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Business

Lagos, NPA enforcement teams identifies 7 parks for trucks, tankers to ease Apapa traffic

The Lagos State Government has identified 7 parks as holding bay for trucks around the metropolis.

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FG records N6 trillion loss across sectors due to Lagos gridlock

The Lagos State Government through its newly constituted Traffic Management Enforcement Team to resolve Apapa gridlocks and the Nigerian Port Authority Security Team has identified 7 parks as holding bay for trucks around the metropolis.

This is as they set out to put an end to the indiscriminate parking of trucks and trailers across the bridges and major roads which obstruct the free flow of traffic and cause environmental hazard.

According to a statement signed by the Assistant Director Public Affairs of Lagos State Ministry of Transportation, Mrs Bolanle Ogunlola, in Lagos on Thursday, this disclosure was made by the Chairman of the state team, Mr Oluwatoyin Fayinka.

He said that both committees are set to collaborate on the issue occasioned by loading trucks and trailers at the port, which had extended to major parts of Lagos.

READ: Lagos re-channels, re-aligns Banana Island shoreline, says demolition continues

What the Chairman of the State enforcement team is saying

Fayinka, who is also a Special Adviser to the Lagos State Governor, on Transportation, said that the team had been able to design a road map and the strategy to be adopted in tackling the issue.

He said, “We are in discussion with the various stakeholders; the Nigerian Ports Authority (NPA), Nigerian Shippers’ Council (NSC), Terminal Operators and Association of Trucks Union on the best way to do business around Apapa Ports without the breakdown of law and order.

“Part of the discussions held with the Truck Owners Association operating around Apapa was that each company should acquire Park Terminals for their fleets of trucks to serve as holding bay pending when they will be called up for loading.

READ: Lagos to enforce restriction of trucks, trailers and others to night operations

“NPA is already ramping up the Call-Up System that will ensure that trucks that are not yet called for loading do not hang around the ports constituting obstructions to traffic.

“A total of seven parks have been identified for the purpose of holding bay for trucks at various locations around the metropolis. They are at Ojota, Obanikoro, Oregun, Olowotedo-Ibafo, Amuwo-Odofin, Orile-Iganmu and Okorisan-Lekki/Epe. These parks will keep trucks away from the roads until they are called up for loading,” Fayinka said.

Fayinka expressed support for the Nigerian Port Authority’s Call Up System, which he said would greatly help to reduce the traffic gridlock around Apapa.

READ: LASTMA reacts to resurgence of fake online report, insists on arresting traffic offenders

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He said, “Full enforcement will commence soon after due consultation with all stakeholders. The bridges around Apapa corridor which have been turned to parking lots for trucks were not designed to carry the weight of the trailers for a long period of time.

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“The heavy-duty trucks being parked along the bridge leading into the ports will damage the bridge over time and cause a collapse which would be catastrophic to the state and its residents.”

A member of the Lagos State Traffic Management Enforcement Team, Mr Shola Giwa, said they need the cooperation of NPA to get rid of stationary vehicles on the bridges and roads within a short period of time.

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READ: Lagos State launches Joint Revenue Committee for efficient tax administration

He also asked the NPA to make the Call-up System accessible to the chairman of the team to enable effective enforcement of the new directives for articulated trucks and tankers.

The General Manager, Lagos State Traffic Management Authority, Mr Jide Oduyoye, also a member of the team, charged the NPA to turn away trucks and tankers that were not roadworthy just as he said that a rescue system should be put temporarily put in place, to secure the immediate evacuation of trucks and trailers that break down on major roads.

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On his part, the General Manager, Security, NPA, Mr Mohammed Jamil Khalil, assured that the NPA would work together with the state government to proffer both short and long-term solutions to the gridlock around the port axis.

READ: Sanwo-Olu to stop pension for former governors, deputies

What you should know

  • The NPA had launched an Electronic Truck call-up system, Eto, designed for the management of truck movement and access to and from the Lagos ports. This was designed to end the gridlock in and around the ports, complement the drive for a business-friendly and secure environment for port business in Nigeria.
  • During the implementation of the new system, all trucks doing business at the ports will be required to park at the approved truck parks until they are called up into the port through the Eto app.
  • Following the exit of the Presidential Task Force on port decongestion, the Lagos State Governor, Babajide Sanwo-Olu, set up a Special Traffic Management Team to resolve the traffic gridlock in and around Apapa area.

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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Business

FG moves to appoint fund manager for $37 billion infrastructure company

The FG has arranged to engage an asset manager for its newly set up Infrastructure Company of Nigeria Ltd.

