France loans Nigeria $100 million for buses in Lagos

Surely Tinubu,IBB, David Mark, Atiku, Alaiye or OBJ could have funded this - do we need more debt?

http://www.vanguardngr.com/2011/11/france-loans-nigeria-100-million-for-buses/

PARIS (AFP) – France will loan Nigeria $100 million to set up? a bus network in its sprawling commercial capital Lagos, the foreign ministry said Friday during a visit by Nigeria’s President Goodluck Jonathan.

“In coordination with Nigerian authorities, the French development agency, on the ground since 2008, has made urban development one of its operational priorities in this country,” a statement said.

France said the loan would be made to the Nigerian federal government but then passed to Lagos State. It will help fund the city’s new $330 million urban transport plan, which is cofinanced by the World Bank.

Lagos is sub-Saharan Africa’s greatest metropolis and the commercial hub of Africa’s oil-exporting largest nation, but its public infrastructure struggles to cope with its vast population.

Jonathan and his finance minister former World Bank managing director Ngozi Okonjo-Iweala are on a working visit to Paris to drum up trade and investment from France, which has growing oil interests in Nigerian fields.

Are they doing this on their own or on behalf of the Lagos state government?

Didn't the state just bought 100 BRT buses and already cleared from the port already and financed  @ $6 million by a Nigerian Bank?


WTF are they talking about? This better be a freeking joke.

VoodooDoll:

Lagos is sub-Saharan Africa’s greatest metropolis and the commercial hub of Africa’s oil-exporting largest nation, but its public infrastructure struggles to cope with its vast population.

Any help with transportation is great for Lagos. With the unholy amount of suffering passengers at rush hour in the city every week day, transportation is one area where any loan can easily be repaid and with change too.

A good move but will they invest in the roads as well!

JamesDoe:

A good move but will they invest in the roads as well!

And rail too, Nigeria is too backward in both areas. Another area a place like Lagos can look into is water transportation.
Any loans for the above areas will be recouped quite easily.

Good one, though rail could have been better and it will save cost for the poor.

it is a good move by the government, but the main question is will the funds be utilized efficiently and effectively? We all know our corruption is deeply rooted in the system. Also for an effective transport system to be achieved or put in place, we need to have a very good road channel and a good city plan. The government should work on both before embarking on this project or implement them simultaneously.

I am tired of Africa been handed out paycheck ohh I meant payday loan like  bunch of freeloaders. Nigeria at this stage must have known better that for now. This is a nice move by Sarkozy to start courting Nigeria naive politicians into his proxies, like most of them did in voting with West in toppling Ghadaffi, while other reasonable  countries like Brazil, India, China and Russia remained absent.

How can Africa countries have a say in world politics why they keep accepting handouts.

GEJ said his going to France to lure investors, why his there to plead for food-stamp just to disgrace hard working Nigerians.

$100M - operation money will be 50%, 30% enter some people pocket and 20M good enough to do the business. GEJ and his girl friend dumbass, too much stupidity, FG wan do transportation business, same FG that can not fix the bad road. , and the blind man on their side.

You've got to love nigerian journalist!!

This release was probably aimed at Europeans, but the Nigerian media as usual just copied it verbatim, instead of going a step further to explain what exactly this loan is for, is Vanguard not aware there is BRT already and this is for expansion of the ongoing WB financed transport plans


Does my head in when Nigerian newspapers just copy stories about their own country like they don't have access to the govt

donedy:

I am tired of Africa been handed out paycheck ohh I meant payday loan like bunch of freeloaders. Nigeria at this stage must have known better that for now. This is a nice move by Sarkozy to start courting Nigeria naive politicians into his proxies, like most of them did in voting with West in toppling Ghadaffi, while other reasonable countries like Brazil, India, China and Russia remained absent.

How can Africa countries have a say in world politics why they keep accepting handouts.

GEJ said his going to France to lure investors, why his there to plead for food-stamp just to disgrace hard working Nigerians.

