital public infrastructure (DPI), enabling countries to provide better services and foster inclusive economic growth. 

While the Digital Public Infrastructure (DPI) involves digital systems like cash transfers, digital identification, and data exchange that enable the adequate provision of essential society-wide functions. It also allows the building of resilient crisis recovery. 

 

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