CBN drives investments for rehabilitation of moribund ports.  The Central Bank of Nigeria, CBN, has commenced moves to rehabilitate moribund ports across the country to create better efficiency and ease congestion at Nigeria’s ports industry. Speaking at the third edition of the Nigerian Ports and Trade Investment Forum, Assistant Director, Development Finance Department, CBN, Mr Ayoola Kadiri, said the apex bank is currently looking for investors to bring these moribund ports back to life to grow the country’s export trade. Kadiri also said that reviving these moribund ports is geared towards de-congesting the existing ports, adding that there is a fund dedicated for this purpose. He stated: “We are looking for investors that want to invest in moribund ports across Nigeria. There is finance and collaboration from CBN on how these moribund ports can be revived which will help to decongest Lagos ports. “We are working with the Nigerian Exports Promotion Council. Also the...

Naira continues fall, depreciate to N950/$ in parallel market.  The naira yesterday depreciated to N950 per dollar in the parallel market, the lowest level since the introduction of foreign exchange (forex) market reforms by the Central Bank of Nigeria, CBN on June 14th. Vanguard gathered from black market traders that the parallel market exchange rate rose by N23 to N950 per dollar yesterday from N927 per dollar on Wednesday, triggered by increasing scarcity of the dollar amidst huge demand. Similarly, the naira depreciated in the Investors and Exporters, I&E window to N780 per dollar as the indicative exchange rate for the window rose by N21.88 from N758.12 per dollar on Wednesday. Consequently, the gap between the official and parallel market exchange rates widened to N170 per dollar yesterday from N168.88 per dollar on Wednesday. The naira has been on a downward trend in the forex market since the CBN reforms of June 14, which includes the elimination of multipl...

Outrage as national power grid collapses twice in 6 hours.  Businesses and homes were again left without power supply for several hours yesterday after the nation’s national grid collapsed twice in less than six hours, dropping power generation by 93.5 per cent to 273MW. The latest collapse came barely two weeks after the controversial celebration of 400 days of stable or incident-free operations by the Transmission Company of Nigeria, TCN. In 2022, the grid collapsed seven times, with the Federal Government promising to end constant power grid instability. Data supplied by the National System Operator, a semi-autonomous unit in the Transmission Company of Nigeria showed that the grid collapsed around 12.35 am yesterday. After several hours, it collapsed again around 6.40am, leaving the entire country without public power supply. As at 1.30 pm yesterday, data from NSO showed that the grid had begun a slow recovery with load allocation to distribution companies at 585 Me...

Deathtraps: Federal, Lagos govts to shut 3rd Mainland Bridge for repairs.  LAGOS—TO end recurring accidents occasioned by potholes on the Third Mainland Bridge, the Federal Government in collaboration with the Lagos State Government will next week commence remedial repair works on bad portions of the bridge Specifically, the bridge will be closed on two consecutive Sundays, September 17 and 24, for the remedial works to be carried out by the state Government, through the Lagos Public Works Corporation, LPWC, in collaboration with the Federal Ministry of Works. Motorists have continued to lament the bad state of the bridge, which has potholes on many parts, which have been causing accidents. While modalities by the state government for the construction of the proposed Fourth Mainland Bridge have reached advanced stage, residents are of the opinion that the Third Mainland Bridge has been overstretched. Confirming the planned rehabilitation of the Third Mainland Bridge to ...

Illegal toll: IGP orders CPs to dismantle all unauthorised checkpoints, arrest violators.  Acting Inspector General of Police, Kayode Egbetokun, yesterday asked commissioners of police in the 36 states of the federation and Federal Capital Territory, FCT, to immediately commence dismantling of all non-security checkpoints within their areas of responsibilities, and arrest violators for prompt prosecution. He also gave commissioners of police yet to establish the complaints reponse units, CRU, three weeks within which to do so in their command headquarters to combat corruption. Speaking at a strategic meeting with DIGs, AIGs and command CPs, Egbetokun assured that the Police would provide adequate security for the governorship elections coming up in three states of the federation, saying there was no need for worry. He said: “We are aware of the challenge posed by the continued presence of unauthorized persons on the various highways around the country, in the guise of r...

Niger coup fallout: Nigerians at the border count losses as misery heightens.  NIGERIAN communities along the Nigeria-Niger border are facing a growing uncertainty and anxiety as a result of the profound impact of the Niger coup crisis. With the border closed and vital services knocked out, misery coupled with frustration has become the lot of the residents. The situation remains dire as the suffering triggered by the closure of the borders stretches into weeks and months with no end in sight. Food, water, and electricity supplies have since dried up, while free movement of goods and services has also been stalled between the dwellers of the borderline areas since the coup rattled the country some weeks ago. In an interview with Arewa Voice, the Acting Village Head of Magama Community in Jibia Local Government Area of Katsina State, Sani Abubakar, listed the multi-faceted nature of the crisis and its repercussions on border communities. In the midst of the escalating po...