Business

National Assembly tackles Amaechi over Nigeria-Niger Republic rail line, others

Published

3 years ago

November 6, 2021

Minister of Transport, Rotimi Chibuike Ameachi

The Senate and House of Representatives Joint Committees on Land and Marine Transport on Thursday protested against the proposal of the Minister of Transport, Rotimi Chibuike Ameachi, to construct a standard gauge for the Kano-Maradi rail line while an old narrow gauge was planned for other parts of Nigeria.

The lawmakers became angry when Amaechi presented the 2022 budget proposal of his ministry before the Joint National Assembly Committee.

While presenting the budget, Amaechi said, “The construction of Kaduna-Kano railways to link up the Abuja-Kaduna rail line has commenced. Survey and design for Ibadan-Minna-Abuja is ongoing.

“Construction of the 284 kilometres Nigeria-Maradi (Niger Republic) standard gauge rail line enabling interconnectivity with countries in the West Africa sub region for the promotion of trade and commerce.

“This important contribution by Nigeria would be mutually beneficial by adding to the economic growth of the two countries, Niger and Nigeria.”

Chairman of Senate Committee on Marine Transport, Senator Danjuma Goje, and House Committee Chairman, Mr Pat Asadu, kicked against the marginalisation of other regions of the country in the rail line construction.

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Both Chairmen queried the minister why he was not constructing uniform rail lines across the country.

They also asked him to explain the rationale behind the modern standard gauge being proposed for the Kano-Maradi rail line when he was constructing the old narrow gauge in other parts of Nigeria.

The Chairman, Committee on Port, Pat Asadu, who opened the floor after the minister presented the budget to the committee, specifically asked why he was constructing modern rail line in one place and old rail lines in other parts of the country.

He said, “Looking at your key railway projects which you’ve highlighted, I think they are worth the spend.

“We are now looking at the difference between project D which is the construction of 284 kilometers Nigeria-Maradi railway standard world class line against Project C where you talked about the total rehabilitation and reconstruction of Port Harcourt to Maiduguri eastern rail network defined as narrow gauge.

“For a segment of this country that is known for trade and commerce, they need railway as they need air.

“Why is the ministry doing a 287 kilometers of railway track from Kano to Maradi that you will fund with Nigerian money borrowed for Nigerians to be paid by our children to do a world class railway to Maradi.

“I also know the economy of Niger Republic and I believe the economy of the South-East is bigger than that of Maradi. I am not even talking of South-South.

“So what policy guide, what need assessment, what study of federal character integration would make the Ministry of Transportation to put 284 kilometers railway from the end of the North to Maradi and then constructing a narrow gauge in the South-East and South-South.

“This to me is why the integration of this country will always be challenged because things are done with so much impunity. This is our commonwealth.

“So if we approve this budget for you, you will go and do Kano-Maradi standard rail line and do a narrow gauge rehabilitation for the South-East. My heart bleeds.

“Instead of doing the right thing, you are now giving us this one as what will enhance the economy of Niger and Nigeria, while the economy of Nigerians especially those who have the containers and who are always on the road are given a narrow gauge rehabilitation.”

Similarly, Danjuma Goje, said, “I concur with you because we have consistently challenged the minister.

“Why will you give those of us from the eastern part of Nigeria, from South-East, North-Central, North-East the archaic, old modern narrow gauge, then you are now spending a lot of money to do the modern standard gauge to another country.

“Are people from the South-East, North-Central and North-East not Nigerians? Why should there be double standard in this matter?

“That is why we are quarreling. You are telling us you are designing Ibadan to Abuja, you are doing Kaduna to Kano, you are doing Abuja to Itakpe and to Warri.

“What wrong did the South-East, North-Central and North-East, particularly the South-East, Benue, Plateau, Taraba, Bauchi, Gombe, Borno and Adamawa. What is wrong with us?

“Are we not Nigerians? I completely concur with Honourable Pat Asadu, 100 per cent.”

Ameachi, while responding to issue raised by the committee, said the difference between the narrow gauge and standard gauge was speed, adding that the country might not get the money to build standard gauge across the country.

He said that the negotiation for loan for the construction of Kano- Maradi standard gauge line was about to be completed.

He also clarified that his ministry was yet to get money for Kano-Kaduna, Port Harcourt-Maiduguri railway projects.

On the economic justification for constructing the $1.3bn Kano-Maradi rail, Ameachi said the project was not based on sentiments but economic benefits for the country.

