Business

FG Earmarks $6.1bn For Rail Projects

Published

9 years ago

April 3, 2017

The Federal Government has concluded plans to borrow 6.1 billion dollars from Chinese Exim Bank to complete all rail projects in the country by 2019.
The Minister of Transportation, Mr Rotimi Amaechi, disclosed this in Abuja recently .
In a statement issued by Yetunde Sonaike, the Ministry’s Director of Public Relations, Amaechi was said to have made this known during the Ministry’s 2017 budget proposal defence at the National Assembly in Abuja.
Amaechi said that the Federal Government had targeted the construction of Lagos – Ibadan, Kano – Kaduna rail projects and the first phase of the Coastal Rail (Lagos-Calabar) in the 2017 budget.
He said that President Muhammadu Buhari insisted that all rail projects in the country that had been awarded by previous administrations must be resuscitated and completed on or before the December 2019.
Amaechi said that rail projects needed to be completed due to the economic importance of these projects and the benefits to be derived by the generality of Nigerians.
“Our plan is to complete the rail projects in 2019.
“Once our borrowing plan of 6.1 billion dollars from the Chinese EXIM Bank is approved by the National Assembly, we will be able to access the loan from the Chinese Government and work will commence in earnest.
“The 2017 total capital budget of the Federal Ministry of Transportation is N243.74 billion.
“The 2016 total capital budget of the ministry was N171. 65 billion out of which N42 billion was released, representing 24.5 per cent,” he said.
According to the minister, some vital projects for the year 2016 considered ongoing includes the completion of the Mainline and Ancillary Facilities with Electric Power Supply, Freight Yards in Idu and Regasa.
He said the Locomotive Workshop, Rolling Stock Deport and provision of operational facilities for Abuja – Kaduna Rail line, remobilisation and resuscitation of the Central Rail line Project of Itakpe,Ajaokuta, Warri has also been captured in the 2017 budget for construction.
“The minister said that the ministry will ensure that efforts are directed towards achieving a roadmap with the implementation and development of some key projects, such as infrastructural development through Airport Concession.
“Establishment of National Carrier, Establishment of Maintenance Repair and Overhaul (MRO) facilities, Development of Agro-Allied Cargo Infrastructure and Establishments of Leasing Company, Establishment of Aerospace University with the support of International Civil Aviation Organisation (ICAO) through Public Private Partnership (PPP).
“The essential focus of the ministry’s 2017 Budget is to provide effective and efficient means of transportation for the nation, thereby, contributing to national development.
“ The consequent effect of the implementation of this budget is to guarantee mass employment opportunities for Nigerians and to ensure wealth creation, more revenue generation and less pressure on the Nigerian roads,” he said.

Business

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

Published

2 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

2 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

2 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