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Sanwo-Olu Unveils 10-year Infrastructure Plan For Lagos As Ehingbeti Begins

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Sanwo-Olu Commissions Oxygen Plant, Blood Transfusion Service Office

Lagos State has set off an ambitious plan for its development over the next decade. By 2030, the state, which has the 5th largest economy in Africa, will have a running city-wide network of colour-coded Metro Lines that will move over 34.5 million people monthly and cut travel time in the metropolis drastically.

 

Governor Babajide Sanwo-Olu, on Tuesday, outlined key infrastructural deliverables being undertaken by the state at the 8th Lagos Economic Summit, otherwise known as Ehingbeti. The three-day event with the theme “Greater Lagos: Setting the Tone for the Next Decade”, is facilitated by the organised private sector in support of the state government.

The summit is largely virtual, but some sessions are to be held physically at the Eko Hotels and Suites, Victoria Island.

Ehingbeti Summit, co-chaired by chairman of Citi Bank, Mr. Yemi Cardoso, is an initiative introduced in 2000 as a biennial event aimed at creating a credible forum to discuss and formulate policies for accelerating infrastructural development and stimulating economic growth for Lagos.

The event was virtually attended by President Muhammadu Buhari, newly appointed Director General of World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, and President of Africa Development Bank, Dr. Akinwunmi Adesina, and founder of Mo Ibrahim Foundation, Mr. Mohammed Ibrahim, among others.

Sanwo-Olu, in his address, disclosed that the race to digitise every community in Lagos had begun with the ongoing laying of 6,000-kilometre fibre optic infrastructure across the city, stressing that the Smart City agenda of the government would fully materialise by 2030 when the entire landscape of Lagos would have been covered by a network of several thousands of kilometres of fibre optic carrying broadband internet into all homes, offices and schools.

The move, the governor said, is to leverage technology to revolutionise business culture in Lagos by energising Micro, Small and Medium Enterprises (MSMEs) that form the backbone of the state economy.

He said: “I invite every well-meaning Nigerian to join me to look ahead at the next decade, and the possibilities that lie ahead for Lagos. What will Lagos State look like by 2030? There will be a city-wide network of colour-coded Metro Lines, the first two of which – Red and Blue lines – will move over 34.5 million people monthly, cutting travel time by over 250 per cent. In 2030, Lagos will proudly stand beside every other megacity in the world, in terms of its capacity to transport its people efficiently and responsively.

“Water transportation infrastructure being put in place will make waterway transport systems a central element of life in the metropolis. The Fourth Mainland Bridge will come to define the cityscape of the 2020s in the same way the Lekki-Ikoyi Link Bridge defined it a decade earlier. By 2030, Lagos will be a Smart City, fully covered by a network of several thousands of kilometers of fibre optic infrastructure that will carry broadband internet into homes, offices and schools

“The Smart City that is unfolding will also be home to a network of intelligent cameras that will support not only security and policing across the state, but also traffic management and data collection for urban planning. By 2030, Lagos will be home to one of the largest Rice Mills in the world, after we deliver our 32 metric tons per hour rice factory in Imota, which will produce 2.8 million bags of 50kg bags of rice per annum.”

The governor said the implementation of the plan would not only create millions of direct jobs for skilled youths, it would also empower women, who own substantial MSMEs in Lagos.
READ ALSO: Akeredolu Orders Probe Of Chief Judge Over Alleged Illegal Detention
Sanwo-Olu said plans were underway in Lagos to reverse the tide of billions lost nationally to medical tourism. He disclosed that Lagos was pushing ahead with a move to develop a Medical Park in Ikoyi in partnership with the private sector, which is expected to offer world-class medical and diagnostic services.
He said his administration’s development blueprint, known as Project THEMES, was designed to build on the achievements of previous administrations and lay foundations for future growth.

Sanwo-Olu, having reviewed the progress recorded within the past decade, said there was so much to be celebrated in the state, but added that so much was needed to be done in expanding the frontiers of growth in Lagos.

