Business
Oshodi-Lagos subsidised workstations for SMEs ready March 2022 – Sanwo-Olu
Lagos State Government says it will complete a new hub of commerce at Cappa in the Oshodi area of the state at the end of first quarter next year to provide subsidised workspaces for the Micro, Small and Medium Enterprises.
Governor Babajide Sanwo-Olu, on Thursday, disclosed that the Cappa hub would accommodate thousands of the MSMEs operating without workstations, adding that the state government was also looking for space in Somolu, Yaba and Obalende to replicate the kind of hub in Ikeja.
A statement by the governor’s Chief Press Secretary, Gboyega Akosile, quoted him as saying the intervention became necessary to strengthen small-scale businesses and draw down their expenses.
Sanwo-Olu announced the development at the 7th Lagos Corporate Assembly held at the State House in Alausa where the Governor met with members of the Organised Private Sector to chart a new course for the growth of the State’s economy.
Their conversation was said to be centred around reviewing the impact of the COVID-19 pandemic on businesses and resolutions implemented to further improve Ease of Doing Business, thereby making the state’s economy resilient.
The yearly event is a platform on which the Lagos State Government and members of the private sector jointly address regulatory issues hampering smooth running of business activities in Lagos.
Sanwo-Olu, who described the MSMEs as “the engine room” of growth, said the state’s economy had continued to climb up because of the resilience of small and medium businesses.
The governor said it was time the government leveraged the growth opportunities offered by the MSMEs to generate more jobs and revenue by expanding the workspace for operators to co-create and sustain their investments.
He said, “The disruption occasioned by the COVID-19 pandemic has further exposed the need to build a more stable and resilient economy through the implementation of sustainable economic policies and proactive initiatives that guarantee a safe business environment.
“The Small and Medium Enterprises have played significant roles in our economic growth and we will continue to give them the necessary support so that they can thrive and contribute their quota to the development of Lagos.
“We acknowledge that the MSME hub we have in Ikeja has been working fine; but it is oversubscribed and we are looking beyond that. We are currently building another hub in Cappa around Oshodi and I assure all micro, small and medium business operators that the new hub will be commissioned in the first quarter of next year. We are also looking for space in Somolu, Yaba and Obalende where we will replicate the kind of hub we have in Ikeja.”
Governor Sanwo-Olu also said there would be intervention in the areas of off-grid power, business mentoring, FinTech assistance and fast Internet connectivity.
The intervention, he said, would stimulate more growth and generate young employment for the youth.
Sanwo-Olu told members of the business community that his administration had resolved all issues raised during last year’s edition, sharing some of the progress with the investors.
Lagos Commissioner for Commerce, Industry and Cooperatives, Dr. Lola Akande, said the Sanwo-Olu administration, since inception, had sustained investment in the provision of infrastructure across major sectors identified in the T.H.E.M.E.S agenda, with potential to grow the annual Gross Domestic Product (GDP) of the state.
President of Lagos Chamber of Commerce and Industry (LCCI), Mrs Toki Mabogunje, hailed the governor for accelerating the implementation of previous resolutions, stressing that the forum recognised the role being played by the private sector in the development of Lagos.
Vice President of Manufacturers’ Association of Nigeria, Chief John Aluya, pointed out that 2020 ended with a downturn of capacity utilisation across industrial zones of the state due to COVID-19.
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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