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Buhari to Inaugurate 69km Warri-Escravos Road Soon

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Buhari on arrival from London
  • Buhari to Inaugurate 69km Warri-Escravos Road Soon

The Niger Delta Development Commission says plans have reached an advanced stage for President Muhammadu Buhari to inaugurate the construction of a 69-kilometre road network that will link Warri to the Nigeria Maritime University, Okerenkoko, and the Escravos terminal in Warri South West Council Area of Delta State.

The Executive Director, Projects, NDDC, Mr Samuel Adjogbe, said the project was one of the star projects of the Buhari-led government, which was proposing to open up the Niger Delta region for economic and social development.

He noted that the multi-billion naira project would pass through Omadino and Okerenkoko, and terminate at Escravos.

He stated that the project, which would include over 22 bridges, would enhance the development of the Maritime University in Okerenkoko as well as cut the cost of operations by multinational oil companies operating in the region.

Adjogbe stated, “Also, in Delta State, we are currently at an advanced stage planning to commence the construction of a 69km road network from Omadino to Okerenkoko and Escarvos. This is an area nobody thinks a road can be constructed in. It’s going to be 69km in length with 22 bridges, which means that most parts of that road is going to be on bridges.

“This is what the NDDC is doing to ensure that the Federal Government infrastructure, which is currently located at Okerenkoko, can have maximum utilisation. If there are no roads to Okerenkoko, then the Maritime University that is sited there will not function optimally. This is one of the ways to assist the development of the school.”

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Economy

Nigerians Can Now Check Food Prices Live on Mobile App, Says BOI

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food storage

The Bank of Industry (BOI) has launched a mobile app for Nigerians to check live food prices in the country.

The web version, Pricesense.ng helps users check the wholesale and retail prices of food items such as rice, beans, tomato, maize and others in different states across the country.

According to BOI, the states available for checking of the prices are Borno, Plateau, Rivers, Oyo, FCT, Lagos, Enugu and Kano.

It noted that the app provides for analytics of food prices across brand type, quantity and at different dates of the year.

One of the challenges currently assailing Nigerians is food.

However, prices of food vary from state to state. Hence, the decision of BOI to come up with the app so that Nigerians would be abreast of the current prices of food in states and take necessary steps that would better suit their conditions.

Aside from food insecurity, food prices have been on the rise since the inception of President Bola Tinubu’s administration.

As at June 2024, food inflation crossed 40 percent while many poor Nigerians languish in acute hunger.

There are many factors responsible for the food shortage and inflation of prices.

Some of them are lack of fertile policies by the Federal and State Governments, disruption in regular weather patterns, insecurity in food-producing regions and high cost of farm inputs such as fertilisers among others.

The Federal Competition and Consumer Protection Commission (FCCPC) had accused traders of price gouging leading to the high cost of staple foods in the country.

The FCCPC boss, Mr. Tunji Bello, stated that some traders forming cartels in markets across the country are responsible for the sharp rise in food prices.

While the commission acknowledged that factors like the exchange rate and the increase in petrol prices have made previous prices unsustainable, it criticized the disproportionate price hikes, which Mr. Bello attributed to cartels seeking to exploit consumers.

The commission this year had closed some supermarkets it accused of unethical market practices with respect to prices of goods. Furthermore, the commission had earlier ordered traders across the country to crash prices of goods and services within one month or face its actions.

Also, some notable traditional rulers in the country, especially in the South West, had accused some leaders of traders of forcing others to sell at fixed prices.

These monarchs including the Ooni of Ife, Oba Enitan Ogunwusi and late Owa Obokun of Ijesaland, Oba Gabriel Adekunle Aromolaran had banned market union associations in their domains from fixing prices of food items for traders and neither should they force them from joining associations.

However, some international development organisations like the World Bank, International Rescue Committee (IRC) and the Food and Agricultural Organisation (FA0) had predicted record number of food insecure people in the country for 2024.

