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

Published

6 months 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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Corps Marshal, NADDC DG lead discussions at 10th Nigeria Transport Lecture

Published

1 hour ago

May 21, 2024

Trends Admin

Corps Marshal, NADDC DG lead discussions at 10th Nigeria Transport Lecture

The Corps Marshal of the Federal Road Safety Corps (FRSC) Mr. Dauda Ali Biu, and the Director General of the National Automotive Design and Development Council, Mr. Joseph Osanipin, will lead other major players to attend the 10th Nigeria Transport Lecture holding in Lagos on Thursday, May 23, 2024.

Already, Biu and Osanipin have confirmed to be part of the event.

Transportation safety will be the focus of discussions as industry players gather at the Radisson Blu Hotel, Ikeja GRA, Lagos.

Organized by Transport Day Media (www.transportday.com.ng), the theme of this year’s edition, which is ‘Transportation Safety in Nigeria: The Way Forward’, is meant to discuss issues about transport safety in Nigeria.

The discourse, which will involve industry participants from both the public and private sectors, will x-ray transport safety cutting across all modes of transportation in Nigeria.

Also expected at the lecture are the Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Shippers’ Council, Nigeria Safety Investigation Bureau (NSIB), among others.

The Editor-in-Chief of Transport Day Media, Mr. Frank Kintum, stated that the topic is relevant in contemporary times because many lives and property had been lost to lack of adherence to safety measures in all modes of transportation.

He said, “Irrespective of the level of infrastructural development in the transportation sector, if safety is not promoted, we are going to continue to record loss of lives and valuable property.

“Hence, the lecture is meant to address pertinent issues concerning the industry as it concerns our local Nigerian setting.

“Aside from the lecture, we are also going to use the opportunity to recognize some players, both public and private sectors, who have significantly contributed to the growth of the sector and contributed to the economy in general.”

Business

Naira gains marginally at N1,490/$ on parallel market

Published

4 hours ago

May 21, 2024

Trends Admin

Naira gains marginally at N1,490/$ on parallel market

The naira appreciated further to N1,490 per dollar at the parallel section of the foreign exchange (FX) market on Monday, reflecting a 1.34 percent increase from the N1,510/$ rate recorded on May 17.

Currency traders in Lagos, known as bureau de change (BDC) operators, quoted the buying rate of the dollar at N1,450 and the selling rate at N1,490, yielding a profit margin of N40.

In the official FX market, the naira also appreciated by 1.93 percent, trading at N1,468.99/$ on Monday, compared to N1,497.33/$ on May 17. During intra-day trading, the naira fluctuated, depreciating to as low as N1,550/$ and appreciating to as high as N1,400/$.

Naira gains marginally at N1,490/$ on parallel market

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Cash rain at Toyota Nigeria Awards as Nestle, Zenith, Roxcon win big (+ photos)

Published

1 day ago

May 20, 2024

Trends Admin

Cash rain at Toyota Nigeria Awards as Nestle, Zenith, Roxcon win big (+photos)

Toyota (Nigeria) Limited (TNL) on Friday, May 17, 2024, named Nestle Nigeria Plc as winner of its prestigious Evergreen Customer Award for the Year (2023).

The company emerged winner among the teeming Toyota customers, having purchased the highest cumulative number of new Toyota vehicles consistently within a five-year period (2019 – 2023) from the TNL accredited dealers.

As the Evergreen customer, Nestle was rewarded with office equipment worth about N10 million, which was announced by the Chairman of Toyota Nigeria Limited, Chief Michael Ade.Ojo, at a well attended ceremony held in Lagos to celebrate the customers.

Nestle also won the Best Customer of the Year award, being the customer with the highest purchase of Toyota vehicles from the TNL dealers in 2023. It also went home with a cash award of N5 million.

Roxcon Nigeria Limited and Zenith International Bank received N3 million and N2 million respectively for emerging first runner-up and second runner-up in the 2023 TNL customers purchase assessment.

Ade.Ojo congratulated the winners and thanked them for their loyalty to the Toyota brand and Toyota (Nigeria) Limited’s superior quality products and after-sale support.

Even as he urged others to take a cue from the winners, he announced that next year’s winner of the biggest award, the Evergreen, would go home with a brand new Toyota vehicle.

The Managing Director of Toyota (Nigeria) Limited, Mr. Kunle Ade-Ojo, in his address at the event, spoke on the big idea behind the annual awards.

He said, “At Toyota (Nigeria) Limited, the philosophy of ‘Customer First’ remains the focal point of all our activities. Therefore, at every opportunity, we like to recognize and acknowledge our customers’ overwhelming love and support for us, which has been our driving force over the years.

“Your unwavering patronage of the Toyota brand and unshaken loyalty to it have been awesome.”

The MD said that the company had consistently held the awards every year since the inaugural edition in 2005 but only suspended it during the COVID period.

“We thank you for staying with us throughout the difficulties brought about by the pandemic,” he added.

Notwithstanding the economic challenges confronting business organisations in Nigeria, Ade-Ojo expressed the determination of the TNL team “to maintain our culture of providing superior quality products and services to our esteemed customers.

“We will continue to avail you of models that meet your specific needs supported by robust after-sale services.”

He commended the vision of the company’s Chairman, Chief M. Ade.Ojo, affectionately called Mr. Toyota, whose foresight and tenacity, he said, had changed the face of the automobile industry in Nigeria.