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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.

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

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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