- FG Procures Two Coaches for Lagos-Ibadan Rail Project
The Federal Government has procured two coaches for the Lagos – Ibadan standard gauge railway.
The Chairman, Nigerian Railway Corporation, Mallam Ibrahim Al- Hassan, said the coaches were shipped in from China to start passenger services from Lagos to Ibadan as the laying of tracks had reached 152 kilometres out of the 156-kilometre stretch.
Al- Hassan, who made this known during a project inspection at Ologun Eru, on the outskirts of Ibadan, on Thursday, said the two tracks would be completed by the end of July.
“The tracks have been laid up to 152 kilometres. It remains four kilometres to complete. The second track stops at 140 kilometres. I believe by the end of July, both tracks would be at the Ibadan station. We want to complete this as quickly as we can,” he said.
He explained that once the tracks were completed, the focus would be on other ancillary works such as the ongoing construction of stations and level crossings.
Al-Hassan said, “We want to complete this (track laying) as quickly as we can so that other ancillary services could continue and we could put the tracks to use. Laying the tracks is the most important part. Once we have the tracks from Lagos to Ibadan, then when you look at the stations in Lagos, the ones in Abeokuta, they are already making progress.
“By the time we finish laying the tracks, we would be able to move passengers from Lagos to Ibadan. Then the intermediary stations can come up later. We can have temporary stations if we need to.”
According to the Managing Director, NRC, Mr Fidet Okhiria, more coaches and locomotives will be procured to start operations on the Iju-Ibadan corridor while work continues on the Lagos end up to the Apapa station.
He stated that two coaches got to Papalanto on Wednesday and that by July, there would be further inspection of another set and test.
“We hope that by September more locomotives would come,” he added.
Okhiria said the corporation would use the temporary stations to operate the service from Lagos to Ibadan
IMF to Review Nigeria’s Growth Forecast Amid Destruction of Businesses, Properties
IMF Says it May Review Nigeria’s Growth Amid Recent Development in the Country
Following the destruction of businesses and properties that trailed the #EndSARS protest, the International Monetary Fund (IMF) has said it may review the nation’s growth forecast in view of the new development in the country.
Abebe Selassie, the Director, African Department, International Monetary Fund, made the statement while responding to questions during a virtual IMF press conference on the economic outlook of Sub-Saharan Africa on Thursday.
According to him, the protest is difficult given that Lagos is a very important economic hub and contributes to the overall Nigeria activities.
Selassie said, “On the growth projections in Nigeria, I mean, these protests happened of course, after we had closed, after the period where the data we looked at in making the growth projections for this economic outlook.
“And much will depend really on how these protests evolve.
“Lagos of course, is a very important economic hub and contributes quite a bit of economic activity to overall Nigeria activities.
“So, if these persist and are showing significant effects on economic data, we will internalise them in due course.”
He further explained that the nation’s economy had been a difficult one in the last four years ever since oil prices plunged in 2015-16.
He said, “I think this is exactly why we have been on the record in Nigeria about how really critical it is to get all of the policy induced barriers out of the way to facilitate stronger economic growth.
“For the government to do more to raise revenues through the area of non-oil resources to be able to invest in health education which would, you know, allow people to be more successful at getting jobs but also improve the economy’s potential.
“So, I think that development agenda that Nigeria has, I think, has to be tackled with gusto and vigor so that the millions of jobs that the country needs can be created.”
Oil Marketers Lose Millions as Hoodlums Set Petrol Tankers on Fire
Oil Tankers Burnt by Hoodlums as Marketers Lose Millions to Protest
Oil marketers lost millions of Naira to repeated attacks by hoodlums exploiting the #EndSARS protest.
The Independent Petroleum Marketers Association of Nigeria on Thursday said hoodlums have been attacking their trucks since they hijacked the protest earlier in the week.
The association said three petrol laden trucks were burnt again on Thursday in Warri, Delta State.
This came as the Board of Trustees of the Oil and Solid Mineral Producing Area Landlords Association of Nigerian urged protesters across the country to sheathe their swords as the destruction of oil assets and others had become alarming.
Chief Chinedu Ukadike, the Public Relations Officer, IPMAN, who spoke in Abuja said three petrol tankers with petroleum products estimated at about N90 million were set on fire on Thursday.
He said, “The protesters are burning our petrol trucks as we speak right now in Warri. They are burning three trucks. The cost or value of the content in those trucks is about N90m.
“That is outside the worth of the trucks that are being burnt. This is why we asked our tanker drivers to park or temporarily halt the movement of products.”
Ukadike said the association decided to halt the movement of petroleum products on Wednesday to avert a further disaster that could arise attack of oil tankers by angry protesters.
“That advise on the temporary halt of tankers movement was vital, particularly for volatile locations where protesters are highly aggressive. So that is what is happening now in Warri, the petrol trucks of oil marketers are being burnt,” he stated on Thursday.
LCCI Says FG Loses N700bn to #EndSARS Protest in 12 Days
Nigeria Loses Over N700 Billion to #EndSARS Protest in 12 Days
The Federal Government lost over N700 billion to the #EndSARS protest in twelve days, according to the Lagos Chamber of Commerce and Industry (LCCI).
Mrs. Toki Mabogunje, the President, LCCI, disclosed this while reviewing the economic implications of the just ended #EndSARS protest.
Mabogunje, who appreciated the value of citizens engagement and the demand for accountability which the protest represents, lamented the negative effect on the nation’s economy.
She said, “These are in consonance with democratic norms. They also form vital ingredients for good governance.
“LCCI is however concerned about the negative impact that the protracted nature of the EndSars protests has on business activities across the country.
“Over the past twelve days, economic activities have been crippled in most parts of the country and has been particularly profound in the urban areas.
“The Nigerian economy has suffered an estimated seven hundred billion naira (N700 billion) loss in the past twelve days.”
She further said the protest has reawakened the need to reform the shortcomings in the nation’s political governance, however added that to protect livelihoods of Nigerians, including business community, the protesters need to move to next stage of civic engagement.
“This is necessary to reduce the massive disruptions, blockades and barricades around our major cities and interstate highways. These actions have been at great cost to the economy and the welfare of Nigerian citizens. It should be noted that our economy is still reeling from the shocks of the Covid 19 Pandemic and struggling to recover from its devastating effects,” she added.
Forex3 weeks ago
Naira Improves Against Global Counterparts on Black Market
Business2 weeks ago
Buhari Budgets N420 Billion for Npower, Other Social Investment Programmes in 2021 Budget
Technology4 weeks ago
Dell Partners Other Firms to Establish Tech Centre in Nigeria
Government3 weeks ago
#Endsars: Naira Marley Calls Off Protest following Police Invitation
News4 weeks ago
Npower News: Beware of Fake Npower Employment, Ministry Warns Exited Beneficiaries
News4 weeks ago
Laycon Bbnaija Biography, Career and Health Issue
Cryptocurrency3 weeks ago
Interview with Paul Mak, CEO of Bonded.Finance
Business4 weeks ago
Npower News Today 2020, Over 5m Applies for Npower Batch C, Selection to be Transparent -Farouq