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Nigeria and Egypt Signed $30 Million Worth Bilateral Agreement

Nigeria and Egypt signed a $30 Million Worth Bilateral Agreement at the just concluded maiden edition of the Nigeria-Egypt Trade Conference and Exhibition (NETCE) in Cairo.

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Nigeria and Egypt have signed a $30 million worth bilateral agreement at the just concluded maiden edition of the Nigeria-Egypt Trade Conference and Exhibition (NETCE) in Cairo.

The three days conference was organised by Egypt African Businessmen’s Association (EABA) and Nigeria-Egypt Cultural and Socio-Economic Forum (NESCEF) in conjunction with the Nigerian Embassy in Cairo.

Investors King learnt that many private entities signed business agreements at the sideline of the conference. 

A statement by Executive Assistant to the President, NESCEF, Abdul-Razaq Musa, revealed that six companies from both countries agreed to cooperate in the sectors of construction, medical equipment, and engineering industries as well as agriculture, mining, technology and real estate.

On the other hand, the Chairman of EABA, Dr Yousrey ElSharkawi noted that the outcome of the conference included exporting Egyptian Ready Made Cloth to Nigeria, cooperation on plastic sewage pipes factories and partnership on solar energy.

Similarly, Nigeria’s Minister of State for Works and Housing, Ibrahim El-Yakub, who attended the conference, and toured some housing units developed by the private sector in Egypt, expressed the willingness of Nigeria to cooperate with Egypt in the housing sector.

The minister noted that Nigeria requires a minimum of 200,000 housing units each year and the template in Egypt could be a model for the Nigerian housing challenge.

On his part, Nigeria’s Ambassador to Egypt, Nura Abba Rimi, noted that the agreements reached by the private entities would encourage more business and trade opportunities for the benefit of citizens of both countries.

The ambassador noted that Nigeria and Egypt both have rich natural and human resources.

He also stated that the countries have a very enterprising and innovative youthful population. 

Some of the Nigerian private companies which participated in the conference include, Online Integrated Solution Services (OIS) Limited, Ocean City Development, Imam001 Global Agency Ltd, Uyk Holdings Ltd, iStrategic Transparent Solutions, G-one Energy Ltd, MFS Limited, Bashik Nasiku & Co, Hinterland Oil & Gas Ltd.

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Economy

Fourth Mainland Bridge: Lagos State Shortlists Three Companies, Budgets $2.5 Billion

The shortlisted bidders are Mota-Engil (Nigeria and Africa) CCCC and CRBC Consort; CGGC-CGC joint venture; and CCECC and CRCCIG Consortium.

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Agege Pen Cinema Bridge

Lagos state government has shortlisted three multinational companies as bidders for the construction of a $2.5 billion fourth mainland bridge.

The shortlisted bidders are Mota-Engil (Nigeria and Africa) CCCC and CRBC Consort; CGGC-CGC joint venture; and CCECC and CRCCIG Consortium.

According to the Special Adviser to the Governor on Public-Private Partnerships (PPP), Ope George, the Fourth Mainland Bridge was a proposed PPP transport infrastructure development that includes the construction and operation of a greenfield tolled road and bridge with a design speed of 120kph, including the development of adjacent real estates.

It could be recalled that Lagos State Governor, Babajide Sanwo-Olu, earlier announced that construction on the fourth mainland bridge will begin as soon as a preferred bidder is announced.

Investors King understands that the construction of the fourth mainland bridge will be strategic in easing traffic in the most populous state in Nigeria. It is estimated that Lagos state has a population of almost 20 million.

Besides, after completion, the bridge has the potential to open a new phase of investment opportunities to Lagos state. Already, Lagos has the largest economy in Nigeria and one of the largest in Africa.

The idea of a fourth mainland bridge to complement and ease traffic on the third mainland bridge which was built by the former military president, Ibrahim Babangida was conceptualised during the administration of former governor Bola Tinubu. 

Although construction was planned to commence in 2017, nothing significant towards the commencement of the bridge was done until now.

