The European Union (EU) is working on a €20 billion ($22.7 billion) financing package to support African transport networks, as well as energy, digital, education and health projects to counter China’s reach in the continent. Member states, a Bloomberg report disclosed, however, have yet to commit to financing the infrastructure plans, according to officials familiar …read more →
Transportation
Nigerian Govt to Make N50bn from Onitsha River Port Concession
The Federal Government is set to hit a jackpot following the concession of Onitsha River Port, which connects Lagos to the South East if projections from the Infrastructure Concession Regulatory Commission (ICRC) becomes reality. According to ICRC, the Onitsha River Port can generate about N50 billion into the Federal Government’s coffers. The group also expressed …read more →
Lagos Consolidates on Infrastructure & Education in 2022 Budget
The Lagos State government has earmarked huge capital expenditure in the 2022 fiscal year to service key growth areas to consolidate the recovery of the state’s economy and positively impact residents’ livelihoods. In the proposed N1.388 trillion budget for the year 2022 presented to the Lagos State House of Assembly on Wednesday, Governor Babajide Sanwo-Olu …read more →
Oyetola Lists Successes After 3yrs, Promises More Infrastructure
Osun State Governor, Adegboyega Oyetola, has listed his achievements in the last three years and pledged to deliver on all his electoral promises. In his 3rd anniversary broadcast recently, Oyetola who was sworn in on November 27, 2018, said his administration has kept faith with the people and maintained fidelity with his electoral promises. Noting …read more →
FG Reveals Plans to Unveil Regulatory Framework for Road Transportation
The Federal Government has revealed that the Nigerian Road Transformation Programme will soon be unveiled to regulate the road transport system across the country. Speaking on Monday at an International Conference organized by the Nigerian Institute of Transport Technology (NITT) in Abuja, Minister of State for Transportation, Gbemisola Saraki, said that the road transport system …read more →
We’ll Complete Red, Blue Line Train Projects As Promised – Sanwo-Olu
The 2022 deadline set for the completion of the Lagos Rail Mass Transit (LRMT) projects being undertaken by the Lagos State Government remains sacrosanct, Governor Babajide Sanwo-Olu promised on Saturday. The Governor defied the rain for a physical assessment of the progress made in the construction of both Blue and Red Lines, inspecting the rail …read more →
Nigeria To Borrow from Credit Suisse, Standard Chartered to Fund Next Stage of Railway Projects
Nigeria is negotiating a raft of loans from Chinese and European lenders to fund railway projects in the country, transportation minister Rotimi Amaechi said. Amaechi said Standard Chartered had agreed to fund $3.02 billion for the ongoing Port Harcourt-to-Maiduguri railway project. He had previously told Bloomberg that the government was in talks with Standard Chartered …read more →
Lagos Is Issuing Fresh N85 Billion Bonds To Secure the Future of its Infrastructure
The Lagos State House of Assembly said it approved the state government’s request to issue fresh bonds and take a bank loan because of the relief it would bring to the state. Governor Babajide Sanwo-Olu had asked the state legislators to approve a N85 billion special dispensation for bond redemption and for bridge loan. In …read more →
PAN Bemoans Reduction In Import Duty On Tokunbo Vehicles
Nigeria’s local automaker Peugeot Automobile Nigeria (PAN) said the revision of the import levy on cars from 30 percent to five percent by the Federal Government has taken a toll on its business plan. According to the Chairman of PAN, Aliyu Ahmed Wadada said the automaker had a fantastic business plan that was negatively hit …read more →
