VenturesNow

Nigeria’s Tinubu’s insists coastal highway to boost 30 million businesses

Published

6 months ago

May 28, 2024

Nigerian President, Bola Tinubu, has claimed that the controversial Lagos-Calabar Coastal Highway which his administration recently begun will give 30 million people improved access to production and marketing centres.

Tinubu disclosed on Sunday in Lagos during the flag-off of the 700km Lagos-Calabar highway project and several others to commemorate his first year in office.

He said, “On the next 10 benefits of the Lagos-Calabar coastal highway; during the period of construction, the road will provide direct employment for thousands of people, and indirect employment for tens of thousands of politicians and more. Economic opportunity for millions is being opened.

“It will fast-track the community’s development, it will bring development closer to the people, and give 30 million people improved access to production and marketing centres. You can easily predict a journey, vertically and go along the horizontal line and do the definition of free movement of people.”

The federal government began building the highway in March. It is intended to pass across nine states and has two spurs connecting to the north states. Nigerians and the National Assembly, who thought the timing was unsuitable, heavily criticized and questioned the project, which required the demolition of some buildings.

The Lagos-Calabal coast route passes through 750 buildings, which the minister of works, David Umahi, revealed last Thursday would be demolished. In the past, Umahi had promised to compensate property owners impacted by the planned demolition of the mega highway’s channels 0 through 3. This amount amounted to N2.75 billion.

Relevant parties have, however, complained, claiming that the payout was insufficient given the investment. The president also pleaded for the public’s understanding in response to the criticism on Sunday, especially for those whose homes and means of subsistence would be impacted by this historic undertaking.

He appealed, “I further crave the understanding of the general public, especially those whose properties and sources of livelihood will be impacted by this iconic project. We all make some sacrifices to enable our country to grow.

“However, be rest assured that this government is a compassionate government that cares for you and will do the utmost to offer succour, by way of compensation.”

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VenturesNow

Food prices drive second straight monthly hike in Nigeria’s inflation

Published

53 minutes ago

November 17, 2024

Ifeoluwa Dada

According to official statistics released on Friday, Nigeria’s inflation rate increased for the second consecutive month in October, rising to 33.88% in annual terms from 32.70% in September, mostly as a result of increasing food costs.

In an attempt to boost economic development and strengthen public finances, President Bola Tinubu devalued the naira and reduced subsidies, which caused inflation to spike in the second half of last year.

As the effects of the naira devaluation started to lessen in July of this year, a slew of hikes in the price of petroleum and devastating floods that destroyed crops once again exacerbated pricing pressures, making the greatest cost-of-living crisis in decades worse in Africa’s most populous country.

According to the National Bureau of Statistics, price increases for basics such as rice, maize, bread, potatoes, and cooking oil prompted food inflation to surge from 37.77% in October to 39.16% year over year.

This year, more than 1.5 million hectares of agriculture have been damaged by torrential rain and floods in 29 of Nigeria’s 36 states, leaving millions hungry and displacing large numbers of people.

In an effort to curb inflation, the central bank has raised interest rates five times this year. On November 26, it is expected to make its final rate decision of the year.

VenturesNow

MTN financial report reveals drop in group service revenue

Published

1 hour ago

November 17, 2024

Ifeoluwa Dada

Due to operational difficulties in Sudan and the depreciation of the Nigerian naira, MTN Group, Africa’s largest telecom provider, announced on Thursday an 18.5% decline in service revenue for the third quarter that concluded on September 30.

With 288 million users in 17 African regions, MTN said that its group service revenue dropped from 156.3 billion rand ($6.99 billion) in the same quarter of the previous year to 127.4 billion rand.

Despite stating that “the naira was less volatile on a sequential basis in Q3 than in preceding quarters,” the business reported a 48.7% decline in MTN Nigeria’s income due to the currency’s depreciation.

Due to a stronger Ugandan shilling than the previous year, Uganda’s largest contributor, MTN South Africa (MTN SA), expanded by a meagre 3.3%.

Due to “subscriber registration regulations in Nigeria and a decline in users in Sudan, where the conflict has displaced millions of people,” the business reported that its subscriber base increased by 1.6% to 288 million.

Given the higher demand in Nigeria despite the legal obstacles, MTN plans to increase its capital expenditures, which it expects would total between 28 and 33 billion rand for the entire year.