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Real Estate and Construction

Diversion points for third mainland bridge closure revealed

There would be a diversion of traffic in 2 phases during the partial closure of the bridge.

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FG discloses measures, diversion points for traffic during closure of Third Mainland Bridge, FG, Lagos to begin works on alternative routes

The Federal Government has announced the different phases points of diversion of traffic during the partial closure of the Third Mainland bridge for repair works.

This was disclosed during a joint press conference by the Federal Controller of Works in Lagos, Engr Olukayode Popoola, the Lagos State Commissioner for Transportation, Dr. Frederic Oladeinde and the Special Adviser to Governor Babajide Sanwo-Olu on Works, Engr Aramide Adeyoye, on Tuesday at Alausa Ikeja.

During the press conference, the Federal and Lagos State Governments have appealed to motorists and Lagos residents to cooperate with government and appropriate agencies during the 6 months partial closure of the Third Mainland Bridge for maintenance work, which is expected to start on July 24.

They also assured Lagosians that necessary measures would be put in place to reduce gridlocks during partial closure of the bridge as they would work with appropriate authorities to direct and control traffic movement in the affected areas and alternative routes.

Engr. Popoola revealed that there would be diversion of traffic in 2 phases during the partial closure of the bridge between Friday, July 24, 2020 and January 24, 2021.

READ MORE: Lagos Government gives approval to 7 private labs to commence COVID-19 testing

He said the First Phase of the diversion, which will last for 3 months of repairs of the Oworonsoki bound lane of the Third Mainland Bridge, would be for morning traffic from 12:00 am to 1:00 pm from Oworonshoki to Lagos Island on the Lagos Island-bound lane, while the afternoon traffic from 1:00 pm to 12:00 am would be from Lagos Island to Oworonsoki on the Lagos Island-bound lane.

Engr. Popoola said the Phase 2 of the diversion, which would last also for three months of repairs of the Lagos Island-bound lane of the Third Mainland Bridge, would be for morning traffic from 12:00 am to 1:00 pm from Oworonsoki to Lagos Island on the Oworonsoki bound lane, while the afternoon traffic from 1:00 pm to 12:00 am would be from Lagos Island to Oworonsoki on the Oworonsoki bound lane.

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Popoola said, “Motorists are advised to also ply these alternative routes: First, from Carter Bridge through Iddo through Oyingbo to join Adekunle ramp inward Oworonsoki. Secondly, from Ijora Olopa through Western Avenue to Ikorodu Road.

On his own part, the Lagos State Commissioner for Transportation, Dr. Oladeinde said priority will be given to those driving from Mainland to the Island in morning and afternoon to use the Third Mainland while those driving against traffic will use the alternative routes.

READ MORE: FG to shut Third Mainland Bridge for 6 months 

Dr. Oladeinde assured motorists that Lagos State Traffic Management Authority (LASTMA) will work with Federal Road Safety Corps (FRSC) in all the alternative routes to ensure that motorists have a smooth journey during the partial closure of the bridge.

The commissioner advised those who don’t have any genuine reason to be on the road to stay at home to reduce vehicular movement during this period while adding that the public vehicles would be available and affordable for road users.

He said: “If you don’t have to travel, I will advise that you stay at home so that we can minimise the number of vehicles on the road. If you can work at home, please do. But if you can’t, we will ensure will be on the road for you to get to your destination as quickly as possible.”

Dr. Oladeinde also advised people of Lagos State to use alternative transport such as ferries. He said there will be an increase in the number of fleets by the Lagos Ferry Services in the morning for people from Ikorodu and Mile 2 as alternative transportation.

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READ ALSO: Fourth Mainland Bridge to begin before December

Also speaking, Engr. Adeyoye while appreciating the Federal Government for the repair of Third Mainland Bridge, said Lagos State Government has commenced necessary preparatory works on all the alternative routes in the state to make them motorable for the commuters.

Adeyoye said the state will do its best within two weeks to work on all the roads that may likely cause gridlocks to be free of potholes.

She also warned trucks and vehicles that are not road worthy or serviceable to stay away from Lagos roads.

 

 

 

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Real Estate and Construction

Bad loans to real estate up by 66.5% in 2020, as operators blame COVID-19

Loans in the real estate sector rose by 12.87% to N56.03 billion at the end of 2020 from N49.65 billion in December 2019.

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Nigeria’s real estate industry

The total Non-Performing Loans (NPL) recorded by banks for the real estate and construction sectors increased by 66.57%, as the NPL rose to N226.62 billion in 2020 from N136.05 billion in the same period in 2019.

