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Apapa Wharf Road 75% Completed, Ready This Month

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  • Apapa Wharf Road 75% Completed, Ready This Month

The Apapa Wharf Road, being constructed by AG Dangote, has reached 75 per cent completion and will be delivered by the end of this month, the company has said.

The Project Manager, Tunde Jimoh, said the two-kilometre concrete road had been configured with a thickness of 80 centimetres to withstand heavy vehicular movement in the area.

He explained, “The road is divided into four sections to ease traffic during construction. All outbound has been completed. Presently, we are on the inbound of sections one and four, which will be completed shortly.

“The inbound of sections two and three will be completed in July, while everything about the road will end by the end of the month. The project is about 75 per cent now, the remaining 25 per cent will be completed by the end of July.”

Jimoh said the project initially suffered a setback due to gas pipelines found on the construction path.

The Project Director, AG-Dangote Construction Company Limited, Olatunbosun Kalejaiye, stated that the presence of heavy equipment on the road was to quicken construction, which began mid last year.

“Our focus is to finish the project with good quality work this month. As for longevity, the road will last for two generations,” he added.

Meanwhile, the country’s longest concrete road project also being constructed by AG Dangote has a delivery date of December this year.

The firm said commercial activities had started coming up along the 43-kilometre Obajana-Kabba Road in Kogi State.

Kalejaiye stated that so far, 29km had been completed, adding that the project was part of the Corporate Social Responsibility of Dangote Cement Plc.

During a tour of the project on Saturday, Kalejaiye stated, “There is nothing to worry. We will deliver the 43km rigid pavement road by December.”

The Project Manager, Emmanuel Akhimienho, said when completed, the road would last for more than 50 years.

The Bajana of Obajana Land, Idowu Senibi, described the project as gigantic and the first of its kind anywhere in the country.

He added, “Dangote is our son. We will protect his huge investments and the gigantic concrete road. I am happy that this is happening in my lifetime and in my kingdom. This is a great opportunity for us and many generations to come.

“Our society will be opened as you can see vehicles and commercial activities have started coming up. May God Almighty bless Dangote and all his staff members.”

According to him, Obajana was like a village before the coming of Dangote Cement Plc.

“But now, our population is about 70,000 people and is still growing,” Senibi added.

The traditional head of Akpata Land, Frederick Balogun, said Dangote Cement’s Obajana plant had brought honour and respect to the kingdom.

“Its presence has brought a total turnaround in our lives. Also permit me to appreciate the Federal Government for this joint effort. We are very grateful,” he said.

The king of Okebunku Land in Kabba Bunu Local Government, Timothy Omonile, also commended Dangote and urged other philanthropists to emulate him.

According to the firm, worried by the huge sum of money spent on road repairs, the President of the Dangote Group, Aliko Dangote, had said he planned to revolutionise Nigerian roads with concrete.

“We are going to be building concrete roads in the country so that any time we build a road, we do not have to go back to repair after the third raining season, but move on and use the resources to address other pressing needs of Nigeria,” Dangote was quoted to have said.

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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Economy

NLNG Boosts Cooking Gas Production to 1.5 Million Metric Tonnes Annually

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cooking gas cylinder

Nigeria Liquefied Natural Gas Limited (NLNG) has announced a significant milestone in its operations, boosting its annual production of liquefied petroleum gas (LPG), commonly known as cooking gas, to over 1.5 million metric tonnes.

This surge in production underscores NLNG’s commitment to meeting the rising demand for clean cooking energy in Nigeria.

The entirety of NLNG’s 1.5 million tonnes production is now being sold domestically within Nigeria.

Moreover, the company has initiated a landmark shift by starting to supply LPG in naira, moving away from the traditional practice of trading in United States dollars.

This move aligns with calls from stakeholders in the oil and power sectors advocating for naira transactions, especially amidst the challenges posed by currency fluctuations.

During a panel session at the 7th Nigeria International Energy Summit in Abuja, NLNG’s General Manager of Finance, Fatima Adanan, highlighted the company’s dedication to enhancing LPG penetration across the country.

Adanan emphasized NLNG’s vision to make Nigeria a better place by promoting the use of cleaner energy sources like gas.

While NLNG’s production surge is commendable, Adanan acknowledged that Nigeria’s LPG requirements surpass the current output, necessitating imports to bridge the gap.

However, NLNG remains committed to expanding its production capacity to meet the nation’s energy needs and drive increased adoption of LPG as a cleaner cooking fuel.

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Economy

CBN Raises Benchmark Interest Rate by 400 Basis Points to 22.75%

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has raised the benchmark interest rate by 400 basis points to a record 22.75%.

The decision made by the Monetary Policy Committee (MPC) comes amidst rising inflationary pressures and growing uncertainty in Africa’s largest economy.

Nigeria’s inflation rate rose to 29.90% in January 2024, the highest in over two decades while the nation’s unemployment rate quickened to 5% in the third quarter of 2023. Suggesting that the rising costs have continued to drag on both new job creation and the existing ones.

This coupled with a series of policy adjustments implemented by President Bola Ahmed Tinubu has plunged economic productivity and eroded consumer spending as citizens grapple with high fuel prices, electricity tariffs, a record-high foreign exchange rate, and insecurities.

Therefore, it is surprising that the Monetary Policy Committee (MPC) led by the CBN will further increase borrowing costs by 400 basis points at a time when job creation is paramount.

While the economy reportedly grew by 3.46% in the fourth quarter (Q4) of 2023 on the back of robust performance of the services sector, this growth is yet to crystalise as businesses and citizens have taken to the street protest against the harsh economic situation.

Economic experts have started questioning the data from the National Bureau of Statistics (NBS) given its lack of correlation between the data and economic reality.

 

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Economy

President Tinubu Unveils Geometric Power Plant in Aba After 20-Year Wait

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Geometric Power Plant

After two decades of anticipation, President Bola Tinubu, through his representative Vice President Kashim Shettima, inaugurated the long-awaited Geometric Power Plant in Aba, a significant milestone in the city’s quest for reliable electricity supply.

The event, which also saw the commissioning of three rehabilitated roads by Abia State Governor Alex Otti, symbolizes the culmination of years of perseverance and determination to transform Aba’s power landscape.

Addressing the audience, Vice President Shettima hailed the project as a testament to the power of visionary leadership and unwavering commitment to progress.

He said the Geometric Power Plant exemplifies the transformative impact of strategic infrastructure investments on local communities.

Governor Otti echoed similar sentiments, emphasizing the importance of the power project in positioning Aba as a hub for national and international business ventures.

He commended the efforts of Geometric Power Limited while urging them to uphold transparency and avoid exploiting consumers.

The inauguration of the Geometric Power Plant comes amidst growing concerns over Nigeria’s power infrastructure and the need for sustainable solutions to address electricity shortages.

The project, with a capacity of 188MW, holds promise for significant improvements in power supply across Abia State, benefitting nine out of seventeen local government areas.

The Managing Director of Geometric Power Limited, Ben Caven, underscored the scale of investment involved, totaling $800 million.

He highlighted the comprehensive nature of the project, which includes the installation of new power substations and a 27km natural gas pipeline, signaling a comprehensive approach to enhancing Aba’s energy infrastructure.

In conclusion, the inauguration of the Geometric Power Plant represents a transformative moment for Aba, offering renewed hope for economic growth and prosperity powered by reliable electricity supply.

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