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43KM Lagos-Ibadan Expressway Reconstructed, Open for Use

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  • 43KM Lagos-Ibadan Expressway Reconstructed, Open for Use

The reconstruction of the Lagos-Ibadan Expressway, spanning 43km, has reached 40% completion, says Federal Controller of Works, Mr. Adedamola Kuti.

He stated this recently at KM 15, the site of the MFM Prayer City Magboro, while on tour with representatives of the Federal Ministry of Power, Works and Housing and other stakeholders.

He said the 1st section of the road which is from Ojota old toll gate to Shagamu is now opened for use and urged Nigerians to appreciate the efforts channelled by the contractor to ensure that the project was completed in good time.

He explained to Nigerians that the gridlock which occurred recently was as a result of the ongoing work on the road. This was uncalled for, if road users had adhered to traffic rules, he said.

Kuti stated that Lagos-Ibadan Expressway is the busiest road in Africa. The busiest part is the Ojota-Shagamu, which was under construction, and required road users to drive at 50km per hour, failure to comply with this as well as breakdown of vehicles, will result in gridlock. Nigerians need to be disciplined, running 5 lanes instead of 2, or following 1-way is definitely not the solution, he said.

He assured Nigerians that funding of the project is not an issue as the Presidency has set aside funds under Nigeria Sovereign Investment Authority, NSIA, to ensure the success of the project.

The Sector Commander, FRSC, Ogun State, Mr. Clement Oladele, stated that road users indiscipline and age of articulated vehicles all resulted in the breakdown and crashes on our roads. Rapid response to these breakdown and crashes is hindered by this road construction, as towing vehicles and cranes have difficulties in assessing the road.

He urged Nigerians to exercise patience and slow down at construction zones, in order to curtail harm to both themselves as well as other road users. This will ensure smooth driving for everyone.

He reminded them of the National Road Traffic Regulation of 2012 which specified that at construction zones, road users should not exceed 50km per hour. This regulation was given for 2 reasons; to ensure the safety of construction workers, as well as the Law Enforcement Agents, which includes the emergency officers on duty. Also, road users should not drive against traffic.

Road users who drive against traffic will be apprehended and charged for dangerous driving with penalties, failure to pay these penalties after 6months will result in impounding of the vehicles.

The Regional Technical Manager, Region West, Julius Berger, Mr Thomas Baizuweit, corrected the impression that the attitude of the company towards the project was lethargic but rather the opposite.

A very robust and professional traffic management system, both FRSC and Julius Berger safety team has been put in place to safely channel the flow of traffic at construction site. Also a review of the road situation is ongoing and measures are put in place to increase effectiveness. However, we count on the cooperation of road users and their discipline during this period, and a huge success is guaranteed, he said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Economy

World Bank Says Nigeria’s Economy is Static, Per Capita Income Unchanged in 40 Years

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The World Bank claims Nigeria’s per capita income has been static since 1981, which is a total of 40 years.

The Country Director of the World Bank, Shubham Chaudhuri said this at the breakout panel session of the 27th Nigerian Economic Summit on Lightning Nigeria: Solution framework for power recovery held in Abuja.

He further went on to advise Nigeria’s economic managers to quickly assemble potent strategies to harness the robust potential of the country.

He went on to say that the medium-term development plan for 2021-2025 is set on the development agenda for sustainable growth driven by new and emerging sectors. He claimed about three million Nigerians come of working age yearly, but surveys have shown that they aspire to go abroad to earn a better standard of living.

Per Capita Income is an Economic indicator that indicates the average income earned per person in a country in a specified year. It is calculated by dividing the country’s total income by its total population. In 1981, according to World Bank data, Nigeria’s per capita income was $2,180.2 and per capita income was $2,097 in 2020, meaning there has been no significant change in four decades.

 Earlier in the session, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed called for a paradigm shift in running the country’s economy through comprehensive and targeted reforms, a reorientation of national values, and a radical shift in attitudes to taxation and public financial management. 

She said, “This is consistent with the focus of this administration on targeted investment in critical infrastructure and social development.

