Business
FG gives reason for speeding up repair works on Outer Marina road network
The Minister of Works has stated why the FG is speeding up rehabilitation works on the Outer Marina road network.
The Federal Government has said that it is speeding up rehabilitation works on the Outer Marina road network in Lagos State to improve accessibility toward the closure of Falomo Bridge for repairs.
This is coming after the government had suspended its planned closure of Falomo Bridge for 8 weeks.
This disclosure was made by the Minister of Works and Housing, Mr Babatunde Fashola, during inspection of Rehabilitation of Outer Marina Road and Eko Bridge through Apongbon Bridge with Access Ramps Project on Saturday, April 3, 2021.
The Minister said that the rehabilitation work on Falomo Bridge which had already commenced is yet to be completed because the government had to postpone to a later date, the phase that required the closure of the bridge to prevent gridlock as other projects were going on.
READ: FG to construct, fix 14 roads with N166 billion
According to a report from the News Agency of Nigeria (NAN), Fashola pointed out that the ongoing Rehabilitation of Outer Marina Road and Eko Bridge through Apongbon Bridge with Access Ramps Project was recording speed due to Sukuk funding.
He said that having access roads was important to prevent gridlock during the planned 8-week closure of the Falomo Bridge for repairs.
What the Minister of Works and Housing is saying
“We have to close the Falomo Bridge sometime this year for at least eight weeks to finish the bridge maintenance work we are undertaking. We have slowed down that decision because of this road (Outer Marina) project.
We think that it is sensitive to Lagos commuters and Lagos residents to keep one lane between Victoria Island and Ikoyi open while we are working. Once we progress beyond Onikan toward Ebute Ero, sometime this year, we would have to close Falomo Bridge to finish our work there,’’ Fashola said.
READ: State Governments seek refund over repaired federal roads
He said that the Federal Government earlier delayed work on Falomo Bridge to complete the Third Mainland Bridge to reduce congestion and hardship to road users.
“Once there is a route through from Awolowo Road through Onikan to come this way (Ahmadu Bello Way), then, that is a good time to quickly deal with Falomo Bridge so that once and for all, our operations here including the bridges, are complete.
The heavy and the difficult part will be from Apongbon, Ebute-Ero through CMS – how we manage traffic there working with Lagos State Government and Federal Roads Safety Corps while construction is going on.’
This is one of 44 roads currently being financed by Sukuk across Nigeria; again, this speaks to the fact that no zone is left behind. Sukuk is not in all states but it is in all zones.’’
In case you missed it
- It can be recalled that the Federal Government about 3 weeks ago, announced the closure of the Falomo bridge for 8 weeks for repair works.
- This was later postponed indefinitely by the Federal Government after it met with relevant stakeholders.
Business
Lagos agricultural sector to generate $10 billion in the next 5 years
The agricultural sector in Lagos state is projected to generate as much as $10 billion within the next 5 years.
The Lagos State Governor, Mr Babajide Sanwo-Olu, has projected that the agricultural sector in the state could generate as much as $10 billion within the next 5 years.
This is as the governor noted that Lagos could no longer afford to rely exclusively on other states for its food, adding that it was time to unlock its immeasurable agricultural potential through the implementation of the 5-year roadmap.
This disclosure was made by the Governor at the formal launch of the state’s 5-year Agricultural and Food Systems Roadmap, on Thursday, adding that most of the investments would be private sector-driven while the government acts as the catalyst and enabler.
Governor Sanwo-Olu opined that the Roadmap would also lead to wealth generation, value creation, food security, the industrialisation of the agricultural sector and the entrenchment of inclusive socio-economic development of the state.
He said that the roadmap essentially focuses on 3 pillars, which are: growth of the upstream sector, growth of the midstream and downstream sectors as well as improvement of private sector participation.
What the Lagos State Governor is saying
Sanwo-Olu, in his words, said, “Our strategies for sustainable Agricultural Development shall focus on three pillars. First, we will grow the upstream sector through interventions by leveraging technologies that are capable of lowering the cost of production of value chains; Focus on growing the midstream and downstream sectors that are of value and lastly, we will improve on private sector participation by developing and initiating policies that will encourage more private investments in agriculture.”
