Business
‘Lagos is crown of African economy’ — Sanwo-Olu woos investors at World Bank-IMF meeting
Babajide Sanwo-Olu, governor of Lagos, has assured investors that the state is the right place for investments and “the crown subnational jewel of the African economy”.
Sanwo-Olu spoke at the United States-Nigeria council for food security, trade and investment (UNSC) event, held on the sidelines of the recent World Bank-International Monetary Fund (IMF) spring meetings in Washington DC.
He said the state was the right place for investments in financial technology, education technology, health technology, business process outsourcing (BPO), talent training and placement, or physical infrastructure like data centres, among others.
“It is always my very great pleasure to engage with existing and potential investors and business people in Nigeria, and most especially, Lagos state, the crown subnational jewel of the African economy,” Gboyega Akosile, chief press secretary of Lagos, quoted Sanwo-Olu as saying, in a statement on Monday.
“I am sure many of you will be familiar with the numbers, the fact that Lagos is the fifth largest economy on the continent, the most populous city, and the fastest-growing urban centre, with a very vibrant and entrepreneurial population, made up of mostly young people.
“We have the market, we have the talent, we have the enabling environment, we have the physical infrastructure, all in place. And we have the success stories, great testimonials of what is possible when people come together to develop and implement great ideas and solutions, backed by the power of private capital and the support of understanding and enthusiastic governments.”
Sanwo-Olu, who highlighted areas of accomplishments in the state, said one of the feats he is proud of has been the completion of the first phase of the Lagos light blue rail line — “the first modern intra-city rail system in Lagos”.
He said the project is currently undergoing a test-run, “allowing Lagosians to have a long-overdue feel of what it is to belong to a city with the 21st-century rail system”.
The governor said work on the first phase of the red line is also being completed.
“It will interest you to know that the deep-sea port is the first deep-sea port to be built in Nigeria, and is now the most modern one in West Africa. A real game-changer for shipping and logistics in Nigeria and all of the west coast of Africa,” he said.
“Lagos state owns a 20 percent stake in that port, while private investors own 75 percent. The port will create an estimated 170,000 direct and indirect jobs and generate government revenue of over $200 billion over its 45-year concession period.
“It is, in our view, among the biggest and most transformational infrastructure investments in Lagos state in several decades, and we worked very hard with the private sector and the federal government to deliver it.
“Expect more of these kinds of collaboration in the next four years, especially as we look to deliver on a new bridge across the Lagos Lagoon, the 4th Mainland Bridge, and a new International Airport in Lagos.”
INVESTMENTS IN AGRICULTURE AND INFRASTRUCTURE
Sanwo-olu further said the government was working assiduously on providing better infrastructure such as the 10-lane expressway linking Nigeria to Benin Republic; and a network of access roads to the Lekki deep sea port.
In addition, he said his administration was focusing on processing and storage infrastructure because of the state’s population, which makes it Nigeria’s biggest food consumption hub.
“We are also very blessed with water — a lagoon and the Atlantic Ocean, which means fisheries are a huge opportunity. It is with these opportunities in mind that we have recently completed the largest rice mill in sub-Saharan Africa, which will be managed by private players, while also building what will be the largest food security systems and central logistics park in sub-Saharan Africa,” he added.
The governor explained that the park, with storage facilities, can guarantee uninterrupted food supplies to “more than 10 million persons, for at least 90 days”, adding that the project is one of the outcomes of the five-year Lagos state agricultural and food systems road map (2021–2025).
DIGITAL TRANSFORMATION KEY PRIORITY
Commenting on digital technology and innovation, Sanwo-Olu said Nigeria’s Information and communication technologies (ICT) sector — a component of the digital economy — was the only sector of the economy that grew by double digits during the COVID-19 pandemic.
He said Lagos is the fintech capital of Africa, where companies like Flutterwave, Paystack and Interswitch were born.
