MARKET UPDATE
AUGUST 22, 2017NIGERIA STOCK EXCHANGE (Market Open) SUMMARY:All Share Index 36,584.44Deals 3,729.00Volume 368,381,759.00Value 6,272,685,687.99Market Cap 12,609,660,207,550.90TOP GAINERSBETAGLAS 59.84 (2.51)FLOURMILL 31 (2.49)NB 2.49 (2.48)GUARANTY 40.7 (1.2)UNILEVER 46 (0.5)TOP LOSERSNESTLE 1200.01 (-9.99)DANGCEM 215.62 (-9.38)STANBIC 38.11 (-0.74)WAPCO 58.5 (-0.5)ZENITHBANK 24 (-0.28)CBN EXCHANGE RATE (NGN)Buying:$USD 304.7GBP 392.4536 EURO 358.571SWISS FRANC 315.2939 YEN 2.7941 Selling:$USD 305.7£GBP 393.7416EURO 359.7478SWISS FRANC 316.3286YEN 2.8033CNBC COMMODITY PRICES (USD)Crude Oil (Bonny light) $50.79Natural Gas 2.96 (0.067)Gold 1295.70 (4.10) Silver 17.025 (0.025)Copper 2.985 (0.0455)Wheat 410.25 (-5.75)Coffee 130.45 (-1.25)Cotton 67.44 (0.16)Cocoa 1890.00 (-32.00)
Home » NEWS » FG Flags Off N4.34bn Apapa Road Reconstruction

FG Flags Off N4.34bn Apapa Road Reconstruction

 

Hon Minister of Power, Works & Housing, Mr Babatunde Fashola, SAN (middle), Federal Controller of Works, Engr. Godwin Eke (right) and Managing Director of Buildwell Plants & Equipment Industries Ltd, Engr. Georges Mohanna(middle) during the Minister’s inspection of the failed portion of the Apapa-Ijora bridge linking the Apapa Central Business District with Lagos Island

 

The Federal Government has announced the commencement of the reconstruction of Apapa road leading to the port in Lagos.

The Minister of Power, Works and Housing, Mr Babatunde Fashola, who announced this at a signing ceremony to flag off work in Lagos, said the construction would be funded by three companies as a cooperate social responsibility project.- Nigeria Ports Authority (NPA), Dangote and Flour Mills of Nigeria Plc, as a cooperate social responsibility project.

The companies are Nigeria Ports Authority (NPA), Dangote Group and Flour Mills of Nigeria Plc.

“This place used to be Nigeria’s first industrial estate and it was served by a network of rail to move cargo in and out of the ports. But for many decades, we allowed the rail system go into disuse and we instead chose containers, trucks and tankers to ferry cargo that ordinarily should have been carried by rails,” the minister said.

He stated that the nation was dealing with the consequences of the choice it made, noting that Nigeria was the only part of the world where port activities for evacuation of containers and cargo were done by road.

“We’ve finished with the designs, we now have a bill of activities and the cost I believe is N4.34bn; to be funded and paid for by these groups (Flour Mills, Dangote and NPA) working together.

“The construction company we have chosen to use is AG Dangote Construction – reason is that they are going to use cement. So we are going to have a concrete pavement road, not a bituminous tar road,” he added.

Fashola further expressed hope that the road would last long and serve its purpose, considering the type of material that would be used for its construction.

“We hope that that (the material) would give the road a lasting period and endurance to the cargo that it is subjected to at the moment. We hope that in due course when the rail kicks in, the road will then last its 30-year designed life that we planned it for,” he said.

Tiny URL for this post:
 

Share This:

About Author