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PIB; Will the jinx be broken this time around?, President Buhari may sign 2020 Budget tomorrow, President Buhari approves N37 billion for National Assembly renovation, President Buhari appoints Sarki Auwalu to head DPR , FG may stop interstate and inter-town travels, COVID-19: President salutes Elumelu, Dangote, Atiku, Banks, others for support, Naira export earnings, Covid-19: FG to set up N500 billion intervention fund, sovereign wealth, FG issues guidelines on implementation of gradual easing of lockdown nationwide, Electricity: FG approves one year waiver of import on meters, Buhari backs Lagos State Government Judicial Panel of Inquiry

The Federal Government has concluded plans to engage an asset manager for its newly set up Infrastructure Company of Nigeria Ltd. (Infra-Co), to raise about N15 trillion ($36.7 billion) for projects and accelerate growth in Africa’s biggest economy.

This is coming barely 2 weeks after President Muhammadu Buhari approved the government’s N1 trillion initial seed capital for the Infrastructure company, which will be set up under a Public-Private Partnership.

According to a report from Bloomberg, a source who wants to remain anonymous said that the Central Bank of Nigeria (CBN) and its funding partners, Africa Finance Corporation (AFC) and state-owned Nigeria Sovereign Investment Authority, are seeking proposals from companies to independently manage the infrastructure company’s fund-raising plan.

The sought after fund manager will be responsible for coordinating the total equity capital and associated debt raise required by the company with the asset managers seeking the role expected to have been active in infrastructure financing.

The CBN Governor, Godwin Emefiele, had earlier said that the government needs to be innovative in its approach to developing infrastructure in the country and believes that InfraCorp will be a major game-changer in this regard.

Some firms such as PricewaterhouseCoopers, Boston Consulting Group, McKinsey and KPMG have expressed interest in getting the role of transaction advisers on the deal with Ukiri Lijadu and Co. and Kenna Partners appointed legal advisers.

This is as the report says that the firms were either not available to confirm the development or could not make any comment yet.

What you should know

  • It can be recalled that President Muhammadu Buhari, had earlier approved the government’s seed capital of N1 trillion for InfraCo, an infrastructure company, which will be wholly focused on critical infrastructure investment in the country, under a Public-Private Partnership.
  • The President had said that InfraCo will be raising funds from the CBN, Nigeria Sovereign Investment Authority, Pension funds, and local and foreign private sector development financiers.
  • This will help boost infrastructure investments to stimulate economic growth after exiting its second recession in 4 years in the fourth quarter and bridge the infrastructural gap in the country, with Nigeria needing at least $3 trillion over 30 years to close its infrastructure deficit.

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Business

Afreximbank sets up a $500 million fund to support Africa’s creative industries

African Export-Import Bank has set up a $500 million fund to support Africa’s creative industries.

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AfDB, Chinelo Anohu

The African Export-Import Bank (Afrexim Bank) has set up a $500 million fund to support Africa’s creative industries as the continent faces a challenge to effectively monetize its creative output.

This disclosure was made by Afreximbank President, Benedict Oramah at a virtual “fireside chat” on Tuesday organized by the Africa Soft Power Project, entitled “The New Face of African Collaboration.”

According to Africa Investment Forum Senior Director, Chinelo Anohu,

READ: Afreximbank set to commit $200 million to Africa’s export fund

“Digital platforms in Africa should scale up to take advantage of the continent’s surging demand for creative content, and the African Development Bank flagship entity is providing advisory services and investment support to creative players.

“The Africa Investment Forum was working to promote content deals as well as digital infrastructure projects to advance creative industries, including support to smaller players.

“At AIF 2019, we had a very interesting entrepreneur scheme which saw those that were not as big get the kind of funding they needed to get beyond getting a feasibility study done.

READ: Tesla loses $200 billion in market value following Bitcoin investment

“Data is one of the African Development Bank’s strong points. They have a fantastic research division, and what we’re trying to do is mainstream that data culled from 55 countries and distill it in such a manner that the investors can easily access the information they need.

“Support for intellectual property rights and equipping investors with the data they need to tackle negative perceptions about investing in Africa are key priorities for Africa Investment Forum.

 What you should know

  • The event was held against the backdrop of the recent coming into force of the African Continental Free Trade Agreement (AfCFTA).
  • Discussion at the event primarily focused on the role of infrastructure and connectivity in advancing Africa’s creative industries, including film, textiles and design.
  • It is important to note that 2021 is also the African Union’s year of arts, culture and heritage.
  • In January 2020, Afreximbank set up a $500 million fund to support Africa’s creative industries.
  • It is strongly believed that AfCFTA would help address some of the key challenges to boosting Africa’s creative output.
  • The Africa Investment Forum, championed by the African Development Bank and its founding and institutional partners, works to accelerate the closure of the continent’s investment gaps. The Forum currently has a growing portfolio of 118 deals valued at $114 billion.

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