In recent days, the Naira has slumped six times against the Dollar in the foreign exchange market.
Business
France, Cross River collaborate on waste-to-electricity project
Cross State Government has sealed an agreement with the French government to convert its wastes to electricity as part of the Governor Ben Ayade-led administration’s actualization of the waste-to-energy policy.
Leader of the team, Ayodeji Okele, who is also Managing Director, Asaju Energy, disclosed the collaboration during a presentation to Ayade in company with a consortium of French companies, comprising Gilles Baquet, GB Consult and Services, Laurent Lambs, Project Manager Serge Experts.
Okele said they were in Calabar to conduct the feasibility studies on the waste management situation in the state.
The feasibility studies followed a recent visit by the French Ambassador to Nigeria, Jerome Pasquier, to the state.
“We have been having a discussion about this project over a year ago with regard to the waste management situation in Cross River State. And we arrived at the idea that we will need to do proper feasibility studies to find out what solution would be best suited and also what solution will be economically viable,” Okele said.
According to the project guidelines, the team is expected to develop a sustainable solution for disposal of municipal waste, both liquid and solid as well as proffer solutions for the generation of electricity from the end products at the end of the day.
Okele and his team had earlier undertaken an inspection tour of the major dump sites at Lemna.
The purpose of the feasibility studies, according to the team, is to have an idea of the technical and financial basis for the project.
“Our feasibility studies will take about six months,” Okele said.
Governor Ayade, while expressing appreciation to the French government for the partnership, charged the consortium to see the project as purely a life-saving intervention, and “not something you can periodise as a research. This is not a research, it is a life-saving intervention mission and that is why you are here. So, if you approach it from that perspective, your concept of time will become more delicate and sensitive.
“I do not believe you need six months to do this feasibility study, you just need to put more effort and more time. And why am I saying this? This is because when you finish your feasibility study, you will end up with a position statement which states that it is a feasible project. Then you go back to the French government to process the actual final milestone which is the actual implementation. So, if it takes you six months for feasibility study, by the time you get the final approval, it will be towards the end of next year and that is not the level of pulse we need.”
Business
MTN, Airtel, others set to increase call, data tarrif
MTN, Airtel, others set to increase call, data tarrif
Telecommunications companies operating in Nigeria have begun moves that will see to an increase in call tariff in the country.
The companies which include Glo, MTN, Airtel and 9Mobile are asking the federal government to facilitate constructive dialogue in the industry.
According to the telcos, the current price control mechanism is not in tandem with the economic realities, thus seeking the government’s intervention in order to address pricing challenges.
The four telecommunications giants said they were the only ones that have not reviewed their prices which threaten the industry’s sustainability and possibly erodes investors’ confidence.
They made this known in a joint statement by the Association of Licensed Telecommunications Operators of Nigeria (ALTON) and Association of Telecommunication Companies of Nigeria (ATCON) on Thursday.
According to the statement signed by ALTON Chairman, Mr Gbenga Adebayo, and ATCON President, Mr Tony Emoekpere, there has not been a general service pricing framework upward in the past 11 years.
They attributed the non-increment to regulatory constraints despite the adverse economic hardship.
READ ALSO:
- Judge absent in Fayose N6.9bn fraud case, matter adjourned to July 1
- In fresh attack, bandits invade two Zamfara communities, kill three, abduct many
- Unite against Israel to better humanity, Fani-Kayode task Christians, Muslims
They said: “For a fully liberalised and deregulated sector, the current price control mechanism, which is not aligned with economic realities, threatens the industry’s sustainability and can erode investors’ confidence.
“Despite the adverse economic headwinds, the telecommunications industry remains the only industry yet to review its general service pricing framework upward in the last 11 years, primarily due to regulatory constraints.
“Government needs to facilitate a constructive dialogue with industry stakeholders to address pricing challenges and establish a framework that balances consumers’ affordability with operators’ financial viability.”
The telcos also expressed concerns on the worsening security challenges affecting the productivity of the services provided, urging the federal government come up with measures to tackle the menace.
“Telecom infrastructure undisputedly plays a pivotal role in Nigeria’s national security and socioeconomic growth, especially as the country currently contends with multiple security challenges that require urgent and immediate actions in response to these threats.
“Attacks on cell towers, fibre optic cables, and other critical assets disrupt telecommunications services and result in significant financial losses for operators. We urge the government to prioritise the security of telecommunications infrastructure and collaborate with law enforcement agencies to enhance protection measures and combat vandalism and sabotage effectively.
“The industry also requires substantial investments in network expansion, maintenance, and technology upgrades,” they said.
