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Lagos Secures $100m from French Agency for Urban Projects

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Construction Industry
  • Lagos Secures $100m from French Agency for Urban Projects

The Lagos State Government has secured a whopping sum of $100 million from a French financial institution, Agence Française de Développement (AFD), to implement its strategic integrated urban development projects tagged Eko Urban Project (EKO-UP).

Consistent with its urban renewal programmes specifically designed to provide strategic infrastructure projects and unlock traffic congestion in the metropolis, the state government has secured right of way for the expansion of Alapere- Agboyi- Ketu road.

The Commissioner for Economic Planning & Budget, Mr. Akinyemi Ashade disclosed the N100 million credit facility in the text of a recent news conference he held at the Bagauda Kaltho Press Centre, Alausa, Ikeja, noting that the urban projects “are already on-going.”

Ashade noted that the Federal Executive Council approved a credit facility of $100 million for integrated urban development projects referred to as Eko Urban Project from the AFD.

In February 2015, the commissioner added that the facility agreement was signed by the AFD and the Federal Ministry of Finance on behalf of the state government.

He said the slum upgrading programme “is being coordinated by the Lagos State Urban Renewal Authority in Ifelodun and Bariga LCDAs. Proposed investments include the construction of drainage infrastructure, roads, street lighting, schools and public health care centres.”

In Ifelodun LCDA, the commissioner said the state government proposed to construct a detention basin, implying the resettlement and compensation of 2,260 persons in the area.

He said part of the credit facility would be used “to enhance the management and treatment of solid waste in Lagos State. A sum of $53 million has been earmarked for the construction of new waste management infrastructure that will be managed by the Lagos State Waste Management Authority (LAWMA).”

He said proposed investments included the reclamation of an open dump in a suitable location within the state and construction of a new sanitary land fill company with international sanitary and environmental standards including a biogas collection system.

On the road expansion, the Commissioner and Urban Development, Mr. Abiola Anifowoshe said the state government had already secure right of way of Alapere-Agboyi-Ketu road in line with its policy to provide more infrastructure to free traffic along the axis.

He explained that the project “is a four-lane road with 18.6m width inclusive of a carriageway. It will see to the development of Oluwakemi and Ajiboye Streets with ingress into streets from Alapere to Agboyi. It will channel traffic from Alapere to Agboyi and Ikorodu area.”

He said the owners of affected structures had been engaged and notified and offered opportunity “to remove their wares and salvage their property before demolition would take off.

“We run an inclusive government. We cannot embark on any removal of structures without convening a stakeholders’ meeting with the affected people and communities. We met stakeholders recently. Interestingly, they embraced the idea which led to this development.

“We know what it takes to put up a structure so we have planned this project and pledged minimal removal. It is all in the overriding public interest and the economic growth and development of the community and Lagos State as a whole,” he explained.

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

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Investment

Saudi Arabia Aims for $80 Billion Tourism Investment to Fuel Vision 2030 Goals

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Saudi Arabia is embarking on a bold venture to attract up to $80 billion in private investment into its burgeoning tourism industry, a move pivotal to realizing its ambitious Vision 2030 objectives.

Tourism Minister Ahmed Al Khateeb unveiled the kingdom’s aspiration during an interview in Riyadh, emphasizing the imperative role of the private sector in spearheading investment endeavors.

With plans to disburse approximately $800 billion on tourism over the next decade, Saudi Arabia is steadfast in its pursuit to diversify its economy and reduce dependency on oil revenues.

Vision 2030 outlines a trajectory for the kingdom to metamorphose into one of the world’s premier tourist destinations, targeting 150 million annual visitors by 2030, a significant portion originating from overseas.

While the government and sovereign wealth fund have historically fueled tourism development, securing substantial foreign direct investment, particularly from the private sector, emerges as paramount in expediting Vision 2030 initiatives.

The kingdom’s fiscal projections, forecasting deficits until 2026, underscore the urgency of engaging private investors to actualize the ambitious tourism blueprint.

Saudi Arabia, having welcomed 100 million tourists in 2023, predominantly domestic travelers, eyes international markets such as India, China, the UK, France, and Germany for tourist influx.

A new program launched by the Ministry of Tourism aims to streamline investment processes, potentially unlocking $11 billion in private investment, bolstering Saudi Arabia’s tourism trajectory and reshaping its economic landscape.

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CBN Unveils Plan to Settle N1.64 Trillion Treasury Bills in Q2 2024

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FG Borrows

The Central Bank of Nigeria (CBN) has announced its strategic approach to managing liquidity and meeting financial obligations by unveiling a comprehensive plan to settle Treasury Bills (TBs) worth N1.64 trillion during the second quarter of 2024.

This initiative, part of the CBN’s Nigeria Treasury Bills Issue programme, aims to regulate the money supply within the economy while effectively managing liquidity dynamics.

According to documents obtained by Investors King, the TBs settlement program is slated to commence on March 7th and conclude on May 23rd, 2024.

The CBN will focus on settling TBs with varying tenors, including N414.29 billion on 91 days, N43.74 billion on 182 days, and a substantial N1.18 trillion on 364 days.

The breakdown of the settlement plan reveals monthly settlements to address maturing TBs. In March, the CBN plans to settle N660.62 billion worth of TBs, followed by N292.17 billion in April and N688.3 billion in May.

Market analysts interpret this move as a testament to the CBN’s commitment to managing financial obligations and maintaining economic stability.

It provides investors with opportunities to engage in short-term financial instruments while contributing to overall liquidity dynamics.

The strategic settlement plan reflects the CBN’s proactive stance in navigating economic challenges and ensuring stability within the financial landscape.

As the apex bank implements these measures, stakeholders will closely monitor their impact on market dynamics and economic indicators, anticipating implications for investment decisions and monetary policy outlooks.

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China’s State-Owned Lenders Allocate $8 Billion to Revitalize Property Market

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General Images Of Residential Property

China’s state-owned lenders have committed a substantial $8 billion in loans to rejuvenate the country’s beleaguered property market, aligning with Beijing’s directives to bolster the sector.

Agricultural Bank of China Ltd. disclosed approving over 40 billion yuan of loans for real estate projects on predefined white lists, signaling a proactive approach towards supporting the housing market’s recovery.

China Construction Bank Corp. also joined the effort, extending 3 billion yuan to five property projects, with plans to greenlight over 20 billion yuan in loans soon.

Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. are among the institutions offering financing assistance, although the exact loan amounts remain undisclosed.

This initiative follows Beijing’s recent call for local authorities to enhance financing support for developers and curate lists of eligible projects.

In response, the big four state lenders pledged to meet reasonable financing demands from developers and projects identified under the coordination mechanism.

However, China’s property market faces challenges despite these measures. New home sales plummeted 34.2% year-on-year, underscoring the ongoing slowdown.

While existing home transactions surged during the Spring Festival holiday, new home sales remained subdued, prompting a cautious outlook among buyers.

The infusion of $8 billion aims to instill confidence and stimulate activity in the property sector, potentially heralding a gradual recovery amid persisting market uncertainties.

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