Latest news with #Calabar
Zawya
29-05-2025
- Business
- Zawya
Nigeria: Understanding economic imperatives of Lagos-Calabar costal highway
There is no gainsaying that infrastructure is key to national economic development. I have taken my time to do some research on this, and I discover that in other climes, in the developed nations in particular, whenever their economy is going through challenges, what their governments do is to stimulate economic activities, create job and wealth through massive investment in infrastructure. When people have means of sustenance, they will be able to pay tax, which is also used to refinance the economy and you have the economy getting back to life, then individual businesses will come on stream and begin to thrive. In other words, infrastructure is the key, both to economic recovery, and a stable or prospering economy. That is why China for instance is still investing heavily on infrastructure. I have keenly followed conversations, controversy and the mounting public criticisms trailing the ongoing 700 km Lagos-Calabar road project. A former President was unsparing in his criticism of the Lagos-Calabar coastal highway projectwhich has been in the pipeline for over a decade. He is of the opinion that the project which wasdesigned to connect Lagos to Calabar in Cross River State through the coastal states of Ogun, Ondo, Delta, Edo, Bayelsa, Rivers, and Akwa Ibom is bogus, shrouded in corruption, wasteful, unrealistic and unreasonable. Many voices have not only towed his line of argument, but have reechoed his perspective. Some queried the huge amount of N15 trillion earmarked for the road, wondering how such a heavy amount would be sourced, and where, while others are concerned about the significant impacts the construction of the highway would bring to bear on the environment. They expressed apprehension about habitat and ecosystems disruption, vulnerability to flooding and erosion, social impacts of the construction, loss of means of livelihood arising from possible displacement of villages, communities and settlements along the route, and several other issues, which the federal government, through the Honourable Minister of Works, Engr David Umahi have addressed. However, my take on the project is different. I look at it from a different angle, from a professional perspective precisely. To me, it's a laudable project, and non of the views or fears so far expressed are potent enough to knock off its importance. Poor infrastructure is the bane of Nigeria's development. Inadequate infrastructure has continued to keep Nigeria at bay. Poor infrastructure is really slowing down the pace of development here, and it seem we are not really paying attention to this. When you add logistics deficiencies, particularly epileptic, irregular and inadequate power supply to infrastructural challenges in Nigeria, when you analyse the effects on the nation's economy, cost of production, cost of living, the social impacts, you will agree with me that the journey is far. In today's Nigeria, to travel by road from Lagos to Abuja for instance takes eleven to twelve hours, wasted hours. If we have modern, fast and efficient rail system, you will cover the distance in about six hours. We can't move forward without infrastructure development, without, good, efficient, holistic and comprehensive infrastructure, hence the politics of infrastructure in Nigeria must be intentionally, or deliberately downplayed. Lagos-Calabar coastal highway is not just a road, it is a game changer, a catalyst that will open up our ports to increased commerce and reduce travel times and costs within Nigeria. The potential commercial and investment value of the project is high, its social and economic values not in contention. Have critics consider the economic advantage of the longest highway in Africa when completed? Lagos-Calabar highway on completion will serve as a link to seven ports of Lekki, Tin-Can Island, Koko, Warri, Port Harcourt, Gelegele and Calabar. The importance of this is that importers and exporters of goods and items will no longer have to depend on ports in Lagos or Port Harcourt. They can choose any of these seven ports, which will increase to eight when Ondo State completes construction of the Ilaje Deep-Sea will translate to cheaper importation costs, because ships would no longer accrue demurrage charges while waiting to berth at the congested Lagos ports. Not only will goods arrive in Nigeria, but they will also leave Nigeria without delay, or any form of hitch. Consider the multiplier effect to the Nigerian corporations and individuals who will no longer need to use the Port of Cotonou in Benin Republic, meaning that the increased marrying traffic will almost immediately increase our GDP! The highway which is gradually becoming a reality will boost Nigeria's internal and external tourism. What about driving for endless miles and just seeing the turquoise-blue colors of the Atlantic Ocean. It will almost feel as if you are driving to heaven! Infrastructure is a top factor in driving where real estate development happens. Its provision is a strong priority for future real investments, in that it offers opportunities for real estate investors to participate in the positive dynamics that follow such investment cycles. An insight into the economies of the Asian countries, particularly China reveals that several opportunities for real estate market and development arise from infrastructure development. China boast of some of the largest infrastructure projects in the world such as the high-speed railway system and the hydroelectric three gorges dam, simply because the country has been investing heavily in infrastructure over several years. You can be sure that construction of the Lagos-Calabar Coastal Highway would ensure that businesses, including real estate development springs up along the route, and transactions will be conducted more efficiently. Businesses are conducted more seamlessly when hiccups in communication and transportation are removed or substantially and significantly removed. Upon the completion of the Lagos-Calabar Coastal Highway, population would increase in the seven states, new settlements would spring up along the highway route, and this would subsequently lead to increase in demand for commercial and residential accommodations, increase in property development and property or estate developers. Rental values of residential properties would improve, land prices will skyrocket along the axis, and real estate development along the corridor shall spring up in a manner that would be as if real estate is being reinvented or redefined, all because real estate investors and developers would shift attention to the axis. Under the improved business environment, people would live healthier and contribute better to the society.
