Business
Nigeria: InfraCo to Begin Talks on Expansion of Lekki-Epe Road Infrastructure, Emefiele Says
By Derrick Bangura
Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), has promised to work with the Infrastructure Corporation of Nigeria Limited (InfraCo), relevant federal and state government agencies, as well as the private sector, to develop road infrastructure in the Lagos Free Zone to support the growing industrial activities along the Lekki-Epe axis.
He said this became expedient given the growth of industries in and around the Free Trade Zone, notably, Dangote Refineries and Tolaram Group, which have attracted economic activities and created heavy traffic in the area.
Emefiele spoke on Sunday, during a tour of Tolaram Group’s industries, which occupied 850,000 acres of land with industrial investment pegged at $2.1 billion within the Lagos Free Zone.
According to him, InfraCo, in aiding the road construction, would decongest the environs of the Lagos Free Zone with the active collaboration with the federal and Lagos State governments.
Specifically, he said the commencement of the Lagos Free Zone will help overcome the Apapa-Tincan Island port congestion.
Emefiele also said that the apex bank would partner the federal and state governments to see how InfraCo could ensure cargo evacuation from the port area, describing it as a big issue.
He said the CBN had raised about N23 billion to fund road infrastructure, to facilitate smooth evacuation of cargo out of the port.
“The entire idea is that with this Lagos Free Zone Port, we should be able to see a total decongestion of Apapa and Tin Can Island Port purely from the standpoint that it would take the traffic away from Apapa.
“And we are also afraid that with the single road that we have, which is the Lagos-Epe-Lekki road, which is already congested with traffic, the situation is going to worsen, even with Dangote Refinery. Yes, it is something that we are seeing and I, coming here today and I’ve been to Dangote Refinery several times and I know how long it takes to drive by road.
“So, what I’m trying to say is that we have realised the problem. InfraCo, luckily, is chaired by the CBN; the InfraCo board has been formally constituted; there is a CEO in InfraCo and as soon as we leave this meeting, I will be calling on InfraCo to begin the engagement. I will also be involved in engaging the Lagos state government, as well as the federal government through the Federal Ministry of Works to see what can be done on evacuating out of Lagos, but also how we decongest the traffic for people living around this axis.
“I want to give assurance that this is something that would be dealt with. This would be middle to a long-term plan,” he said.
The CBN governor encouraged entrepreneurs and business owners to key into apex bank’s various interventions, stating that the CBN was keen on promoting industrialisation with long-term single-digit loans.
“For any entrepreneur that wishes to do business in Nigeria we will provide both Naira funding and will always advise that particularly if your revenue stream is in naira, I will not advise taking dollar loans. Take cheap Naira loans at single-digit interest rates with two years moratorium. I don’t think that you would ever find this again. I always encourage people to take advantage of it because it’s available as we want to drive industrialisation in Nigeria and get a manufacturing business back alive again.
“We would support not only the Tolaram Group or the Dangote’s or the BUAs; once you mean well and you want to do business in Nigeria, we would give you all the support you need,” he explained.
Emefiele noted that the Tolaram Group had made immediate plans to evacuate their products through the port to Ikorodu, Festac, and Warri to trucks, which for the immediate time don’t have road congestion impact. According to him, road expansion is a much-needed investment that would also aid export.
He said: “We are happy that this port infrastructure is here, it would have to deal with our problem of ease of doing business. Part of our problems about ease of doing business or in this case, ease of export, is that we find Nigerians want to export, they can export their goods out of Lagos Tin Can or Lagos Apapa port. People prefer to drive by road to transport their products and goods to neighbouring countries and ship them out of those countries and the implication is that Nigeria loses the benefit of being called exported from Nigeria.”
“I believe with this port and we are going to be engaging them, I’m happy the Customs and the Nigerian Ports Authority are involved; we would seek to also work with the Lagos Free Zone by having a dedicated export desk that would make it easy for goods to be exported out of this port. That is a very essential thing that we need to deal with because again, talking in a very selfish mode, we need foreign exchange. If we export, we earn foreign exchange, and I am going to start working with them to ensure that we designate the Lagos Free Zone as an export zone,” he added.
On how much CBN has supported the group, Emefiele said: “Certainly, over N100 billion has gone from CBN intervention under CRR or through agriculture credit route to the Tolaram Group. Don’t forget that this project is about $2 billion, which is about N1 trillion, and N100 billion is just 10 per cent. So, we have sowed a seed as well. At least N1 trillion has gone into this project and we have done about N100 billion, which is just around 10 per cent,” he stated.
The CBN governor further said that the bank would ensure it did everything possible to make the environment friendly for companies and businesses to thrive.
“So, we’re looking into how to make sure that the policy regulations are reviewed; we have our concerns about how free trade zones operate either tax exemptions or duty free exemptions and the rest of them.
