₦airaland Forum

*Goldman Sees Nigerian Naira Extending World-Beating Rally
*Naira is globe’s best performing currency this month
*Rebound follows steep decline caused by two devaluations

Nigeria’s naira could extend gains that have already made it the best-performing currency in the world this month, said a Goldman Sachs Group Inc. economist — provided policymakers stay on track.

The naira has rallied 12% against the dollar in April, adding to its 14% surge in March. Capital inflows and interest rate increases are helping it to retrace steep losses caused by two devaluations since June after the government loosened currency controls.

SAFA officials made it clear that we were thenceforth on our own. They said the bus would not move us to anywhere again, that their responsibilities ended with the final whistle. They only took us back to the hotel, and no longer detailed security personnel for the delegation

Pastor @ONsogbu has been freed. He’s safe and sound. Big thank you to the progressive fold for the show of support and solidarity.

Morbeta11:
With the quality of work Umahi did on third mainland bridge, I beg to know what Fashola did as works minister?

While reacting to a statement credited to the former Vice President of Nigeria, Alhaji Atiku Abubakar on the 700 km coastal poad projects, the Minister Dave Umahi described the analysis Atiku made on the coastal road project figures and the economic importance of the all-important coastal highway project as a gross misrepresentation of facts, and figures and a ploy to mislead Nigerians by darkening counsel without knowledge.

Umahi spoke Monday during his visit to the on-going rehabilitation of Enugu - Port Harcourt dual carriageway section 4 (Aba - Port Harcourt) handled by China Civil Engineering Construction Corporation Ltd (CCECC).

"He doesn't understand figures. I am going to run figures for him to understand, and he will understand how prudent the administration of President Tinubu has been. He will understand how prudency is taking the centre stage in this administration. The President has once queried me on the cost of on-going projects nationwide. I had to analyse every basic rate of construction materials to arrive at our unit rates. I showed it to Mr. President. He still thinks I should bring down the cost of projects.

"At the same time, the contractors are crying that I am oppressing them so much by reviewing the costs of their projects downwards. They lamented that what they were getting before, they are no longer getting it now. They cried out. But when I run the figures, Nigerians will see what this present administration is doing. So, I'm not here to run the figures now. I will do that in a press conference on my visit to Lagos from 10th April 2024 to 12th April 2024.”

On the economic importance of the coastal highway, he stated, "I will tell you the economic benefits of the project and how the coastal road is tying the entire country together. It's not tying just South-South and South- West. It is tying the North and South together. We are starting a project from Badagry to Sokoto, and we have a spur on this coastal route to that route and the African Trans Sahara Road that is passing from Enugu to Abakaliki to Ogoja to Cameroon which has a spur to the North".

Former Vice President Akitu Abubakar, may not know that the third section of the project is starting in Calabar by July 2024.

The Minister commended the pace and quality of work on the projects he visited but harped on the need for the contractors to heed the project delivery timeline. On the progress of work at the East West Road section III, he said, "The reinforcement is very good, the concrete is very good, the speed is not very good, so they have to increase their speed. If RCC doesn't increase their pace, I will take out a portion of this road and give it to another contractor. We will not want contractors to stay on a job like this 15 km dualization for two years or more.

He said despite the skyrocketed cost of materials in the construction industry caused by the dynamics of commodity price inflation and supply chain disruptions, the administration of President Bola Ahmed Tinubu, GCFR has remained unmatched in prudence, cost effectiveness, speedy and quality delivery of road projects.

The Minister also visited the construction of a 23-span flyover bridge project at Eke-Obinagu Junction (NNPC Depot), along Enugu Abakaliki Road, Enugu State handled by Reinforced Global Resources Ltd, the rehabilitation work at the collapsed bridge site at the New Artisan Bridge near NNPC mega fillings station Enugu Capital City, Enugu State handled by CCECC, the rehabilitation of Enugu-Port Harcourt Expressway Section 3, Enugu- Lokpanta handled by CGC.

Other projects visited were the Rehabilitation and Reconstruction of Enugu-Port Harcourt dual carriageway section 2 (Umuahia Tower-Aba Township Rail/ Road) in Abia State, handled by the Arab Contractors and the reconstruction of the dualized 15km section of the East-West road section III: (Eleme Junction- Onne Port in Rivers State being executed on reinforced concrete pavement like the coastal road) handled by RCC.

He said that the administration of President Bola Ahmed Tinubu is committed to a diversified and sustainable economic future of Nigeria, and this he is doing in the works sector through aggressive infrastructure development that would provide access to trade, tourism, industrialization and safety, especially along the local economic corridors.

Source: Barr. Orji Uchenna Orji,
Special Adviser (Media) to the Hon Minister of Works

9jatriot:
In fairness to Obi, I am not sure but I do not think Obi called or can call this his project a borehole project. At best we can say he donated a tank to them.

Look at that tank very well, it does not have an inlet pipe that can suggest that there is a borehole nearby, so I want to believe it is a tank that a water tanker will have to supply water to.

Anyway, his gesture even though we all know it is for politics is appreciated. Any gift no matter how small must be appreciated, but someone like Obi should not be anywhere close to power. People like him slow down progress.

3rd Mainland Bridge is now fully open, after a very good and comprehensive repair works, with lane markings, new streetlights etc.

Thank you Mr President
@officialABAT
GCFR. 🥇🇳🇬

Thank you Hon. Minister of Works,
@realdaveumahi
and thank you Governor
@jidesanwoolu
for the very tough traffic management work.

Ozommadu:
Aso rock animal budget=#200million.

Go collect yours