Business

Okonjo-Iweala Lauds Nigeria’s Rail Projects

Published

12 years ago

July 30, 2014

The Automated Project Monitoring and Assessment vehicle, known as the Automated Road Analyser (ARAN) unveiled by Rivers State Governor, Rt. Hon. Chibuike Rotimi Amaechi in Port Harcourt last Thursday. Photo: NAN

The Minister of Finance,
Dr Ngozi Okonjo-Iweala, has commended the progress made so far in the construction of the Federal Capital Territory’ s rail projects.
Okonjo-Iweala made the commendation when she inspected the project sites of Abuja terminal expansion at the Nnamdi Azikiwe Airport. Abuja.
The minister expressed satisfaction with the level of work done so far on the light rail in Idu and the Abuja-Kaduna rail projects.
According to her, the Federal Government is looking forward to a constructed terminal that is similar to those found outside the country which Nigerians will be proud of.
“ My impression on the progress is very good, the work is going on well and the terminal is 30 per cent completed.
“ I am quite excited as you can see because what I saw up there is quite impressive. The quality seems solid and the design looks good.
“ The Federal Government took a loan of 500 million dollars from the NEXIM Bank of the Chinese Government to construct modern terminals in the country.
“ We have four terminals that are going to be financed from this money, they include, Abuja, Lagos, Kano and Port-Harcourt,’’ she said.
On the light rail, the Minister said what she had in her head was different from what she had seen; adding that what she had seen would endure longer.
“They have explained to me how they will be working on phases for the project and God willing by May next year we will be riding on it.
“What we had borrowed was 500 million dollars but they had started work before then and we had already paid 162 million before the loan was approved.
“ This is not just about borrowing money, it is about a relationship between China and Nigeria, and for this segment we have already borrowed what is needed to complete this section,’’ she said.
The Chinese Ambassador to Nigeria, Mr Gu Xiaojie said the Chinese Government was committed to the partnership and that CCECC was also committed to completing the project.
“ Best quality is ensured for the project and CCECC is also undertaking the project and are undergoing training programme and employing local force for the project.
“ It is a very good project and the Nigerian Government is making very good use of the Chinese loans.
“ I think from what I have seen, it is going on very well, they are constructing according to the standard and I think we will finish this on time ,’’ Xiaojie said.
The Director, Rail and Mass Transit, Federal Ministry of Transport, Mr Gafai Bature, said the national rail was at 84 per cent completion and would be ready for inauguration by December.
“ The Idu station is the first station and one can come here and take a train to Kaduna within a maximum of one hour.
“ The train speed is about 150 kilometer per hour. We are hoping that by December, new locomotives will arrive to carry passengers within the FCT.
“ The light rail is like a city train within the FCT and its environs but the national rail is a heavy gauge train that carries passengers and goods.
“ The national rail is segmented into six. After this, we will embark on Lagos to Ibadan, Lagos to Ilorin, Ilorin to Minna, Minna to Abuja and Minna to Kano.”
He said that the first stage of the project covered 186 km from Idu to Kaduna, adding that the total sum of the project was 849 million dollars.

Business

Niger Delta Investment Summit Targets $5bn Inflows, 500,000 Jobs

Published

3 days ago

April 10, 2026

The Tide

The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled the plans to host a major economic and investment summit aimed at attracting five billion dollars, ( N7 trillion) investments in addition to creating about 500,000 jobs over the next five years.

The Chairman of NDCCITMA Board, Ambassador Idaere Ogan, disclosed this in Port Harcourt, recently.

Ogan stated that the initiative is designed to reposition the Niger Delta as a viable destination for sustainable economic growth and development.

He explained the summit would bring together investors, policymakers, manufacturers and business leaders from within and outside Nigeria to explore opportunities across key sectors of the regional economy.

According to him, the event is expected to attract high-profile participation, with President Bola Tinubu billed as Special Guest of Honour, while the Prime Minister of Barbados, Mia Amor Mottley, is expected to deliver the keynote address.

Ogan said the summit would focus on critical sectors including agriculture, manufacturing, logistics and the blue economy, which he described as areas with significant untapped potential.

He called on state governments, development partners and private sector stakeholders to support the initiative, stressing that collective efforts are required to unlock the region’s economic prospects.

NDCCITMA chairman further stated that improving security conditions and increasing economic confidence in the Niger Delta have made the region more attractive to both local and foreign investors.

He emphasised that ongoing economic reforms at the national level have also contributed to creating a more favourable investment climate.

Also speaking, the Chairman of the Summit Organising Committee, Dr. Solomon Edebiri, said the event would prioritise the growth of small and medium-scale enterprises (SMEs) across the region.

