Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Investment One
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Business News

2020 Anambra Budget: N6 billion proposed for cargo airport construction 

The Anambra State Government has set aside the sum of N6 billion for the construction of the Umueri International Cargo Airport.

Published

on

2020 Anambra Budget: N6 billion proposed for Cargo Airport construction 

The Anambra State Government has set aside the sum of N6 billion for the construction of the Umueri International Cargo Airport near the state capital, Awka. 

This was revealed when Governor Willie Obiano presented the state’s estimated budget of N137.1billion to the State House of Assembly. 

The Details: N22.2 billion was allocated for the construction of roads and bridges while N6.98 billion was earmarked for implementing strategic initiatives in the health sector. 

[READ MORE: Ethiopian Airlines leaves Enugu Airport to begin flight operation in Rivers State

Why this matters: Obiano said he is investing into the airport to fulfil the promise he made during his 2017 governorship campaign. He noted that an international airport in the state will bring economic development and increase the income base in the state.  

What you should know: Worried by the delay of the project since 2017, the traditional ruler of Umueri Community, Igwe Ben Emeka tasked the government to complete the project as soon as possible, seeing that the Arial survey equipment has been released. 

The Aerial survey equipment was impounded at the Akanu Ibiam International Airport, Enugu by the Federal Airports Authority of Nigeria (FAAN), until appropriate clearance was obtained for the Chinese Consortium involved in the project. 

About the Umueri Cargo Airport: In 2017, Governor Willie Obiano launched the Umueri Cargo Airport project. Obiano said the ‘Airport City Project’ would be developed on a 1500-acre site and would feature two runways, an aviation fuel facility, aircraft maintenance facility, airport hotel, business park and international convention centre 

The project is expected to generate 1200 direct and 3600 indirect jobs. The project is estimated to cost more than $2 billion and will be developed through a partnership between the Anambra State Government, Orient Petroleum Resources and Elite International Investments. Elite International Investments will provide all funds under a build, operate, manage and transfer agreement.

[READ ALSO: FG approves construction of Ebonyi International Airport] 

British airways

Anambra Airport City Infrastructure Limited allocated a 75% equity stake to Elite International Investments, 20% to Orient Petroleum Resources Limited and 5% to the State Government. 

 

 

Stanbic 728 x 90

 

0

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

1 Comment

1 Comment

    Leave a Reply

    Your email address will not be published.

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Business News

    Senate calls for the liberalization of cement policy to crash the price of the commodity

    The Senate also tasked the FG on providing more industrial incentives to bring new players into the cement industry.

    Published

    on

    BUA Cement

    The Nigerian Senate has called for the liberalization of Nigeria’s cement policy to boost production and subsequently crash the price of the commodity in the country.

    This motion was raised by Senator Lola Ashiru at today’s senate plenary, the senator also tasked the Federal Government on providing more industrial incentives to bring new players into the cement industry, in addition to the liberalization of the cement policy in Nigeria.

    Ashiru explained that to reduce the price of cement and in extension, other building materials in the country, the Federal Government needs to provide an enabling operating environment that will encourage new entrants in the country.

    The Senate in conclusion called on the FG to provide more industrial incentives and protections such as concessionary loans and larger tax incentives to encourage new entrants and expand the national cement production infrastructure, as this boost in production will lead to a downward review of cement price in Nigeria.

    What industry leaders are saying

    Earlier this year the founder of BUA Group, Abdulsamad Rabiu, called for the liberalization of Nigeria’s cement policy to boost production and reduce the price of the commodity.

    The billionaire philanthropist faulted the belief that Nigeria is self-sufficient in terms of cement production, noting that recent statistics and figures on Nigeria’s population and cement production do not support this status of sufficiency in cement production as stated by some individuals.

    He attributed the high price of cement products in the country to the supply gap which exists in the country, as the few producers who currently operate in the country are unable able to meet the country’s huge and growing demand.

    The Group Executive Director, Strategy, Portfolio Development and Capital Projects, Devakumar Edwin, explained that the demand and consumption of cement in the nation currently outstrips supply, and this can be pegged on the growth in the country’s population, and the strong appetite for real estate investment and construction in the country.

    He revealed that a supply gap of about 40% exists in the country’s cement market and that all players in the industry are working hard to level production with the rising demand in the country.

    British airways
    0
    Continue Reading

    Business News

    Paypal’s Venmo now permits cryptocurrency trading

    Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

    Published

    on

    Venmo, a mobile payment service owned by PayPal has announced that it has started allowing users to buy, hold and sell cryptocurrencies on its app. Just like PayPal, Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, and users can carry out transactions with as little as $1 on the app

    Founded in 2009, Venmo has over 70 million users and it is one of the most popular payment channels in the US. The payment platform processed around $159 billion in payments last year.

    Since the app functions like a social network, adding cryptocurrency will offer a more user-friendly feel for people who love buying and selling crypto.

    READ: 28 million merchants to be granted crypto usage on PayPal

    As bigger companies show more interest in cryptocurrency, there will be wider adoption of virtual currencies in future. Venmo is the latest payment app that is offering support for cryptocurrency on its platform.

    Paypal, the parent company of Venmo is one of the most active companies in the crypto space as it allows users to buy, sell and hold cryptocurrencies in their digital wallets. Paypal users can also spend their coins at millions of merchants globally.

    Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

    What they are saying

    Darrell Esch, Venmo’s Senior Vice President and general manager said “Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”

    +1
    Continue Reading

      





    Nairametrics | Company Earnings

    Access our Live Feed portal for the latest company earnings as they drop.