Business

Tinubu, German Chancellor back Siemens electricity, railway projects in Nigeria

Published

1 year ago

November 21, 2023

Tinubu, German Chancellor back Siemens electricity, railway projects in Nigeria

President Bola Tinubu and German chancellor Olaf Scholz have affirmed that power project deal with Siemens AG will be given priority attention.

They also expressed support for the company to build a high-speed railway network in Nigeria.

A statement released by Ajuri Ngelale, presidential spokesperson, said Tinubu spoke with Scholz on the sidelines of the G20 Compact with Africa economic conference, in Berlin, Germany, on Monday.

In 2019, under the presidential power initiative (PPI), Nigeria signed a deal with Siemens, Germany-based firm, to deliver 7,000 megawatts (MW) of electricity to the national grid by 2021, and 11,000 megawatts by 2023 — in phases one and two of the initiative, respectively.

The deal between the Nigeria and Siemens was with the support of the German government.

A year later, the Federal Government approved the payment of €15.21 million and N1.708 billion as counterpart funding for the project.

In December 2021, the Federal Executive Council (FEC) also approved $1.9 million and €62.9 million for phase one of the project which sought to modernise, rehabilitate, and expand the national grid.

Abubakar Aliyu, former minister of power, had said the three-phased project would expand Nigeria’s electricity to 25,000MW when completed, and “commence in the first quarter of 2022”.

But the project has since been behind schedule.

In August, Oladayo Orolu, head of business development and government relations, said plans to complete the revamping of Nigeria’s power infrastructure would take an additional five years than originally planned due to delays caused by the (COVID-19) pandemic.

Orolu also cited “high prices” of materials as a reason for the delay.

According to Ngelale, Tinubu assured the German chancellor that unsteady implementation of the PPI would now have a more deliberate process of project execution.

“For me, I am very much committed to pursuing all aspects of the Siemens Power project and the skill development opportunities that will emerge from that project for our talented youths who can participate in sustaining the industry,” Ngelale quoted his principal as saying.

Tinubu also expressed his interest in the new 2,000km high-speed rail network Siemens is presently constructing across 60 cities in Egypt, urging the German company to replicate the advancements in Nigeria.

While Scholz expressed readiness, he said there was a need to resolve the current administrative and financial hurdles brought about by governance problems.

“I know that there is a lot of work that has been done. There is already a big production of electricity in Nigeria, but it is not getting to the population,” he said.

“Of course, this has to do with the need for a provision of stations and infrastructure on the grid.

“Siemens has developed the plan and is ready to deepen implementation, but it is now up to your new government to take the follow-up action that you are now committed to taking.

“On the railway plans, Siemens will be very happy to do this when more progress is made on the power project which has been started already.”

In response, Tinubu said he was determined to prove foreign investors who are still “paranoid” about the Nigerian business system wrong.

Scholz expressed optimism for Nigeria’s growth, saying “there is nothing too unique on the growth of China”.

“It came down to a lot of investment from overseas that leveraged on cheap and skilled labour with adequate internal infrastructure and shipping infrastructure for imports and exports to flow easily,” he added.

“These things are possible in Nigeria. You even have abundant natural resources. Step by step, it is achievable, Mr. President,” he added.

Related Topics:Featured German Chancellor Siemens Tinubu

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Yuletide: Chisco deploys new luxury, mini buses, top quality services

Published

47 minutes ago

January 1, 2025

Trends Admin

Yuletide: Chisco deploys new luxury, mini buses, top quality services

…hails Tinubu for 50% fare rebate

Nigeria’s Transport Company of the Year, Chisco Transport Ltd, has deployed in various routes nationwide its newly procured new luxury and mini buses with the latest innovative features in the industry.

It assured the travelling public of safe and top quality services on all its routes this Christmas/New Year season, and beyond.

It stated this in a statement released on Tuesday, adding that the company, which had been one of the country’s front runners in long distance passenger transportation and logistics for over 45 years, recently inaugurated about four new branches in order to bring its services closer to its teeming customers.

It listed some of the new branches that had helped to boost service delivery this Yuletide season as in Awka, Enugu, and on Okota Road (near Cele Bus Stop on Oshodi-Apapa expressway), Lagos.

It stated, “This is in addition to embarking on a comprehensive maintenance of the existing fleet of buses in order to ensure they are in roadworthy shape for trips across Nigeria and the Lagos-Cotonou-Lome-Accra international route.

“Apart from advanced safety features like real-time GPS tracking and efficient safety systems, the new-look Chisco Transport fleet, featuring state-of-the-art buses, has all it takes to guarantee that passengers travel in style with their comfort and safety prioritised this season.”

It stated that the updated fleet had enhanced the popular Chisco 24 to 48-hour nationwide mail and parcel services.

All these, the leading transport solutions and logistics provider said, are part of deliberate efforts to ensure seamless and comfortable bus and logistic services to the customers during the 2024 Yuletide season and thereafter.

Chisco’s Head of Business Operations, Mr Buchi Ochuba, in the statement explained that the same commitment to ensuring safe and comfortable trips out of major cities and towns before Christmas, would also be deployed to return journeys in the new year.

He said that the management was aware that the huge investments the company had been making towards upscaling its services recently earned it the Transport Company of the Year at the recent Nigeria Auto Journalists Association (NAJA) Awards in Lagos.

Ochuba reiterated Chisco Transport’s resolve to sustain the high standards that earned the company an enviable reputation, as well as continue investments in safety and comfort of travellers that have earned it the confidence of the travelling public and the auto journalists’ award.

“We appreciate the fact that in adjudging Chisco Transport the Transport Company of the Year, NAJA must have taken into consideration the high standards of our services, the over 50 new air-conditioned buses we procured recently, the new branches we inaugurated, our customer reward scheme and other investments we made to enhance passenger transportation and logistics,” Ochuba stated.

According to him, everything is in place to make certain that the teeming Chisco Transport customers all over Nigeria and on the international route enjoy top quality services, adding “We wish them a wonderful Christmas and a highly prosperous 2025.”

Chisco Transport also applauded President Bola Tinubu for the gesture of subsidising inter-state luxury bus transport fares by 50 percent this Christmas season.

Drawing attention to the importance of infrastructure to the road transportation business, the statement further commended the President for the appreciable allocations for the sector in the 2025 budget.

“We, therefore, wish to urge members of his cabinet to put in more deliberate efforts to help the President attain his vision with speedy and prudent execution inspired by patriotism.”

On the current sharp increase in fares across the routes, the award-winning transport company blamed the situation on rising costs of maintaining the buses, as well as on the high pump prices of diesel and petrol.

The Head of Operations, however, added that at the peak of every Christmas season, long distance buses are almost empty during return trips, which leads to a situation whereby the fares for the first journeys are raised to cushion the losses incurred during reverse trips.

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Naira exchanges N1,650/$ in parallel market

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January 1, 2025

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Naira exchanges N1,650/$ in parallel market

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Similarly, the Naira appreciated to N1,535 per dollar in the official foreign exchange market.

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Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

Published

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Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

The exchange rate between the naira and the dollar ended the year at N1,535/$1 representing a 40.9% depreciation for 2024.

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