Economy
Bad Roads in Apapa Chasing Away Investors—Reps
By Ahmed Rahma
The House of Representative has lamented the huge revenue Nigeria is losing because of the poor state of roads in the Apapa area of Lagos State.
The lower chamber of the National Assembly during plenary on Wednesday said the gridlock caused by the poor road network is now making investors stay away from the area, which houses the nation’s busiest port.
In order to address these issues, the parliament wants the federal government to declare a state of emergency on the access roads to Apapa, Kirikiri and the environs.
Yesterday, a lawmaker from Kogi State, Mr Leke Abejide, moved a motion on the matter on the floor, which was seconded by Mr Taiwo Oluga.
In his argument, Mr Abejide stressed that the nation was recording a sharp decline in revenue because the roads leading to the Tin Can Island Port in Lagos were not in good shape.
He informed his colleagues that the House Committee on Customs and Excise went on an oversight visit to the area and discovered many infrastructural challenges which urgently need the attention of the government to fix.
“The traffic to the Apapa port was horrendous due to the cluster of heavyweight vehicles,” Mr Abejide stated, noting that this has brought untold hardship to commuters within the region.
According to him, the challenges have caused the country to lose huge revenue as investors are wary of the hardships faced by users of the port.
However, he appealed to the management of the Apapa and Tincan Island ports to quickly switch from analogue to digital means of operations to save investors’ time and increase efficiency in service delivery.
The lawmaker also urged the federal government to declare a state of emergency on the repair of the access roads so as to enhance the ease of doing business.
Business Post reports that several efforts in the past to fix the Apapa gridlock have failed.
In May 2019, worried by the billions of Naira lost to the lingering traffic issue, the presidency directed concerned agencies to restore law and order to the vicinity within two weeks.
This directive followed an emergency meeting convened by President Muhammadu Buhari and chaired by Vice President Yemi Osinbajo aimed at finding lasting solutions to the gridlock around the Lagos Ports.
According to the Organised Private Sector (OPS), has said the perennial gridlock in the Apapa area of Lagos State was making the federal government lose not less than N6 trillion annually across all sectors of the economy.
Even the richest man in Africa, Mr Aliko Dangote, once said in 2017 that not less than N20 billion was being lost daily to the deplorable state of the Apapa-Wharf road in Lagos.
But the Presidential Task Team (PTT) on the Restoration of Law and Order in Apapa set up by the presidency to address the issue said in August 2020 claimed that some saboteurs were responsible for the gridlock.
The Vice-Chairman of PTT, Mr Kayode Opeifa, had declared that his team has no control over the delay in transit ranging from three to six weeks for trucks to reach the ports from Mile-2, a distance of about 10 kilometres.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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