“As a state government, we are partnering with the federal government, and the private sector, to redevelop the national theatre, a Lagos landmark, into a world-class creative and technology park, with hubs for information technology, music, film, and fashion. That multi-million-dollar redevelopment is very well advanced now and should be completed this year,” the politician said.
“I must also not fail to mention the fact that Nigeria now has a startup act, the Nigeria Startup Act, which was signed into law by President Buhari some months ago, and which further solidifies our status as the country of choice for technology investment in Africa.”
Sanwo-Olu said the state was also working on the smart city project, adding that digital transformation was also a priority.
“The smart city project also includes hundreds of video surveillance cameras, to improve security in the metropolis, as well as help us better coordinate our emergency response systems,” he said.
Business
31 electricity towers affected as vandals destroy transmission lines in Edo communities
The Transmission Company of Nigeria (TCN) says vandals in Benin, Edo state, have destroyed 31 transmission towers.
In a statement on Friday, Ndidi Mbah, TCN’s director of public affairs, confirmed that vandals attacked transmission towers in Okada and Ofosu communities along the 330kV Benin-Egbin and Benin-Omotosho transmission lines.
Mbah said the vandalised towers, which suffered significant damage with critical components removed earlier in November, were discovered by TCN linesmen during a routine patrol.
“A total of 31 towers were affected in this incident,” she said.
“TCN engineers from the Benin Sub-Region have initiated repairs to prevent the collapse of the affected towers and to avoid disruption of bulk power supply.”
‘AHOADA-YENAGOA LINE UNDER REPAIR TARGETED BY VANDALS’
Mbah also said its Ahoada-Yenagoa 132kV line, which was under repair following a previous attack, was once again targeted by vandals.
The TCN spokesperson confirmed that the attack, which occurred on November 19, affected towers 29 to 31 and resulted in the theft of approximately one-third of the conductor.
On August 14, TCN announced that Bayelsa state would face a prolonged power outage following the destruction of 13 transmission towers along the Ahoada-Yenagoa 132kV double circuit transmission line by vandals.
The transmission company, on October 29, reported that 65 percent of the damaged transmission towers had been repaired.
The company said 17 transmission towers had been successfully erected, with work continuing on the remaining three.
“A team of TCN engineers, led by Engr. Emmanuel Akpa, General Manager of the Port Harcourt Region, has conducted an inspection of the site,” the statement reads.
“Preliminary findings indicate that the incident occurred at night. In an attempt to prevent further theft while repair arrangements are being made, local security has been engaged at Ula Ikata in Ahoada East LGA to secure the site until repairs are completed.
“Additionally, the line will be energized from the Ahoada end as a preventive measure.”
Mbah added that efforts are underway to replace the stolen 250mm conductor.
Despite challenges posed by difficult terrain and flooding, she said the restringing of the Ahoada-Yenagoa 132kV line is approximately 85 percent complete.
The public relations officer stressed that the incidents underscore the urgent need to address the growing problem of vandalism and theft, which continue to affect Nigeria’s power infrastructure.
She urged the public to support efforts to tackle such criminal acts, which have hindered the expansion and stability of the national grid.
Mbah also called on security operatives and local communities to remain vigilant in protecting power infrastructure in their areas as TCN intensifies its efforts to safeguard its installations.
Business
NCAA issues aerodrome certification for Lagos, Abuja international airports
The Nigeria Civil Aviation Authority (NCAA) has issued Aerodrome Certification for Murtala Muhammed International Airport in Lagos and Nnamdi Azikiwe International Airport in Abuja.
This recertification is a significant achievement, highlighting the ongoing improvements in the safety standards of Nigeria’s international airports.
The announcement was conveyed via a post on the official X (formerly Twitter) account of the Federal Airports Authority of Nigeria (FAAN) on Friday.
The Aerodrome Certificates were formally presented to the Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, by the Acting Director General of the NCAA, Capt. Chris Najomo.