 The Nigerian Economic Summit is the flagship event of the Nigerian Economic Summit Group (NESG) and it is organized in collaboration with the National Planning Commission (NPC). The Nigerian economic summit has consistently focused on job creation, small and medium-sized enterprises (SME) growth, competitiveness, dismantling the pillars of corruption, encouraging sustainable growth and development, and aligning home-grown long-term agenda with the UN sustainable development goals. The 27th Nigerian Economic Summit has the theme Securing our Future: The Fierce Urgency of Now.

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East African Countries to Discuss Economic Recovery and Investments Promotion this Week in Kigali

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Trade - Investors King

More than 100 decision-makers and economic stakeholders will gather in Kigali this week to discuss the road to social and economic recovery and how to attract investments in East Africa. The meeting known as the 25th session of the Intergovernmental Committee of Senior Officials and Experts (ICSOE), will take place from 27 to 29 October 2021. 

The ICSOE is the annual gathering of the office for Eastern Africa of the UN Economic Commission in Africa (UNECA) organised in collaboration with the Rwanda Ministry of Finance and Economic Planning. The theme of this year’s meeting is: “Strengthening resilience for a strong recovery and attracting investments to foster economic diversification and long-term growth in Eastern Africa”.

Dr Mama Keita, Director of UNECA in Eastern Africa said that the Covid-19 pandemic has weakened the economic conditions of all countries in the region. She stressed that the ICSOE meeting will provide a platform for various stakeholders from governments to have a conversation with experts and private sectors on the needed economic recovery and on how to re-ignite the engines of trade and investment.

Dr Uzziel Ndagijimana, Minister of Finance and Economic Planning said that this meeting is timely and significant. “This is the time for Rwanda to discuss with other countries of the region the potentials and the ability to rise and be responsive to the socio-economic challenges, exacerbated by the Covid-19 crisis.

According to Ms Keita, the African Continental Free Trade Area (AfCFTA) is undoubtedly critical to support the recovery from the severe adverse impacts of the Covid-19 pandemic, increase the economic multiplier in the region and will help countries to build back better, grow their economies and create jobs that foster inclusive growth.

The participants at the meeting will discuss thematic issues such as deepening Regional Value Chains, environment for investment Opportunities and Interlinkages between peace, security and development.

The subregional office for East Africa of UNECA serves 14 countries: Burundi, Comores, RD Congo, Djibouti, Eritrea, Ethiopia, Kenya, Madagascar, Rwanda, Seychelles, Somalia, South Sudan, Tanzania and Uganda.

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Economy

Federal Government to End Petrol Subsidy by June 2022 as World Bank Condemns N2.9 Trillion Funding

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Petrol - Investors King

The Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, said the Federal Government had made plans for petrol subsidy only up to the end of June 2022.

The minister disclosed this while speaking at the 27th National Economic summit on Monday in Abuja.

She said the Federal Government only factored in subsidy for the first half of the year. In the second half of the year, the Government is looking at complete deregulation of the sector, thereby saving foreign exchange and potentially earning more from the oil and gas industry.

This comes as the World Bank decried the continued spending by the Nigerian Government on petrol subsidy, which it said is on track to gobble up to N2.9 trillion this year. The Country Director for the World Bank in Nigeria, Shubham Chauduri speaking at the National Economic Summit, said the country could channel money being spent on petrol subsidy to primary healthcare, basic education, infrastructure such as rural roads, and industries.

He went on to say that Nigeria is on track to spend N2.9 trillion on Petrol subsidy this year, more that is spent on health in the country, and likened Nigeria to a malnourished individual needing urgent treatment.

He said “I think the urgency of doing something now is because time is going in terms of retaining the hope of young Nigerians in the future and potential of Nigeria. The kinds of things that could be done right away – the petrol subsidy; yes, I hear that six months from now, perhaps with the Petroleum Industry Act coming into effect, it might go away. But the fact is, can Nigeria afford to wait six months? There is a choice being made; N2.9 Trillion to Petrol subsidy which is depriving states of much-needed revenue to invest in basic services.

Meanwhile, the Chairman of the President Economic Advisory Council, Prof Doyin Salami, said he had argued for a very long time that petrol subsidy needs to go.

A petrol subsidy is a program in which the Government or any other organization pays for a portion of gasoline, heating oil, or some other fuel. Nigeria is the biggest producer of crude oil in Africa but still needs to import Petrol, this situation made subsidizing petrol necessary as the exchange rate in which it is being imported puts the price out of the reach of the average consumer.

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