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Lagos Flags off Reconstruction of 10-lane Oshodi-Int’l Airport Road

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  • Lagos Flags off Reconstruction of 10-lane Oshodi-Int’l Airport Road

The Lagos State Government yesterday flagged off the reconstruction of the Oshodi-International Airport Road, with a pledge to complete the project within the next 15 months.

The state Governor, Mr Akinwunmi Ambode, had last month at the quarterly Town Hall meeting held in Badore area of Ajah, announced that the reconstruction of the road, which is a major gateway to the country, would commence in September, and that the construction would facilitate the transformation of the road to a world class standard.

Specifically, the design of the project include the reconstruction and expansion of the existing carriage to three-lane expressway on both directions, construction of two-lane service road in both directions, construction of ramp bridge to provide a U-turn from Ajao Estate to airport, construction of a flyover at NAHCO/Toll Gate and drainage works.

Others include the removal of existing pedestrian bridge at Ajao Estate and construction of pedestrian bridges at Ajao Estate and NAHCO/Hajj Camp, construction of slip road to provide access to Ajao Estate, construction of lay-bys and installation of street lights, among others.

Speaking while flagging off the project, the state Commissioner for Waterfront Infrastructure Development, Mr. Adebowale Akinsanya said the commencement of the project was in line with the commitment of the present administration to transform the entire axis, being the major gateway to the country’s commercial nerve centre.

He said the state government took it upon itself to undertake the reconstruction of the road being one of the busiest roads in the state with vehicular volumes averaging 50,000 vehicles daily, and that its poor state was not acceptable for the status of the State as the fifth largest economy in Africa and the nation’s commercial hub.

Akinsanya said some of the fences along the corridor have been identified to be within the right of way, but that government would minimise the impact of the project on property owners.

He said in order to properly carry along people of the area, a stakeholders’ meeting would hold on Thursday to sensitise the people whereby they will have an opportunity to ask the necessary questions.

Akinsanya said to fast-track the project, three group of workers would work on the project and they would work day and night, while upon completion, the project will be linked to the Oworonshoki reclamation project, which is also ongoing and is aimed at transforming the corridor to a major entertainment and tourism hub.

The commissioner, however, urged residents and motorists to cooperate with the state government while the construction last, saying the intention was to transform the area.

“There will be some minor inconveniences but we are going to try to mitigate the impact. The work will be accelerated. The project is to make life easier for everybody. We just want to appeal to people to cooperate with us. We will be here to talk to the people in case of any issue and we are also working with our partner, the Federal Airport Authority of Nigeria (FAAN),” the commissioner said.

Also speaking, Managing Director of Planet Projects, the firm that designed the project, Mr. Biodun Otunola, said prior to the commencement of the construction, adequate feasibility studies were carried out, and that the project, upon completion, would facilitate total transformation of Oshodi and International Airport corridor.

He said in as much as there would not be alternative roads created specifically for the project, adequate measures have been put in place to educate the public on the staging that would be developed, saying the project would be executed in phases, while motorists will make use of other sections of the road during construction work on a particular section.

Otunola, whose company is also handling the construction of the Oshodi Transport Interchange, said by the time the road project and the interchange are completed, the whole axis would have been transformed to world class standard.

“The desire of the state government under Ambode is to ensure that this whole corridor is turned into an international corridor so that investors and the people can be proud that we have an international gateway.

“We are not just building roads, we are thinking of the transportation implication and so there is a bus reform project that is ongoing and every part of Lagos will be connected by bus and that is why this road project will be linked to the Oshodi interchange. So, there will be about 20 lay-bys, bus terminals and so on which are all flowing from the same Master plan for this area,” 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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APM Terminals in Talks with Government for Terminal Upgrade in Apapa

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APM Terminals is engaging in discussions with the government for a significant upgrade at its Apapa terminal.

Keith Svendsen, the Chief Executive Officer of APM Terminals, disclosed the company’s ambitious plans aimed at accommodating vessels with deep drafts and large ship-to-shore cranes.

The upgrade is part of APM Terminals’ long-term vision to bolster import and export opportunities in the country, create employment, and diversify local opportunities.

Svendsen emphasized the importance of fortifying existing port infrastructure, especially in Lagos, to manage increasing trade volumes effectively.

“While greenfield terminals like Lekki and later on Badagry would support economic growth in the long run, the more urgent requirement is in our view to upgrade the existing port infrastructure,” Svendsen commented.

The proposed upgrades seek to facilitate smoother operations, providing seamless connectivity through road, rail, and barge networks to mainline shipping.

Svendsen highlighted the unique position of the Apapa port in offering access to international markets for Nigerian importers and exporters, leveraging not only road but also rail and waterways, utilizing barges.

APM Terminals has been a pivotal player in Nigeria’s maritime sector for close to two decades. The company’s commitment to the nation’s economic growth is underscored by its proposed investment of over $500 million, subject to a long-term partnership with the government.