“We would like to work with you to see how we would create a clear demarcation that separates companies that operate as free trade zones or operating in free trade zone from those that will not operate as free trade zone.
“Whereas you will also find that a company may want to operate as a free trade zone and at the same time operate the other way. So, we need to demarcate how this will work, such that it will not result in loss of revenue,” he said.
Business
Businesses count losses amid power outage in Bauchi, Gombe, and Jigawa
Business owners in Bauchi, Gombe and Jigawa are recording losses due to week-long blackout ocassioned by vandalism of the power transmission line in parts of northern Nigeria.
The sudden disruption in electricity supply in the past days, also affected essential services such as water, sanitation, street lighting and healthcare delivery as most hospitals have been operating without light.
Some of the affected businesses including shop keepers, millers and artisans, who spoke while reacting to a survey by the News Agency of Nigeria (NAN), described the situation as “pathetic”.
The survey examined the perennial collapse of national grid and the need for alternative power supply in the country.
Rice millers in Gombe had decried the impact of the erratic power supply on their businesses.
A Miller, Musa Arab, at Nassarawo Industrial Layout in Gombe, said the trend was crippling their operations as they relied on electricity supply from the grid to process paddy.
He said the mills were not operational power outage as they could not afford exorbitant pump prices of petrol or diesel to run their machines.
This, he said, reduced the volume of rice supply to the market and posed serious challenge to food security.
“We must invest in power because it is the biggest determining factor for industries to thrive.
“I have over 20 workers in my mill, and we have 100 mini rice mills here, so you can imagine those who have no jobs for the past 10 days.
“Government must go tough on those responsible for the perennial grid collapse because some persons may be benefitting from it,” he said.
Also, Yusuf Ibrahim said the situation might trigger the already fragile inflation, as prices of local varieties would shot up ocassioned by the diminish supply.
He said that some had jerked up their charges to cover the expenses on diesel thereby affecting rice prices.
A check by NAN at the Gombe Main market showed that a 100 kilogramme of rice was sold for between N120,000 and N160,000, as against N110,000 and N150,000, before the blackout.
Mr Usman Sani, a rice dealer, attributed the hike in price to low supply of the produce to the market in spite of the number harvest recorded this cropping season.
He said the prices had decreased slightly at the onset of the harvest, however, it showed sprawling increase due to power outage.
“The price of rice is already dropping as a result of harvest but the trend reverse since the blackout in the past days “ he said.
Ugochukwu Daniel, a bartender in Bauchi, decried the epileptic power supply in the country, adding that lack of durable energy supply would retard Nigeria’s quest to attain social and economic greatness.
Daniel said that she spent much on fuel to run power generator for refrigrator and lightening the beer parlour, to enable her to keep the business running.
He said that businesses could only thrive in an enabling environment with stable electricity supply, to enhance wealth creation and reduce poverty among Nigerians.
“My trade is about chill drinks and it survives on electricity to operate otherwise you will out of bussiness.
“Without electricity there is nothing you can do, and not only business but about everything. We depend on it,” he said.
Similarly, Samuel Adamu, said the persistent power outage had forced him to patronised charcoal for ironing clothes in spite of its high cost and cumbersome processes.
He said that most cleaners in the area had resorted to fabricated iron charcoal in spite of hike in its prices which suddenly jumped from N5,000 to N15,000.
Adamu said the situation also encouraged division of labour in laundry to cut cost and make some gains.
“Presently, I do wash the cloth, and engage someone for ironing. The charge is N300 per set as against N150”.
While advocated development of renewable energies to enhance power supply in the country, Adamu urged security agencies to entensify efforts towards electrical installations in the country.
In the same vein; Mr Muhammad Adamu, Chairman, Jigawa State House Assembly Commitee on Power and Energy, said the Jigawa Electricity Law 2024, made sound provisions to improve power generation and distribution in the state.
This, he said, was an offshoot of the devaluation brought about by the 5th alteration of the constitution, where removed power from the executive legislative list and to the concurrent list.
“It empowered the state houses of assembly to enact laws on power.
“The committee has also carefully pursued the bill and reviewed its structure and the promise it holds for the state power sector, infrastructure and the overall economy of the state.
“The new law will pave way for the establishment of Jigawa Electricity Commission, to regulate the state’s electricity market,” he said.
According to Adamu, the law will protect residents and investors in the energy sector through ensuring prepaid meter installation and possibility of recouping investor’s funds as well as address vandalism.
“The law will lead to provision of reliable, affordable and sustainable power, essential for development of all sectors of the economy, particularly in rural areas,” Adamu said.
“Vandalism will be over because we pay Kano Electricity Distribution Company (KEDCO) money for powered supplies, but whenever there is problem of damages or broken down transformers, it is either the communities or individuals that pay for the repairs”.
