General
Lagos Needs $50b to Bridge Infrastructural Deficit—Ambode
By Modupe Gbadeyanka
Governor Akinwunmi Ambode of Lagos State has disclosed that the state needs at least $50 billion over the next five years to bridge the gap of infrastructural deficit.
Mr Ambode made this disclosure on Tuesday when he spoke at a forum with the Organised Private Sector tagged ‘Lagos Means Business.’
The Governor said, “Assuming the entire budget for 2018 (N1.04 trillion) is spent only on infrastructure development, Lagos will be left with a deficit of about N14.47 trillion and an additional 19 years of similar expenditure to bridge the infrastructure deficit.”
However, Mr Ambode disclosed that to solve this issue, a special infrastructure fund driven by the private sector to address social challenges would be created.
The Governor said apart from the special infrastructure fund, residents of the metropolis would also have to contribute their quota by paying their taxes.
Mr Ambode expressed concerns that out of the eight million taxable adults in the state, only about two million submitted their tax returns while only 700,000 actually paid their taxes last year.
“We are 24 million; taxable adults in Lagos are 8 million. The number of people that actually submitted tax returns in 2017 is 2 million and then only 700,000 people paid their taxes,” he said.
He said the current tax returns were not enough to cater for the capital projects ongoing across the metropolis, adding that major cities across the world with thriving economies are sustained by the taxes paid by residents.
Thanking the business community for their support over the years, Mr Ambode said his administration was committed to creating an enabling environment for businesses to thrive, adding that concerted efforts have been made to encourage investors to set up their businesses in the State, which according to him would have multiplying effects on the State’s economy.
“I invite you to come and own the economy. Whatever you say here would be taken seriously because this gathering is not just about knowledge sharing; it’s more about the future of Nigeria and not just Lagos,” the Governor said.
In his brief remarks, President of Dangote Group, Mr Aliko Dangote, commended Governor Ambode for deeming it fit to organise a forum to meet the business community in Lagos, adding that his (Governor) passion to make Lagos thrive was not in doubt.
He also said the economic drive by the state government was one that required all and sundry to rally round the government and perform their civic responsibility of paying their taxes as and at when due.
“I am more convinced now and I think people should really be voluntarily paying taxes in Lagos. I think for people who are doing business here, Lagos is the friendliest state in Nigeria. If you really want to know, try other states and you will see hell.
“I am not advertising for Lagos but there is not a single time you go with a problem and the Governor will ask you to go and come back tomorrow because in most cases, he will call everybody and say let us sit down and sort out the issues. So, your Excellency, we congratulate you and assure that we will continue to support you,” the Africa’s richest man said.
Also speaking, Mr Jim Ovia and Mr Tony Elumelu lauded the Governor for the massive infrastructural renewal projects across the State especially in the area of security.
Mr Ovia said that business owners now feel safe to invest in the state owing to the investment in security, just as he commended the Governor for sustaining the Lagos State Security Trust Fund (LSSTF), a public private partnership designed to enhance security in the State.
“Your Excellency, you have spoken today like a Chairman/CEO of a company to his shareholders. We are definitely one of your shareholders and we would renew your mandate in 2019 there’s no doubt,” Mr Ovia said.
The duo promised to increase their donation to the fund, while also calling on others to contribute their quota to the enhancement of the State’s security architecture.
By Adedapo Adesanya
The Nigeria–China Strategic Partnership (NCSP) recently hosted a high-level delegation from Newryton International Industrial Development Company Limited, a leading Chinese investment and industrial development consortium, to advance discussions on deepening bilateral trade, industrial cooperation, and development financing between both countries.
The Newryton delegation, led by Mr David Chen, Assistant Secretary-General of the China Hainan Investment Council, had earlier engaged with the Nigerian Association of Commerce, Industry, Mines and Agriculture (NACCIMA). They were accompanied to the NCSP by Mr Joe Onyuike, Vice-Chairman of NACCIMA’s Agriculture and Livestock Trade Group, who conveyed NACCIMA’s support for the delegation’s engagements.
Discussions centered on the establishment of a Nigeria–China Trade and Investment Platform, including a proposed Promotion Centre in China to support Nigerian products, investors, and state governments.
The consortium also presented opportunities within Hainan Province’s Free Trade Port (FTP), which offers preferential policies that Nigerian businesses can leverage to expand exports and attract new investments.
In his address on behalf of Newryton, Mr Pong outlined plans to collaborate with NCSP in accessing FOCAC-supported financing for strategic investments in agriculture, energy, mining, solid minerals processing, and related sectors. The delegation identified aquaculture as a key area of interest and referenced the forthcoming Global Aquaculture Conference in Hainan Province, encouraging Nigerian stakeholders to participate.
