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Third Mainland Bridge closure: Lagos discloses alternative routes that are ready for use

The repair works are due to reports of some worn-out joints of the bridge.

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Third Mainland Bridge is intact and safe for commuters - FG

The Lagos State Government has announced that the alternative routes mapped out following the planned 6 months closure of third mainland bridge are ready for use after repair works on them.

This disclosure was made by the Lagos State Commissioner for Transportation, Dr Frederic Oladeinde, in a public statement that was signed by the Head of Public Affairs Unit of the ministry, Mrs Bolanle Ogunlola, on Friday.

Oladeinde made the disclosure following an update on the readiness of Lagos state for the partial closure of the bridge, which is slated to start on July 24. He said that the provision of these alternative routes are in line with the state government’s agenda of ensuring free flow of traffic at all times during the period of closure.

Nairametrics had on July 6, reported the planned closure of third mainland bridge for maintenance work following the availability of some components needed for the completion of the repairs which had been outstanding.

The repair works are due to reports of some worn-out joints of the bridge, which had raised some serious safety concerns.

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Alternative roads that were fixed, according to Oladeinde, are Iddo inwards Carter Bridge Market Road inwards Herbert Macaulay Road and Herbert Macaulay Road by Abeokuta Street as well as Herbert Macaulay by Cemetery and Apapa Road inwards Oyingbo.

The first phase of the third mainland bridge rehabilitation will focus on Oworonshoki inwards Lagos Island in the morning with traffic diversion from 12 midnight to 1pm and then Lagos Island inwards Oworonshoki will divert traffic in the afternoon from 1pm to 12 midnight.

Oladeinde in his statement said, “We advise motorists heading towards Ikeja and Ikorodu Road from Osborne Road, Ikoyi in the morning to make use of Carter Bridge to access Eko Bridge through Ijora Olopa.

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“This will lead them through Funsho Williams Avenue to Doman Long Bridge to Ikorodu or to use Carter Bridge to Iddo through Oyingbo to Herbert Macaulay to Jibowu and link Ikorodu Road.

“We advise motorists coming from Victoria Island to utilise Ozumba Mbadiwe Road to Falomo Bridge through Alfred Rewane to Old Kingsway Road, Osborne to Ilubirin and Carter Bridge.”

READ: Sanwo-Olu announces Lekki/Ikoyi toll gate to fully go cashless

The second option that motorists are advised to take according to Oladeinde is Bonny Camp to Independence Bridge to Marina Bridge through Apongbon to Eko Bridge, Ijora Olopa, Iddo and Oyingbo.

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Going further, he said, “In the afternoon, road users inbound Lagos Island are advised to use Ojota on Ikorodu road to access Funsho Williams Avenue through Eko Bridge/Apongbon axis or to utilise Ikorodu road to access Fadeyi/Jibowu/Yaba axis to access Oyingbo-Iddo to Carter Bridge.”

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Oladeinde pointed out that the other option for motorists is the Oshodi/Charity through Agege Motor Road to access Cappa to link Ilupeju by pass or Mushin to get to Town Planning Way to link Ikorodu Road.

The motorists could also access Moshalasi/Idi-Oro from Mushin to access Funsho Williams Avenue and connect Eko Bridge to get to Apongbon or use Empire Road to access Yaba to link Oyingbo-Iddo axis. He however disclosed that motorists coming from the International Airport to Lagos were advised to use Oshodi-Oke to get to Town Planning Way to link Ikorodu road.

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READ MORE: Why Marine Beach has not been shut for repairs

Oladeinde also revealed that the remaining routes that had been mapped out for traffic diversions to enhance free traffic flow along the corridor are currently undergoing rehabilitation. He advised that motorists who do not have urgent assignments on the island during the rehabilitation should avoid the area to discourage influx of vehicular movements.

Oladeinde noted that people who must visit the area should consider the use of the dedicated BRT/LBSL buses to reduce traffic congestion on the repair corridor. Just as he urged road users to comply with Lagos State Traffic Management Authority and the Federal Road Safety Corps directives to reduce inconveniences on the roads.

Oladeinde also advised commuters to make use of water transportation by linking up with the various jetties in the metropolis for their trips.

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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Coronavirus

FG yet to purchase Covid-19 vaccines – Minister of State for Health

According to a disclosure made by the Minister of State for Health, the FG is yet to purchase any COVID-19 vaccine.

