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Car Owners to Pay N200 at Lekki Toll Plaza



  • Car Owners to Pay N200 at Lekki Toll Plaza

The Lekki Concession Company has released details of the new tolls to be paid by motorists using the Lekki-Epe Expressway and Ikoyi Link Bridge in Lagos.

It said in a statement obtained on Sunday that drivers/owners of cars and tricycles driving on the Lekki-Epe Expressway would pay N200, a 66.6-per cent increase over the old rate of N120.

But the Lagos State chapter of the Peoples Democratic Party has condemned the increase, which is meant to become effective on February 1.

The Managing Director, LCC, Mr. Mohammed Hassan, who first announced the upward review of the tolls on Friday, said it was “to enable the company to meet its loan obligations to its local and foreign lenders.”

The new figures also showed a 20 per cent increase for cars/tricycles using the Ikoyi Link Bridge as the toll was raised from N250 to N300.

Sport Utility Vehicles will attract N250 at the Admiralty Toll Plaza of the Lekki-Epe Expressway, which is 66.6 per cent increase over the current toll of N150.

The Ikoyi-Link Bridge toll for the SUV, mini vans and light trucks was given as N400, an increase from the current N300.

Heavy duty trucks/buses with two or more heavy axles will attract N1,000 at the Admiralty Circle Plaza on the Lekki-Epe Expressway, according to the latest statement from the LCC.

A 25-per cent increase has also been slammed on operators of commuter mini buses intending to use the Admiralty Circle Plaza of the Lekki-Epe Expressway.

But the Chairman of the Lagos PDP, Moshood Salvador, in a statement, expressed shock over the development.

According to him, the plan has once again brought to the fore the wickedness of the Lagos State Government in connivance with the LCC against hapless citizens.

Salvador stated, “The reasons adduced for the planned increase, according to them, include high operating costs and the current exchange rate of the naira to the dollar. This is rather laughable and a great indictment on the ruling APC (All Progressives Congress) at the federal level, which has demonstrated inept leadership from the economy to the Fulani/farmers’ clashes and other critical issues.

“This is a company that generates hundreds of millions of naira daily from tolling and nobody has an idea of what goes into its coffers. It is, no doubt, acting in league with the state government, which year in year out budgets billions of naira for projects without making the details available.”

Salvador also faulted the timing of the fare increase, saying it was strange that it was planned to take effect less than one week after the announcement.

“We want to ask Governor Ambode (of Lagos State), who was until recently a civil servant, whether this is justifiable against the backdrop of the state of the economy,” he said.

According to him, this is at a time when millions of people are out of jobs and for those employed, their salaries have remained static.”

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


Nigeria’s Presidential CNG Initiative Allocates N100bn for CNG Buses and EV Adoption




The Presidential Compressed Natural Gas (CNG) Initiative has allocated N100 billion to expedite the deployment of CNG buses nationwide, according to a statement released on Wednesday.

The initiative, designed to catalyze an Auto-gas and Electric Vehicle (EV) revolution in mass transit and transportation, aims to enhance sustainability and cost-effectiveness.

The statement revealed that the fund would be instrumental in supporting the adoption of auto-gas and electric vehicles, signaling a commitment to a more sustainable and economical future in the transportation sector.

The Presidential CNG Initiative plans to leverage over 11,500 CNG and electric-fueled vehicles, along with the deployment of 55,000 conversion kits.

This strategic approach is intended to reduce transportation costs for Nigerians and mitigate the challenges posed by the rising cost of living.

Under the Renewed Hope Agenda, the Presidential CNG Initiative is dedicated to realizing the President’s vision, guided by its steering committee led by FIRS Chairman Zacch Adedeji.

The statement highlighted recent achievements, including strategic technical partnerships and the ongoing commissioning of CNG Conversion centers in key states such as Lagos, Abuja, Kaduna, Ogun, and Rivers.

Several more centers are slated for commissioning in the coming weeks, reflecting the initiative’s momentum and commitment to achieving its objectives.

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Nigeria’s Power Transformation: 53 Projects Worth N122bn on Track for May 2024 Completion



power project

The Central Bank of Nigeria (CBN), in collaboration with the Transmission Company of Nigeria (TCN) and power distribution companies, is set to complete 53 power projects by May next year.

Valued at N122 billion, these projects aim to add over 1,000 megawatts to TCN’s wheeling capacity.

During a recent tour of three ongoing projects in Lagos, TCN’s Programme Coordinator, Mathew Ajibade, assured that the projects were not abandoned, refuting speculations.

He confirmed that work is progressing smoothly and is expected to be completed by May 2024, as initially planned.

Assistant Director/Head of Infrastructure Finance Office at the CBN, Tumba Tijani, highlighted the CBN’s support for the power sector, revealing that the bank released a loan at a 9% interest rate in August last year for the projects.

The funding, part of the Nigeria Electricity Market Stabilisation Facility-3, amounts to N122,289,344 and aims to address transmission/distribution bottlenecks, enhance supply to end-users, and unlock unutilized generation capacity.

Tijani disclosed that N85.43 billion has been disbursed into the Advance Payment Guarantee account of the 53 contractors responsible for executing the projects.

The comprehensive project list includes the delivery of power transformers, re-conductoring existing transmission lines, upgrading existing substations, and constructing 33KV line bays.

The initiative reflects a concerted effort to enhance Nigeria’s power infrastructure and meet growing energy demands.

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Nigeria’s Untapped Coffee Sector Holds the Key to $2 Billion Annual Revenue



People stand in front of coffeeshops in Rembrandtplein in Amsterdam

Amidst declining foreign reserves and the need for alternative revenue streams, Nigeria’s overlooked coffee industry emerges as a potential powerhouse capable of contributing over $2 billion annually to foreign exchange earnings.

Industry experts emphasize the necessity for strategic investments and modernized farming practices to unlock the full economic potential of the coffee sector.

While Nigeria is not among the top 10 coffee producers in Africa, the country’s untapped coffee industry holds the promise of significant financial gains, job creation, and sustainable agricultural development.

The urgency for revitalization comes as Nigeria grapples with a decline in foreign reserves, dropping from $38.25 billion in September 2022 to $33.23 billion in the third quarter of 2023.

Salihu Imam, Chairman of the National Coffee and Tea Association of Nigeria, Oyo State, highlighted the global significance of coffee, stating, “Coffee is the second most traded/valuable of all commodities and first in Agricultural commodities in the world.”

The potential economic impact extends beyond immediate financial gains, with Nigeria positioning itself as a key player in the global coffee trade.

Despite its potential, Nigeria’s coffee exports remain modest, producing less than one million bags annually.

In contrast, Ethiopia, the largest coffee exporter in Africa, is projected to produce 8.25 million bags. Experts suggest that Nigeria, with its unique coffee varieties, could generate $2 billion annually.

Segun Lary-Lean, President of the West Africa Specialty Coffee Association, emphasized the robust global demand for coffee, comparing it to water in Western countries.

He noted the significant earnings of coffee-producing nations like Brazil, Colombia, Vietnam, and Kenya, which experienced a 17% increase in coffee earnings.

In a call to action, industry players urge the Federal Government to prioritize strategic investments, modernized farming practices, and value-added processing to harness the coffee sector’s full economic benefits.

Unlocking the potential of Nigeria’s coffee industry stands not only as a financial opportunity but as a catalyst for broader economic growth and diversification.

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