I like that post! you hammer the nail abi how do they say it self

Whether it is complimentary by the Feds or competitive will determine its usefulness. However such loans are best used to develop proper mass transit systems such as rail since the technology obvious is alien. I believe Lagos state should be able to buy all its buses from local funding if the BRT is a proper enterprise.

$100M again? What about the first 100 buses!

What Lagos needs is a monorail system or some sort of elevated system that is not impeded by vehicular traffic. I have seen the plan for the various blue, red,green, yellow lines etc, which are good, but if they are going to intersect roads then their impact may cause more harm than good.

If possible they should try to access billions of dollars to put up advanced infrastructure. They should try to go for loans to construct underground drainage, water supply and electrification system. Construct better roads, housings, transportation,etc.

My advice is that they should stop taking loans rather than accept them to engage the providers into direct access to the infrastructure without the Nigerian leaders access to them.

COMPAQ:

What Lagos needs is a monorail system or some sort of elevated system that is not impeded by vehicular traffic. I have seen the plan for the various blue, red,green, yellow lines etc, which are good, but if they are going to intersect roads then their impact may cause more harm than good.

Spot on. The existing functional line that runs through Agege, Oshodi and unto Yaba is very disruptive and dangerous (bad level crossings). But you must admit the cost of tunneling or elevating is equally horrendous. That 100 million may not lay more than a few kilometers of subway lines.

all4naija:

If possible they should try to access billions of dollars to put up advanced infrastructure. They should try to go for loans to construct underground drainage, water supply and electrification system. Construct better roads, housings, transportation,etc.

My advice is that they should stop taking loans rather than accept them to engage the providers into direct access to the infrastructure without the Nigerian leaders access to them.

I suppose you mean foreign direct investment as opposed to funding.

and the interest on that loan is how much?

in the land of the blind the one eyed man is king.

i didnt know France could afford to dish out loans - they must have made a killing (pun intended) in libya.

see matter, the french who are owing in the EU na wah, this is like digging one hole to fill the other,watch this space.

France loans Nigeria $100 million for buses in Lagos

Looks like a zero or two were omitted, $1000 million, $1 billion or $10 billion.

Frigging Beggars, Frigging Beggars. These people don't learn. Is this the way Qatar, UAE, Saudi Arabia and other OPEC countries also obtain loans for buses from the West?

it actually said 'urban transport plan' not buses in the press release

Why did OBJ pay up the loans in the first place if all this govt knows to do is keep borrowing?

cap28:

and the interest on that loan is how much?

in the land of the blind the one eyed man is king.

i didnt know France could afford to dish out loans - they must have made a killing (pun intended) in libya.

^^^^ @ Bold ROFLAMO!!!

Loans & More loans, thats the life blood of the Nigerian Govt right now, BTW, The Greeks & Italians now have un-elected Bankers as their Political Leaders, Former Goldman Sachs Employee's lol,

Italy’s new prime minister - Mario Monti (Member of the Board of Goldman Sachs International Advisors)
Greece New Prime Minister - Lucas Papademos ( Former Governor of the Bank of Greece & Member of the Trilateral Commission)

The Banksters seem to be having fun right now,

hahaha, the country is not even worth 100 million usd, they had to borrow from france , no money in the federal account anymore?,   nigeria and africans are dead in general !!!!! that continent is not suppose to be in existence, remove it from the world map

COMPAQ:

What Lagos needs is a monorail system or some sort of elevated system that is not impeded by vehicular traffic. I have seen the plan for the various blue, red,green, yellow lines etc, which are good, but if they are going to intersect roads then their impact may cause more harm than good.

MONORAIL?  THAT WILL BE DANGEROUS, A LOT OF PEOPLE WILL DIE FROM ACCIDENT, NIGERIAN GOVERNMENT CAN'T MANAGE IT

Who said anything about LASG managing it?? I would expect it to be managed and operated by a private firm!!