Connect with us

VenturesNow

Lagos, Nigeria’s commercial capital, seals $1.35b infrastructure deal with banks

Published

on

Lagos State, Nigeria’s commercial capital, has sealed a deal with the African Export-Import Bank and Access Bank for an investment of $1.35 billion for infrastructure projects.

The state governor, Babajide Sanwo-Olu said on Tuesday that the investment would be used to develop a Fourth Mainland Bridge project and a creek project and also expand its light rail project in Lagos, the largest city in sub-Saharan Africa.

Lagos, which currently accommodates 40% of the total registered vehicles in Nigeria, is a densely populated part of Nigeria with a special case of traffic congestion. The state’s population is said to be growing at a percentage rate that is 10 times faster than those of New York and Los Angeles in the United States of America.

A public-private partnership will oversee the construction of the Fourth Mainland Bridge. A consortium led by Portuguese builder Mota-Engil and two Chinese enterprises was shortlisted by Lagos State last year to construct a $2.5 billion bridge that is anticipated to alleviate extreme traffic in the megacity.

Sanwo-Olu posted on social media platform X, “This investment will power our long-term infrastructure projects, demonstrating confidence from international and local partners in our growing economy.”

Beyond addressing the traffic challenges of Lagos, the partnership will plug a big gap in Nigeria’s infrastructure deficit, specifically for Lagos, Nigeria’s industrial hub.

Sanwo-Olu had at a round table recently stressed that “given the rising population and limited geographic space that we have, Lagos will indeed require about $15 billion over the next five years on infrastructure alone”.

VenturesNow

World Bank grants Malawi $57.6 million for food crisis

Published

on

As a response to its food crisis, the World Bank said on Friday that it would give Malawi $57.6 million in “quick release” grants.

“This support comes in the context of the severe food crisis the country is suffering due to El Niño conditions in the wider southern Africa region,” the World Bank said in a statement.

“A series of intense disaster events over the last few years has left almost no time for the country to recover and has resulted in a severe erosion of food security at the national level.”

Malawi is one of the least developed countries in the world. It is ranked 170 out of 187 countries in the 2010 Human Development Index. Almost 16 million people live there, and 90% of them make less than $2 a day. That’s 53% of the total population.

The United Nations Children’s Fund (UNICEF) says that 46,000 children in Malawi are seriously malnourished. In 2023, UNICEF said that more than 500,000 Malawian children were at risk of not getting enough food.

Now, Malawi has a lot of programs in place to deal with things like poverty, and climate change, and to make the business and agriculture more diverse.

Continue Reading

VenturesNow

Nigerian oil regulator implements regional fuel standards

Published

on

Nigeria’s oil authority has clarified that the recent changes to diesel fuel sulphur content standards are part of a regional effort to make things more uniform and are not meant to loosen rules for local refineries.

A report from S&P Global last week said that the West African fuel market had changed a lot after Nigeria raised the maximum diesel sulphur content from 200 parts per million (ppm) to around 650 ppm. This caused worries that the country might be lowering its standards to allow diesel made in Nigeria that is higher than the 200 ppm limit.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), on the other hand, said it was only following a 2020 decision by the Economic Community of West African States (ECOWAS) that all of the regions had to slowly switch to better fuels.

Fuels that have a lot of sulfur can hurt engines and make the air dirty. As of right now, the ECOWAS rule lets locally-made fuel have more sulfur until January 2025. After that, a standard of less than 5 parts per million will be used for all oil, whether it is refined in West Africa or brought in from another country.

Farouk Ahmed, the head of the NMDPRA, told Reuters that the new limits are in line with ECOWAS’s choice to require stricter fuel specifications. The new rules will go into effect in January 2021 for non-ECOWAS imports and January 2025 for ECOWAS refineries.

“We are merely implementing the ECOWAS decision adopted in 2020,” Ahmed said.

“So a local refinery with a 650 ppm sulphur in its product is permissible and safe under the ECOWAS rule until January next year where a uniform standard would apply to both the locally refined and imported products outside West Africa”, Ahmed said.

Ahmed said that importers were told that the amount of sulphur allowed was going down, from 300 parts per million in February to 200 parts per million this month. This was done long before the huge Dangote refinery started providing diesel.

Diesel with a sulphur level of between 1,500 ppm and 3,000 ppm could be brought in by importers before.

The switch to cleaner fuels is in line with efforts to protect the environment around the world and makes sure that all area refiners have the same chances.

Nigeria recently had its worst blackout in decades because of a problem with its energy supply. The high cost of alternative energy sources has been a huge problem for both businesses and individuals, with the price of diesel being the most affordable choice for businesses.

Continue Reading

EDITOR’S PICK

Sports16 hours ago

Al Ahly, Esperance to clash in CAF Champions League final

Two of Africa’s club giants, Egypt’s Al Ahly and Esperance of Tunisia, will do battle next month over two legs...

Culture17 hours ago

Collabo with Burna Boy enabled me buy house for my mum— Mozambican DJ Tarico

Mozambican disc jockey and sound-producer, DJ Tarico, has credited Nigeria’s Afrobeats sensation, Burna Boy, with his sudden wealth which enabled...

Tech17 hours ago

RepAir, Cella partner to launch carbon capture in Kenya

Global Direct Air Capture (DAC) firm, RepAir, has entered into a partnership with carbon storage technology company, Cella, to launch...

Metro19 hours ago

Mapanza traditional council shares positive outlook on media rights, freedom of expression

Jonathan Muchindu, a representative of the Traditional Council of Mapanza Chiefdom in Choma District, Southern Province, Zambia, asserts that the...

VenturesNow19 hours ago

World Bank grants Malawi $57.6 million for food crisis

As a response to its food crisis, the World Bank said on Friday that it would give Malawi $57.6 million...

Metro1 day ago

Nigeria loses N1.29trn annually to crude oil theft, vandalism— Reps Speaker

Speaker of Nigeria’s House of Representatives, Hon. Abbas Tajudeen, has revealed that the country loses a whopping sum of N1.29...

Tech2 days ago

Intel Liftoff Hackathon 2024 calls for applications from African AI startups

Applications for the 2024 cohort of Intel Liftoff Hackathon has opened for African AI startups designed to bring together aspiring...

Culture2 days ago

African men run away from single mothers— Joselyn Dumas

Veteran Ghanaian actress and media personality, Joselyn Dumas, has lamented the fact that most African men shy away from getting...

Sports2 days ago

Former Zambian captain Rainford Kalaba discharged from hospital after near-fatal accident

Former Zambian national team captain, Rainford Kalaba, has been discharged from hospital weeks after he was involved in a near-fatal...

Metro2 days ago

‘Cyber Act fails to protect the vulnerable,’ Student demands media inclusivity for persons with disabilities

Peter Libila, a student at Icof University’s Chipata campus, highlights the lack of awareness among individuals with disabilities and those...

Trending