MTN, Airtel, others set to increase call, data tarrif
Business
Naira continues fall against dollar despite CBN $10,000 to BDCs
Naira continues fall against dollar despite CBN $10,000 to BDCs
The Naira has failed to appreciate against the US dollar at the foreign exchange market despite the Central Bank of Nigeria’s recent additional release of $10,000 to Bureau De change operators.
FMDQ data showed that the Naira recorded another drop to N1308.52 per Dollar on Wednesday compared to N1,300.15 exchanged on Tuesday.
On a day-to-day basis, this represents an N8.37 drop from N1,300.15 per Dollar it traded on Tuesday.
In the parallel market section, the Naira was sold at between N1,250 and N1,300 on Wednesday from N1230 on Tuesday.
READ ALSO:
- Worry as long queues return to Abuja filling stations, five other states
- Iranian rapper sentenced to death for supporting anti-hijab protests
- Reno’s challenge: Peter Obi admits he didn’t build any school in Anambra, gives reasons
The development comes despite the Central Bank of Nigeria releasing 10,000 dollars each to BDC at N1,021 to a dollar with a caveat to sell at most 1.5 per cent above the bought price.
This is the third recent intervention for BDCs amid the bank’s effort to defend the Naira.
However, despite the FX rate record, the official window rate still surpassed the parallel market by N8.52.
Meanwhile, on Wednesday, the National President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, blamed peer-to-peer cryptocurrency platforms like Binance for the recent depreciation of the Naira against the Dollar in the foreign exchange market.
Auto
Excitement as Chery celebrates innovations through roadshow at The Palms
Excitement as Chery celebrates innovations through roadshow at The Palms
Excitement is in the air for all new car fans as the much-anticipated Lagos Chery Road Show holds tomorrow (Friday) April 26, 2014.
Carloha, a renowned automobile dealer of Chery vehicles in Nigeria, announced this in a statement, saying it will be an unparalleled automotive all the way from the auto firm to The Palms, the venue of the main event.
It also the event would offer an unforgettable journey of celebrating innovation, style, and the thrill of the open road.
Part of the statement read, “The Chery Road Show promises to be an electrifying extravaganza, offering attendees a thrilling journey through the heart of Lagos, celebrating innovation, style, and the spirit of adventure.
“Kicking off from the Carloha Showroom in Alapere, Lagos, the procession will wind its way through Anthony Village, Maryland, and the vibrant Sheraton Hotel axis, before making its grand entrance into the bustling streets of Opebi-Allen, and divert to Ikoyi, Victoria Island.
“The convoy will culminate at the The Palms, where the main event will take place.”
Giving highlights of roadshow, it says, “The sip and paint session promises to be a delightful fusion of creativity and relaxation.
“Set against the dynamic backdrop of Carloha Parking Lot at the Palms, participants will unleash their inner artists while watching with keen expectation on the artiste while creating masterpieces that capture the essence of the Chery brand.”
The firm also promised to provide the latest offerings from Chery with interactive displays showcasing the brand’s cutting-edge technology, superior craftsmanship, and commitment to excellence.
The Chery impressive lineup of vehicles at the venue, it added, would show why the brand had continued to redefine the automotive landscape.
“Immerse yourself in the festive atmosphere as you mingle with fellow enthusiasts and soak in the excitement of this one-of-a-kind event.
“Take advantage of exclusive offers and promotions available only at the Chery Road Show.
“Whether you’re in the market for a new vehicle or simply seeking to elevate your driving experience, don’t miss this opportunity to explore unbeatable deals and incentives,” it stated.
The statement reminded that Carloha Nigeria offers six-year free service, and six-years warranty or 200,000 kilometres, whichever comes first.
It also stated that the admission to the Chery Road Show was made free to give a lot of people the rare opportunity to experience the ultimate automotive extravaganza.
-
Education5 days ago
Why we charge N42m fees for primary school pupils — Charterhouse Lagos
-
News7 days ago
Updated: More trouble for Yahaya Bello as Immigration places him on watch list
-
Auto5 days ago
We expect massive roll-outs of Nigeria-made cars by December 2024 – Minister
-
metro5 days ago
JUST IN : Borrow pit collapses, kills seven Qur’anic school pupils
-
metro3 days ago
How gunmen killed Babcock university lecturer, abducted two – Police
-
International7 days ago
Updated: Tragedy hits Kenya, Defence chief, nine others die in military helicopter crash
-
News4 days ago
We’re not part of Yoruba Nation agitation, says MKO Abiola family
-
Politics5 days ago
Ondo APC primary: Ododo, gov aspirant in open confrontation