President Muhammadu Buhari pledged the Federal Government would continue to bring massive investments into Lagos in order to boost the state’s economic potential as one of the world’s fastest growing megacities.

The president said Lagos had demonstrated how understanding between national and subnational governments could be leveraged for accelerated growth, alluding to concession granted the state government to rebuild the federal highway leading to Murtala International Airport in Ikeja.

Buhari said: “The Federal Government is today completing the Standard Gauge Railway Line that links Lagos to Ibadan in the first instance, and from there connects to Abuja and Kano, and brings ease and efficiency to what is Nigeria’s busiest transportation corridor.

“Just last month, this new Rail Line achieved a milestone extension into the Port Complex in Apapa, setting the stage for a long overdue decongestion in that area.”

The WTO director general made a case for the creation of massive industrial hubs to harness the potential of the youth and women in artificial intelligence and digital economy.

Dr. Okonjo-Iweala commended the Lagos government’s action to build digital infrastructure around the city, noting that the fibre optic programme makes the state a new manufacturing hub of digital products that will shape the global economy in the next decade.

On his part, Dr. Adesina believed the increasing youth population in Lagos must not be seen as a problem, but rather as an asset that should be harnessed for growth.

The Africa apex bank chief said it was time for the state government to create a youth-based economy that specifically targets skilled young population. He applauded Lagos’ Digital Skill Empowerment for the youth, and the rollout of broadband Internet infrastructure across the state.
“The future of Lagos must be knowledge- based and the state government must sustain its investment in education to produce knowledgeable, skilled young people for the jobs of the future,” the AFDB President said.

The event also featured discussion panel sessions that focused on how Lagos could harness its human capital to accelerate its development and bring the state closer to developed mega cities.

Ehingbeti Summit has led Lagos, in the last two decades, to achieve the delivery of five Independent Power Projects (IPPs) on the Mainland and Island. Other notable infrastructure conceived from the summit include Lekki-Epe Expressway, Lekki-Ikoyi Link Bridge, Pen Cinema Bridge, Agric Isawo Road, International Airport Road, opening of Regional Road and rehabilitation of Ibeju Lekki-Epe road network, among others.

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BREAKING: Old N200, N500, N1,000 Notes Remain Legal Tender Till Dec 31 – CBN

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In compliance with a ruling of the Supreme Court, the Central Bank of Nigeria (CBN) has declared that old N200, N500, N1,000 banknotes remain legal tender till December 31, 2023.

The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin spoke in a statement on Monday. This is coming 10 days after the Supreme Court ruled that old naira notes should co-exist with new ones till the end of the year.

“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

“Consequently, all concerned are directed to conform accordingly,” the statement read.

The highest court of the land had on March 3 ordered that old N200, N500 and N1000 notes remain valid till December 31, 2023.

This was after 16 states of the federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.

The 16 states led by Kaduna, Kogi and Zamfara had prayed the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians.

The Supreme Court subsequently ruled that President Muhammadu Buhari’s disobedience of its February 8 order is a sign of dictatorship, adding that the President breached the Constitution of the Federation in the way he issued directives for the re-designing of the Naira by the CBN.

After the March 3 judgement by the Supreme Court, the Presidency, CBN and the AGF kept mum, throwing many bank customers and Nigerians into confusion as the ruling of the apex court contradicted the directive of the President on February 16 that old N500 and N1000 notes are banned and old N200 notes remain valid till April 10.

However, the Presidency broke its silence on Monday, saying the President never told the CBN and the AGF not to obey the order of the apex court.

“The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President,” the Presidency noted.

According to the Presidency, the President is an absolute respecter of the rule of law and that the “negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust.”

The CBN had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court, after a suit filed by the states, held that the Federal Government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue.

However, the President, in a national broadcast on February 16, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.

There has been a flurry of reactions and stark criticisms against the President’s directive including from governors of his party, the All Progressives Congress (APC).

Governors Nasir El-Rufai (Kaduna), Abubakar Badaru (Jigawa), Rotimi Akeredolu (Ondo), Umar Ganduje (Kano); Speaker of the House of Representatives, Femi Gbajabiamila; Minister of State for Labour and Employment, Festus Keyamo; and many stalwarts of the ruling APC have openly censured and faulted the President’s directive, arguing that it has no grounds because the case is before the apex court.

