FG says Nigeria-Cameroon 1.5km border bridge will facilitate free trade – Newstrends
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FG says Nigeria-Cameroon 1.5km border bridge will facilitate free trade

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3 years ago

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Minister of Works and Housing, Babatunde Fashola, has said the new double-lane bridge on the Nigeria-Cameroon border will facilitate free trade.
Fashola stated this while inspecting the newly constructed 1.5km two-lane bridge and Cameroon in Ekot-Mfum, Etung LGA of Cross River.
The construction of the bridge started in 2017. It was completed in March 2021 at $35.9 billion and financed by both countries, according to the News Agency of Nigeria.
In March 2007, Cameroon and Nigeria signed a memorandum of understanding seeking funds from the bank and other development partners to execute the road transport corridor.
Last month, the African Development Bank (AfDB) said Enugu-Cameroon corridor would be completed before the end of this year.
The projects were designed to strengthen trade and cooperation between the two countries.
Speaking at the inspection, Fashola added that the current administration planned to renew and expand old infrastructure that would take the two countries to the future for many more decades and strengthen the relationship between them.
“This is the first shoot of the harvest of completed projects proposed as the administration enters the second phase of the second term on its way out,” he said.
Fashola also said, “We have had a strong relationship with the Republic of Cameroon in terms of trade and business. If you go to Aba, Enugu, and Abakaliki, for example, I can tell you that they are on the route that facilitates trade in agro-produce, merchandise, and manufactured goods from Aba in Abia State.
“You can only expect that this will improve joint border patrol, ensure security, more efficiency which you see from the first buildings formed out of the integration of ECOWAS and sister nations of what the continent should look like.
“Nigeria is now a signatory to the Africa Continental Free Trade Agreement. So, this is infrastructure that positions both nations to take the benefit of the trade that the agreement holds.
“It is really exciting. Looking into the future you can only see more business, more trade, and employment meant for people.”
The minister described the bridge as a social asset that would bring happiness and prosperity for Nigerians.
“These are social assets, and we must understand that the recoupment is the happiness and the prosperity of the people of Nigeria,” he added.
The minister said, “The prosperity of the people is the reason why President Muhammadu Buhari is pushing this infrastructure renewal. For as long as our people are happy, they can travel easily, they can reduce their journey, safe time on the road because if you save time you save money, and I am sure the President is delighted.”
Chairman, Etung Local Government Area, Henry Etuk, said the people were pleased with what the Federal Government had done.
He stressed that the new bridge would bring about better trade among the people of Nigeria and Cameroon.
He said that the ease of movement and trade would go a long way to improve relationships and foster development in the area.

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Lagos Rail Mass Transit part of FG free train ride – NRC

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21 hours ago

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December 21, 2024

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Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

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Business

NNPC denies claim of Port Harcourt refinery shutdown

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22 hours ago

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December 21, 2024

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Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down. 

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”

NNPC denies claim of Port Harcourt refinery shutdown

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CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

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2 days ago

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December 20, 2024

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CBN Governor, Olayemi Cardoso

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM). 

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM). 

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period. 

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department. 

The arrangement will be in effect from December 19, 2024, to January 30, 2025. 

Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.  

Transactions to occur at the prevailing NFEM rate 

The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.

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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department. 

The circular read in part:

“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).

This window will be open between December 19, 2024 to January 30, 2025. 

“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.” 

The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”

These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.

This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

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