Business
Mercedes urges delay of EU tariffs on Chinese electric vehicles
The head of German luxury carmaker Mercedes-Benz, has called for the European Union to de-escalate the dispute with China over tariffs on electric cars.
“We need more free trade instead of new trade barriers.
“That is why it is important to find a solution that suits both the EU and China,” chief executive Ola Källenius told the Monday edition of Bild newspaper.
“The negotiations for this take time. In order not to jeopardise them, the EU should postpone the enforcement of the planned tariffs,’’ he said.
At the start of the month, a majority of EU countries paved the way for additional tariffs of up to 35.3 per cent on battery-powered electric vehicles imported from China.
Germany, however, voted against the measure amid concerns over retaliatory actions which could hurt the country’s giant car industry.
The European Commission had pressed for extra tariffs after an investigation accused Beijing of subsidising domestic electric car manufacturers, and thus distorting the market in the EU.
But whether the import tariffs would actually come into force at the beginning of November is still up to the commission.
The plans can still be dismissed if Brussels reaches a solution with China at the negotiating table.
Business
ACCI moves to promote business connections, balance work-life
The Abuja Chamber of Commerce and Industry (ACCI), is taking innovative steps to enhance professional relationships and promote a healthy work-life balance.
The President of ACCI, Dr Emeka Obegolu, said this in a statement on Tuesday in Abuja.
Obegolu said ACCI was committed to creating environments where professionals could connect beyond the confines of traditional boardrooms.
He said the upcoming “Business Meets Golf’’ Tournament epitomises this vision.
“Scheduled for Oct. 18 to Oct 19 at the IBB Golf Club, the tournament will gather industry leaders, top executives, and key decision-makers for a unique networking experience.
“This two-day event aims not only to strengthen business ties but also to foster partnerships that can drive economic growth.
“The ACCI’s initiative reistates the importance of maintaining a balance between professional achievement and personal well-being.
“By encouraging corporate cultures that prioritise relaxation and self-care, the Chamber acknowledges that such balance is vital for productivity and overall success,” he said.
According to Obegolu, the event will feature a range of activities designed to facilitate both business engagement and relaxation.
“Highlights include a Business-to-Business (B2B) cocktail on the first day, followed by the golf tournament and additional networking opportunities on the second day.
“The tournament will culminate in an awards ceremony recognising outstanding golfers among the participants.
“‘Business Meets Golf’ exemplifies our dedication to fostering innovative networking opportunities.
“We aim to create spaces for meaningful discussions that can lead to impactful collaborations,” Obegolu said.
The ACCI boss said in addition to promoting business connectivity, the council aimed to restate the importance of relaxation and a balanced lifestyle.
Obegolu said through events like this, the Chamber continued to play a pivotal role in supporting trade and industry in Nigeria while driving sustainable growth within the private sector.
He said to raise awareness about this landmark event, ACCI was partnering with the News Agency of Nigeria (NAN) and Media Trust Limited, to ensure broad visibility and engagement from leading brands.
The Abuja Chamber of Commerce and Industry (ACCI), is taking innovative steps to enhance professional relationships and promote a healthy work-life balance.
The President of ACCI, Dr Emeka Obegolu, said this in a statement on Tuesday in Abuja.
Obegolu said ACCI was committed to creating environments where professionals could connect beyond the confines of traditional boardrooms.
He said the upcoming “Business Meets Golf’’ Tournament epitomises this vision.
“Scheduled for Oct. 18 to Oct 19 at the IBB Golf Club, the tournament will gather industry leaders, top executives, and key decision-makers for a unique networking experience.
“This two-day event aims not only to strengthen business ties but also to foster partnerships that can drive economic growth.
“The ACCI’s initiative reistates the importance of maintaining a balance between professional achievement and personal well-being.
“By encouraging corporate cultures that prioritise relaxation and self-care, the Chamber acknowledges that such balance is vital for productivity and overall success,” he said.
According to Obegolu, the event will feature a range of activities designed to facilitate both business engagement and relaxation.
“Highlights include a Business-to-Business (B2B) cocktail on the first day, followed by the golf tournament and additional networking opportunities on the second day.
“The tournament will culminate in an awards ceremony recognising outstanding golfers among the participants.
“‘Business Meets Golf’ exemplifies our dedication to fostering innovative networking opportunities.
“We aim to create spaces for meaningful discussions that can lead to impactful collaborations,” Obegolu said.
The ACCI boss said in addition to promoting business connectivity, the council aimed to restate the importance of relaxation and a balanced lifestyle.
Obegolu said through events like this, the Chamber continued to play a pivotal role in supporting trade and industry in Nigeria while driving sustainable growth within the private sector.
He said to raise awareness about this landmark event, ACCI was partnering with the News Agency of Nigeria (NAN) and Media Trust Limited, to ensure broad visibility and engagement from leading brands.
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