Connect with us
nairametrics

Business

Sanwo-Olu to Flag off Eti-Osa-Lekki-Epe Expressway Project

When completed, Lekki-Epe Expressway project, will eliminate the perennial traffic gridlocks, improve socio-economic activities.

Published

on

#EndSARS: Anyone found culpable in Lekki Toll Plaza shooting would be held accountable - Sanwo-Olu

Lagos State Governor, Mr Babajide Sanwo-Olu, has announced that the state is ready to flag off the Eti-Osa-Lekki-Epe Expressway project on Sunday 1st November, 2020.

This was disclosed in a statement issued by the Senior Special Assistant (SSA) to the Governor of Lagos State on New Media, Gawat Jubril, via Twitter.

The statement issued by Gawat Jubril disclosed that the flag-off of the reconstruction and upgrade of the Eti-Osa-Lekki-Epe Expressway road is in line with the Lagos State Government’s plan to rebuild the major road. It is also expected to bring a new motoring experience on the Eti-Osa-Lekki-Epe Expressway.

Gawat reported that there was a road inspection earlier today, where the Special Adviser to the Lagos State Governor on Works and Infrastructure, Engineer Aramide Adeyoye, said that despite the disruption of economic activities by the COVID 19 pandemic and the recent civil unrest spiked by the #EndSARS protest, Governor Babajide Sanwo-Olu remains focused on promoting economic prosperity through the provision of sustainable road infrastructure throughout the state.

GTBank 728 x 90

What you should know

  • The project, which is programmed for two phases to manage the huge financial outlay required, takes cognisance of the rapid industrialisation envisaged along the Lekki axis.
  •  The first phase of the project and reconstruction will be an 18.75km stretch spanning Eleko Junction to Epe T- Junction. The second phase of the 26.7km will start at Abraham Adesanya Roundabout to Eleko Junction.
  •  The project will be handled by Messrs Craneburg Construction Company Limited which has proven capacity and track record in the delivery of quality road projects.
  • The Eti Osa-Lekki-Epe Expressway was constructed over 40 years ago, from Victoria Island to Epe T-junction. The builders adopted a rural road cross-section without drainage, except for chutes provided at intervals to allow water percolate into the soil along the verges.

What they are saying

Mrs. Adeyoye stated that other attendant benefits of the laudable project include the positive impact it would have on the lives of residents, businesses, commuters and Lagosians at large.

Coronation ads

She said:

Aside the fact that the Lekki-Epe Expressway project, when completed, will eliminate the perennial traffic gridlocks, it would ultimately improve socio-economic activities in and around Lekki and reduce drastically the travel time of commuters.

4 Comments

4 Comments

  1. Anonymous

    October 31, 2020 at 8:03 am

    What of Ijegun Ijegamo road?

  2. ABDULWAHAB INENEMO

    October 31, 2020 at 8:20 am

    I believe this is the time to also prioritise the coastal road linking the Victoria Island with Abraham Adesanya. This road will decongest and alleviates the suffering of commuters living along the VI – Abraham Adesanya axis. It will also preserve the currently toll road.
    A supposedly 25 minutes drive along VI – Abraham Adesanya axis could take 3 hours.

  3. Anonymous

    October 31, 2020 at 8:37 am

    This is good news. But it will be good if some sections of the receives an immediate attention especially Abijo to makek cz Sangotedo to Ogido. Some kind of immediare surface smoothening to improve traffic instead of waiting proper work is done. We have all worn out.

  4. Joseph Najite

    October 31, 2020 at 9:49 am

    Welcome news but still in doubt of LASG sincerity . Already, excuses and blame game have started in your press statement . We want to hold our leaders accountable . Publish detailed scope of these projects( Phases 1&2) . Funding mechanism ,, milestone payment to contractors, Start and completion of projects., commissioning date if any . Hope these roads infrastructure will withstand the tests of time . Wish LASG best of luck. Pls, do not give us excuses in year 2023 when you are soliciting for second term in office. May God keep us alive in Jesus Name Amen .
    NB: I am not a politician but a retiree . Just crying LOUD to hold our LEADERS ACCOUNTABLE while in OFFICE

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

Nigeria’s inflation rate to moderate by first half of next year

The CBN has assured Nigerians that the country’s inflation rate will begin to moderate by the first half of 2021.

Published

on

Nigeria’s manufacturing sector contracts for 5th consecutive month – CBN , To test FX market, CBN pumps $50 million, CBN issues guidelines to Finance Institutions on establishment of Subsidiaries and SPVs, CBN injects $2.63 billion to defend naira in one month, CBN’s COVID-19 N50 billion targeted credit facility, CBN’s heterodox policies buoys credit growth, These industries drove business activities in September, Credit to Nigerian economy falls to N38.67 trillion as private stagnates at N30 trillion, Availability of secured credit to businesses and households increases as unsecured credit to households dips in Q3 2020 - CBN

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said that Nigeria’s inflation rate which stood as high as 14.2% in October is expected to begin to moderate by the first half of next year.

This is as the Federal Government had introduced a number of measures to help stabilize the economy, increase productivity and ensure recovery from the devastating impact of the coronavirus pandemic.

READ: CBN’s Emefiele explains why banks restructured N7.8 trillion loans to customers

This disclosure was made by Emefiele during his presentation at the 55th Annual Bankers Dinner organized by the Chartered Institute of Bankers in Lagos on Friday.

The CBN Governor pointed out that inflationary pressure persisted during the year due to several factors which include disruption to global and domestic supply chains due to Covid-19, increase in the VAT rate, increase in petroleum prices, electricity price adjustments and farmer-herder clashes.

