VenturesNow

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

Published

1 year ago

November 1, 2023

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

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”