Fashola calls for support to end Apapa gridlock, port congestions The Minister of Power, Works and Housing, Mr Babatunde Fashola, on Thursday in Lagos called for the collaboration of all stakeholders to tackle traffick gridlock, port congestion and other problems in Apapa and its environs. Fashola made the call at a stakeholders meeting on the ongoing Apapa Wharf Road reconstruction project in Surulere. The stakeholders at the meeting included the three financiers of the project, AG Dangote Construction Company Ltd, Flour Mills of Nigeria Ltd and Nigerian Ports Authority (NPA). Others were National Union of Petroleum and Natural Gas Workers (NUPENG), Association of Maritime Truck Owners (AMATO) and National Association of Road Transport Owners (NARTO), among others. The stakeholders, after extensive deliberations, agreed to resolve issues of logistics and regulation of truckers and port operations. They called on shipping companies to return to the system of using their loading bays and effective call up systems to end port congestions. They also advised AP Molar Multi Terminal (APMT), whose cargo operations take hours to emulate the operations of Port Terminal Multipurpose Ltd (PTML) who have perfected the act of evacuating cargo within minutes. They agreed that emergency interventions should be carried out on the roads around Coconut bus stop area and some other bad portions. They resolved to have another inclusive meeting to carry Shippers, government regulatory agencies and other stakeholders who were absent at the gathering along to evolve permanent solutions, Fashola advised the stakeholders to organise forums where they could proffer solution to the problems and make recommendations to government to speed up solutions on various issues. The minister stressed the need to put other ports in the country to use to reduce pressure on the two major ports in Apapa and promised to work with his transport counterpart, Mr Rotimi Amechi, to involve the rail sector in finding solutions. He called for sacrifice on the part of the various stakeholders as the Yuletide season is approaching to ensure speedy solution to all the problems. “During this period when everybody is sacrificing something, let us sacrifice, it is an exchange, everybody must sacrifice. “This is not about us, it is about everybody,” he told stakeholders. He explained that procurement process for the Oshodi Tin Can Island road was ongoing. Earlier, Fashola had inspected ongoing rehabilitation works at Costain and its environs, which he told journalists was to ensure smooth roads during the festive period. Honorary adviser to the Dangote Group, Mr Joseph Makoju said that Dangote was handling and co-funding the Apapa Wharf Road reconstruction project as part of its Corporate Social Responsibility (CSR). Makoju said that it was painful that the project was being misunderstood by both the public and a section of the media who make negative remarks against the Dangote Group instead of commending it for giving back to society. He explained that the Dangote Group also suffered from the problems of gridlock and other problems caused by port congestions as it affected their businesses and operations as well. He added that the company was ready to tackle all problems that related to the construction raised at the forum and deliver the project within one year. “We give our assurances that we will deliver and we need your understanding,” he said. Mr Ashif Juma, Managing Director AG Dangote Construction Company Ltd, contractors handling the project said that there was massive deployment of men and equipment to site as the rainy season ended adding that by November significant visible progress would be seen in the construction. Juma explained that it was not easy to work on old roads because some unexpected problems usually came up in the midst of the project. He added that the firm was working closely with the Federal Ministry of Power, Works and Housing (FMPW$H) on the project and that work tempo would double in November. “We will work two shifts seven days a week. We cannot do this work without your help,” he told the other stakeholders. The NPA on its part promised to begin enforcement of traffic regulations in port areas which include Oshodi, Babs Aminasaun, Costain and Ijora Olopa road areas, NAN reports that Fashola, on June 17 signed the N4.34 billion Memorandum of Understanding (MOU) for the reconstruction of the four kilometres Apapa Wharf road with AG Dangote Construction Company Ltd and other companies. The project is being funded by AG Dangote Construction Company Ltd, the Nigerian Ports Authority (NPA) and Flour Mills of Nigeria. Source: NAN ...

Fashola campaigns for external borrowing to finance Capital Projects The Minister of Power, Works and Housing,Babatunde Raji Fashola, SAN has thrown his weight behind external borrowing to finance capital projects. The Minister made the disclosure while delivering his address at the 2nd Annual Nigerian Mining Week at the Nigerian Air Force Conference in Abuja on Tuesday 17th October, 2017. Fashola, who recalled that in 2016, the Federal Government committed the sum of N1.2 trillion on capital projects, which is an increase from 15% to 30%, emphasized the need to source for loans to finance the development of critical infrastructure for the Federal Government to fulfill its campaign promises. While commending the leadership of the Mines sector for the amazing milestones recorded within “so short a time”, the Minister noted that very little can be achieved within the Power industry without inputs from the sector. He said, “as we roll out transmission stations, towers, we install transformers, whether it is steel casing for the transformers, whether it is copper winding inside it, all of these stem from the operations of the mining industry”. The Minister of Mines and Steel Development, Dr. Kayode Fayemi, earlier on commended the “Nigerian Mining Week,” as a networking platform and a learning turf for existing businesses. Fayemi noted that a recent World Risk Report published by the Mining Journal indicated that Nigeria has made remarkable improvements in both hard and perceived risk factors. He added that, “the Nigerian mining jurisdiction is now considered to have a better investment risk profile than Russia, China, India and several other leading jurisdictions”. Various stakeholders took their turns to discuss the challenges facing the sector and the need to collaborate amongst themselves towards the sustainable development of the sector. In attendance were the Governor of Taraba State, Darius Ishaku, the Ohinoyi of Ebiraland, Alhaji Ado Ibrahim, Senior Partner, PriceWaterhouse Coopers (PWC), Uyi Akpata, representative of the Kaduna State Governor, Mallam Nasir El-Rufa’I, Mrs. Amina Sijuade, amongst others. ...

