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Over 75% of Lagos revenue is internally generated, says Sanwo-Olu

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The Governor of Lagos State, Babajide Sanwo-Olu, stated that over 75% of Lagos’ revenue is generated internally, distinguishing it from other Nigerian states that rely heavily on federal allocations.

Sanwo-Olu made this disclosure in a statement on Wednesday at the ongoing Afreximbank’s Trade and Investment Forum in The Bahamas.

The governor explained that the state is responsible for more than a third of Nigeria’s Gross Domestic Product (GDP), making the state the commercial hub of the country.

He further stated that the State’s GDP has grown by almost 50% in the last five years.

According to Sanwo-Olu, the State does not rely on the revenue generated from the center like most sub-nationals in the country.

“Lagos State is one of Nigeria’s 36 States and we are responsible for more than over a third of the nation’s entire GDP. In fact, we have a GDP that is greater than all but seven African countries.

“In the last five years and under my leadership, we have seen almost a 50% growth in our GDP in Lagos alone.

“We also account for about half of the country’s total energy demand. We have over 70% of Nigeria’s foreign trade inflow into Lagos.

“And unlike most other subnational government in Nigeria, over 75% of our revenue are generated internally as opposed to being centrally collected from the national treasury,” Sanwo-Olu said.

In addition, Sanwo-Olu shared how the State was able to construct two-leveled interlink projects that helped boost the State’s economy in the past decades.

According to the governor, these projects include the massive reclamation of the Atlantic Ocean to reduce land erosion and displacement of residents in the State.

He said the projects allowed the State to create a brand new city, the Eko Atlantic city, which has now become a global commercial hub for businesses.

“Under the leadership of my predecessor who now happened to be the president of the country, Bola Tinubu, Lagos championed two-leveled ambitious interlink projects.

“First, a massive reclamation of the Atlantic Ocean to reduce land loss over the course of the century to the ravaging surge of the ocean.

“Two, the construction of what is now known as the great wall of Lagos. Almost 10 kilometer long stone and concrete barrier to protect the coastline.

“That project allowed us to create a brand new city, the Eko Atlantic City, which has since then become a global model for environmentally responsive climate action seat. This even predates the Paris Climate agenda,” Sanwo-Olu added.

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Nigerians can now obtain UAE visas, says FG

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Mohammed Idris, minister of information and national orientation, says Nigerians can now apply for and obtain visas to the United Arab Emirates (UAE).

Idris said the federal government has reached an agreement with the UAE to allow Nigerian passport holders to obtain visas for travel to the Arab nation starting today, July 15.

The minister spoke with the State House correspondents in Abuja on Monday, shortly after the weekly federal executive council (FEC) meeting.

He said the agreement includes updated controls and conditions to be fulfilled before the issuance of a UAE visa.

On December 13, 2021, the UAE issued a travel restriction on passengers from Nigeria and the Democratic Republic of the Congo, citing a surge in the countries’ COVID-19 cases among passengers from the two African nations.

However, TheCable reported the travel ban might not be unconnected with the diplomatic row between Nigeria and the UAE over Air Peace’s flight frequency to the Arab country.

Air Peace had requested a slot of three weekly flights from Nigeria to Sharjah Airport in the UAE, but only one was granted by the country’s General Civil Aviation Authority (GCAA).

GCAA said Air Peace should not expect to retain its flight frequency after pulling out of Sharjah Airport; the Nigerian airline, however, denied the claim.

In retaliation for Air Peace’s treatment in the UAE, the federal government dropped Emirate’s slots from 21 to one, leading to the Dubai-based airline suspending all its flights to Nigeria.

In September 2023, the federal government said the airline would resume services in Nigeria, signaling a resolution of the dispute.

The assurance followed a meeting between President Bola Ahmed Tinubu and Mohamed bin Zayed, president of the United Arab Emirates.

But since the meeting and the federal government’s announcement, Emirates has yet to begin scheduled flight operations.

In April, Festus Keyamo, minister of aviation and aerospace development, said Emirates Airlines is prepared to resume flight operations to Nigeria.

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Lagos state government designates 5 operational parks for trucks in Lekki-Epe corridor ahead of e-call up system launch

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The Lagos State Government has designated five operational parks for trucks in the Lekki-Epe corridor in anticipation of the e-call-up system’s launch on August 1, 2024.

This strategic initiative aims to regulate truck movements and prevent the traffic congestion previously seen at Apapa and Tin Can Ports.

According to Lagos State Commissioner for Transportation Oluwaseun Osiyemi, the designated parks for articulated trucks in the Lekki-Epe corridor are Hog Marketing Limited in Okorisan, Epe; Nilmage Two4Seven in Poka, Epe; Goldspeed Freight Agency Ltd. opposite Dangote Refinery on Lekki Coastal Road; Diamond Star Ports and Terminal Ltd. in Abule Panu, Lekki-Epe; and Tal Concept Ltd. at HFP Brick Industry on Lekki-Epe Expressway.

“Five operational parks for trucks: Hog Marketing Limited (Okorisan, Epe), Nilmage two4seven (Poka, Epe), Goldspeed Freight Agency Ltd (Opp. Dangote Refinery, Lekki Coastal Road), Diamond Star Ports and Terminal Ltd. (Abule Panu, Lekki-Epe), Tal Concept Ltd (HFP Brick Industry, Lekki-Epe Expressway),” the statement read in part.

Furthermore, the Lagos State Government has mandated that all articulated trucks operating in the corridor must be equipped with Radio Frequency Identification (RFID) tags. This requirement aims to streamline and automate the management and tracking of truck movements once the system goes live next month.

Additional initiatives in the implementation plan include the separation of wet and dry cargo and the deployment of vehicle inspection services at parks for vehicle certification.

These measures are designed to eliminate traffic congestion, address environmental concerns, and reduce accidents caused by trucks along the corridor. They will also help manage the increased activity expected from the Dangote Refinery, Lekki Port, and other entities.

The Lagos State Government provided additional details on the e-call up system, clarifying that it will officially launch on August 1, 2024, through the platform mycallup.com, with full enforcement beginning on August 7, 2024.

Compliance with this system is mandatory, and trucks that fail to comply will be impounded to ensure strict adherence to the new regulations.

The government emphasized the necessity of cooperation from all stakeholders for the success of this initiative. This includes truckers, organizations, security agents, and local communities, all of whom must work together to prevent a recurrence of the severe traffic congestion and logistical issues previously experienced at Apapa and Tin Can Ports.

The active participation and commitment of these groups will be instrumental in ensuring a smoother and more efficient transportation process along the Lekki-Epe corridor.

The state government emphasizes that by adhering to these regulations and fully cooperating, stakeholders can contribute to a more organized, safer, and environmentally friendly transport environment in Lagos.

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Nigeria’s inflation rate increases to 34.19% amid rising food prices

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Nigeria’s inflation rate rose to 34.19 percent in June 2024 — up from 33.95 percent in May.

The data is captured in the National Bureau of Statistics (NBS) in its consumer price index (CPI) report for June, released on Monday.

The CPI measures the rate of change in prices of goods and services.

According to the bureau, food inflation also surged to 40.87 percent in the month under review as prices of food and non-alcoholic beverages continued to surge.

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