The Apapa terminal is a vital gateway for trade, handling a significant portion of Nigeria’s container traffic.

Furthermore, APM Terminals’ operations in Lagos and Onne collectively manage about half of the containers in Nigeria, demonstrating their pivotal role in the country’s logistics landscape.

The proposed upgrades signify APM Terminals’ dedication to supporting Nigeria’s economic reforms and attracting international investments.

The company has already invested over $600 million since its inception in Nigeria in 2006, directly employing approximately 2,500 Nigerians and indirectly contributing to employment for about 65,000 individuals.

“At APM Terminals, we believe strongly in the prospects for the Nigerian economy and the long-term opportunities that the current economic reforms and invitation for international investments will generate,” Svendsen affirmed.

As talks between APM Terminals and the government progress, stakeholders are optimistic about the positive impact of the proposed terminal upgrades on Nigeria’s maritime sector and overall economic development.

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Uber Rolls Out Flex Pay Feature: Daily Earnings for Nigerian Drivers

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Uber has rolled out a feature in Nigeria that promises to revolutionize the way drivers receive their earnings.

Dubbed “Flex Pay,” this innovative initiative allows Uber drivers across the country to access their earnings daily, a significant departure from the previous weekly payment system.

The announcement came during a recent media briefing led by Tope Akinwumi, Uber Nigeria’s country manager.

Akinwumi expressed the company’s commitment to supporting its drivers by introducing Flex Pay, which aims to help drivers meet their financial obligations more promptly and efficiently.

With Flex Pay, drivers now have the flexibility to access their earnings directly through their mobile wallets on a daily basis.

This move is poised to bring about a host of benefits for drivers, offering them greater financial stability and control over their finances.

In addition to the introduction of Flex Pay, Uber also unveiled a set of new features designed to enhance the driver experience on the platform.

One such feature is the ability for drivers to see upfront details about a trip request, including the destination and expected fare.

This added transparency empowers drivers to make more informed decisions about which trips to accept, ultimately improving their overall experience on the platform.

Speaking about the new features, Akinwumi emphasized Uber’s commitment to prioritizing the needs and feedback of its driver-partners.

He highlighted the company’s ongoing efforts to innovate and develop solutions that enhance the driver experience and ensure their satisfaction with the platform.

“We are constantly listening to feedback from our driver-partners and striving to provide them with the tools and support they need to succeed,” said Akinwumi.

“The introduction of Flex Pay and other new features is a testament to our commitment to empowering our driver-partners and enhancing their experience on the Uber platform.”

The implementation of Flex Pay marks a significant milestone for Uber in Nigeria, demonstrating the company’s dedication to driving positive change and innovation in the ride-hailing industry.

As drivers begin to benefit from daily earnings and increased transparency, Uber is poised to strengthen its position as a leading provider of flexible earning opportunities in the country.

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Exxon Mobil’s $1.28 Billion Asset Sale to Seplat Energy Set for Approval, Ending Two-Year Wait

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After a prolonged two-year wait, Exxon Mobil’s anticipated $1.28 billion asset sale to Seplat Energy is poised for approval by Nigeria’s oil regulator.

The deal, which has been in limbo since 2022, could finally see the light of day following recent communication from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Gbenga Komolafe, the chief of NUPRC, revealed to Reuters on Thursday that the regulatory body is on the verge of giving its consent to the transaction.

Komolafe disclosed that Exxon Mobil and Seplat Energy are scheduled to attend a pivotal meeting on Friday, during which they will discuss the final steps towards approval.

He expressed optimism, stating, “Subject to the outcome of the meeting, consent… could be given in less than two weeks from the date of the meeting.”

According to Komolafe, NUPRC will present the companies with two mutually exclusive options, the acceptance of which would pave the way for the deal’s approval.

While he didn’t delve into specifics, he emphasized that Nigerian law mandates provisions for decommissioning, host community development, and environmental remediation.

“We don’t want our nation to carry unwarranted financial burdens arising from the operations of the assets over time by the divesting entities,” Komolafe asserted, underscoring the importance of responsible asset management.

The $1.28 billion sale holds immense significance for Nigeria’s oil industry, which has faced challenges stemming from underinvestment and security concerns in recent years.

With oil majors like Shell and TotalEnergies divesting from onshore shallow water operations due to security issues, regulatory approval of the Exxon-Seplat deal could inject much-needed capital into the sector.

Analysts view the impending approval as a potential catalyst for improved oil output in Nigeria. Moreover, it could serve as a positive signal to investors, paving the way for similar deals in the future.

The regulatory clearance of Shell’s asset sale to Renaissance in January has further bolstered expectations regarding the viability of such transactions.

As Nigeria looks to revitalize its oil sector and attract investment, the imminent approval of Exxon Mobil’s asset sale to Seplat Energy marks a significant milestone, bringing an end to a prolonged period of uncertainty and setting the stage for renewed growth and stability in the country’s vital energy industry.

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