He noted the summit would provide a strategic platform for networking, business partnership and policy dialogue aimed at strengthening the private sector.

Edebiri disclosed that findings from a recent business roundtable revealed significant untapped investment opportunities, which the summit seeks to harness through targeted collaborations.

He revealed that the event would feature exhibitions of viable projects, facilitate business-to-business and business-to-government engagements, and also promote innovations across multiple sectors.

According to him, the expected outcomes of the summit include job creation, increased industrial activity and improved livelihoods for people in the Niger Delta.

To build momentum ahead of the event, NDCCITMA said the body would embark on awareness roadshows across states in the Niger Delta, as well as in Lagos and Abuja, to attract broad participation.

King Onunwor

Business

NPA Targets N1.489tn Revenue In 2026

Published

3 days ago

April 10, 2026

The Tide

The Management of Nigerian Ports Authority (NPA) has set N1.489 trillion as its Internally Generated Revenue (IGR) target for the 2026 fiscal year.

NPA says the figure represents an increase of N21 billion over the N1.468 trillion target for 2025, which the agency exceeded with an actual revenue of N1.97 trillion.

The Managing Director NPA, Dr Abubakar Dantsoho, stated this during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.

Dantsoho said the authority was set to begin groundbreaking projects for the modernisation of Apapa and Tin Can Island ports to enhance global competitiveness.

According to him, of the projected revenue: N945 billion is allocated for capital projects, N447.5 billion for operating expenses, and

N90.6 billion for remittance into the Consolidated Revenue Fund (CRF).

The MD explained that the budget was anchored on the mantra, “Consolidation, Renewed Resilience and Shared Prosperity.”

Dantsoho said that the modernisation of Apapa and Tin Can Island ports were flagship projects aimed at boosting revenue.

“Apapa and Tin Can Island ports are old and no longer adequate for modern global port operations.

“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old, with limited capacity for handling modern vessels and cargo volumes.

“Groundbreaking for their modernisation will commence within the next two to three weeks,” he added.

On the Treasury Single Account (TSA), Dantsoho said all revenues generated by the NPA are paid directly into the account managed by the Central Bank of Nigeria (CBN).

“We do not retain any funds. The Central Bank is the signatory and we must apply for funds whenever needed,” he explained.

Earlier in his remarks,Chairman of the Senate Committee on Ports, Sen. Wasiu Eshinlokun (Lagos Central), said the committee’s oversight function was collaborative rather than adversarial.

“Our goal is to work with you to strengthen institutional capacity, eliminate inefficiencies and ensure that every naira appropriated serves the public interest,” he said.

Chinedu Wosu

Business

NPF Disburses ?21.68m To Fallen Heros’ Families …Reinforce Welfare Commitment

Published

3 days ago

April 10, 2026

The Tide

Nigeria Police Force has disbursed a total of ?21,678,120 to the deceased police officers families in Rivers State as part of ongoing welfare interventions by the force.

The gesture formed a major highlight of the activities marking the 2026 National Police Day celebration in the state, underscoring renewed institutional focus on personnel welfare and post-service support systems.

The Commissioner of Police, Olugbenga Adepoju, who presided over the cheque presentation ceremony, said the initiative reflects the Force’s commitment to honouring officers who paid the ultimate price in their line of duty.

He explained that the financial support is designed to cushion the economic burden faced by bereaved families, while also reinforcing confidence among serving personnel about the Force’s long-term welfare structure.

Adepoju conveyed the sympathy of the leadership of the Nigeria Police Force to the beneficiaries, noting that the sacrifices of fallen officers remain invaluable to national security and public safety.

The police boss further stressed that sustained welfare interventions are critical to boosting morale, enhancing productivity, and strengthening institutional loyalty within the Force.

He reiterated that the welfare scheme aligns with broader reforms aimed at repositioning the Nigeria Police Force as a responsive and people-oriented institution.

Beneficiaries of the cheques commended the Inspector-General of Police, Olatunji Rilwan Disu, for prioritising the welfare of officers and their families through consistent and impactful interventions.

They described the initiative as timely and compassionate, noting that it would go a long way in alleviating financial pressures arising from the loss of their loved ones.

The families also acknowledged ongoing reforms under the current police leadership, which they said have strengthened trust, improved service delivery, and enhanced the overall image of the Force.

The Rivers State Police Command reaffirmed its commitment to sustaining similar initiatives as part of efforts to uphold the dignity, sacrifice, and legacy of officers who served the nation with distinction.

King Onunwor