Business
Sanwo-Olu gives reason for delay in completion of Lagos-Badagry expressway
Lagos to turn road from a 2 lane-way to 10 lanes.
The Lagos State Government has stated the reason for the delay in completing the Lagos-Badagry expressway.
While assuring Lagosians of it’s commitment to the construction of the road, the delay was attributed to the government’s plan to build a first-class infrastructure that people would be proud of when completed.
This was disclosed by the state governor, Babajide Sanwo-Olu, while speaking at the unveiling of Hyundai Kona, Nigeria’s first locally assembled electric car in Nigeria at Ojo in Lagos State on Friday.
READ: Sanwo-Olu launches Nigeria’s first electric car, to complete Lagos-Badagry expressway
Governor Sanwo-Olu assured that the Lagos-Badagry Expressway, when completed, would last for about 30 to 40 years.
While commending Stallion Group for believing in the Lagos and Nigeria dream, the Governor also hailed the company for revamping the moribund VON asset located along Lagos-Badagry Expressway.
He said that the state government was doing a complete rebuild of the road and turning it from a 2 lane-way to 10 lanes—5 on both sides.
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READ: Lagos 2020 budget performance improved from 56% to 77% at the end of Q3
He said:
“This is one of the major industrial hubs of this nation. This is one of the major employers of labour in this country. I commend Stallion Group for revamping the asset that was going moribund.Â
“I want to assure you that the Lagos-Badagry Expressway would be completed. The road was just a two-lane way, but the government has turned it into 10 lanes, 5 on both sides.
READ: Nigerian Senate rejects Ben Bruce’s Electric Car Bill, says it’s “irrelevant”
“We are doing a complete rebuild of the road, with bridges and interchanges. We are building a road that will last for 30 to 40 years for you. And because we know that this is an international gateway, it does not deserve anything less. We are building a first-class road infrastructure that all of you would be proud of.”
Governor Sanwo-Olu, while stressing his administration’s commitment to the growth of businesses in the state, said Lagos State Government would partner with Stallion Group Automobile as well as private industries in the State and create an enabling environment for them to do well so that they can create job opportunities for the youths.
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He also said that Lagos State Government would be partnering with Ibile Oil and Gas and other private organisations to create different charging points in Lagos so that people would be able to charge the electric cars.
It can be recalled that the extensive reconstruction work on the Lagos-Badagry expressway commenced under the administration of a former governor, Babatunde Raji Fashola. The road, which is being widened from 4 lanes to 10 lanes, has experienced a lot of delays, especially under the administration of the immediate past governor of the state, Akinwumi Ambode.
Business
FG to name new train station after Mobolaji Johnson
FG to name flagship train station located at Ebute Metta after the former Governor of Lagos State, Mobolaji Johnson.
The Federal Government is set to name its flagship train station located at Ebute Metta after the former Governor of Lagos State, Mobolaji Johnson.
This was disclosed by the Ministry of Transportation via its Twitter handle on Sunday.
It tweeted, “New indoor photos of our flagship station located at Ebute Metta. It is to be named Mobolaji Johnson Station after the former Governor of Lagos State. Please share your thoughts.”
New indoor photos of our flagship station located at Ebute Metta. It is to be named Mobolaji Johnson Station after the former Governor of Lagos State. Please share your thoughts. Thanks 🙏 pic.twitter.com/BgqGhrT4s4
— Federal Ministry of Transportation (@MinTransportNG) April 11, 2021
What you should know
The Federal Government has also stated why the China Civil Engineering Construction Company (CCECC) Nigeria Limited could not link the final part of the Lagos-Ibadan rail line to the sea, according to Nairametrics.
The government in its explanation said that it was due to disruption by trucks going in and out of the port complex.
According to a press statement signed by the Director, Press and Public Relations of the Federal Ministry of Transportation, Eric Ojiekwe, this disclosure was made by the Minister of Transportation, Rotimi Amaechi, while on a routine tour of the Lagos-Ibadan rail line project on Saturday, April 10, 2021.
Business
The five-ingredient of a successful startup pitch
Every great pitch has these 5 ingredients to help you maximize your chances when fundraising for your startup.
Startups typically prepare a pitch deck to present to potential investors for funding. A pitch deck is a brief presentation that provides investors with an overview of your business. It typically focuses on showcasing your product and business model. An excellent pitch is highly essential to the success of a startup seeking funding from investors.
According to Romeen Sheeth, an angel investor who heard 200 companies pitch and invested over $1million last year, every great pitch has these 5 ingredients to help you maximize your chances when fundraising.
- Problem:Â Is this an issue?
- Solution:Â Do you have the fix?
- Market:Â Â Is this a big enough issue?
- Business: Can you make money
- Team:Â Do you have the human resources to do it?
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The best pitches nail all 5. Good ones hit 4. Subpar hit 3 or less.
Problem
The problem statement is an explanation of why a set of circumstances is painful for a set of users. There’s one word in that sentence that is most important: painful. If your problem is not painful enough, it’s a vitamin. The best startups are pain killers.
Solution
The solution statement is an explanation of how you address the pain felt by your users. If you don’t have the right solution, you won’t get customer traction. Customers don’t buy your thesis on the pain point. They buy the actual thing that solves their pain point.
READ: How Quidax is Building Africa’s Next Billion-Dollar Crypto Startup
Market
In tech, only businesses that have outsized potential get funded. To have outsized potential, you have to either be in a: (a) small, but rapidly growing market or (b) large existing market that can be resegmented. If not, the business is not venture backable.
Business
The business model defines how you print cash. What is the key insight you’ve figured out that other people haven’t? You don’t need to reinvent the wheel on everything to be a compelling business. Just explain the secret sauce that helps you capture the value.
Team
Everything else is academic if you can’t execute. Ultimately the investor is betting on your team’s ability to bring out the reality in the insights around the problem, solution, market, and business. Communicate why you are the best in the world to build the business.
Once you feel good about these 5, think through the connection points. Every topic that comes up in the conversation will be a function of a connection point. For example:
- Problem-Market = Industry Dynamics
- Solution-Market = Competition
- Market-Business = Unit Economics
Bottom line
When you pitch, always keep it simple. Understand the 5 core ingredients, think through how they relate to one another, communicate with clarity, and don’t assume investors understand your business.
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