How Construction Of Coastal Highways Will Boost Value Of Naira — FG

Published

9 months ago

May 2, 2024

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How Construction Of Coastal Highways Will Boost Value Of Naira — FG—-The Federal Government has hinted that the construction of coastal routes in Nigeria has the potential to attract foreign investment and contribute to a stronger naira.

The Minister of Works, Sen. Dave Umahi, gave the hint at the unveiling of the new design routes for the Lagos-Calabar Coastal Highway project on Wednesday in Lagos.

According to Umahi, the government’s plan to improve infrastructure is ultimately to aim for an economic revolution in Nigeria.

“These roads are going to be constructed with concrete pavements and it’s CPC+ F, which means that there is foreign investment that will come in and this foreign investment will strengthen and stabilise the naira.

“ I’m very happy that the President has directed me to begin the design of one of the spurs linking to this coastal routes and that is the Sokoto-Badagry which was conceived by the President Shagari administration.

“It’s going to connect the ongoing routes, Lagos-Badagry routes that is being done by the federal government and state government.

“There is also another route which is the Enugu-Abakaliki-Ogoja-Cameroun-African Trans-Sahara routes. The coastal routes is also going to connect.

“The Sokoto-Badagry is 1,000 kilometre from the spur of the Trans-Saharan trade routes down to Apo in Abuja is 461 kilometre.

“It means that anyone that is travelling from Sokoto to Lagos will do it in about 10 hours and travelling from South-East to Abuja, will do it in a maximum of about five hours.

“These are the benefits of the coastal routes.’’

The minister also addressed criticism surrounding who gets credit for developing the coastal routes in Nigeria.

He said that some people were upset that President Bola Tinubu was associated with the project saying, the criticism is misplaced anger and a way to attack Tinubu without understanding the bigger picture.

Umahi said: “Some people are already bitter as to why it should be President Bola Tinubu that is the one to develop these coastal routes as tt will be a lasting legacy for generations to come.

“That is just their own anger. So, they look for an avenue to attack. But it’s all about darkening counsel without knowledge.’’

He argued that the project’s long-term benefits outweighed political squabbles, which according to him, weill leave a positive impact for future generations.

Furthermore, Umahi explained how the coastal routes, envisioned by Tinubu when he was then governor of Lagos State, would significantly improve the functionality of the Lagos deep seaport.

He said that the coastal routes, which would facilitate trade within Nigeria and potentially boost economic growth, would allow ships to directly access the deep seaport, eliminating the need for expensive transloading due to insufficient water depth.

“And many ship that were payed for transloading right now from Togo, from the way the sea had insufficient water depth, we’re going to be sending them money because this coastal route is going to be an evacuation corridor for that deep seaport.

“ So, no more transloading. They go straight to the deep seaport and are offloaded and you can have your goods. If you’re going to Northern part of Nigeria, you just come straight to Badagry and then now to Sokoto.

“And this Sokoto is cutting across Kebbi, Niger, Kwara and so on and so forth; that of the South-East is cutting across Benue, Kogi and Nassarawa- Enugu-Ogoja routes.

“These are tough decisions and these are for economic revolution.’’ Umahi said.

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FG Set to Address Food Export Irregularities, Others

Published

2 days ago

January 15, 2025

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FG Set to Address Food Export Irregularities, Others—-The Ministry of Industry Trade and Investment and Ministry of Health and Social Welfare, have collaborated to tackle irregularities in food export system.

The collaboration is also expected to encourage efforts to unlock healthcare value chain for effective transformation.

Dr Jumoke Oduwole, the Minister of Industry, Trade and Investment, made this known on Wednesday in Abuja.

Oduwole spoje while receiving Dr Muhammad Pate, the Minister of Health and Social Welfare, who was on a curtesy visit to her office.

Also on the curtesy visit was the Director-General, National Agency for Food and Drug Administration and Control (NAFDAC), Prof. Mojisola Adeyeye.

The News Agency of Nigeria (NAN) reports that the two ministries with their management, met to address some issues on irregularities on exportation of food, areas on unlocking healthcare and other important issues.

Pate said that the issues have been lingering between the ministries and needed to be tackled effectively.

He said that the issues were important to the two ministries, adding that the effort was to support President Bola Tinubu in his agenda towards transforming the country.

“This meeting is bringing two sectors that are ordinarily not closely connected. But there are specific things that have prompted to reach out, which has to do with the exportation of food and its regulation.

“The second element is the role of the regulatory body, NAFDAC, in constraining or enabling the trade that we have across various borders.

“The third issue is the regulatory function links to our efforts to unlock the healthcare value chain.

“These are issues that have been lingering, and I though we should use this opportunity to come together since we are all on the same team,” he said.

The minister said that the determination was to ensure that Nigeria achieved greatly in those areas in the long run.

Oduwole, while responding, said that both ministries would start working on areas of unlocking healthcare value chain.

She said that the issues were very vital and required effective measures to be tackled.

“I was briefed about the draft policy and medical devices of syringe and needles manufacturing in Nigeria.

“We have to identify the areas and resolutions, and to identify areas of the ministry’s concern on the draft policy document, and were we supposed to emit in further meeting with my ministry.

“The meetimg is to discuss how to deliberate on the merit and demerit of the policy, as well as the issues of manufacturing.

” They are indeed under the eight point agenda of Mr President,” she said.

The NAFDAC D-G said that Nigerians needed to change their mindsets in the area of exportation of goods, adding that those regulatory agencies should regulate effectively.

According to her, the effort will help to avoid the embarrassment of rejection of our goods.

Earlier, Mr Temiloluwa Oluokun, Technical Aide to industry, trade and investment ministry, mentioned some of the issues lingering in the ministry.

According to him, one of the issues from the regulatory reform programme was the denomination of permit fees in Naira.

“Some elements of those fees are not denominated in local currency.

“It is good to progressively shifting all the fees to the local currency to protect our exporters from exchange rate all together,” he said.

Oluokun said that another recurring issue thatrequired urgent attention was the time line for processing certificate and private sectorparticipationt.

“The recommendations are clear to revisit the export regulation 2024 with very wide industry consultation to balance oversight with efficiency all together, ” he said.

Mr Dafang Sule, Director, Federal Produce Inspectorate Service, appealed to the health ministry to assist in training some officers on the use of equipment to address the persistence pesticide residues in sesame seeds.

NAN reports that after long deliberation, the two ministries agreed that a team would be set up to address the issues discussed.

They said the team would schedule a meetimg soon to check and revisit the issues for final resolution.

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See Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 6th January 2025

Published

2 weeks ago

January 6, 2025

thecloudngr

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for 4th January, below. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1665 and sell at N1670 on Saturday 4th January 2025, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today