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Business News

Lagos to Badagry road, a death trap?

A multimedia journalist, Anna Cunningham (@journo_anna), recently shared images of the Lagos to Badagry road which she described as a death trap to many Nigerians.

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Lagos to Badagry road, a death trap?

A multimedia journalist, Anna Cunningham, recently shared images of the Lagos to Badagry road which she described as a death trap to many Nigerians.

Anna, who happened to ply the road recently, said the road alone could shorten one’s life if nothing else does. According to her, an urgent attention should be given to the express way.

Nigerians reaction

As expected, many Nigerians on Twitter went berserk after seeing Anna’s post. They all agreed that the road is indeed a death trap and the government should be ashamed about it.

Some people even argued the images Anna captured are actually better angles of the road. This is because the road is, indeed, in a more deplorable state and much more dangerous than Anna’s pictures portrayed it.

Bad roads lead to a bad economy

Nigerians have the right to attack the Lagos State Government and the Federal Government for neglecting the road for years now. This is because the bad road is seriously affecting the economy.

Note that the Lagos-Badagry road is one of the busiest roads in Lagos State. Several businesses and popular markets exist in that axis.

The Alaba International market is located along that axis, and it happens to be one of the biggest electronic markets in Nigeria.

Another popular market located  along this axis is the popular Lagos Trade Fair market.

The area is, indeed, a major business hub for the state. Bearing in mind the amount of revenue these markets generate to the state government, it becomes puzzling why the road leading to them should be left in such bad condition.

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Therefore, it is not only shameful that there are not enough good roads connecting people to these places. It is also bad for the economy.

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The people are to blame?

Meanwhile, some other Nigerians argued that the government should not be blamed alone because the inhabitants of the area are also guilty. Some inhabitants are said to be in the habit of littering the road with dirt. This leads to  flooding and other problems.

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Somebody even argued that it is the duty of the dwellers to keep and maintain the area they live in and stop blaming the government for all their actions.

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Consumer Goods

Sell-off of shares by investors extend Flourmillers loss on NSE to N25 billion

Nigerian Flour millers on NSE suffer a decline as wary investors offload shares.

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Bloody February: Sell off of shares by investors extend Flourmillers loss on NSE to N25 billion

The sell-off of shares on the Nigerian Stock Exchange has triggered an N24.9 billion loss in the market capitalization of Flour Millers since the beginning of February, as wary investors offload.

It is important to note that the Nigerian Equity Market has been on the downward trend since the beginning of February, as wary investors sell off stakes in companies as the yields in the money market become attractive.

The results of this move led to a decline in the shares of companies listed on the Nigerian Stock Exchange, including a decline in the shares of Flour millers listed on the bourse.

A review of the performance of the stocks of these Flour millers on NSE revealed that the market capitalization of FLOUR MILLS, HONYFLOUR, and Northern Nigeria Flour Mills from the open of trade on February 1 till the close of trading activities on February 24 has declined from N154 billion to N129 billion.

How they have all performed

FlourMills has declined from N142.3 billion to N118.3 billion. However, the market cap of Honeywell Flour Mills has also declined, albeit marginally from N10.31 billion to N9.91 billion, while that of NNFM has declined from N1.72 billion to N1.25 billion. When added up, the three millers have lost N24.85 billion in market capitalization.

However, Flour Mills, the largest miller on NSE lost the most with N23.98 billion, as a percentage of market capitalization. Flour Mills is down by 16.85%.

Market activity

At the end of trading activities on the floor of the Nigerian Stock Exchange, the shares of Flour Mills declined by 6.9% to close at N28.85 per share, as investors sell off 5,029,161 ordinary shares of the company worth N143,009,264.10.

Shares of Honeywell at the close of trading activities today declined by 1.6%, while shares of Northern Nigeria Flour Mills remained unchanged at N7.02 per share.

The Consumer good index to which the Flour millers belong has fallen by 6.1% year since the beginning of February, compared to the Nigerian Stock Exchange All Share Index -5.17%.

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Business News

FG says Finance Bill 2020 will check inflation

The Finance Minister has stated that the reduction of import duties on vehicles will subsequently reduce transport fares and food prices.

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Power: Mambilla Power Project not prioritised by Ministry of Power for 2021 Budget - Finance Minister

The Federal Government has said that the Finance Bill 2020 was designed to reduce import duties on some commodities, including vehicles, thereby checking inflation.

This is as the Bill was part of measures to make transportation affordable, thereby reducing the cost of foodstuff across the country.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the Minister of Finance, Budget and National Planning, Zainab Ahmed, while answering questions from State House correspondents in Abuja on Wednesday.

Ahmed explained that her Ministry advocated and got approval for a reduction in the import duties charged on vehicles precisely to check inflation trends.

READ: FG to withdraw $150 million from sovereign wealth fund, to borrow $6.9 billion

What the Minister for Finance is saying

The Minister expressed concerns over the inflation rate in the country, saying inflation was high at 16.7% and still inching up gradually over the last couple of months.

Ahmed said, “When you look at the components that constitute inflation in our country, the largest contributor is food inflation and … if you decouple it, the largest contributor to food inflation is the cost of transport.

“We now look at how do we reduce the cost of transport because we can’t give every Nigerian money to pay for their transportation fares. We figured that one of the good ways to do it is to increase the acquisition of mass transit vehicles and to reduce the acquisition cost of vehicles and tractors that are used for productive purposes like agriculture.”

READ: Nigeria to receive first tranche of World Bank’s $3 billion loan soon

She expressed optimism that the reduction of the import duties on vehicles, when fully operational, would boost mass transit activities and subsequently reduce transport fares and food prices.

She said, “So the reason why we reduce those duties is to reduce the cost of transportation.

”So, once this implementation takes full effect, we are hoping that we’ll be able to see more tractors coming into the country, more mass transit buses coming to the country, reducing the cost of transportation as a result, and also having an impact on food prices.

What you should know

  • It can be recalled that as part of its bid to introduce tax incentives in the face of the economic downturn caused by the coronavirus pandemic, the Federal Government in November 2020, through the signed Finance Bill 2020, proposed the slash of import duties for tractors, buses and other motor vehicles from 35% to 10% and 0% to further help cushion the socio-economic conditions in the country.
  • The Minister for Finance, Budget and National Planning had explained that the need to reduce food inflation figures through one of the causative factors of high production cost, which is transportation, inspired the bill.

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