This was disclosed by the National Bureau of Statistics (NBS) in its Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength report.

READ: How to earn over 20% returns in real estate in Nigeria

Highlights of Loans to the Real Estate Sector

  • Loans in the real estate sector rose by 12.87% to N56.03 billion at the end of 2020 from N49.65 billion in December 2019.
  • NPLs in the construction sector surged by 97.44% to N170.59 billion in December last year from N86.4 billion in 2019.
  • The construction sector contracted by -7.68% last year, compared to a growth of 1.81% in 2019 and 2.33% in 2018.
  • The real state sector shrank by -9.22% in 2020, compared to a contraction of -2.36% in 2019 and -4.74% in 2018.

READ: Why property prices are expensive in Lagos

What they are saying about Bad Loans in Real Estate

Experts blamed the development on the challenges facing the real estate sector, especially with the COVID-19 pandemic, as they tasked the Federal Government to pay adequate attention to the sector.

The Managing Director, Infinity Trust Mortgage Bank Plc, Dr Olabanjo Obaleye, explained that many companies affected by the pandemic had folded up, as housing subscribers were finding it difficult to service their mortgage payment.

He said, “There are two companies that have just collapsed due to the inability of their owners to get foreign exchange for the importation of raw materials.

“On the level of government support on COVID-19, there is nothing visible we have seen. We have read so many pronouncements on that from the government but we haven’t got any palliative in that respect. We have made proposals to government through our relevant authority but there is a need for certain funds to be set aside for this.”

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READ: Why some real estate companies are at risk of bankruptcy

A real estate practitioner and also the Vice President, Lagos Chamber of Commerce and Industry, (LCCI) Gbenga Ismail, said:

“Now, people won’t be able to pay rents or buy houses as planned. We are not sure of where the monetary issues are going now and not sure if lending will continue in the real estate sector. We are yet to see some of these things going on.”

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Real Estate

FG to unveil dedicated portal for sale of houses to Nigerians

The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

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Nigeria needs N1.5 trillion within the next 3 years to fix roads - Fashola

The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

The platform is expected to help contributors to the National Housing Fund (NHF) access mortgage loans on a first-come, first-serve basis.

This disclosure was made by the Minister of Works and Housing, Babatunde Raji Fashola while speaking at the ninth meeting of the National Council on Lands, Housing and Urban Development in Jos, Plateau State.

Fashola, who was represented by the Minister of State for Works and Housing, Abubakar Aliyu, pointed out that the ministry is currently at the completion stages of the first phase of the national housing programme in 34 states of the federation, which provided land for it.

READ: Thinking Of Getting A Mortgage In Nigeria? 10 Important Things You Must Know

He said, “We urge the state governments to alert their residents to this opportunity for interested persons to apply.”

Fashola commended the Federal Mortgage Bank of Nigeria (FMBN) for being at the forefront of the cooperative housing initiative at the federal level, adding that it has the advantage of allowing cooperative members to choose what they design and build to fit their budgets.

They can leverage their members to get group discount for the purchase of building materials as well as the engagement of contractors.

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Fashola disclosed that FMBN as the driver of the housing initiative has engaged 86 co-operatives in projects; approved N35, 784 billion cumulatively; disbursed N10.95 billion; and processed as at January, 57 co-operative housing development loans.

Fashola emphasized that what the Federal Government can do directly in housing is limited compared to what states can do, just as state governments are also limited, compared to what the private sector and individuals can do.

He said, “The majority of houses available for sale or rent belong to individuals and private companies compared to what states or Federal Government has available. Therefore, many of the tenants who owe rent, who face eviction or who seek to rent or buy property are dealing with private citizens or companies and less so with government agencies.’

My recommendation for improving access and affordability to housing in the Covid-19 era is for private companies and individuals to give back some of what they control to citizens in the way the Federal Government has given back to citizens some of what it controls.’’

He explained, “for example in cases where the rent of businesses or individuals are due for renewal, the private landlords can give back, by accepting monthly, quarterly or half-yearly rent instead of one year, two or three years rent in advance.”

Bottom line

Nigeria has been bedevilled by a housing crisis that has left Africa’s most populous nation ill-equipped to properly provide accommodation for its citizens and inhabitants.

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Some of the housing problems in the country include unresolved rent tenure arrangements, high cost of building materials, access to infrastructure, deficiency of housing finance arrangements, stringent loan conditions from mortgage banks, time to process legal documents and inadequate government housing policies.

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