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Naira opens 2025 on weak note against US dollar

Published

17 hours ago

January 3, 2025

Trends Admin

Naira opens 2025 on weak note against US dollar

The Nigerian naira fell to N1,541.36/$ on the first trading day of 2025, marking a 0.36% decline from the closing rate of N1,535.82/$ recorded at the end of 2024, according to NFEM data on the Central Bank of Nigeria’s website.

Some authorised dealers quoted the dollar at N1,545/$, a slight improvement from the N1,550/$ quoted earlier in the week. Others quoted the naira at N1,520/$ at the close of trading on Thursday.

In the parallel market, the naira ended the day at N1,655/$, improving from N1,670/$ quoted on Tuesday.

The naira’s performance in 2024 saw a significant depreciation of 40.9% compared to its official rate of N907.11/$ at the close of 2023.

Naira opens 2025 on weak note against US dollar

Auto

Jetour attributes Nigeria’s award to customers loyalty, innovation

Published

23 hours ago

January 3, 2025

Trends Admin

Jetour attributes Nigeria’s award to customers loyalty, innovation

Jetour has been declared the fastest growing auto brand in Nigeria.

The award was announced on Wednesday December 11, 2024 in Lagos at an impressive ceremony organised by the Nigeria Auto Journalists Association (NAJA).

Jetour representative in Nigeria, Jetour Mobility Services, has taken to its Facebook page to celebrate its customers for making this to happen, attributing the success to its commitment to innovation in creating remarkable driving experiences.

Jetour known for its luxury offerings is one of China’s most revered auto brands, a marque of Chery Holding Group established in 2018.

It mainly produces crossovers and Sports Utility Vehicles (SUVs).

The recognition of Jetour as the Fastest Growing Auto Brand in the country is coming about a year after its introduction into the Nigerian market.

Jetour arrived in Nigeria in the last quarter of last year. And the SUVs available for this market are X70 – Liberty, X70 Plus – Elegance, X90 Plus – Cruise and Dashing.

Chairman of the NAJA Awards Organising Committee, Mr Theodore Opara, said despite being new in the Nigerian market, the brand was quickly able to secure a prominent place for itself in the highly competitive industry and received considerable attention from new car enthusiasts.

The committee, he added, had no difficulty in picking the brand as the fastest growing in the Nigerian auto market.

The name “Jetour” is a combination of the word “jet” and “tour”, which according to the automaker signifies a “convenient journey”. And its models try to depict this connotation in designs and performance.

Jetour Mobility Services said it considered the award a great honour, adding that it was a validation of its commitment to innovation and creating remarkable driving experiences.

The firm celebrates the award on its Facebook page with the following comments:

“We’re honoured to be named the Fastest Growing Auto Brand of the Year at the prestigious NAJA Auto Awards, powered by the Nigeria Auto Journalists Association.

“This achievement is a testament to our commitment to innovation, quality, and creating unforgettable driving experiences.

“A huge thank you to our amazing customers and everyone who has been a part of the journey — your trust propels us forward! Cheers to more milestones ahead!”

Jetour says its focus is to be a leader in mobility as well as provide reasonable travel solutions for individuals and families.

Its goal is to provide an excellent vehicle that demonstrates individuality for today’s young people, it adds.

As in the global market, the brand users in Nigeria are said to be an uncompromising group of individuals, unwilling to settle for less.

Jetour is not only winning in Nigeria, it is also a toast of a section of the Saudi market. One of its models, Dashing, recently won the Best Midsize Crossover Award for 2023-2024.

National Automotive Supply Company, the authorised distributor of Jetour vehicles in the Kingdom of Saudi Arabia, announced that the new and advanced Jetour Dashing won the “Best Midsize Crossover” award during the awards ceremony of the 11th edition of the “PR Arabia National Automotive Award” in Saudi.

Jetour Dashing was announced as the winner at the ceremony held in mid-November in Jeddah under the patronage of the Saudi Automobile and Motorcycle Federation and in the presence of several princes and VIPs, as well as representatives of regional offices of automotive brands.

Business

NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo

Published

1 day ago

January 2, 2025

Trends Admin

Former President of Nigeria, Olusegun Obasanjo

NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo

Former President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC) rejected a $750 million offer from billionaire businessman Aliko Dangote.

In an exclusive interview with Channels TV, former President Olusegun Obasanjo revealed that in 2007, Dangote offered a staggering $750 million to manage the Port Harcourt and Kaduna refineries.

Obasanjo explained that the Nigerian National Petroleum Corporation (NNPC), now rebranded as NNPCL, rejected the offer due to its inability to operate the refineries effectively.