The projection is that the total investment in the Agricultural Sector from the government, private sector, donor agencies and development partners will run into over $10 billion in the next five years. While we expect most of the investment to be private sector-driven, the government will continue to provide the needed infrastructure while the private sector will be encouraged to lead the key projects.’’
The governor pointed out that the state had already started the revamping of its Agricultural Land Holding Authority (ALHA) to support investment in agriculture, giving assurance that the coconut belt would also be strengthened with increased private sector involvement.
Sanwo-Olu listed some State’s landmark investments that will aid smooth delivery of the Roadmap to include the Lagos State Aquatic Centre of Excellence (LACE) that would boost fish production from 20% to 80%, the Imota Rice Mill, the Lagos Food Production Centre Avia, Igborosu-Badagry as well as other statewide agriculture-focused initiatives.
He said, “I am greatly encouraged by the interest already generated in the Five-Year Agricultural Roadmap and I hope it will be sustained and backed with concrete action on the part of our development partners and the international community. I assure you that the Lagos State Government is putting in place deliberate incentives to make your investment safe, secure and profitable.’’
Sanwo-Olu, therefore, urged potential and established stakeholders in the agricultural sector to partner with the state in order to transform the agricultural sector for food security, wealth generation, poverty eradication, economic diversification, rapid industrialisation and accelerated socio-economic growth.
Bottom line
This is a very laudable initiative from the Lagos State Government especially at a time the country is looking at diversifying its economy. The successful implementation of this programme with the expected benefits from the value chain will contribute significantly to the economic development of the state and the country in general.
The investment in the transformation of agriculture to agribusiness is one way of achieving the dream of attaining self-sufficiency in food production and creating more wealth.
Business
Bank needs to humanise customers – Aladdin CEO
Every customer needs a unique page where their details go beyond the account numbers.
Nigerian banks have been tasked to humanise all customers and not only treat them as just an account number. This is to say that banks should treat each customer uniquely and not assume a one-size-fits-all.
These are the comments of the Chief Executive Officer, Aladdin Digital Bank, Darlington Onyeagoro. According to him, the continent, especially Nigeria needs a marketplace Digital Bank to humanise customers, a vacuum he said Aladdin will occupy.
He said, “By humanizing customers, we are putting a face to the name. You are not just an account number, you are a human being, and as humans, you need to eat, make money and other things.
“Each customer is unique; that is why for the first time, we are breaking barriers so we can reach each one personally. We run a platform structure where every customer has a unique page where their details go beyond the account numbers.”
He added that Aladdin Finance App, which is powered by PurpleMoney Microfinance Bank, will also be offering its customers free banking with no charge rates, where customers can carry out their transfers and transactions to other banks for free.
“Traditional banks charge N25 per transfer, but we are charging Zero Naira for now. We bear the cost for now. So, we offer free banking for at least between one to three months of our operation to encourage them. All transactions are free for now,” Onyeagoro added.
The app also has several features that will cater to each customer, including seamless customer service, rewards on savings, high-interest rates up to 16% (subject to money market reality), and access to different types of loans for emergencies.
To encourage savings for customers to meet their business and personal needs, Aladdin Bank will also be rewarding its customers through a weekly raffle draw on its online platform, where amounts saved from N5,000 and above with the bank will give each customer a virtual ticket for a raffle draw.
“In that way, we are encouraging our customers to save towards their goals. For example, if you want to travel, pay your rent, children’s school fees, etc., whatever you want to do, you can set targets for yourself and save towards it. So, while you are saving towards your target, we are also paying you a competitive interest rate,” he added.
What you should know
The co-founders and chief promoters of this project are Onyeagoro, Olayemi Nasiru and Avi Umukoro. Nasiru is a seasoned banker with over a decade of experience. He once held a Senior Management Position in one of the top commercial banks in Nigeria.
Umukoro, another top-flight banker, has over 12 years of consumer banking experience in one of the top-performing banks.