GTBank 728 x 90

READ: Nigerians spend $14 billion on generators, fuel

It also includes exchange rate adjustment and flooding that occurred in many parts of our farm belt areas.

Emefiele in his statement said, ‘’Inflation in October 2020 stood at 14.2%. we, however, expect inflation to begin to moderate by the first half of 2021 as efforts are being made to enable significant cultivation and production of key staple items during the dry season.’

Coronation ads

READ: Nigeria generates N424.71 billion VAT in Q3 2020

It can be recalled that at the 26th Nigerian Economic Summit, the Minister for Finance, Budget and National Planning, Zainab Ahmed, also said that the country is expected to exit from recession by the first quarter of 2021 with the Federal Government working towards reversing the declining economic trend in the country.

READ: Nigerian pencil industry in dire need of investment, govt support – stakeholder

What you should know

The National Bureau of Statistics (NBS) had announced that the country had entered its second recession in 5 years in the third quarter of this year, as the Gross Domestic Product (GDP) fell for the second consecutive quarter.

READ: Why 2020 Q1 GDP is not a surprise

Jaiz bank ads

According to figures released by the Nigeria Bureau of Statistics (NBS), cumulative Gross Domestic Product (GDP) for the first nine months of 2020, therefore, stood at -2.48%, just as it recorded a -6.10% in the second quarter.

Stanbic IBTC

Continue Reading

Business

ASUU says union has not yet agreed to call off strike

ASUU has denied media reports that the union agreed to call off its 8-month old strike action.

Published

on

ASUU gives conditions to call off its nationwide strike action

The Academic Staff Union of Universities (ASUU) has denied media reports that the union agreed to call off its 8-month old strike action.

There was a bit of relief when news emerged that the strike action has been called off, after the latest meeting between ASUU top echelons and the Federal Government negotiation team, led by the Minister of Labour and Employment, Senator Chris Ngige, on Friday.

READ: FG offers N65 billion to ASUU, N15 billion revitalization fund to end strike

According to a report from Vanguard, the ASUU President, Prof. Biodun Ogunyemi, said he is not aware of any agreement to call off the strike. However, he noted that it was agreed at the meeting that the union would convey government’s message to their various organs and then report back to the government.

Ogunyemi said, “I am not aware of that. All I know is that we had a meeting and we are going to report to our members. But, I don’t know about suspension of the strike.”

GTBank 728 x 90

READ: FG says it will look at other options if ASUU continues with strike

It was also reported that ASUU reached an agreement with the Federal Government after the latter increased its offer for Earned Allowances and funding for the revitalization of public universities from N65 billion to N70 billion.

However, ASUU in a tweet insisted that the funding should be implemented before the union suspends its strike action.

Coronation ads

READ: Federal Housing Authority gives debtors 21 days to pay up or have names published

READ: British Airways Pilots strike over pay disputes 

What you should know

Nairametrics earlier reported that ASUU had called off its 8-month-long strike. It said that the union took the decision after it agreed to accept government’s total payment of N70 billion and that the payment of their outstanding salaries must not be done through the Integrated Personnel Payroll and Information System (IPPIS).

Jaiz bank ads

ASUU embarked on strike in March 2020, following its disagreement with the Federal Government over the funding of the universities and implementation of the IPPIS, which according to the union, negates the autonomy policy for the universities.

Stanbic IBTC

ASUU, however, has its own developed and preferred payment platform, University Transparency and Accountability Solution (UTAS), which the government said it is looking into.

Continue Reading

Business

Export of our products in West African sub-region now less competitive – MAN

President of the Manufacturers Association of Nigeria has lamented the less competitive nature of made-in-Nigeria products.

Published

on

Dangote group, CBN unification of exchange rate a welcome development-MAN

The export of made-in-Nigeria products in the West African sub-region has become less competitive according to the President, Manufacturers Association of Nigeria (MAN), Mansur Ahmed. He made this remark in a statement seen by Nairametrics.

According to Ahmed, MAN members are losing market share daily to other African countries due to the closure of the border, as the sub-region has now become less competitive.

READ: Finance Bill: No plans to increase tax — FG

READ: AfCFTA: Nigeria’s borders to remain closed till we can trust our neighbours- Trade Negotiator

He said,

GTBank 728 x 90

Major manufacturers of beverages, polypropylene bags, tobacco, cement, toiletries, and cosmetics industries were losing markets they had worked very hard to secure in the West and Central African region.

“These manufacturers were hoping to leverage their market share to secure a strong position in the African Continental Free Trade Area, which kicks off in January 2021.

READ: Nigerians pay heavy price as laptop scarcity bites harder

Coronation ads

“Since the closure, the association has conducted a research with its members, the outcome is that some sectors had considerable increase in their productivity, while some sectors recorded sharp decline.”

He emphasized that the export group of the association clearly suffered huge losses due to logistics issues occasioned by the closure, as it takes an average of 8 weeks for the carriers to ship and truck goods within countries in the same region vis-à-vis trucking through the land border, which takes an average of 7 to 10 days.

READ: Afreximbank’s African commodity index dips by 1% q-o-q in Q3 2020

The increased traffic through our seaport as a result of the closure has increased the perennial congestion at the Apapa and Tin Can Island Ports, leading to greater challenges for exporters and increased demurrage cost, as well as other port levies,” he added.

READ: Coalition of African lawmakers seeks debt relief for African states

Jaiz bank ads

What it means

Nigeria’s President Buhari recently signed the Africa Continental Free Trade Agreement exposing local Nigerian manufacturers to the regional competition.

Stanbic IBTC
  • Whilst border closures impact positively on local markets due to restrictions on imports, it is unhealthy for local businesses looking to export across borders to regional African countries.

Explore Data on the Nairametrics Research Website

Continue Reading