Business
Ogun beckons on Indonesia to develop seaport, airport, housing
The Ogun State government is seeking to collaborate with Indonesia to develop the state’s seaport, airport, housing, and other sectors of its economy.
The government has also announced its plans to set up an economic team to liaise with Indonesian investors to explore areas of interests that will be mutually beneficial to both the state and the Pacific nation.
Ogun State Governor Dapo Abiodun made this known when he hosted the Indonesian Ambassador to Nigeria, Usra Hendra Harahap, in his office at Oke-Mosan, Abeokuta.
Abiodun noted that Indonesia has made tremendous progress in the areas of technology, infrastructure, housing, transportation and medicine, expressing the state’s interest to tap in.
“Ogun has more than enough land to accommodate a lot of industries. We are desirous of building a seaport because the deepest part of water in the country is in our state,” the governor said.
“We will be willing to collaborate with Indonesia to develop seaport, airport, housing, and other sectors. We look forward to seeing how the state and Indonesia can work together to actualise all these,” he said.
According to the governor, Ogun State has more than 12,000 square kilometres of arable land suitable for the cultivation of food and cash crops, adding that the state has the highest palm oil plantations which the Indonesian investors could leverage.
Abiodun said his administration was adopting a multi-dimensional transportation system that would help in fast-tracking the economy of the state, expressing the hope that Indonesia, with its feat in the sector, would work with the state to achieve its transportation objectives.
While assuring conducive environment for investment, the governor assured the Indonesian ambassador that Ogun State has put in place what investors need in terms of ease of doing business and availability of adequate manpower.
On electricity, however, he said the state was working towards providing adequate electricity in all its industrial clusters, inviting Indonesian companies and investors from other parts of the world to come and explore potentials that exist in the state.
Speaking earlier, Harahap said Indonesia has made significant inroad in the areas of technology, infrastructure, agriculture, medicine, among others, noting that his country has a lot of interesting information on Ogun State and was ready to do business with the state.
According to him, the state government’s desire to bequeath a modern transportation system that would herald more development was well known to Indonesia, adding that the country was ready to invest in modern railway and would collaborate with the state in developing its cargo airport.
The ambassador further disclosed that Indonesian companies have built landmark infrastructure in many parts of the world ranging from bridges, heavy machines, blue-chip equipment, solar systems, among others.
“Indonesian investors are interested in joint ventures with their Nigerian counterparts in agriculture and housing development,” he said.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
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
Business
NNPC denies claim of Port Harcourt refinery shutdown
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
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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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