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NPHCDA to address infrastructural gaps in COVID-19 vaccine supply, FG to focus on procurement of Covid-19 vaccine in first quarter 2021

The Federal Government has said that it is yet to purchase any Covid-19 vaccines as the country is still assessing the prices of different shots, their availability and the logistics required for a nationwide roll-out.

This is coming at a time when developed economies are rolling out the vaccines in their countries and concerns have been raised about the availability of the Covid-19 doses in the African continent.

This disclosure was made by the Minister of State for Health Adeleke Olurunnimbe Mamora, during a telephone interview with Bloomberg.

What the Minister of State for Health is saying

Mamora said that once the government determines which vaccines are accessible and affordable, authorities then have to consider storage and distribution issues as they prepare to give shots to 200 million people.

He said, “We haven’t made any purchases at this point in time.’’ He added that the government expects to have a definitive plan by the end of January.

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Nigeria is working with the World Health Organization backed COVAX programme and hopes to receive its first doses in January. The Minister for Finance, Budget and National Planning, Zainab Ahmed, had said that the country is working on what type and quantity of Covid-19 vaccines to procure and financial provision will be made in the 2021 budget for the vaccines.

COVAX is a global initiative backed by the World Health Organization which aims to provide equitable access to Covid-19 vaccines, especially to poor countries.

What you should know

  • It can be recalled that Bloomberg had reported that experts and a state governor had expressed doubts about the ambitious plan by Nigeria to vaccinate as much as 40% of its population this year due to lack of resources and infrastructure.
  • The Chief Executive Officer of Nigeria’s National Primary Health Care Development Agency, Faisal Shuaib, said on Thursday the country expects to receive 100,000 doses of Pfizer Inc’s shot at the end of January through the Covax initiative.
  • Nigeria has officially reported 107,345 Covid-19 cases, with 1,413 casualties, but testing is not easily accessible for most people, with only about 1.1 million tests conducted so far.

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Economy & Politics

Nigerian government spends equivalent of 83% of revenue to service debt in 2020

The Federal Government of Nigeria achieved a debt service to revenue ratio of 83% in 2020.

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The Federal Government of Nigeria achieved a debt service to revenue ratio of 83% in 2020. This is according to the information contained in the budget implementation report of the government for the year ended December 2020.

According to the data seen by Nairametrics, total revenue earned in 2020 was N3.93 trillion representing a 27% drop from the target revenues of N5.365 trillion. However, debt service for the year was a sum of N3.26 trillion or 82.9% of revenue.

Nigeria’s debt service cost of N3.26 trillion has now dwarfed the N1.7 trillion spent on capital expenditure of N1.7 trillion incurred in 2020. This is also the highest debt service paid by the Federal Government since we started tracking this data in 2009.

The total public debt (External and Domestic) balance carried by Nigeria as of September 2020 stood at N32.22 trillion ($84.57 billion). Included in the total debt is a domestic debt of about N15.8 trillion.

 

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What this means: Nigeria’s debt to GDP ratio is estimated at about 22%, one of the lowest in the world and much below what is obtainable in most emerging markets.

  • However, the challenge has always been the debt service to revenue ratio, a metric that reveals whether the government is generating enough revenues to pay down its debts as they mature.
  • Since the first recession experienced in 2016, Nigeria has struggled with higher debt service to revenue ratio as revenues slid in direct correlation with the fall in oil prices.
  • Nigeria’s government spent about N2.45 trillion in debt service in 2019 out of total revenue of N4.1 trillion or 59.6% debt service to revenue ratio.
  • At 83%, 2020 ranks as the highest debt service to revenue ratio we have incurred. Before now it was 2017 with 61.6%.

Breakdown of what debts were serviced

The following amount was spent on debt service during the year

  • To service domestic debt, the government spent N1.755 trillion in 2020 as against a budget of N1.87 trillion.
  • For foreign debts, a sum of N553 billion was spent against a target budget of N805.47 billion. The drop here is likely a result of lower interest rates on foreign borrowing as well as very limited borrowing from the foreign debt market during the year.
  • The government only contributed N4.58 billion into its sinking fund instead of the budgeted N272.9 billion.
  • The sinking fund is required to set aside funds that will be used to pay down on other loans such as bonds when they mature in the future.
  • Finally, a sum of N912.57 trillion was spent on servicing CBN’s loans, granted via its Ways and Means provisions.
  • Nairametrics reported last week that a total sum of N2.8 trillion was extended by the CBN to the FG as Ways and Means.

What happens next: In 2021, the government projects a debt service of N3.1 trillion against revenue of N6.6 trillion or a debt service to revenue ratio of 46.9%.