Zawya
29-05-2025
- Business
- Zawya
Nigeria's Food Security: FG secures $134mlm loan facility from AfDB — Minister
The Federal Government said it has secured a loan facility of 134 million dollars from the African Development Bank (AfDB) to help farmers boost seeds and grain production in the country, News Agency of Nigeria (NAN) reported. The Minister of Agriculture and Food Security, Senator Abubakar Kyari, made this known at the unveiling of the 2024/2025 National Dry Season Farming in Calabar. Kyari explained that with the reintroduction of the national dry season farming to boost year-round agricultural production, the loan would be handy as well as guarantee national food security in the country. He said that the initiative was under the National Agricultural Growth Support Scheme-Agro Pocket (NAGS-AP) Project. He noted that the federal government had declared an emergency on food production to enable all Nigerians get easy access to quality and nutritional food at affordable rates. The minister also said that the government plans on using the agricultural sector for national economic revival through increase in the production of some staple food crops such as wheat, rice, maize, sorghum, soybean, and cassava during both the dry and wet season farming. He added that no fewer than 107,429 wheat farmers have been supported under phase 1 of the 2023/2024 dry season, and 43,997 rice farmers under the second phase of the 2023/2024 dry season. He explained that recently, government supported 192,095 rice, maize, sorghum/millet, and soya bean and cassava farmers under the 2024 wet season across the 37 states, including the FCT. He said that Cross River was leading 16 other states in wheat production, adding that more than 3000 wheat farmers have been listed to benefit from the support to grow the grain. Kyari said this informed why the Federal Government was partnering with the state to kick-start the maiden wheat production and enlisting them among states commencing the current 2024/2025 dry season farming. 'In the 2024/2025 dry season farming, the project is targeted to support 250,000 wheat farmers across the wheat-producing states with subsidised agricultural inputs. '250,000 hectares of land will be cultivated with an expected output of about 750,000 metric tonnes of wheat, which is to be added to the food reserve to reduce dependence on the importation of the product, and also increase domestic consumption. 'The programme will also provide support to 150,000 rice farmers under the second phase to cover all the 37 states, including the FCT, with an expected output of about 450,000 metric tonnes,' he said. On the agriculture mechanisation programme, the minister disclosed that the Economic Council received a briefing and approved the Greener Hope Agric mechanisation consortium, which is a ten-year programme totalling 1 billion dollars in investments. He said that the consortium was expected to set up 1000 agro centres with service providers across the country. He also said that the centres were also expected to engage about 600,000 youths, providing 2000 tractors yearly for the next five years. The minister further said that the government had commenced the sale of 30,000 metric tonnes of milled rice to Nigerians at subsidised rates of N40,000 per 50-kilogramme bag, adding that the exercise would be carried out across the country. 'It is expected that with the injection of 30,000 metric tonnes (1000 trucks of 30MT each of this important staple food into Nigeria's food balance sheet, it will not only crash the price of rice but also other close food substitutes and alternatives,' he said. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
