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FEC Okays N5.19b for Osun, Ekiti Roads



  • FEC Okays N5.19b for Osun, Ekiti Roads

The Federal Executive Council (FEC) yesterday approved N5.19 billion for rehabilitation of roads in Osun and Ekiti States.

Minister of Information Lai Mohammed spoke to reporters after the FEC meeting at the Presidential Villa.

He was with Minister of Interior Abdulrahman Danbazau, Minister of Transportation Rotimi Amaechi, Minister of Budget and National Planning Udoma Udo Udoma and Minister of Health Isaac Adewole.

The 34 kilometre road project is from Ila Orangun –Oke Ilale -Ikon road in Osun up to Ekiti State. It is due for completion in 15 months.

Mohammed said Minister of Mines and Steel development Dr. Kayode Fayemi is in a position to speak on when he would resign after picking the ticket as the All Progressives Congress (APC) governship candidate in Ekiti State.

”I think I read it just like you that he will resign this week. If he did say so, today is just Wednesday I think we still have the rest of the week to see if he will resign. But I think really he is the best person that can speak on it.”

Amaechi said the FEC approved the purchase of equipment for cargo clearance at port (64 ton capacity mobile crane) at the cost of 3.5 million Euros while the naira component is N203 million and N69 million for training, all totalling N1.6 billion.

He also announced the approval of N280 million for international advisers for railways projects in the country including Port Harcourt to Maiduguri, Abuja to Itakpe, Kano to Maradu and the seaport in Bonny.

”These international advisers will guide us on the financial model when we sit down to negotiate with the companies or contractors.” he said

Udo Udoma said that President Muhammadu Buhari had not received the 2018 Budget bill as passed by the National Assembly last week.

According to him, the Executive arm of government is ready to work very fast on it as soon as it is received.

He said that he presented the recently released figures by National Bureau of Statistics (NBS) to FEC.

Stressing that FEC was encouraged by the results, he said that Nigeria is on track towards achieving it’s target of 3.5% GDP growth rate for this year.

Adewole said the FEC ratified the protocol to eliminate illicit trade in tobacco products.

Noting that Nigeria is a party to the WHO framework convention on tobacco control, he said that Nigeria signed the protocol in 2004 and which became operational in 2005.

By 2nd July, 2018, he said that it is expected that 40 countries would have ratified.

Danbazzau said FEC approved a memo for the consultancy service for the construction of Technology Building to be managed by the Nigeria Immigration Service (NIS).

He said: “That Technology Building is meant to accommodate data communication command and control centre.”

He said that the project, which is for security reasons and to control issuance of passport and visas, will cost N582 million and would be completed in 23 months.

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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