George added that the bridge is expected to become the second longest in Africa featuring three toll plazas, nine interchanges, a 4.5km lagoon bridge, and an eco-friendly environment.

“The fourth mainland bridge which will span about 34 kilometres is projected to start from Abraham Adesanya in Ajah, on the Eti-Osa-Lekki-Epe corridor and transverse the north-west towards the lagoon shoreline of the Lagos-Ibadan expressway via Owutu/Isawo in Ikorodu,” he said.

He concluded that the preferred bidder would be announced before the end of the year.

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Abuja – Kaduna Train Service Postponed by Few Days to Sort Ticketing; Minister for Transportation

Resumption for Abuja to Kaduna train has been postponed due to the need to sort out ticketing

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Lagos-Ibadan Train Services - Investors King

The resumption date of the Abuja to Kaduna train has been postponed due to the need to sort out ticketing, the Minister of Transportation, Mu’azu Sambo disclosed this during a visit to the Rigasa train station ahead of the resumption.

According to the minister, the need to ensure that more security measures are put in place and booking tickets are sorted out necessitates the postponement.

The minister added that although he could not give a definite date for the resumption of the rail service, the resumption would however not be more than a week.

He disclosed that the ministry is 90 percent ready to commence operation along the route. 

“The federal government has introduced a new system of purchasing tickets. It is the beginning of security checks that will enable the government to ascertain who boards the train at every point in time.” the minister stated. 

Investors King earlier reported that Abuja to Kaduna train service will resume on Monday. 

The earlier scheduled date for the resumption follows the minister’s statement at the presidential briefing that the train service along the Abuja to Kaduna route will resume operation before the end of this month. 

It would be recalled that Abuja to Kaduna train service was suspended following the attack on the train on 28th March 2022 when terrorists planted explosives that derailed the train.

The attack led to the death of no less than nine passengers while 60 were abducted. 

They were however released in batches after spending several months with the terrorists. 

Muazu had on several occasions disclosed that service along the route will not resume until all those held in captivity have been released and better security measures put in place to prevent a recurrence. 

While fielding questions from journalists yesterday, the minister disclosed that the number of daily trips would be reduced, and the use of National Identity Number would be strictly requested as part of strategies to secure passengers.

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Economy

CBN Governor, Emefiele Projects Inflation Rate Will Drop Below 15% in 2023

CBN expects inflation to moderate in 2023

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Nigeria's Inflation Rate - Investors King

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has projected that Nigeria’s inflation rate will fall below 15 percent in 2023.

Emefiele disclosed this in a keynote address delivered at the annual Bankers Dinner Night of the Chartered Institute of Bankers of Nigeria.

According to the CBN governor, 2023 portrays a positive economic outlook for the country while the apex bank will continue to implement policies to curtail inflation. 

The CBN Governor also called on Nigerians to embrace the new naira notes, stressing that the decision to redesign the higher denomination notes is for a purpose that is in the overall interest of the country.

He added that the redesign policy will help control currency circulation and drive a cashless economy. 

“This policy will quicken the attainment of a cashless economy as it is complemented by increased minting of our eNaira. It will curtail currency outside the banking system and, as monetary policy becomes more efficacious, help to rein in inflation,” he noted

Emefiele also used the occasion to underscore the efforts of the central bank to maintain the stability of the exchange rates in 2022. He identifies oil theft as one of the major factors preventing the country from building a robust external reserve. 

While he acknowledged that the narrative might be the same for some time, he added that the forthcoming general election which has overheated the marketplace is another factor that is driving the exchange rate. 

Investors King understands that naira has greatly suffered against dollar and other strong foreign currencies including pounds and euro. 

In October, a Bloomberg report rated Nigeria’s currency as one of the worst-performing currency in the world. 

Meanwhile, the CBN has insisted on January 31st, 2023 as the deadline to phase out the current naira notes. 

The CBN governor reiterated the bank’s decision at the same venue of the annual Bankers Dinner Night of the Chartered Institute of Bankers of Nigeria held in Lagos. 

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