Nigeria won’t be reckless with foreign borrowings – Adeosun ….IMF, World Bank project higher growth for Sub-Saharan Africa, Global Economy in 2018 The Honourable Minister of Finance, Mrs. Kemi Adeosun, disclosed on Sunday that the Federal Government would not be reckless with foreign borrowings as it maintains an expansionary fiscal policy. The Minister also revealed that the International Monetary Fund (IMF) and the World Bank Group have projected a positive outlook of higher growth for the Sub-Saharan Africa and global economy in 2018. Adeosun made this known in Washington D.C. at a Joint Media Briefing with the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, at the end of the 2017 Annual Meetings of the International Monetary Fund and the World Bank Group. She stated that the Federal Government adopted an expansionary fiscal policy with an enlarged budget in order to deliver a fundamental structural change to the economy, thereby reducing the country’s exposure to crude oil. “Why are we borrowing? Mobilising revenue aggressively was not advisable, nor indeed possible, in a recessed economy. But as Nigeria now reverts to growth, our revenue strategy will be accelerated. “This is being complimented by a medium-term debt strategy that is focusing more on external borrowings to avoid crowding out the private sector. “This would also reduce the cost of debt servicing and shift the balance of our debt portfolio from short-term to longer-term instruments. This Government will be very prudent around debt. We won’t borrow irresponsibly,” said Adeosun, who led the Nigerian delegation to the 2017 Annual Meetings of the IMF and the World Bank. The Minister participated in both the International Monetary and Financial Committee (IMFC) and Development Committee (DC) meetings, the two highest decision making organs of the Bretton-woods Institutions. She revealed that developments in the global economy since the Spring meetings were reviewed, noting that growth had picked up in 2017 even though not even. “Global growth is estimated to be 3.6 per cent for Fiscal Year 2017, while Sub-Saharan Africa (SSA) is projected to grow at 2.6 per cent and outlook is for higher growth in Fiscal Year 2018. “However, down side risks remain in the medium-term with high policy uncertainty, geopolitical tensions. Inflation remains subdued,” she added. Providing further details on the IMF and World Bank meeting, Minister Adeosun said the overarching policy priorities for the entire membership was to boost potential output and improve income distribution while improving financial sector resilience. The two Bretton-wood institutions, according to her, urged commodity exporters like Nigeria, to pursue structural policy reforms to unlock the country’s potentials and stimulate aggregate supply as well as enhance the diversification process. On the Development Committee (DC) meeting, she said members discussed the need to enhance the capacity of the International Bank for Reconstruction and Development (IBRD) and International Finance Corporation (IFC) to meet their obligations of supporting the financing needs of client countries and to prevent a slowdown in lending. “At the DC where I spoke on behalf of Angola, Nigeria and South Africa, I urged the international community particularly the Bretton-wood Institutions to change the narrative on Africa which always portray the continent as Low Income Countries (LIC). “Indeed, there are some Middle Income Countries represented by this constituency and so there is the need for the Bank to deploy instruments, policies and programs that will address the peculiar needs of these countries,” she said. Responding on the issue of investing in women, Adeosun remarked that the women remained the best investment any nation could make. “The multiplier effect of such investment is significant. We need to make more opportunities available to our women. They are the economic drivers of our nation. We have enormous talents in Nigeria, and the Federal Government will invest in human capital,” she added. The CBN Governor, Mr. Godwin Emefiele, who also participated at the IMF and World Bank meetings, confirmed improvement in the Nigerian economy. “The fundamentals we are seeing show that there is a lot of stability in the foreign exchange market, and having come down from high level to the level we are now, and the currency is just fluctuating between N359/N365 to dollar. “We think it is good level compared to where we are coming from. We think it is important to note that as reserves get stronger, as economic fundamentals get stronger, there is no doubt that the naira will get stronger and we will see more appreciation in the currency,” Emefiele said.   He assured that the CBN would continue to focus on the banking system to ensure there were no significant threats that would affect the strategic health of the banking system. He further said that the CBN would continue to support the Federal Government’s efforts to reduce unemployment and create jobs. END ...