Economy
Ogun State Now Investors’ Destination of Choice—Buhari
By Modupe Gbadeyanka
Governor Dapo Abiodun of Ogun State has been described as the “performing Governor of Nigeria’s Gateway State” who is a worthy example of “promises made, promises kept.”
Mr Abiodun got these accolades on Thursday when President Muhammadu Buhari visited the state to commission some projects completed by the Governor.
“You (Prince Abiodun) have justified the mandate of the people of Ogun State. You have represented our party very well,” the President said to his host, who was full of joy.
According to Mr Buhari, the projects put in place by the Governor have made “Ogun State one of the safest and most peaceful states in the country and investors’ destination of choice.”
He said the lofty projects: the Gateway City Gate; the 42-kilometre Sagamu Interchange-Abeokuta Road; the 14km Ijebu-Ode-Epe Expressway and two Housing Estates for low, medium and high-income earners at Kobape and Oke-Mosan in Abeokuta, respectively, could not have materialised without the state government’s huge investment and commitment to the security of lives and property.
The President used the occasion to assure Nigerians that two major federal roads under construction, the Sagamu-Benin Expressway and the Lagos-Ibadan Expressway, would be commissioned before the end of 2022.
He expressed delight that the 14km Ijebu Ode-Mojoda-Epe Road commissioned by him has been reconstructed into a modern expressway by the state government, noting that the impressive road would complement the Sagamu-Benin Expressway that the federal government is currently reconstructing; also due for commissioning this year.
“Just across the road is the 42-kilometre Sagamu-Interchange-Abeokuta Road which the state government has reconstructed and equipped with street lights.
“That road enjoys a direct linkage with the Lagos-Ibadan Expressway that the federal government is rebuilding and due for completion later this year.
“I am particularly impressed by the quality and standard of your road projects, and the creative way you have deployed resources to reconstruct and rehabilitate them.
“It is significant to note that the two road projects being commissioned today are federal roads. This is an example of constructive engagement, cooperation and collaboration between the states and federal government.
“These roads also fit well into our rail transportation masterplan that connects Lagos, Nigeria’s economic capital to Kano, with Ogun State having more rail stations, along the Lagos-Ibadan rail corridor,” he said.
On the housing programme of the Ogun Governor, the President commended its inclusiveness, saying it is equally heart-warming that it cuts across different social strata, capturing the low, medium and high-income earners.
Admiring the Gateway City Gate Project, the Nigerian leader said “it is not just a park beautification project. It depicts that something new is happening in Ogun State, a welcoming entrance into the state capital at the centre point of the state.”
He added that the project is also an ICON depicting the joining of hands for building the future of Ogun State in togetherness.
“Your Excellency, well done! I am proud of what you have done for your State and your people.
“You have made our great Party, the APC, proud too. You are a worthy example of promises made, promises kept.
“These lofty projects could not have materialised without your huge investment and commitment to the security of lives and property,” he further stated.
Responding to requests by the state governor to give priority to the Lagos-Ota-Abeokuta and the Sango Otta-Idiroko Roads respectively, the President assured the people of Ogun State that these roads will receive federal government attention.
The President announced that the federal government would consider extending tax credit as a funding option for the reconstruction of these roads, as done for the 100km Sagamu Interchange-Papalanto-Ilaro Road.
Similarly, the President promised to consider the approval of the reconstruction of Sagamu-Ogijo Road by the Nigerian National Petroleum Company (NNPC) Limited under the tax credit scheme.
The President thanked the residents of the State for the warm reception accorded him and his entourage in the Gateway State, which is his first visit to any state in the New Year.
“This welcome by the large crowd brings back the nostalgia of my first arrival on this soil as a young infantry officer in the Nigerian Army at the then Lafenwa Barracks in Abeokuta, not long after independence.
“The traditional hospitality of the people of this State has not waned a bit. Today, I am Omowale and very happy at this homecoming to meet my brothers and sisters whose goodwill I have always enjoyed. Thank you,” he said.
The President also congratulated the people of Ogun State for having such a focused, deliberate and inclusive administration under the watch of Mr Abiodun, urging them to continue to support the governor for the successful implementation of the Building our Future Together agenda of his administration.
“The reward for success is more hard work to meet the increasing expectations of the people.
“When state governments deliver impactful projects, in consultations with stakeholders, as we have witnessed in Ogun State, the trajectory of our national development will be enhanced,” Mr Buhari said.
By Aduragbemi Omiyale
On Tuesday, December 17, 2024, President Bola Tinubu will present the 2025 budget to a joint session of the National Assembly.
The size of the 2025 Appropriation Bill is about N47.9 trillion and would be presented to the parliament for approval.
Speaking at the plenary on Thursday, December 12, 2024, the President of the Senate, Mr Godswill Akpabio, said the presentation by Mr Tinubu would be at the chamber of the House of Representatives.
However, it is not certain if the lawmakers will pass the budget before December 31 to allow for a recent budget cycle of January to December.
Recall that on December 3, the senate approved the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025 to 2027.
This was after the President presented this the National Assembly on November 19 ahead of the consideration of the 2025 budget proposal.
In the MTEF/FSP, the government said it planned to borrow about N9.22 trillion from local and foreign sources to finance the budget deficit.
It pegged the crude oil benchmark at $75 per barrel and a daily oil production of 2.06 million barrels at an exchange rate of N1,400 to $1, and a targeted gross domestic product (GDP) growth rate of 6.4 percent.
At the plenary today, Mr Akpabio informed his colleagues that, “The President has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on December 17, 2024.”
By Adedapo Adesanya
Nigeria added 150,000 barrels per day to its crude production in November 2024 as it continues to pursue an ambitious 2 million barrels per day target.
According to the Organisation of the Petroleum Exporting Countries (OPEC), Nigeria’s oil production rose to 1.48 million barrels per day in November, up from 1.33 million barrels per day the previous month.
In its Monthly Oil Market Report (MOMR), OPEC revealed that at 1.48 million barrels per day, it is the continent’s leading oil producer, surpassing Algeria’s 908,000 barrels per day and Congo’s 268,000 barrels per day.
Business Post reports that OPEC doesn’t account for condensates, which Nigeria’s accounts for in its broader 2 million barrels per day target.
Despite the surge in production levels, Nigeria is still under producing its 1.5 million barrels per day output quota under a deal involving OPEC and 10 other producers known as OPEC+.
OPEC said it relied on primary data gotten through direct communication, noting that secondary sources reported 1.417 million barrels per day as Nigeria’s crude production in November — up from 1.4 million barrels per day in October.
The data also shows that OPEC’s total oil production among its 12 members rose by 104,000 barrels per day in the month under review.
According to secondary sources, the total of the 12 OPEC countries’ crude oil production averaged 26.66 million barrels per day in November 2024.
“Crude oil output increased mainly in Libya, Iran, and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased”, OPEC said.
“At the same time, total non-OPEC DoC crude oil production averaged 14.01 mb/d in November 2024, which is 219 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan and Malaysia,” the organisation added.
In a related development, OPEC trimmed its 2024 and 2025 oil demand growth forecasts for the fifth time this year.
Now, the cartel expects the world’s oil demand growth at 1.61 million barrels per day from the previously 1.82 million barrels per day.
For 2025, OPEC says the world oil demand growth forecast is now at 1.45 million barrels per day, a 900,000 barrels per day cut from the previously expected 1.54 million barrels per day.
On the changes, OPEC says that the downgrade for this year owes to more bearish data received in the third quarter of 2024 while the projections for next year relate to the potential impact that will arise from US tariffs.
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.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN