News
Lagos GDP Hits $136Bn
Lagos State governor, Akinwunmi Ambode, has described the state as the fastest growing mega city in the world, just as he revealed that its Gross Domestic Product GDP has hit $136 billion.
He also said the state accounts for over 90 per cent of Nigeria’s foreign trade flow, which invariably contributes 30 per cent to the country’s GDP and also accounts for 65 per cent of its manufacturing activity.
The governor who spoke through his Special Adviser on Overseas Affairs and Investment , Professor Ademola Abass, in Alausa, Ikeja, yesterday added that it attracted over 293 investors in a year.
Even with economic recession, he said, government had attracted more foreign direct investments in the first two years of the present administration than it did in the past 15 years.
His words:” Lagos, as the economic capital of Nigeria and the West African sub region with a 136 billion USD GDP, accounts for over 90 per cent of Nigeria’s foreign trade flow, contributes 30 per cent to the country’s GDP and also accounts for 65 per cent of its manufacturing activity”.
“It is our desire to see a prosperous Lagos that we will all be proud of, in terms of investment, open for business for the benefit of all.”
Since inception, Office of Overseas, Affairs and Investment has encouraged investor’s confidence in Lagos, as a place to conduct business and live in, he said.
Meanwhile the state has raked in N20.774 billion on land related transactions in the past one year. This is against the 2015 revenue of N9.2 billion.
The Special Adviser (Urban Development), Mrs. Yetunde Onabule, made the disclosure in Alausa, Ikeja.
She also revealed that a total sum of N2, 022 billion was paid as compensation to individuals and groups whose lands and property were acquired for overriding public interest.
The beneficiaries of the compensation according to her include, the Abule Egba Link Bridge, Oko Baba Sawmill, Isale Igangan Regeneration Project, Olorunsogo Market (Shops), Epe Road Expansion and Mosafejo Community/Olorunsogo Ultra-Modern Market.
The governor’s aide also said that since the inception of the Governor Akinwunmi Ambode-led administration, a total of 4, 445 Electronic Certificate of Occupancy (E-C of O) had been signed by the governor.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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