Connect with us

Economy

Lagos-Calabar Coastal Highway Construction Awarded to Hitech Road Construction Company

Published

2 months ago

on

lekki

The Federal Government has awarded the construction of the Lagos-Calabar Coastal Highway to Hitech Road Construction Company, signifying a monumental step towards enhanced connectivity and economic development in Nigeria.

The announcement, made by the Minister of Works, Mr. Dave Umahi, during a meeting in Lagos, heralds President Bola Tinubu’s unwavering commitment to Nigeria’s growth and prosperity.

The project, set to be executed as a Public Private Partnership, is already funded and will feature toll collection upon completion.

The Lagos-Calabar Coastal Highway, spanning approximately 650 to 700 kilometers, will be built in phases with integrated rail lines and cutting-edge 11-inch-thick concrete roads, reinforcing local industries and utilizing Nigeria’s abundant resources.

The route will connect key points, from Lagos to Northern Nigeria via Ogoja-Ikom, stimulating tourism and industrial clusters.

The project, while ambitious, faces numerous challenges, including mangroves, marshy areas, and diverse soil types. A combination of construction methods, including pile-supported decks, sand filling, and retaining walls, will be employed to overcome these obstacles.

Nicholas Rizk, consultant to Hitech Construction Company, highlighted the significance of the project, connecting nine states and facilitating national and international integration.

The Lagos-Calabar Coastal Highway will boost economic and social development across regions, fostering progress while considering environmental and safety concerns.

The project’s second meeting, focusing on the business case study, is scheduled in two weeks, marking an exciting step toward realizing this groundbreaking infrastructure project, the first of its kind in Africa.

In Rizk’s words: “We are connecting nine states and this road.

“In addition to the integration at the national level for Southwest and Southeast, South-South and Niger Delta, it connects with the Federal Roads going from Lagos to Sokoto.

“From Warri to Kaduna, from Port Harcourt to Kano-Maiduguri, and from Calabar to Maiduguri.

“So as the Minister mentioned, we have this coastal highway that is more or less 10 to 12 kilometres away from the shorelines to consider the issue of erosion and the sensitive environmental areas.”

Continue Reading
Comments

Economy

Federal Government to Earn Over $500 Million in INTELS Deal

Published

7 hours ago

on

December 4, 2023

By

intels nigeria limited

The Nigerian Ports Authority (NPA) has unveiled an agreement with INTELS Nigeria Limited that is set to bring substantial financial gains to the federal government.

The comprehensive deal, negotiated over weeks, not only resolves a contentious pilotage contract but also promises to bolster Nigeria’s coffers by over $500 million.

The accord encompasses a multifaceted approach to financial benefits, including an interest waiver of $193,317,556 and a significant reduction in the interest rate on outstanding debt.

The debt, originally at a six-month London Interbank Offer Rate (LIBOR) + 6.5%, has been revised to a more favorable six months Secured Overnight Financing Rate (SOFR) + 3%.

Such financial restructuring is anticipated to save the government a staggering $326.8 million over the next 15 years.

NPA, in a detailed breakdown, elucidated that the agreement further involves spreading the debt repayment over 15 years, with the initial two years being interest-free.

Additionally, there is a commendable reduction in the commission percentage, dropping from 28% to 24.5%, a move that aligns with the government’s commitment to optimizing financial resources.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, received accolades for his tireless efforts in steering the negotiations to a successful conclusion. NPA expressed gratitude for his commitment to putting Nigeria first, emphasizing the critical role played by the minister in resolving the long-standing INTELS dispute.

Former Vice President Atiku Abubakar, however, denied benefiting from the reinstatement of INTELS contracts.

He clarified that his divestment from the company remains unchanged, emphasizing that he cannot be a beneficiary of the restored pilotage monitoring business.

NPA’s move to ensure a resolution with INTELS is not only seen as a financial triumph but also as a strategic step towards fostering economic stability.

The agreement is poised to have a positive ripple effect on revenue generation and underscores the government’s commitment to diplomatic and economically viable solutions.

Continue Reading

Economy

Nigeria’s Refinery Output Plummets by 92% in a Decade

Published

10 hours ago

on

December 4, 2023

By

oil refinery

Nigeria’s local refineries recorded a 92% decline in output over the past decade, according to the Statistical Review of the World Energy 2023 report.

The data unveils a drastic drop in refining capacity, plummeting from 92,000 barrels per day (bpd) in 2012 to a mere 6,000 bpd in 2022.

This disconcerting revelation is echoed in the Organisation of the Petroleum Exporting Countries’ (OPEC) Annual Statistical Bulletin 2023, which underscores an 81% reduction in Nigeria’s crude oil refining capacity, falling from 33,000 bpd in 2018 to 6,000 bpd in 2022.

Despite owning four government-owned refineries, located in Port Harcourt, Warri, and Kaduna, with a collective capacity of around 4.45 million bpd, Nigeria continues to heavily rely on importing refined petroleum products.

This dependency raises questions about the nation’s resilience and self-sufficiency in the energy sector.

Minister of State for Petroleum, Heineken Lokpobiri, had previously announced plans for the Port Harcourt refinery to commence operations by the end of the current year, with the Warri and Kaduna refineries expected to follow suit in early 2024.

This revelation comes amid rising concerns over Nigeria’s continued reliance on importing refined petroleum products, even with substantial investments in refinery infrastructure.

The decline in local refining exacerbates the challenge, leading to soaring petrol prices and a strain on the nation’s economic landscape.

Industry experts stress the urgency of revitalizing local refineries, emphasizing that dependence on imports is neither sustainable nor conducive to the country’s economic well-being.

As Nigeria grapples with the complexities of its energy dynamics, the impending revival of local refineries stands out as a crucial solution to navigate these challenging times.

Continue Reading

Economy

FIRS Grants Taxpayers Reprieve: Offers Waiver on Penalties and Interests for Overdue Taxes

Published

11 hours ago

on

December 4, 2023

By

Company Income Tax (CIT) - Investors King

In a move to alleviate the challenges faced by taxpayers in meeting their obligations, the Federal Inland Revenue Service (FIRS) has announced a significant concession.

The Chairman, Zacch Adedeji, revealed that the agency would be granting a full waiver on penalties and interests for overdue taxes, emphasizing its commitment to supporting businesses amid economic challenges.

“In recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities,” said Adedeji, “the Federal Inland Revenue Service has approved the following tax concessions for taxpayers with outstanding tax liabilities.”

This rare concession, in accordance with the Federal Inland Revenue Service (Establishment) Act, LFN 2004, as amended, entails a complete waiver of penalties and interests on outstanding tax liabilities.

Taxpayers are encouraged to take advantage of this opportunity, provided they fulfill the condition of settling the full outstanding principal before December 31, 2023.

Adedeji further cautioned that after the concession window closes, the full penalty and interest would be reinstated if the outstanding undisputed liability remains unpaid, reinforcing the urgency for taxpayers to act within the stipulated timeframe.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending