France loans Nigeria $100 million for buses Tweet November 25, 2011 News 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 inthis 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.

For the first time am going to thank GEJ, though loans are meant to be avoided if possible, but who cares?. . .since na Lagos the buses dey come.

Rhino.5dm:

For the first time am going to thank GEJ, though loans are meant to be avoided if possible, but who cares?. . .since na Lagos the buses dey come.

Thank him for what,you must be out of your mind.

Just did that like 100 times. So, what you gonna do?

olas2u:

Thank him for what,you must be out of your mind.

Euros or Dollars?

Anyway, who cares - Lagos will soon belong to the 'World Bank' once they start defaulting.

The world bank is simply investing in their future infrastructure whilst at the same time burdening Lagos with more debt it will be unable to pay.

^
Nah! The burden of payment is on Nigeria NOT Lagos, more like FG's mass assisted buses.
Those buses are going to be like free of charge to Lagos, going by how uncoordinated and inefficient the FG is, in managing resources.

Are you thinking FG will sign a loan for Lagos without her consent?. . .BRF is way too smart to be dragged in to that mess by Retardeen.

What interest rate

Rhino.5dm:

^
Nah! The burden of payment is on Nigeria NOT Lagos, more like FG's mass assisted buses.
Those buses are going to be like free of charge to Lagos, going by how uncoordinated and inefficient the FG is, in managing resources.

Are you thinking FG will sign a loan for Lagos without her consent?. . .BRF is way too smart to be dragged in to that mess by Retardeen.

I hope he went to France with sound minds,The future will judge all his actions  ,if he fails us

Anyway, an excellent development. This is an investment in the future

I hope they use the money to buy quality mass transit buses, not those rickety BRT prototype they've been experimenting if they dont want to incur more unpayable liabilities for the state.

It really makes little economic sense why one will be borrowing in order to buy depreciating liabilities.

mbatuku2:

I hope they use the money to buy quality mass transit buses, not those rickety BRT prototype they've been experimenting if they dont want to incur more unpayable liabilities for the state.

It really makes little economic sense why one will be borrowing in order to buy depreciating liabilities.

Buses don't depreciate?

Eko Ile:


Buses don't depreciate?

Is that meant to be a joke?

I think the person was confused ,

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.

Is the money for buses?

Or a network for buses?

Or both?

I suspect it may be for something like private bus lanes that will either have tolls or the need for a licence to use the road.

Either way - Lagosians will end up paying $1Billion plus for it through taxation.

Just give it to the guy on this one, he went to France seeking for investment and he got 100 million dollars. The guy try na.

100 million dollars no be moi-moi oo.
A sharp contrast to the sexual excapades we read from Australia.

olas2u:

I hope he went to France with sound minds,The future will judge all his actions ,if he fails us

olas2u:


I think the person was confused ,

Lagos already plans to build buses ,that is the only way to save foriegn exchange and chase the peguot out of Nigeria ,many decades in Nigeria,it could not help Nigeria manufacturer a made in Nigeria car.They are assembling cars.Mercedes did well in India ,by helping them with Tata.

Rhino.5dm:

Just give it to the guy on this one, he went to France seeking for investment and he got 100 million dollars. The guy try na.

100 million dollars no be moi-moi oo.
A sharp contrast to the intimate excapades we read from Australia.

How much is 100 million dollars?You think Nigeria is Benin republic.We dont need Aid in Nigeria .we can create a model like the indians

olas2u:

How much is 100 million dollars?You think Nigeria is Benin republic.We dont need Aid in Nigeria .we can create a model like the indians

^
start by creating tooth-pick or safety matches, first. Before you jump in to producing racing cars.

olas2u:

Lagos already plans to build buses ,that is the only way to save foriegn exchange and chase the peguot out of Nigeria ,many decades in Nigeria,it could not help Nigeria manufacturer a made in Nigeria car.They are assembling cars.Mercedes did well in India ,by helping them with Tata.

^ ^
Now tell me, how many new buses do you will bought be from a company for her to stay in business? 1000 or 5000000?

Do you think our local market is capable of buying the minimum required units of bus for a company to remain in business?

The possible automaker Nigerian market can sustain is assembly plant.(which in many cases have even failed due to lack of patronage from local market). . .or you think na just to produce car be the problem?

Lagos is a state with so much experience when it come to transportation,politics was used to derail the railway lines that was planned by the jakande government which was also contracted to the french.If you still remmember LMTS,JUBlee lines ,all the buses ended up some where.So BRT now,you think lagos does not know the right way.You need cheaper buses from Asia ,with avaliable spareparts with technicans to transfer knowledge  to Automakers and mechanics .Lagos as intelligent people that will protect the state.I know very well.Because our fathers names count very much in this part.

^
No one is denying the presence of expertise or technical hands or technical know-how that can manufacture a car in Nigeria. The main problem is the market for the products, which i think it doesn't exist in Nigeria.

No reasonale investor will put his money in automaking factory in Nigeria(Innoson should testifyto that). How many people are capable of buying brand new car in Nigeria of today?

So, no one will start producing things with limited or no market without folding up for the sake of it.

The story is very fishy.


1. Why borrow from France when there are tones of Banks doing business with and financing projects in Lagos state?

2. There is an existing bus network in Lagos with dedicated BRT lanes, manpower and infrastructures like maintenance yards and services system.

3. Unity Bank just loaned Lagos state 6.3 million dollars to buy 100 BRT buses so what is Jonathan talking about with his 100 million euro loan?

Unity Bank spent ₦1.2b on Lagos State BRT buses

NAN

November 11, 2011 06:25PM
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Unity Bank Plc says it has so far spent about ₦1.2 billion for the purchase of Lagos State mass transit buses tagged, BRT buses.

The bank’s managing director, Ado Wanka, disclosed this during the Unity Bank Day at the ongoing 2011 Lagos International Trade Fair on Friday in Lagos.

Mr Wanka said that out of the amount, ₦215 million was spent to clear the buses from the port, register; kit and build parking spaces for the buses.

He said that the bank went into the venture because of the peculiar challenges of transportation in Lagos.

According to him, simply put, movement in Lagos can be tricky.

“That is why Unity Bank financed the purchase of 100 42-seater buses from HFZ Transport Services at a cost of $6.3 million.

“Moreover, to ensure port clearance, proper vehicle registration, kitting and provision of parking spaces for the buses, we also provided a further financial outlay of ₦215 million.

“In this way, we are participating in the steps taken by the administration of Governor Babatunde Fashola to reshape Lagos into a model city of the 21st century,” he said.

Wanka said that the bank would continue to partner with the government to transform Lagos positively.

According to him, the bank also takes part in the collection of the state’s internally generated revenue.

He said that the bank had 36 branches in Lagos and 18 in Kaduna and had the latest information technology infrastructure.

According to Wanka, this underscores the importance which the bank attaches to Lagos State.

He said the bank was the first to implement the Oracle 11g on the banks’ application Software.

The managing director said that the bank’s latest products included Unity BETA, Unity PAYS, and Unity Holy Trip.

“The Unity BETA, empowers small business and entrepreneurs to grow their businesses while Unity PAYS, provides customers the opportunity to buy valuable assets like generator sets and machines.

“The Unity Holy Trip provides the opportunity for a customer to save for pilgrimages and provides 50 percent credit facility, among others,” Wanda said.

Femi Deru, the president of Lagos Chamber of Commerce and Industry (LCCI) commended the bank for having over 5,000 people in its employment.

He said this made the bank, one of the biggest employer of labour, adding that the bank should work hard to be the highest capitalised bank by 2016.


http://234next.com/csp/cms/sites/Next/News/National/5747547-147/unity_bank_spent_1.2b_on_lagos.csp

I dont support borrowing in any form where there is no obvious exigency to warrant it. We are simply morgaging our future widening there grip on our country.

I just hope Lagos state is not involved and not part of this bone head loan nonsense. I don't even see any justification for it.

So if Nigeria splits, Lagos and the rest of the South-West will owe France 100 millions Euros.

Rhino.5dm:

^
No one is denying the presence of expertise or technical hands or technical know-how that can manufacture a car in Nigeria. The main problem is the market for the products, which i think it doesn't exist in Nigeria.

No reasonale investor will put his money in automaking factory in Nigeria(Innoson should testifyto that). How many people are capable of buying brand new car in Nigeria of today?

So, no one will start producing things with limited or no market without folding up for the sake of it.

I respect your views ,but it lack some basic economic sense,common sense should tell you ,that the reason Nigerians cannot buy new cars are so many,Its a country of 200million and that is a market on its own.Protectionism will increase demand for alternatives.High tarrifs will increase demand for cheaper goods.If the brazilains,indians,singparoans,malayians  can buy their cars.Nigerians will do it,What makes them different from us.

EzeUche:

So if Nigeria splits, Lagos and the rest of the South-West will owe France 100 millions Euros.

Ode of no common sense.

The federal government took and is guaranteeing the loan so the loan is hanging on the federal government, not Lagos state.

Seems the total financing is $330m for transportation.

I do hope it is more comprehensive than simply buying buses but includes technology transfer, fixing of roads and rail transport.

A good move if properly implemented.

Eko Ile:


Ode of no common sense.

The federal government took and is guaranteeing the loan so the loan is hanging on the federal government, not Lagos state.

Ewu!

The money is being used to help with Lagos infrastructure.

You can't have one's cake and eat it too.

EzeUche:


Ewu!

The money is being used to help with Lagos infrasture.

You can't have one's cake and eat it too.

Olodo. Who's signature is on the loan document? Lagos state or the federal government.


What's so hard about reading and comprehending basic English words anyways?

France said the loan would be made to the Nigerian federal government but then passed to Lagos State.

The federal government is doing the borrowing and the pay back method is the usual deduction from Lagos state's statutory allocations


Get some civic education myfriend.

Nigeria will be in debt before his tenure is over.