Business
FG Signs N4.34bn MoU For Apapa Wharf Road Project
The Minister of Power, Works and Housing, Mr Babatunde Fashola has signed a N4.34 Billion Memorandum of Understanding (MoU) with Dangote Group and other stakeholders for the reconstruction of Apapa Wharf Road.
The project is to be funded by AG Dangote Construction Company Ltd, an arm of the Dangote Group, the Nigerian Ports Authority (NPA) and Flour Mills of Nigeria.
The Tide source reports that the site was handed over to the stakeholders for commencement of reconstruction works after the agreement was signed in Lagos, Saturday.
Fashola explained that the gridlock in Apapa became compounded and had reached an unbearable level as transporters ignored the old system of moving cargo through rail to trucks and containers.
He said that the choice of the transporters to use road instead of rail for haulage increased gridlock, caused degeneration as well as well as hardship to residents of Apapa.
The minister commended the “leadership role’’ of the stakeholders to solve the complex problems in Apapa and its environs.
According to him, the situation has caused stress to residents, business owners and other stakeholders in the state.
“As a result of all these unsavory practices, we have reached a point of near total gridlock, it is difficult to move cargo in or out, difficult for residents to get home and this must stop,’’ he said.
Fashola said that it took time to reach an agreement on the project because the stakeholders were putting up an effective design that would address the drainage problem because the area was water logged.
“We have finished with the design, we now have a Bill of Quantity and the cost of the road is N4.34 billion to be funded and paid for by these three groups, Flour Mills of Nigeria, AG Dangote Construction Company Ltd and NPA,’’ he said.
The minister said that although the parties were funding the project, the Federal Ministry of Power Works and Housing would supervise it through all the stages to ensure quality and compliance with standards.
Fashola sought for the cooperation of all residents of Lagos and directed the Apapa Area Commander of the Nigerian Police Force, DSP My Nuru, to apprehend reckless drivers who drive against traffic during the period of construction.
He also appealed to Nuru to tackle all bureaucracies that would affect free flow of traffic while apprehending offenders.
Fashola also appealed for synergy among law enforcement and traffic regulatory agencies for better traffic management to reduce stress on road users during the one-year duration of the project.
The Managing Director, Flour Mills of Nigeria, Mr Paul Gbededo said that Wharf Road was the “most important road in the entire country’’ which needed more attention.
“This kind of road cannot be handled with levity,’’ he said.
Responding to issues of lack of holding bays raised by transport unions, the Managing Director of NPA, Ms. Hadiza Usman said that government would support the private sector to drive the initiative to set up new ones.
“We have received proposals on electronic management of holding bays, we are working through processes and we would soon conclude on that,’’ she said.
She said that tank farms that do not have holding bays for their trucks would soon be sanctioned.
Usman said that the NPA was also working on providing weigh bridges within the ports as well as enforce implementation in a few months to take care of problem of high axle load on the roads.
The Honorary Adviser to Dangote Group of Companies Mr Joseph Makonjuola assured that the company would contribute its funding as part of its corporate Social responsibility and would still meet its tax obligations to government.
In his remarks, the Managing Director of AG Dangote Construction Company Ltd, Mr Ashif Juma, while giving a brief of the two-kilometer road project said that rigid pavement would be used on the road.
He also assured that high quality materials that would withstand stress would be used.
Representatives of truck owners, transport unions, maritime operators, business owners in Apapa were among stakeholders present at the ceremony.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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