They also expressed readiness to strengthen cooperation in vocational training and employment under the Belt and Road Initiative (BRI).
Welcoming the delegation on behalf of the Director-General, Martins Olajide, NCSP’s Head of Internal Operations, reaffirmed the organisation’s commitment to fostering mutually beneficial partnerships.
He highlighted NCSP’s strong interest in the proposed Nigeria–China Trade and Investment Platform and the development of the Nigerian Oil Palm Industrial Park as a flagship demonstration project.
Also speaking at the meeting, Ms Judy Melifonwu, NCSP’s Head of International Relations, underscored the opportunities presented by China’s zero-tariff policy and the forthcoming NAQS–GACC protocol on the export of Nigerian aquaculture products. She noted that these frameworks would significantly enhance Nigeria’s competitiveness in emerging global markets.
Both parties expressed commitment to advancing discussions toward a structured cooperation framework covering all priority areas.
By Adedapo Adesanya
The United Kingdom–Nigeria Infrastructure Advisory Facility (UKNIAF), established in 2019 as part of a 16-year legacy of UK-funded infrastructure support to Nigeria, convened over 100 senior stakeholders on Tuesday, December 2, to review its progress and formally close out its current phase of operations.
The event brought together representatives from federal and state governments, development partners, development finance institutions, and the private sector to reflect on UKNIAF’s work across the power, infrastructure finance, and roads sectors. Discussions focused on institutional reforms, capacity development, and the sustainability of tools and processes introduced over the past six years.
Since inception, UKNIAF has delivered targeted technical assistance designed to embed evidence-based reforms, data-driven decision-making, and improved institutional performance. Its interventions have mobilised significant financing, strengthened regulatory and planning systems, and enhanced investor readiness across multiple infrastructure markets.
In the power sector, participants highlighted landmark achievements including the development of Nigeria’s first Integrated Resource Plan, which outlines a least-cost and low-carbon pathway for expanding electricity supply. UKNIAF also supported the Nigerian Electricity Regulatory Commission (NERC) in building advanced real-time data capabilities for tariff monitoring, grid management, and outage tracking. The programme enabled pioneering states to establish their own electricity markets following constitutional reforms.
In infrastructure finance, UKNIAF was recognised for strengthening project preparation systems and enabling access to capital. Notable accomplishments include supporting the mobilisation of $75 million from the African Development Bank to the Special Agro-Industrial Processing Zone (SAPZ) programme in two states, and accelerating mini-grid and solar deployment through improved technical standards at the Rural Electrification Agency (REA).
UKNIAF also designed a national project preparation facility, for which N21 billion was allocated in both the 2024 and 2025 budgets to build a pipeline of bankable projects.
Speaking on this, Mr Frank Edozie, UKNIAF Team Lead, described the programme’s close-out as a “handover for sustained delivery,” emphasising that strengthened institutions now hold tools that make Nigeria’s infrastructure landscape more transparent, climate-smart, and investor-ready.
On his part, the Minister of Power, Mr Adebayo Adelabu, commended the programme, noting that its technical assistance and advisory services had helped lay the foundation for a sustainable and inclusive electricity supply industry.
Mrs Cynthia Rowe, Head of Development Corporation at the UK Foreign, Commonwealth and Development Office (FCDO) in Nigeria, praised the partnership, highlighting achievements ranging from state-level electricity market reforms to unlocking major financing and designing Nigeria’s Climate Change Fund.
Enugu State Secretary to the State Government, Professor Chidiebere Onyia, underscored the lasting influence of the programme, stating that UKNIAF’s impact continues through the expertise and leadership transferred to national and sub-national institutions.
The close-out event reaffirmed stakeholders’ commitment to sustaining tools, reforms, and knowledge products developed under UKNIAF, while strengthening collaboration among public, private, and development actors in the infrastructure ecosystem.
Participants included federal and state agencies such as the Nigeria Governors’ Forum, Federal Ministry of Power, Ministry of Finance, NERC, REA, and the Transmission Company of Nigeria, alongside development partners including the African Development Bank, World Bank, and IFC, as well as private sector and civil society stakeholders.
By Aduragbemi Omiyale
The gantry price of Premium Motor Spirit (PMS), otherwise known as petrol, has been slashed by the Dangote Petroleum Refinery.
The Lagos-based oil facility brought down the ex-depot price of the petroleum product by 15.58 per cent or N129 per litre to N828 per litre.
Though the company had yet to release an official statement on this development, real-time market data on Petroleumprice.ng on Friday showed the new price.
Punch reports that data from the platform also showed fresh reductions across several private depots following the refinery’s latest review.
Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic dropped its price by N3, and TechnoOil slashed its by N15.
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