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  • The government plans to spend N4.3 trillion on capital expenditure during the year.

 

 

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Tech News

Top 10 Nigerian tech companies and capital raised in 2020

These are the top 10 tech companies and the capital they raised in 2020.

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Startup funding in Africa, Fintech, Disrupt Africa

African startups raised over $1 billion in funding in 2020, with Nigerian startups raising 17% of this amount – $55.37million in Q1 2o2o and $28.35million in Q2 2020, according to Techpoint.

These are the top 10 rankings of the highest fundraisers for 2020.

Flutterwave

The startup provides digital payments infrastructure and services which enable global merchants, payment service providers, and pan-African banks to accept and process payments across various channels.

It raised a $35M Series-B round led by US venture capital firms Greycroft and eVentures in January 2020. The funding was invested in technology and business development to grow market share in the countries it operates in.

54gene

The startup is equalizing precision medicine by including underrepresented Africans in global genomics research. It raised $15M in a Series A funding round in April 2020 led by Adjuvant Capital – a life sciences fund backed by the International Finance Corporation, Novartis, and the Bill & Melinda Gates Foundation.

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These new funds will be used to address the gap that exists in precision medicine for people on the African continent.

Aella Credit

The startup is a one-stop app for all your financial needs. Aella makes it super easy for anyone to borrow, invest, and make payments. It secured a $10 million debt financing round from a Singaporean company – HQ Financial Group.

The new capital raised from Singapore is expected to facilitate the credit company’s effort to provide financial inclusion to many more of the people who are currently unbanked across Nigeria, West Africa, and other emerging markets.

Helium Health

The startup has become the leading provider of full-service technology solutions for healthcare stakeholders in Africa. It raised a $10 million Series A round in April 2020.

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Global Ventures and Africa Healthcare Master fund (AAIC) co-led the investment round. Helium plans to use the latest funding round to hire and expand to North and East Africa, including Kenya, Rwanda, Uganda, and Morocco.

Kuda Bank

The startup provides a full banking service on your smartphone. It secured a US$10 million seed round in November 2020 – the biggest seed round ever to be raised in Africa, led by Target Global with participation from Entrée Capital and SBI Investment.

The funding will be used to help accelerate its growth plans and keep up with customer demand. Specifically, funds will be used for key hires, product development, and to expand operations across Africa.

Trade Depot

The startup is a Nigerian B2B eCommerce company that utilizes an end-to-end distribution platform aimed at connecting the world’s top consumer goods companies directly to retailers in Africa.

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It raised $10-million in a pre-Series B equity round co-led by Partech, International Finance Corporation, Women Entrepreneurs Finance Initiative (We-Fi), and MSA Capital in July 2020.

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The new investment will enable Trade Depot to continue connecting international brands with small businesses in Nigeria, expand into other African cities, launch a suite of financial products, and credit facilities aimed at supporting its retailers.

Field Intelligence

The startup is helping governments and businesses make good on the promise of healthcare in the fastest-growing parts of the world by making the pharmaceutical supply chain radically simple, affordable, and easily accessible.

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It raised a $3.6 million Series A round in March 2020, led by Blue Haven Initiative, with investors including Newtown Partners via the Imperial Venture Fund and Accion Venture Lab.

The investment will be used to scale Shelf Life expansion throughout Nigeria and Kenya, as well as the development of additional services for Shelf Life clients and their patients.

MedSaf

The startup connects suppliers to hospitals and pharmacies directly to make the pharmaceutical supply chain more efficient. The health start-up raised $3.5M in a seed funding round in December 2020.  It will use this funding to expand to other African countries.

Auto Chek

The company is an automotive technology company that aims to build solutions for the African market. It raised $3.4 million in pre-seed funding round in November 2020, co-led by TLcom Capital and 4DX with inclusion from Golden Palm Investments, Lateral Capital, Kepple Africa Ventures.

Auto Chek will use the investment to grow its Nigerian and Ghanaian markets, invest in its tech, and grow its team.

Despite the ravaging impact of Covid-19, Nigerian tech start-ups raised millions of dollars in funding. We hope to see more investors in the first quarter of 2021.

Rensource Energy

The startup allows qualifying companies throughout Nigeria and West Africa to start selling Power-as-a-Service (PaaS) to their customers.

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It raised $3 million from Proparco, with the support of the European Union under the Africa Renewable Energy Scale-Up facility (ARE Scale-Up). The funding will be used to contribute to facilitating energy access in the context of a significant and growing energy gap in Nigeria and support the development of innovative solar energy solutions.

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