Same economic consideration driving Kano-Maradi rail, Enugu-Bamenda highway – BMO – Newstrends
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Same economic consideration driving Kano-Maradi rail, Enugu-Bamenda highway – BMO

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3 years ago

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The economic motivation and philosophy behind the Kano- Maradi rail project are the same driving the 403km highway linking Enugu to Bamenda in Cameroon, Buhari Media Organisation has said.

Bamenda is in Cameroon, while Maradi is in Niger Republic.

The Kano-Maradi rail project has faced a lot of criticisms from many influential groups and opinion leaders as a way to spend on a project, a new corridor linking Sahelo-Sahara with Nigerian coast.

But the BMO maintained that only hypocrites would condemn the Kano-Maradi rail but keep silent over the Enugu-Bamenda highway.

It said in a statement signed by its Chairman Niyi Akinsiju, and Secretary, Cassidy Madueke, that it would be sheer hypocrisy for anyone to condemn the rail project but remain silent on the highway project in the South.

It stated, “We find it strange that many people, including opposition elements who saw everything wrong with President Muhammadu Buhari’s approval of a rail project linking three states in Northern Nigeria to a border town in the Niger Republic, are unusually silent about the government’s decision to stick with the 2007 agreement with the African Development Bank (AfDB) and Cameroon.

“But for us, the same economic factors that the Buhari administration took into consideration in committing itself to the $1.96bn standard gauge rail project are not different from the decision to link one of the major cities in Southern Nigeria to a city in Cameroon.

“For the avoidance of doubt, the 387km railway line is to run through Kano, Jigawa and Katsina states which are significant trade hubs with massive markets including Dawanau which is believed to have an annual trade volume of $2.5bn, to Maradi which is the major transport and agriculture hub of Niger’s south-central region.

“It is also important to note that 11 out of the 12 stations on the route are in Nigeria with the terminal point at the border town of Maradi which is 622 kilometres from Niamey, the capital of Niger while the highway into Cameroon will terminate within 300 kilometres of Yaounde, the capital city.

“The Enugu to Bamenda highway will drive a lot of economic activities in several Nigerian communities in the South, up to the border with Cameroon, but it is only the rail project that has the potential of opening up a vibrant export route into our landlocked neighbours, especially as it is to be linked to the Lagos-Kano rail line which already has an extension to the Apapa ports via the Lagos-Ibadan rail line.

“So we make bold to affirm that the economic considerations for the two projects are similar and both will add a lot of value to commercial activities along the corridors.”

The BMO also criticised the Peoples Democratic Party, which was critical of the Kano-Maradi rail project.

It stated, “Of all the criticisms that trailed the project, the one that many discerning Nigerians found hard to live with was that of PDP which through its media handlers described it as wasteful.

“However, it is the same party under the Goodluck Jonathan administration that conceived the idea of linking Nigeria to Niger and in fact had a more elaborate plan that would have begun in Zaria, in Kaduna State and terminate in Niamey which is almost 700km from Maradi where the current project is ending.

“So under President Buhari’s watch, Nigeria is making considerable investments on two major cross-border infrastructure projects and the administration deserves credit for remaining committed to actualising them even if it did not originally conceive them.

“And as the President said in one of his recent TV interviews, it’s all about economics though some sceptics opted to ignore his justification of the Kano-Maradi project.”

The group also reassured Nigerians that the President would keep to the terms of his vow to improve on the country’s infrastructure, despite the dwindling oil revenue.

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

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15 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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NNPC denies claim of Port Harcourt refinery shutdown

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16 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

By

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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