Leading Senior Advocates of Nigeria like Femi Falana and Mike Ozekhome have equally faulted the President’s move, saying he cannot overrule the apex court of the land.

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CBN Asked Banks To Receive Old Naira Notes – Soludo

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BREAKING: How Nigerians Keeping N2.7 Trillion At Home, Others Caused Naira Redesign - Emefiele
CBN Governor Emefiele

The Central Bank of Nigeria (CBN) has asked commercial banks to dispense and accept old naira notes as deposits, according to Anambra State Governor Charles Soludo.

Soludo, a former CBN governor, made this known in a statement he posted on his social media handles.
He explained that the Governor of CBN, Godwin Emefiele gave the directive at a Banker’s Committee meeting on Sunday.

He added that Emefiele personally confirmed the directive to him.
According to him, residents should report banks refusing to accept the old notes.

“Commercial banks have been directed by the Central Bank to dispense old currency notes and also to receive the same deposits from customers. Tellers at commercial banks are to generate the codes for deposits, and there is no limit to the number of times an individual or company can make deposits.”

“The Governor of the CBN gave the directive at a Bankers’ Committee meeting held on Sunday, 12th March 2023. The Governor, Dr Godwin Emefiele, personally confirmed the above to me during a phone conversation on Sunday night. Residents of Anambra are therefore advised to freely accept and transact their businesses with the old currency notes (N200, N500; and N1,000) and the new notes”, the statement added.

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Elon Musk Reclaims Title As World’s Richest Man

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Nigeria Approves Elon Musk's Starlink As Internet Service Provider
Elon Musk

Months after losing the title of the world’s richest man, Elon Musk has regained it.

A rally in Tesla’s stock price on Monday boosted the Twitter owner’s net worth by nearly $7bn to $187bn, according to the Bloomberg Billionaires Index.

Musk’s recovery of the top spot from the French luxury goods magnate Bernard Arnault follows a precipitous drop in his wealth in late 2022, when he became the first person ever to amass and then lose $200bn. His wealth peaked at about $340bn in November 2021 and fell to about $128bn at the start of 2023.

Musk’s personal wealth primarily derives from stock in Tesla. The electric carmaker lost nearly two-thirds of its value in 2022, amid investor concerns over weakening demand, Musk’s distracting purchase of Twitter and the tumultuous start to his tenure atop the social media platform.

While Musk’s troubles at Twitter continue, having reportedly fired an additional 200 employees over the weekend after already slashing the workforce from 7,500 to about 2,000 since October, the share price of Tesla has risen nearly 90% since the start of 2023.

On Wednesday, the company will hold its annual Investor Day at its factory in Austin, Texas, and Musk is expected to discuss future products, including the long-promised Cybertruck and Semi Truck, along with plans to expand its production infrastructure around the world.

One such plan was previewed on Tuesday, when the Mexican president, Andrés Manuel López Obrador, said Musk had promised him by phone that Tesla will build a new factory in the city of Monterrey.

“This is going to mean a considerable investment and many, many jobs,” López Obrador said.

Tesla already has plants in China and Germany, and analysts suggest it may expand to Canada as well as Indonesia.

The carmaker continues facing challenges, however, including increased scrutiny of its driver assistance technology. It announced a recall of 362,000 vehicles on 16 February after regulators said its Full Self-Driving Beta software did not follow traffic laws.

Shareholders filed another lawsuit on Monday against Musk alleging that Tesla’s repeated exaggeration of its self-driving capabilities amounted to fraud.

Musk also keeps courting controversy through his erratic and provocative behavior online. After lifting bans on white supremacists, neo-Nazis and QAnon conspiracy theorists on Twitter, the billionaire has curried favor with rightwing trolls and activists.

On Monday, he threw his support behind Scott Adams, the Dilbert cartoonist whose racist rant in a recent YouTube appearance has led to the cancellation of his comic strip in US newspapers.

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