“@NigeriaCAA just issued Aerodrome Certification for the Murtala Muhammed International Airport Lagos and the Nnamdi Azikiwe Airport Abuja. The recertification is a major boost and attestation to the continued improvements of the safety standard of our Airports,” the tweet read in part.
The certification confirms that Lagos and Abuja airports adhere to the strict safety, operational, and technical standards of the International Civil Aviation Organization (ICAO). This milestone is anticipated to enhance trust among domestic and international airlines, strengthening Nigeria’s standing in global aviation.
Business
Lagos state government plans traffic diversion in Ikeja for 10km Capital City Race today
The Lagos State Government has announced plans for a traffic diversion to accommodate the 10km Capital City Race scheduled for Saturday, November 23, 2024.
The race, which runs between 5:00 AM and 11:00 AM, will affect several major roads in the Ikeja axis, requiring motorists to explore alternative routes during the event.
A statement published on the official X (formerly Twitter) account of the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, on Friday, highlighted the affected routes.
These include Shoprite Alausa, Billings Way, Kudirat Abiola Way, Opebi Link Bridge, Allen Avenue, Adeniyi Jones, and Oba Akran Avenue.
The race will conclude at the Police College Sports Secretariat/Gym. Junctions and intersections along these roads will be temporarily blocked and manned by officials from the Lagos State Traffic Management Authority (LASTMA), the Nigeria Police Force (NPF), the Federal Road Safety Corps (FRSC), and the Lagos State Neighborhood Corps (LSNC) to ensure a smooth event.
“The Lagos State Government has announced that traffic will be diverted to accommodate the maiden edition of the 10-kilometer Capital City Race between 5:00 am and 11.00 am tomorrow Saturday, 23rd November, 2024.
“To this end, the following route starting from; Shoprite Alausa Ikeja inwards Billings Way to Kudirat Abiola Way, Opebi Link Bridge, Opebi Glo Tower inward Allen Avenue, Allen Junction, GTBank on Adeniyi Jones, AP Filling Station on Oba Akran Avenue, Samsung Authorized Service Centre to Police College Sports Secretariat/Gym will be partially closed off to vehicular movement.
“Consequently, all junctions and intersections from Shoprite Alausa Ikeja to the destination (Police College Sports Secretariat/Gym) will be blocked with barriers, manned by LASTMA, NPF, FRSC, and LSNC to prevent other road users access to the main race corridor,” the statement read in part.
The Lagos State Commissioner for Transportation urged motorists to remain patient as the road closures are part of the traffic management plan for the event. He added that intersections will be intermittently reopened as the race progresses to minimize inconvenience for road users.
Motorists are advised to plan their movements accordingly and cooperate with traffic officials to ensure the success of the inaugural Capital City Race.
In addition to the planned traffic diversion in Ikeja for the 10km Capital City Race, other traffic diversions are currently in effect across Lagos to accommodate critical infrastructure projects.
The Lagos State Government recently announced a 15-month traffic diversion at Mile 2, which began on November 11, 2024, to facilitate the construction of the new Transport Interchange Terminal. This project aims to integrate rail, bus, water, and non-motorized transport, addressing the city’s growing transportation needs.
The diversion affects Loop 1 on the Apapa-bound lane and Loop 4 on the Badagry-bound lane and will last until February 16, 2026. Motorists are advised to use alternative routes, such as Akinwande Road for Badagry-bound traffic and Durban Road for Apapa-bound traffic, to ease congestion.
Additionally, a three-month traffic diversion on the Marine Bridge, outbound Apapa, commenced on Monday, November 18, 2024. This diversion, set to run until February 25, 2025, is to allow for urgent asphalt repairs overseen by the Federal Ministry of Works.
Motorists heading toward Lagos Island are advised to use the Eko Bridge via Costain Roundabout, while those heading to Ijora Causeway or Iddo can navigate through Ijora 7up or other designated routes.
These diversions are part of ongoing efforts by the Lagos State Government to improve transportation infrastructure while minimizing disruption for road users.
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