In particular, the World Bank noted that around seven states in the country would witness severe hunger while the FAO noted that up to 32 million Nigerians in 2024 would be food insecure with women and children mostly affected.

Efforts by the federal government to quell the crisis include the approval of duty-free food imports for 150 days and distribution of grains to all 36 states of the federation.

Furthermore, the federal government has also begun the sale of rice at a discount price of N40,000 per 50kg bag.

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Economy

High Cost of Living: FG Removes VAT on Diesel, Cooking Gas

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Value added tax - Investors King

The Federal Government said it has removed Value Added Tax (VAT) on diesel and cooking gas, among others as part of measures to cushion the harsh economic realities in the country.

Unveiling two major fiscal incentives, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said VAT was modified to reduce the hardship citizens battle.

Edun, in a statement by the Director, Information and Public Relations at the Ministry of Finance, Mohammed Manga, said the incentives are aimed at transforming Nigeria’s oil and gas sector.

He identified the incentives as value-added tax (VAT) modification order 2024 and notice of tax incentives for deep offshore oil and gas production, in accordance with the Oil and Gas Companies (tax incentives, exemption, remission, etc.) Order 2024.

Explaining the incentives further, the Minister stated that the VAT Modification Order 2024 introduces exemptions on a range of key energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.

According to him, the measures are designed to lower the cost of living, reinforce energy security, and boost the nation’s transition to cleaner energy sources.

In addition, he said the Notice of Tax Incentives for Deep Offshore Oil & Gas Production provides new tax reliefs for deep offshore projects, adding that the initiative is aimed at positioning Nigeria’s deep offshore basin as a premier destination for global oil and gas investments.

The minister maintained that the reforms are part of a broader series of investment-driven policy initiatives championed by President Tinubu, in line with Policy Directives 40-42.

He said the policies are pointers to the Federal Government’s strong commitment to fostering sustainable growth in the energy sector and enhancing Nigeria’s global competitiveness in oil and gas production.

Edun assured that the initiatives would ensure Nigeria’s firm track to reclaim its position as a leader in the global oil and gas market.

According to him, these fiscal incentives demonstrate President Tinubu’s unwavering commitment to fostering sustainable growth, enhancing energy security, and driving economic prosperity for all Nigerians.

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Economy

Farmers Warn of Looming Food Crisis in Nigeria, Urge Government Action

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Food Security - Investors King

The All Farmers Association of Nigeria (AFAN) has identified flooding, insecurity, low mechanization, and difficulty in accessing credit as some of the factors responsible for the country’s food shortage.

The farmers warned that Nigeria could face severe food shortages if the government fails to address these challenges.

This was disclosed in a statement by the National President of AFAN, Kabir Ibrahim, on Monday.

Ibrahim called on the Federal Government to intervene urgently to prevent the country from slipping into a worse situation.

He revealed that measures such as food importation, support for smallholder farmers, and the distribution of palliatives and agricultural inputs should be implemented.

He urged the government to adopt seamless agribusiness practices, particularly through the African Continental Free Trade Area (AfCFTA).

Ibrahim also encouraged the government to offer incentives and affordable credit to small and large-scale agribusiness farmers, noting that this would boost food production and distribution.

However, Ibrahim pointed out that palliatives and mass importation are only temporary measures.

He urged the government to consider long-term solutions, especially sustainable agribusiness practices that support smallholder farmers.

He said, “Various efforts such as the importation of some food items for a given period in defined quantities, support to smallholder farmers or small-scale producers, and distribution of palliatives and agricultural inputs are works in progress.

“These should be implemented transparently and dispassionately for them to impact the food system by immediately bringing down prices.

“The most probable respite can come by encouraging seamless agribusiness practices through AfCFTA and other available windows.

“The engine room of food production in Nigeria still revolves around the smallholder farmers, who should be encouraged to scale up by enabling them to get real value for their produce, among a myriad of other incentives.”

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